Evening star., 1933-02-05
SUBSTANTIAL GAIN
NOTED IN TRADING
ON D. c. EXCHANGE.
Business More Than Doubled
in January Compared With
Like Period in 1882.
BONDS MOST POPULAR;
PRICES LITTLE CHANGED
New Audit Move Meets With Favor
Here-Trade Trend Remains
Upward.
BY EDWARD c. STONE.


Exchange in January gladdened the
hearts Of the members. as it was the
best in many months and considerably
more than double what it was in jan
uary 1882. Bonds were in the best
demand. the new Washington Gas
Light So. 500,0o issue standing way out
front. So far this year these bonds
have figured in a S283 800 turnover on
the Exchange.
Washington Gas Light IS. Series A.
which expire during the present year,
came next in sales volume during the
month, $4,000 changing hands. Ana
costa & Potomac first IS have been
more active thar usual. Capital
$4,000 Georgetown Gas Light SIS
moved in January. and $4,000 Wash
ington Railway g. Electric As figured
in the trading. Sales we're also re-
corded in many other issues
Local bond prices have changed but
little since the first of the year. an
average of less than point either
way. The same is true in the stock
division. The leading stock during
the month was Potomac Electric Pow
Ell Sig per cent preferred 397 shares
in this issue having changed hands,
the last sale being recorded at l07l2
to Weld $40 per cent.
Railway e. Electric preferred has not
been forgotten while Potomac Electric
Power per cent preferred moved up
to ll2 on modest demand. In the
miscellaneous list. Woodward g. 10th
rop preferred registered sale at LOG.
With such good start for 1888. men,
bors of the Exchange believe it quite
probable that this years volume will
exceed the 1892 total.
Exchange Seeks New Audit Data.
In lire with its recently announced
rccu,rcn:cnt Of more detailed earning
statements the New York stock Ex-
change is addressing to all listed COM
p2r!C3 letter asking further infor-
nation as to the scope OF the COM
p9r,~ audits. The public response to
the Exchanges announcement a month
so tla. after July |, 1888, all listing
aspirations would have to be certified
b. Independent auditors, indicates
C!earl- that independent audits are re-
Eardcd BY investors as useful safe
guard, said Richard Whitney. presi-
(,e't CT tho New York Stock Exchange
T,c Exchange is desirous of secur-
1ng from companies whose securities
src listed and which now employ inde-
pendcrt auditors information which
will enable it to judge to what extent
audits are adequate in scope and how
the responsibility assumed by the
auditor is defined. With the letter to
the companies is a statement of ac-
counting principles recommended by
the American Institute of Accountants
compiled N cooperation with stock
exchanges.
Washington members of the Insti-
tuue of Accountants believe real prog
ress along these protective lines is
now being made They think the best
step of all is to have all audits made
by men with c. P A. standing.
Business Upward Since July.
Ever since July, 1882, when the low for
the depression was reached, the trade
volume index prepared by the Alex
ander Hamilton Institute has shown
steady upward trend The current
trade volume index is 72.4 as COM
pared with Ito the previous month.
700 two months ago and the low Of
67.0 in July. 1882. In analyzing trade
volume in 200 cities, the institute finds
that las are now experiencing an up
ward trend as against 146 in the
month previous.
Excluding loans made by the Recon-
struction Finance Corporation, State
and municipal borrowing during the
first month of the new year amounted
to but slightly more than S30,000.0 900,
reports the Daily Bond Buyer of New
York. In the corresponding month of
1882 the total was l35154,300. This
figure includes S100,000,O00 New York
City special corporate stock notes OF
short maturity.
The loans arranged with the Recon-
struction Finance Corporation in Janu-
ary of this year aggregate 37.720.296.
For the entire period of 1892 during
which the Reconstruction Finance Cor
poraticn was authorized to loan money
to States and municipalities, loans for
emergency relief aggregated $l12445,-
542 and for elf-liquidating projects
$l7,793, 900, or sl30,238,542 in all
Financial District Notes.
A delegation from Washington at
tended the annual banquet Ct Baltimore
Chapter American Institute of Bank
ing. last evening. The party included
Richard A. Norris, president Of the
Washington Chapter; James A. Soper.
Robert H. Lacey, Mabel v. Royce and
Re L. Royce.
President Hoover has signed the act
extending fer another year the provi-
sions of the Glass -Steagall amendment
to the Federal Reserve act. 1t is de-
signed to improve facilities Of the Fed
eral Re- erve system to meet the needs
of member banks in exceptional cir
cumStanceS
New profit cf Loew's, Inc, and sub
sidiaries for IL weeks ended November
"a. 1882, was $816,l60 after deprecia-
ton, Federal taxes etc. comparing with
net profit of S1.895. .467 in IL weeks
ended November 20. 1881. Quite good
deal Of this stick is held in Washing
ton.
The late A. S. Friseell of New York
vas a pioneer in making banking facili-
ties available to women. He got his
start in banking here in Washington
so years ago and at the time OF his
death was chairman Ct the board of the
Fifth Avenue Bank.