Evening star., 1939-04-21

An0ltOrS ana COnCfOllerS, Will pre-
side at the conference, while Harry
E. Ward, president of the Irving
Trust Co., will welcome the dele
gates. The president Of the national
organization, E. G. Armstrong Of
Kansas City, will take an active
part in the program.
Among the speakers will be DR..
Marcus Nader of New York Unlver-
sity, who addressed the District
Bankers Association at Hot Springs
last year. He will talk on bonds.
Another speaker will picture the
Accounting of Worlds Fair"
Harry E. Downey of the WASH
ington Loan & Trust Co., is arrang-
ing the trip for the Washington
delegates, all being members of the
auditors section of the District
Bankers Association.
Record Capital Transit Sale.
The Washington Stock Exchange
today registered a sale OF 1000
shares in a single block of Capital
Transit stock at u. This was an
overnight gain of Ia points, another
new 1899 high mark and the largest
sale that has taken place in this
issue in a very long time.
The 1000-share turnover was fol-
lowed by 45-share sale at 1914, the
stock then advancing to 1919 on the
transfer of 10 and 5-share lots,
closing with 13-share sale at 129s.
Capital Transit stock has been
climbing gradually in nearly all the
recent daily sessions, but today's
business eclipsed all other transac-
tions both in price and volume.
Not long ago Capital Transit was
selling on the exchange at 8, which,
from a percentage point OF view,
makes the present advance sensa-
tional The company's earnings on
the total investment, however, are
still far from satisfactory. The
present sharp rise seems less start
ling when it is recalled that years
ago the stock sold at $100 share
and even higher, many present
holders having paid s110 a share.
The par value of the stock is sl00.
While earnings have improved, the
stock has a long wey to go yet to
give investors reasonable return on
their money by resumption of regu-
lar dividends. Renewed interest in
the stock recently has been due to
improvements in earnings, which
buyers believe will continue indefi-
nately.
Other issues remained around re-
p &c
registering $4,000 transfer at S61s.
Business Outlook Comments.
Commenting on war, the markets
and business. Fenner & Beane's
latest review says that there is not
going to be prompt surcease from
uncertainties over European affairs.
Furthermore, to this deterrent to
domestic industrial activity must be
added the consequences of the
recent stock market decline.
However true it may be that a
marginal fringe of shareholders in
their transactions always establish
values for all other shareowners, the
volume of trading during recent
weeks gives no evidence of whole
sale disposal of equity interests in
business.
With the exception of laggard
farm income totals in recent
months, and an excess of inven-
tories of finished automobiles, of
copper and of some textile lines.
there is no evidence to support eX-
treme pessimism over the business
outlook. There could be an eX-
tremely rapid rebound in business
activity.
It is of more than passing sig
nifcance that at this production
level, and assuming no progressive
def1ation of commodity prices, rea-
sonably satisfactory, even if not
wholly gratifying profits can still
be shown by Well-managed corpora
tions.
Our studies of political none
tary and business facts lead unanl-
mously to the conclusion that a
business collapse is most improb-
able, the market letter says.
Counter Plans Move Slowly.
QUESTIONABLE sent out by the S. f
G. and the I. B. c. to securities
dealers, seeking their views with
respect to the proposed association
to be set up under the Maloney Act
for regulation of over-counter trad
ing. probably will be completed in a
week or so. 1t is not very probable
eovc tho yIIo11 Cfroot To,,rVo1 tl,,4
the actual association will get under
way before next September at the
earliest because of the complicated
procedure required in the steps lead
ing up to it.
Assuming that the S. E. C. ana
workable majority of dealers come
to terms on the matter of the presi-
dency OF the proposed association
as well as the schedule of fees. it
will then be necessary to draw up
a final draft of the constitution
and bylaws. This would be sup-
mitted to about 5000 dealers for
their consideration, and they would
be allowed 80 days in which to
study it.
Then 1t would be necessary to
elect a nominating committee in
each district, which would mean
the lapse Of another 80 days. There
after, dealers throughout the coun-
try would be supplied with names
Of the proposed governors and Off
GERS and would have go days ir
which to reach their decision.
National Dairy Net Higher.
National Dairy Corp, which ha
two units in Washington. report
first quarter net of $1,811 ,OOC
against the lower figure of $697 OO
In the first quarter of 1888. Pres
ident Thomas H. McInnerney toll
the stockholders at the annual meet
ing that he considers the outlool
for the second quarter as favorable