Evening star., 1938-04-09

explain, than to
any unfavorable v"
situations within the various COM
panies. Waiting to see if prices would
work still lower, investors indirectly
caused prices to slip off merely be-
cause of lack of buying orders. Ger
tain issues then reached bargain
prices" and investment interest was
reiuvenated.
Activity in real estate bond issues
was the most notable in the first
three months of this year WASH
ington Properties. Inc As and May
flower Hotel first SIS sold off until they
met good buying as bargains" The
Aforementioned bonds are now quoted
at 40 bid and "A asked. The bid on
Mayflower Hotel bonds is 681a, with
73 asked. Barber & Ross Is have
advanced from IS bid and 80 asked
to IS bid and 95 asked. Hamilton
Realty SIS are also fractionally higher
than at the opening of 1888. Wash
ington Auditorium 6s are exactly the
same now as when 1888 opened.
Bank stocks sold over the counter
have witnessed very few changes in
the three months The bid for Ana
costa Bank stock has remained at
$50. The bid for Columbia National
has stayed at 200 during the first
quarter. Hamilton National opened
the year with 26 bid and % asked
and now stands at 81 bid and 30
asked. Bid on East Washington Saw
ings is 14l2. National Metropolitan
opened the year with 225 bid and 26O
asked. while the latest bid is 230
with 255 asked
Security Savings g. Commercial
Bank stock opened 1883 with a bid
Of 142. asked IT'S. and is now quoted
at 125 bid and l45 asked Second
National stands at SO bid and SO
asked. Union Trust is now quoted
at 10 bid and IS asked, lower than on
January l.
J. w. Turrentine on Program.
DR.. j. w. Turrentine of Washington.
pioneer in potash research and presi-
dent of the American Potash Insti-
tute, will be chairman of a potash
symposium at the ninety-ffth meeting
of the American Chemical Society at
Dallas, Tex, April 18 to o. the society
announces.
DR.. H. I. Smith of the United States
Geological Survey, also of Washington,
will be another speaker. Also on the
program are F. S. Lodge, National
Fertilizer Association: A. N. Finn,
United States Bureau of Standards;
j. E. Conley, Alton Gabriel and Ev-
erett P. Partridge, all of the United
States Bureau of Mines, and DR.. A.
Keith Brewer, United States Bureau
OF Chemistry and Soils
Domestic production of potash now
furnishes approximately so per cent
OF the Nations consumption, deliv-
cries reaching an all-time peak in
1887.
Inventory Status Weighed.
AS to the prospect Wnen inventory
reduction is considered to have run
its course, opinions differ, SAYS the
National City Banks April review.
OF course, buying will improve to the
sales level. 1t is likely, however. that
inventories are being over-emphasized
at this stage, both by the pessimists as
depressing factor and by the op-
timists as an influence that will soon
start vigorous upward movement.
The truth is that large" and small
stocks are both relative.
II other developments should be
favorable present inventories would
not block improvement. But neither
Will recovery come automatically
through inventory reduction. Expe-
rience as recent as 1882 shows that
business can continue depressed for a
long time even after stocks of goods
and materials are cut to the bone.
the chief emphasis belongs on other
elements in the situation on the need
TO balance costs and prices to get
consumer buying power flowing: and
on all the complex factors that in
ruence investment, profit, business
planning and business spending.
Draper Has Fine Record.
Ernest G. Draper, who assumed his
duties as member of the Board of
Governors of the Federal Reserve
Board a few days ago, is from Con-
necticut. but was born in Washing
ton on May Is, 1885. He graduated
from Amherst College in 1906 and
began his business career in New
York City the same year. In the
next few years he became a high
officlal IN two important corporations.
He is former member of the New
York State Commission of Unemploy-
ment. OF the New York City Art Com
mission, of the New York Advisory
Commission on Minimum Wage, of
the Business Advisory Council for
the Department of Commerce and as
representative of industry on the
National Labor Board. Since 1895
he has been Assistant Secretary of
Commerce
Gov. Draper takes the place of
Gov. Broderick. who resigned several
months ago to become bank presi-
dent In New York.
Heard in Financial District,
Next week will see the absorption
OF part of the staff of Hartman &
Keech by Winthrop Mitchell g. Co.
and other members of the staff by
G. M. P. Murphy g. Co. The changes
already announced go into effect on
April IS.
Members of the District of Co.
lumbia Life Underwriters Associa-
ton have made special train arrange
ments for attending the joint sales
conference with Baltimore under
writer's. in Baltimore on May 6, ac-
cording to Vernon L. Holleman,
chairman of the Washington commit
tee. The committee hopes for a
record delegation
The Washington association is max
ing elaborate plans for life insurance
week, which also comes in May, ac-
cording to John L. McElfresh. In
surance week is to take the form of
an educational campaign this year.
The national association discovered
that high-pressure sales week
proved unsatisfactory as there were
too many lapses. Hence, the change
La DianS