Evening star., 1941-07-10
D. {. Broker Offices
Are Again Alive
With Patrons
Revival in Stock
Market Causes Rush
To Bourdrooms
By EDWARD c. STONE.

ber of patrons in the boardrooms.
In every Office great rise in mar
ket interest is being manifested.
The atmosphere has entirely
changed in the past four days, many
brokers have turned bullish, traders
are much more optimistic and con-
serVative investors have turned to
the buying side after doing prac-
tically nothing for many weeks.
The sharp advances in the volume
OF trading reflect the better feeling
in many quarters about stocks. New
high marks for the year in lot of
quotations have added to the optim-
ism. While there is a lot more
activity in the boardrooms, tele-
phones are also ringing merrily as
some of the larger investors ask for
quotations and act on the infor-
nation.
Reasons for the better attitude to-
ward the market are numerous
Nine out of ten brokers mention the
withdrawal of British offerings of
American stocks, through negotia-
ton of an R. F. c. loan, as very
vital factor, since forced selling is
no longer necessary. Opposition in
Congress to price control is also cited
as having important bearing on
corporation earning forecasts.
Other Market Factors Cited.
Brokers in the Capital say the
war news is probably the leading
factor in stock market activities. In
recent sessions Russian reports have
been helpful, due to sitter resist
ance. Recently initiation gossip has
been bit more active than usual,
the industrial boom in this country
is still expanding, and corporation
reports for the first half year are
expected to prove even better than
had been anticipated.
Unfavorable war news might turn
the market downward quickly but
brokers here expect the advance to
60 further. Advices from New York
are also more bullish than bearish.
1t is reported here that trading now
includes good deal of switching
by those who want to get into stocks
which will be most helped by war
activities or into those which offer
the best yields The higher prices
have made such switching possible
without loss to the holders.
With the banks jammed with
money available for investment, the
industrial boom gaining speed every
day. and the market coming out of
a long sleep, the immediate course
of securities prices is demanding
far more than ordinary attention
Should the investing public decide
this is a good time to 60 back into
the market, the summer lull would
go with the wind. At any rate, the
next few sessions will be of unusual
interest.
More Banks Push Bonds.
William T. Wilson, director of
public relations of the American
Bankers Association, reports that 81
per cent of the national banks, SO
per cent of the State banks, and "a
per cent of the mutual savings banks
had qualified up to July 2 to sell
United States Defense Bonds.
These figures represent 1888 banks
out of a total of 14,905 banks in the
IL Federal Reserve Districts. He
states that in the Fifth Reserve Dis !
trict, which includes Washington, |
662 banks were qualified to handle
the bonds on June II and 604 on
July 2, a gain of 19.
There are 1.O2l banks in the fifth |
district. of which $500 per cent were
qualified to sell defense bonds on
July 2. a gain of 2.15 per cent since
June II.
Bank Declares Dividend.
Directors of the Washington Loan
e. Trust Co. have declared the reg
ular quarterly dividend of 2 per cent
per share on the outstanding stock,
payable August l to stockholders of
record July %, President Harry G.
Meem announced today.
The banks latest statement, pub
lished since the controllers call
dated June 80, shows that both de-
posits and resources are now high
est in the trust company's history.
1853 Employees Insured.
Thomas E. Boyle. district manager
Of the Provident Life & Accident
Insurance Co. of Chattanooga,
Tenn, announced today that he has
placed a pension annuity plan on
the 168 employees of Washington Su-
burban Sanitary Commission. with
an annual deposit premium of sat-
$50. In recent years this Office has
very rapidly due to ex-
tremely rapid suburban housing and
growth.
Investment houses in Washington
expect to handle a large number of
American Telephone forthcoming
debentures which will carry an in
terest rate of 3 per cent and be con-
vertible into stock at $140 after
v january l, lS4Z.
Heard in Financial District.
Frederick H. Cox, vice president of
the City Bank, and A. l.. Often
bacher, assistant manager of the
Georgia avenue branch, are on va
cations.
G. Bowie Chapman of Laidlaw e.
Co., is taking a vacation at Ventnor,
N. j., only a short distance from
Atlantic City
William r. Derry, jr., manager of
the Washington Office of Fenner &
Beane, is spending a few days in
Wall Street on business.
State and municipal financing for
June aggregated only S88,29O,5 ,524,
as compared with S246,885 ,218 during
June, 1910, according to the Daily
Bond Buyer. The revised total for
May was $116,326,321.
Holding of United States Govern
ment bonds declined $29,000,000 in
the Richmond district during the
week ended July 2, the Federal
Reserve Board reports.
Today's Trading on Exchange.
Trading on the Washington Stock
Exchange failed to keep up yester-
days pace today. Business was
limited to the sale of 80 shares of