Evening star., 1935-10-30

less than they had o.u;, "A W.
been offered to ~
the public. The committee cautioned
investment bankers against letting
themselves be forced by competition
into overpricing issues and warned
issuing corporations of the unfavor-
able public opinion created by offering
to the public securities at prices which
cannot be maintained.
Business gives every indication of
further expansion" the report said.
Demand for new industrial capital
cannot much longer be postponed
Not only bond. but preferred and
common stock issues in increasing
numbers may well be anticipated in
the future"
At the final session this afternoon
Orrin G. Wood of ESterbrook g. Co.,
Boston, was slated to be elected presi-
dent for the coming year. The new
board of governors was expected to
include Y. E. Booker of Washington.
head Of the investment company bear
ing his name.
Hook Scores Interference.
Charles R. Hook president of the
American Rolling Mill Co., asserted
that the heavy goods industries would
take up a large part of the present
unemployment when freed from Gov
ernment interference.
What industry needs and has the
right to expect" he said, is All end
to the futile struggle for social con-
troll of economic functions. Put an
striction and control, and the burdens
incurred by the high cost of Gov
ernment, and there will be generated
one of the greatest surges of buying
We have ever experienced"
In my opinion" he said, "the de-
velopment of an integrated housing
industry. properly organized for the
production of homes, to make the ad-
vantageS of the low-coSt mass produc-
ton available to the people. represents
the greatest potential development of
the times"
Benjamin M Anderson, jr., econ
omist of the Chase National Bank,
today urged Federal Reserve authori-
ties to move vigorously" toward
eliminating the addition to excess re-
serves which has been made during
the last year and half. He proposed
that the credit brakes be put on by
means of selling United States Gov
eminent securities and by raising the
reserve requirements of member banks
in the Federal Reserve System.
Alexandria Bonds Sold.
Brown, Goodwin g. Co., local in
vestment firm, were again successful
in buying an issue of 100000 City of
Alexandria, bonds offered at public
sale today by the Reconstruction FL
nance Corp.
The bonds were Immediately re-
offered, subject to final award by the
Reconstruction Finance Corp, at
prices to yield from one-half of l per
cent to 2.60 per cent yield basis. The
bonds mature from 1886 to 1943
Brown. Goodwin & Co. announced
that all bonds were promptly sold.
Savings, including time deposits and
postal savings deposited in banks in
the United States, increased Al per
cent for the year closing June 80,
1885, in comparison with the preced-
Ing year, according to reports re-
ceived by the Savings Division,
American Bankers Association. The
increase amounted to nearly $780,
100000 and the number of savers
grew by over 1,75O,OOO. This per-
centage gain is nearly double that
registered year ago over the year
closing June 30, 1888. which was "a
per cent, W. Espey Albig deputy
manager of the association in charge
or the division, says in analyzing the
returns. The gain is general through
out the United States.
A. B. A. Review Optimistic.
Current business activity continues
TO inspire optimistic forecasts for Fall
and Winter although the future of
the budget and the size of the national
debt are obstacles in the long-term
prospect, says Banking. the A. B. A.
official organ. Almost all the ac-
cepted indicators point upward, the
review adds. stressing electric power
output and the increase in car load
1ngs. The summary continues:
THE full list of favorable factors
Is a long one. 1t includes the greatly
improved position of large corpora
tlons, maintenance of wage rates pre-
vailing Nav 81 when the N. R. A.
ceased to exist, third-quarter earnings
reports of industrial concerns indi-
eating substantial improvement over
year ago and surprising, in most
cases. the second-quarter reports; per-
sistent strength of the stock market,
with only minor setbacks: tendency of
foreign trade to hold its own for
the time being, the volume and char
acter of new capital flotations, the en-
coIraging revival in the machine tool
field an1 renewed discussion of inter-
national currency stabilization.
Mergenthaler Stock Breaks.
Mergenthaler Linotype stock fg-
ured in five 10-share sales on the
Washington Stock Exchange today at
35, of from sales made at 80 last
week The market closed with IS
bid and 81 asked. The stock closed
in Boston yesterday at 3512. Three
81 900 sales in Anacostia & Potomac
r. r. SIS were registered today at 81 "a.
A single share of American Security
& Trust Co. stock moved at 1913.
In a letter to stockholders of the
North American Co., President Fogarty
states that the Potomac Electric
Power Co. has been stressing sales of
electric kitchens, including refriger-
ators, ranges and other appliances,
and so far this year 581 homes have
had installations of this kind added
to the company's lines.
The meeting of % stock exchange
presidents adjourned in Chicago yes
terday, the feeling being expressed
that Congress will not be urged to
pass any legislation calling for COM
plete segregation of brokers and deal
ers. Chairman Lands and other
members of the Securities Exchange