Evening star., 1928-12-31
WATSON SEES GOOD
BUSINESS OUTLOOK
Head of D. C. Stock Ex.
change Discusses New
Year Prospect.
BY EDWARD C. STONE.

|
George O. Watson, president of the
Washington Stock Exchange. today pre-
| dicted an excellent business yeal
| in 1929.
CHANGING back over 1923, Mr.. Watson
called attention to the record amount
| of business transacted on the exchange
! during the past IL months. It has
! been the largest for many years and
| highly gratifying in every way to the
| officials.
Several new members have taken
! seats On the exchange during the year,
and number of important issues have
been added to the list. The investment
demand has been steady, especially for
| the industrialS
+ President Watson said that there had
been q good detl of buying during the
year for investment trusts. As elsewhere
they are becoming more and more q
factor in security purchasing in Wash
mgton. Business on the exchange has
been on q sound investment basis, no
spectacular trading taking place.
WaShlngton's financial institutions
have enjoyed a successful year, and the
head OF the exchange expressed the
belief that these favorable conditions
viii prevail in 1929. Several more list
ings are in prospect, which will natural
~ increase the business to be transacted.
In the event of merger Of the local
traction lines, Mr.. Watson continued,
there is the possibility of a new security
on the local exchange which is very
likely to enjoy exceptional popularity.
After Congress- the Public Utilities Com
mission. the directors of the two COM
panieS and the stockholders have passed
on the conditions of a merger any new
security put out would no doubt have
such high standing that trading in
it would be very heavy.
Rediscounts Decline.
The volume of rediscounts for men,
ber banks held by the Federal Re-
serve Bank of Richmond declined
from $42, 100000 to $39,886, 900 be-
tween November Is and December Is
this year. according to the monthly
review of business and agricultural
conditions issued by the Federal Re-
serve Bank here.
The decline was termed a seasonal
decrease due to the liquidation of agri-
cultural Indebtedness. The need of the
season for additional currency to ham
die the holiday trade raised the cir
culat1on of Federal reserve notes from
S79, ,566,000 at the middle of November
to $86,349,00 at the middle of De-
cember, more marked increase than
occurs in most years, it was said.
The total earning assets of the Fed
eral Reserve Bank of Richmond were
lowered by the decrease in rediscounts
for member banks during the past
month from S7l 100000 to $69, SIT, 900.
Member banks increased their reserve
deposits from $63,206000 on Novem-
Der Is to $70,675,O0o on December is.
1928 Clearings Shatter Record.
1t was learned at noon today that
Washington bank clearings during 1928
had shattered all previous records.
Charles e. Bright, manager of the
Washington Clearing House Association.
reported that December clearings to-
tailed S129,981 ,412.41. making clearings
for the full year reach the sum of
$1,435, ,725, ,60208
This compares with a total for 1927 of
81, 1886, 1897, ,426.85 and clearings in 1925
OF 81 1892 $50, ,951.65. Clearings for De-
cember of last year were far below the
figures announced today, being S123,-
581 ,252.27. Clearings in the month of
November this year amounted to Sl22,-
705,244.81.
Comparisons by months of the clear
ings in 1928 and 1927 are given as
follows: