Evening star., 1933-01-07
LESS SELLING SEEN
INSTOCK MARKET
Further Advance in Bonds
Also Held Probable in
1888 Forecast.
BY EDWARD c. STONE.


final phase of the liquidation following
the collapse of the bull market. says the
Alexander Hamilton Institute, in q
forecast of what may happen in 1888.
Here again. the institute adds, is ev1-
dence of q tightening of pressure. In
the 1929 market. transactions on the
New York Stock Exchange averaged
over 100000 shares monthly and the
following year the volume of monthly
sales and purchases ran over 81 f,ooo,ooo
shares. Last year. with hquldatlon III
progress throughout the Fall months
average monthly transactions amount
ed to $4,000 900 shares. But this year
volume has dried up. The monthly
average of 81, 600, 900 shares is less than
that of 1925 while the total Of shares
listed is nearly three times as great.
Thus after the most extensive and con-
centrated price decline in stocks, the
securities appear at last to be lodged
: where there is no further pressure TO
convert into cash. The removal OF pres
sure from the outside is attested by the
decline Of brokers' loans; that which
is due to psychological or other factors
is evidenced by the absence of liquidation
in period during which the visible en-
couragements to hold have been few.
There are interesting possibilities in
the year ahead, the institute adds. In
each case the cross currents are too dl1-
ficult of exact appraisal ahead to war
rant more than a resume OF possibilities.
There is, first, not only the possibility
but the probability of stronger bono
market given an approach to Solutlon
of the Governments fiscal problem Inc
future of stock prices is linked SO close
" with the business trend that the
course of the one must anticipate or
proceed hand in hand with the course
Of the other. Considering the debated
levels of prices in general, the appear
ance of business expansion even Oh
moderate proportions should be ac-
companied by rise Of stock prices, and
the initial stages of any rise are not
unlikely to be sharp and Of the char
acter witnessed in the late Summer re-
covery, the forecast says.
Week Pleases Local Financiers.
During the past few days Washing
ton bankers and brokers have been
watching the big financial markets with
intense interest to see if there would be
any marked change in the first week
of the new year. Stocks have been
stronger; bonds have held their
strength. While it takes more than one
week to indicate a trend, so far the
new year has brought more cheer than
had been anticipated.
The increase in Washington and else
where in bank clearings this week
caused considerable qualification as an
indication of greater business activity.
There has also been a fairly satlsfac-
tory turnover Of securities on the wash
ington Stock Exchange.
Many local banks and other corpora
tions have paid semi-annual or quar-
terly dividends during the past lew
days. the total for all these institutions
running into large figures. Retail trade
Is reported up to expectations.
wilkins Co. Votes Dividend.
The directors of the John II. VIII
kins Co, coffee merchants, have de-
clared the regular semi annual dividend
of per cent On the outstanding pre-
ferred stock and dividend Of $3.50 per
share on the outstanding common stock.
Both dividends are payable January 10.
BEGINNING tonight. Georgetown's two
banks are to stop opening on Saturday
evenings For many years the Farm
ers g. Mechanics branch of the Riggs
National Bank and the Potomac Saw
ings Bank have closed at neon on Sat
urdays and then opened again for two
hours or more in the evening. Re-
Gently both banks posted notices stat
ing that after January l, 1888, the
banks would not be opened on Saturday
nights.
Building Association Director.
Announcement of the election of A.
c. Balser, president Of the Central
Arnature Works, Inc. as director OF
the American Building Association was
made yesterday following the annual
meeting Of stockholders. Mr.. Balser
succeeds the late julius Eglch.
All other officers and directors were
reelected as follows: William A. Het-
finger. president; George W. Slater, vice
president; Charles H. Kindle, secretary;
Guy M. Neely, treasurer; Francis E.
Smith, Charles Kattelmann, John E.
Mergner, Clarence F. Donohoe, Chatham
M. Towers, Thomas S. Sergeon and
Charles A. Rossiter, directors.
ss,5OO,O0O Gas Bonds Offered.
The new issue of $s.50o,000 Wash
ington Gas Light Co. 25-year refund
ing 5 per cent bonds. details regarding
which The Star published some time
ago, are now being offered the public.
The bonds are being offered at 94l2, to
yield about 5.42 per cent. The bonds
are being offered by Chase Harris
Forbes Corporation and associates and
are available from local security
dealers.
These bonds are being put out to
take care Of $1,000 900 approaching gas
maturities. including S6,000,000 6s due
April /, 1893. and 100000 Az per
cent notes, due on the same date The
additional money is needed in connec-
ton with financial demands in the
normal operation Of the plant.