Evening star., 1936-09-05
BROKERS EXPECT
GAIN IN VOLUME
Display Satisfaction Over
Present Price Levels and
Trade Trends.
BY EDWARD C. STONE.

Leading washington brokers expect
an increase in the volume of trading
after Labor day on the New York
Stock Exchange and other exchanges,
but do not expect any startling upturn
at this time.
Considerable satisfaction Is ex-
pressed in the financial district over
the prevailing high price levels and
the fact that most of the best busi-
ness and stock indices still remain ia
vorable. These factors should tend
toward an increase in business on the
exchanges, brokers say, and many
broad markets are expected during the
Fall season.
There Is always lot of talk before
Labor day about the time when the
"big traders will be back in the mar
ket.' As matter of fact, many of the
so-called big traders keep in touch
with the market while on their vaca-
tions. All the best resort hotels have
close market connections and many
market followers keep private wires
busy all Summer Few, brokers as
sert, return from vacations without
having transacted any business since
June.
Brokers here agree with reports from
New York that public participation in
the market is not extensive. This sit
uation is more or less mysterious in
view of the statements regarding so
much idle money awaiting investment
opportunities Some blame over-the-
counter trading, which the Securities
Exchange Commission is still trying to
regulate more effectively for the COM
paratively small Wall street volume.
August was good month. The mar
ket value of 100 common stocks on the
New York Exchange gained over $751;
100000. The improvement in prices,
which started last April, continued.
The rest of September will be closely
watched. Brokers are optimistic while
bond dealers are especially cheerful
because of the interest in senior securi-
ties and the number of new issues and
retunding issues coming out in the
next few weeks.
Crop Averages Compared.
Crop conditions in the fifth Federal
reserve district, says the Bank of
Richmond, are much worse than they
were a year ago, and also below the
10-year average.
With average August l conditions
for 80 leading crops during the 10
years 1921-1930 as a base, or 100,
average condition figures on August
l. 1886, were as follows in fifth dis
trict States: South Carolina. 80; North
Carolina. 97; Maryland. 96; Virginia,
85, and West Virginia, rs.
Last years August l composite con-
dition figures were South Carolina
1859, the highest average for any
State in the United States; West Vir.
ginia, 1924; North Carolina, 1116;
Virginia, 1l0.5, and Maryland, 1915
The poor condition figures this year
are due to excessive rainfall during
the late Winter. which delayed prepa-
ration of soil and planting of crops,
followed by a drought which began in
April and lasted three months or more,
retarding termination of seed and
growth of the plants which came up.
The Richmond Bank, however,
stresses the fact that better farm
prices will have much to do In off,
setting the lower yields by the end
Of the season.
August Financing Increased.
State and municipal financing for
the month of August aggregated S62,-
753,105, as compared with $50, TAB ,O44
IN August, 1885.
During the month of August P w.
fnancinO tota1ed S11Q 606
r. F. G. financing totaled $14,184 900
as compared with $274000 P. w. A.
financing and 1856, ,625 R. F. c. financ-
ing for August, 1885. The revised
total for July, 1886, was 53,744,9
of which s127,O0O was P. w. A.
financing and $4,000 was R. F. C.
financing. The total for the eight
months Of this year is STAB, ,525, ,o78,
as compared with s746,773,938 for the
similar period of 1885.
Voters of ia municipalities located
IN 81 States, during August. approved
municipal bond issues aggregating
$7,186, 700, as compared with $685.
255 bonds approved during July, ac-
cording to the Daily Bond Buyer.
The total for August, 1885, was $15,-
s69,Os5.
Heard in Financial District.
George E. Fleming, vice president
and assistant trust officer of the
Union Trust Co., is leaving the Capital
today for months vacation. He will
visit Canada and take an extended
steamship trip in the waters north of
The St Lawrence River
Hearings in the Security Exchange
Commissions study of investment
trusts will be resumed about Septem-
Der IA, officials say, and continue
without further adjournments until
the public probe has been completed.
Members of the Association of Band
Women will hear several noted educa-
tors during their convention in San
Francisco. Miss Susan B. Sturgis,
assistant branch manager, First Ma
tional Bank of Boston, president of
the organization, will preside at all
sessions which will take place while
the A. B. A. is also meeting there.
One of the speakers from the East will
be Elizabeth S. Grover, manager,
women's department, of the Chase
National.
Prices on the Washington Stock
Exchange held firm during the present
week. There was market revival in
activity in Mergenthaler Linotype and
at higher prices. In the face of a
heavy drop in net earnings of the
Capital Transit Co. the stock held its
own, ending the weeks trading yes
terday at 13. Bonds drew their full
share of attention at firm quotations.
President Karl w. Corby presided
ut the District Bankers Association
weekly luncheon yesterday. During
his vacation Thomas j. Groom was
acting head of the organization.
MEMI NnQK PAMK cTnNXc