Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-10-24
Defense Seen Aiding Stocks.

Counting upon pleCtuellI dS "ell
as statistics, the brokerage COM
munity may find ground for hope
that, as the current national defense
program progresses, stock prices and
stock market activity will show gen.
eral improvement, The Exchange,
official publication Of the New York
Stock Exchange, comments editori-
ally in the current issue, received
here today.
Pointing to World War days as
q possible parallel, it is stated that
as industry surged ahead then on
war material orders, trading volume
on the exchange rose from 172,496,-
TIA shares In 1915 to 232 633,l24 IN
1916, the latter figure being the
highest for the preceding nine
years
This is no appreciation of fren-
lied speculative activity in war
babies or in any other group OF
stocks, for that matter the editorial
continues. The stock market has
suffered long and severely AS re-
suit of the speculative excuses OF
1929.
Many industrial companies are
now operating at a level of produc-
ton comparable to-if not higher
than-that of the 1929 period. Ac-
tivity on the stock exchange is only
10 per cent as great as in 1929. If 1t
be assumed that one-half of all
trading in 1929 represented specu-
lative excess, that still would leave
the stock exchange with a normal
trading potential Of 562 100000
shares year. 1t is getting less than
one-half this amount
Wage-Hour Protest Urged.
A. M. Virgins, chairman OF the
Committee on Federal Legislation
of the American Bankers Associa-
ton, has sent a letter to members
suggesting that they express their
views to the wage and hour division
of the Labor Department on Admin
istrator Philip B. Flemings recent
definition of the terms executive"
and administrative employees.
Mr.. Virgins claims that the new
regulations, which went into effect
today, ignore the needs of $4,000
small banks" 1t is also suggested
that the bankers write to their
Representatives in Congress.
In another letter to A. B. A. men,
bers. D. j. Needham, general coun-
sci of the association, gives an eX-
PLANTATION of the administrator
definitions in order to help bankers
In determining which of their en-
ployes are considered to be exempt
from the overtime provisions OF the
vaee-hour law. At the same time
he advises every bank to comply
strictly with the law and the reg
ulationS.
Amendments to the wage-hour
law are before Congress, but any
early action Is considered doubt
full.
Convention Plans Pushed.
Members of the United States
Savings and Loan League are push
ing plans for the 48th annual con-
vention set for Chicago November
Ills, according to information re-
ceived here President George w.
West and Executive Vice President
Morton Bodfish will head the speak
ers' list, while the latest building
and loan statistics will be revealed
bv Secretary H. F. Cellarius in his
annual report.
Sessions of the leagues 81 COM
mittees, comprising nearly 900 saw
ings and loan executives, attorneys,
officials, largest group in the his
tory of the organization, will take
place on Monday and Tuesday, No
vember IL and II.
The fourth district, which covers
Washington and nearby States, will
be ably represented. President o.
K. La Rogue of the Winston-Salem
Bank reports that the loan and
savings executives in this area are
already furnishing material for i'm
portant committee reports.
Mergenthaler Gets Big Order.
The Mergenthaler Linotype Co.
was awarded Government contract
for fre-control equipment amount
ing to $2,983, 1903. The contract for
nearly 100000 follows several
other important contracts for de-
tense materials which the War and
Navy Departments have awarded
the firm and will be reflected in the
company's earnings in the near flu
ture. Some weeks ago the company
had been awarded contracts amount
ing to more than 100000.
Washington Railway g. Electric
preferred stock sold at ll434 on the
Washington Stock Exchange today
This was the best price in many
weeks, made on very small sale.
Other issues were neglected The
quotation sheet revealed that no
public utility bonds were offered for
sale at any price. These issues are
all uell above mar and holders are