Evening star., 1935-08-12
BROKERS CHEERED
BY STOCK MARKET
Steady Rise of Optimism
Noticed in Three Weeks
as Gains Widen.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Washington brokers expressed wide
satisfaction today over the recent
action of the New York stock mar
ket. When the market opened today
general optimism was voiced over the
present week and the long-term out
look
After a three week vacation in the
Middle West, one returns to find a
very different tone in the brokerage
houses here. The attendance is much
larger than it was three weeks ago
and the general comment is much
more cheerful.
Of course the increased volume of
business has much to do with the
new atmosphere. Saturdays trading
of over 100000 shares was cited as
a good example of the pickup now
taking place. 1t has been a long
time since 100000 shares have
changed hands in two-hour session.
Brokers say there is a lot of in
vestment buying going on, in addi-
tion to the increase in daily trading.
That is always considered a good
sign. AS already noted in The Star,
the week end trade reviews were op-
timiStic to an unusual degree. The
Department of Commerce sees a
steady gain in Fall trade, while many
other trade forecasters take a similar
stand.
The trade reports for July in the
fifth Federal Reserve district are ex-
pected soon and should reveal sub
stantial improvement over the corre-
spending month a year ago. Sales
for the first seven months of the
present year are also certain to be
well ahead of the similar period
year ago, this prediction being based
on the satisfactory results for the
first six months.
Variety Store Sales Gain.
The Department of Commerce esti-
mates that the average daily sales Of
variety stores decreased 4l2 per cent
from June to July of this year, but
were above the mark of a year ago.
This decrease was less than the usual
seasonal decline, and with allowance
made for this factor. the adjusted
index advanced to 925 for July on
the basis of the average of 100 for
the years 1929-l93l.
Sales for July increased about 3
per cent, as compared with July, 1884,
and were 1912 per cent higher than
in the 1888 month. Total sales for
the seven months of this year were
about the same as for the CORE
spending period in 1884.
Notices were received by the banks
here today from the Federal Re
serve Bank OF Richmond announcing
the additional Treasury offering of
27s per cent Treasury bonds of 1855
1860 in the amount of S100,000000
for sale to the highest bidders The
bonds will mature March Is. 1860.
Peple Leaves Reserve Bank.
The resignation of Charles A. Peple
as senior deputy governor of the Fed
eral Reserve Bank of Richmond has
been accepted and he will retire from
his present duties September l on ac-
count of i'll health. The Board of
Directors of the Richmond bank has
adopted a resolution commencing his
long and efficient service. He Is a
personal friend of many Washington
bankers and was the first president
of the Richmond Chapter, American
Institute of Banking.
Another report from Richmond
states that Myron E. Bristow, State
commissioner of banking and in
surance, has recovered from injuries
sustained in an automobile accident
several weeks ago. He had a very
narrow escape when his car collided
with q truck. He was struck severe
blow on the forehead by piece of
lumber
Thomas C. BoushaIl, president of
the Morris Plan Bank of Virginia, has
been elected president of the Hospital
Service Association of Richmond,
which will administer a non-profit
group disqualification plan, sponsored
by the Richmond Academy of Medi-
cine, with six Richmond hospitals
actively cooperating, Briefly, the
plan is a form of disqualification in
surance and applies to employe
groups. Payment of single registra-
tion fee of ST and monthly fee of
IS cents by each individual in group
of employees will assure each individual
participating a maximum of 81 days
in any one year of free disqualification,
with semi-private accommodations.
Prices Firm on Exchange.
Prices were firm on the Washington
Stock Exchange when the weeks busi-
ness opened today. Bonds were in the
best demand.
Washington Gas SIS. 1860. were strong
at 119. Gas IS, series B, sold at 1O2
and 104, while $1,000 Washington
Railway & Electric As came out at
1861. Capital Traction SIS again sold
at 80.
In the stock division, Capital Tran
sit opened at l712, dropped to II and
closed at 171a. Potomac Electric
Power 51a per cent preferred moved
at 113A.
There was 50-share sale of Wash
tngton Railway & Electric preferred
at 106.
Two shares of Riggs National Bank
common sold at 2l5 and 10 shares of
American Security & Trust Co. stock
brought 200.
Heard in Financial District.
Charles Carroll Morgan, one of the
managers of the Washington Office
of G. N. P. Murphy & Co., is passing
his vacation at Niagara Falls and
on fishing trip in Canada. He is
reported to have caught some pretty
big fish, one said to have weighed
18 pounds.
John F. Cremen, head of the
Massachusetts Life Insurance agency
here, is passing his annual vacation
at Gloucester, Mass.
Robert w. Daniel, who now lives
at Brandon, one of. the famous vir-
ginia estates on the James River, and
was formerly president of the Liberty
National Bank & Trust Co., has been
i