Evening star., 1935-05-17
BROKERS CHEERED
BY MARKET GAINS
Many Believe Sharp Rise Is
More Than Temporary
Upward Swing.
BY EDWARD C. STONE.


quietly but steadily improving for a
long time, they assert, and naturally
the improvement should be reflected
on the New York Stock Exchange
and the other big exchanges.
With stock dealings the largest yes
terday since July, 1884. and industrial
stock averages at the highest point
since last November, it was said to-
day that recovery is beginning to
take" and there is much less fear
among regular traders and conserva-
tive investors. No striking increase IN
public buying has been noted in this
city yet, but the attendance in the
board rooms has doubled during the
past two days and traders have con-
tributed their share to the increased
national volume.
At the opening today the brokerage
Offices were crowded. While business
in the early trading was not quite as
heavy as yesterday, prices were strong,
many issues opening higher than they
closed last night.
Bankers were sharing today in the
more cheerful atmosphere. They do
not gauge their views by the stock
market, but when the market is active
they say it has a highly beneficial
effect on business leaders and busi-
ness.
Bank Stock Jumps 25 Points.
The bid on Bank of Commerce &
Savings stock has jumped IS points
on the Washington Stock Exchange to
SITS a share. With bank stocks as
quiet as they have been in recent
months this sudden advance Is quite
unusual.
Comment was heard in the financial
district today over the sudden ad-
vance. 1t appears to be due to the
banks present condition and future
prospects. The branch Office at North
Capitol and H streets northwest is a
factor in the situation. This branch
was opened about five months ago, is
located near the Government Printing
Office and already has about S250,000
In deposits.
During the past few days Bank of
Commerce & Savings deposits have
reached $2,300000, a new all-time
high mark. The higher offer for the
stock on the Washington Exchange
the bank is now on a regular per
cent dividend basis. While the bid
was up to SITS a share, none was Of
fered at any price.
Capital Oratory in Demand.
WaShingtonians are in great de-
mand these days as speakers at the
annual conventions of State bankers
associations which are coming along
at the usual lively Spring pace. Con-
troller ]. F. T. O'Connor is on a
tour calling for at least five speeches,
his last one being before the Kansas
Bankers Association at Topeka.
Governor Mariner S. Eccles of the
Federal Reserve Board is on the pro-
gram of the Pennsylvania Bankers
Association. which opens It's session
in Scranton early in June Leo T.
Crowley, chairman of the Federal De-
post Insurance Corp, has not been
overlooked and is making as many
speeches as he can find time to
prepare. Chairman Jesse H. Jones of
the Reconstruction Finance Corp.
bankers programs and is slated for
While these speakers are all Gov
ernment officials, Robert v. Fleming,
president of Riggs National Bank, is
swamped with requests, partially
because of his position as first vice
president of the American Bankers
Association. He has just been on
the programs of the North and South
Carolina Bankers Associations, will
1Lo
District Bankers Association at Hot
Springs, after which he is scheduled to
address the Indiana Bankers Asso-
citation. He also has several other
engagements in the near future
which will keep time from hanging
heavily on his hands.
Bankers Congratulate Edison.
John Joy Edison, chairman of the
board of directors of the Washington
Loan & Trust Co., was receiving hearty
congratulations today from other di-
rectors and officers of the bank on
the occasion of his 89th birthday an
niversary. For more than half a CEN
tury he has been a leader of the city's
financial affairs. Mr.. Edison still is
the active head of the Equitable CO.
operative Building Association and is
at the Ninth street office every day.
Both his health and energy are re-
markable.
Clarence F. Norment, chairman of
the board of directors of the National
Bank of Washington, has gone to At
lantic City to pass the Summer
months. The Jersey resort has long
been his favorite place during the
hot months
Bank clearings in Washington were
up % per cent for the week ended
May is, compared with the same week
year ago. The national average fell
of during the same period. Richmond
clearings gained 1873 per cent over
last year. Baltimore clearings were
almost exactly the same as year ago,
of 0.03 per cent, to be exact
Insurance Drive Progresses.
In the first three days of life insur-
ance week in this city agents wrote
737 new applications for insurance.
On Wednesday 269 applications were
reported and added to the previous
total.
Team No. IS, F.. H. Stricklin, cap
Cdul, ledOS WIFI %, team NO 10, ROY
Hughes, captain, Is second with 3812
and Capt. Robert T. Nichols, Team
No. 81, holds third position with 35
applications.
First place among the individual
producing agents for the first three
days of the week was won yesterday
by Maj. Guy Withers, with 16 ap-
plications; second place by Sidney
Simon with IA applications, and Ellis
Silverstone with IL applications,
stands in third place.
Lanston Again Sells at 60.
Lanston Monotype stock again sold
at 60 on the Washington Stock Ex-
change today, following the recent
91a-point Jump just after the annual
report was made public. Mergen-
thaler Linotype came out at Is In
three small-lot sales, the price being