Evening star., 1941-12-08
Brokerage Offices
Crowded Here for
Market Opening
Partners and Customers
Men Kept Busy, but
CuImness Prevails
By EDWARD G. STONE.

BY EDWARD {. STONE.
New York Stock Exchange Offices
In Washington were crowded to the
doors long before opening time today
by traders and investors. all anxious
to see the first quotations following
Japan's war declaration on the
United States. Before 10 o'clock it
was announced that if the bid for a
stock should show a severe break,
that stock would not be allowed to
open. Although prices were con-
slderably lower, the opening was
orderly.
Washington brokers were much
pleased with the early trading. 1t
was evident that no general closing
would be necessary, as was the case
IN the World War Telephones rang
so rapidly that they reminded one
OF the 1929 bull market. inquiries
pouring in about the market situa-
ton. It was one of the biggest days
In years for both partners and Gus
toners men,
Wall Street gossip noted that the
market already appeared to be liqui-
dated by the heaviest selling ever
recorded for income tax purposes.
Unsettlement was forecast and is ex-
pected to prevail for some time. The
position Of steel, railroad motor and
other stocks which are usually
helped by war was commented upon.
Banking District Normal.
Business in Washington banks
moved along without ripple. Jap
anese funds in this country have
been frozen" for a long time Bank
ers said japanese funds in the banks
can be drawn out now only by spe-
cial licenses from the Treasury.
1t was not expected that the Jap
snese in Washington would have any
difficultv in obtaining funds for liv-
ing and other necessary expenses
or for the payment Of outstanding
bills. Investment houses reported
normal business today.
Bankers. investment d e a lers,
building and loan officials urged the
doubling OF efforts to push the sale
of United States Defense bonds and
stamps.
One Washington financier ven-
tured that doing away with uncer-
taintv over the Far Eastern situa-
ton will prove helpful in the long
run to financial interests. Continued
fear is sometimes worse than con-
tinued reality. ne added.
Today's Trading on Exchange.
In the ightest trading session Of
The Washington Stock Exchange so
far in December. Washington Gas
Light preferred registered a small
sale at 103. up a full point from the
last previous sale.
The bid for Mergenthaler Linotype
stood at 28I2 today, offered at 30i2
The 2-point spread prevented any
sales. Capital Transit. still quoted
ex dividend, carried a bid of Is with
Is asked
Wholesale Trade Scars
Wholesale trade reported by TIA
firms in the Fifth Federal Reserve
District in October continued to reg
lister the sensational gains recorded
in other months this year, the Rich
mond Reserve Bank announces IN
the current monthly review. Gains
IN a dozen leading wholesale lines
averaged 80 per cent over the like
period a year ago.
Paper and paper products topped
the list with jump Of 50 per cent
over october, 1910, followed by cleo
trical goods, for which the demand
was So per cent better than a year
ago. Shoes were a close third with
a rise of 43 per cent in orders.
Automotive supplies registered a
sales upturn of 33 per cent, drugs
and sundries enjoyed 38 per cent
better sales than year ago. while
the demand for dry goods was 80
per cent higher Hardware sales
were up 80 per cent. industrial sup
plies, % per cent: tobacco products.
25 per cent, While a. firms handling
lines reported 81 per
cent more sales than wear ago.
Groceries had the smallest gain, le
per cent.
d. c. Furniture Sales Rise.
Turning to retail trade, the re-
port shows that furniture sales in
Washington ran % per cent ahead
of October. 1910, and in the first
10 months of this year were 30
per cent above the same months
last year. In the same 1l-month
period, Maryland's sales were up "a /
per cent and Virginia's % per cent,
the survey says. Sales of 40 fur
niture stores in Fifth District to-
tailed S1666,438 in October
Sales of 79 department stores to-
tailed S18,95l, ,340. up 13 per cent over
last year, while sales of the TIA |.
wholesale firms reached sl4.824,000 |
The value of contracts awarded in /
the fifth district amounted to S83,-
O65 900, jump of so per cent over /
the same month last year Liabili-
ties in failures totaled only Sl80,000,
down so per cent.
The farmers are on the whole |
economically better of than year /
ago. In cotton the advance of 10 |
per cent in the price should nearly |
Offset the drop of 45 per cent in |
yield. In tobacco a yield decrease !
of 13 per cent has been much more
than offset by price advance of