Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-08-23
TRADERS FOLLOW
MARKET CLOSELY
Stocks Response to Utility
Action Regarded as
Satisfactory.
BY EDWARD C. STONE.


Lower House of Congress Of the
amended utilities bill, intended to
bring about the end of public utility
holding companies considered "unnec-
essary" by 1912. The action of the
market in the early trading was con-
sidered satisfactory after the opening
selling in utilities had been absorbed.
During the past two weeks a great
deal of utility stock is said to have
been bought on the guess or the hope
that the holding company bill would
go over to the next session. Naturally
much of that stock was thrown over
today But by the end of the first
hour many utility stocks were nearly
back to where they closed yesterday.
Market observers here believe that
the House action may prove bene-
fetal. 1t gets the matter out of the
way and ends the uncertainty. A
great deal can happen between now
and 1912. Predictions are already be-
ing made that some of the holding
companies will completely overhaul
their financial structures in an effort
to put themselves in the necessary
class. Brokers said today that in
many instances such changes would
be very helpful to the stockholders.
Lawyers for some companies have al
ready begun working along this line.
The cotton loan bill, war talk and
how much adjournment Of Congress
may have already been discussed, were
other factors of special importance in
today's market discussions. Early in
the day the tape moved very rapidly,
maintaining the recent great increase
in volume. Board rooms here were
crowded all day. AS soon as Congress
adjourns, interest will switch to corpo-
ration earnings, dividends, present and
future trade prospects. Steel and
commodities will be more in the lime
Light than ever.
Bank Clearings Here Soar.
Bank clearings in Washington for
the week ended August 81 again
showed substantial advances over the
corresponding week a year ago. Can
celed checks passing through the
Washington Clearing House totaled
S16,818,83S compared with S13,o00,S3s
&1l GLIC oeh11C WCCh AooS SoA' GAL AAANb SSANSS
OF 1872 per cent.
This figure compares with an aver
age gain in clearings for the whole
country of ola per cent. Leading
cities outside Of New York reported
q gain of 17.3 per cent. New York
alone came closer to the Washington
mark, clearings being up 1877 per cent.
Baltimore reported a gain of 20.9
per cent, clearings in Richmond were
II per cent higher during the week,
while Atlanta gained 19 per cent. The
weekly reports so far this month mean
that Washington clearingS for August
will again exceed the comparative
month year ago by big margin.
Sales Body Names Committees.
Directors of the Washington Sales
Representatives Association, headed
by George C. Cook. president, have
named the following committees for
the coming year:
Publicity-W. H. Rawley, chairman;
Allen v. deFord. j. E. Sanford, Wins
low Abbey, Ralph K. Erdgood.
MemberShip-T, A. Cantwell, chair
man; ]. Tinsman, Harry Golladay.
Entertainment Ray C. Wood,
chairman; Charles D. Wright, Charles
Robey.
Amusement-R. E. Brawner, chair
man; G. E. Osha. J. P. Durnin.
Acacia Agents Win Honors.
The current roster of the William
Montgomery Quality Club of the Aca
cia Mutual Life Insurance Co. is the
largest in the history of the organi-
cation, it was announced here today.
The District of Columbia branch has
the largest representation of members,
including j. B. Allison, w. B. Crossan,
w. c. Daniel, ]. I. Ford, c. c. Cove,
T.. r. Hardisty, B. A. Harlan, H. j.
Kamerow, D. S. Laf1tte, w. j. Nc
Causland, r. c. Merritt. L. G. Morris,
r. 3. Rogers. P. L. Rogers and G. S.
Schroeder.
Membership in the club is based
not only upon the individual agents
production record, but especial en-
phasis is placed upon the conservation
of business written: The club is named
in honor of the president of Acacia.
Capital Transit Stock Active.
Capital Transit stock was the most
active issue on the Washington Stock
Exchange today, increased strength
being displayed, compared with other
recent sessions. The stock opened at
AZ. Five 10-share lots and one 5-share
dot moved at that figure. The market
closed with 10 shares selling at 1854.
The final bid was 1851 with II asked.
Washington Railway & Electric pre-
ferred came out today at 1o6 on a
small lot sale. Two other stock sales
were recorded, small lots of Washing
ton Loan & Trust Co. changing hands
at 200.
In the bond division, ST 900 City &
Suburban SIS came out at 9214, and
$500 Capital Traction IS appeared on
the board at SO. Stocks now being
quoted without the coming dividends
are the Potomac Power and Washing
ton Railway & Electric issues and
Lanston Monotype.
Heard in Financial District.
Edward L. Hillyear, vice president
of the Union Trust Co. and former
president of the Washington Stock
Exchange, is back in the financial
0Strlct a1ter q business "Trip 10 Gall
gornia.
Corcoran Thorn, president of the
American Security & Trust Co., has
returned to his Summer home in New
Hampshire after coming to Washing
ton to attend the funeral of w. S.
Corby, for many years director in
the bank.
James Trimble, vice president Of
the National Bank of Washington, re-
turned recently from short vacation
passed on motor trip through North
western New York.
Eliot H. Thomson, for many years
connected with the Washington Loan
& Trust Co., has nearly completed
his annual vacation, most of which
he has spent at Epping Forest.
John M. Riordon, one of the vice