Evening star., 1933-06-25
VOLUME Of SALES
ON D. c. EXCHANGE
PASSES 1882 MARK
First Half Years Business
and Price Levels Are Pleas
ing to Officials.
LAIDLAW & co. COMPLETES
NEW BROKER OFFICES
Bank Association Head Soon to
Name Committee Chairmen
for Coming Year.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Trading on the Washington Stock
Exchange during the first six months
of 1888 has been we'll ahead of business
transacted in the like period in 1892
Comparison shows substantial gains in
bond trading and in many stocks. Off
cials Of the exchange naturally are
pleased with the half years results.
The pickup in business on the local
exchange of course indicates gradual
improvement in business conditions in
the Capital. The fact that volume has
outdistanced the record of year ago
reveals new interest in local invest
ments. which the general depression
30 cramped for a time.
Bonds have played a particularly i'm
portant part in the market activity of
the past few months. The largest
amount of trading has been in Wash
ington Gas Light refunding 5s, 1858,
a new issue, which proved very popular.
With few days still to go to July, there
has been a turnover in these bonds
totaling S320,000.
Georgetown Gas Light first 5s and
Potomac Electric Power consolidated SIS
have also drawn special attention in
the past few months Washington
Railway Electric As. 1851, have been
even more favored, the turnover so far
this year reaching S104 800 Gas 6s, Sc
ries B. appeared on the board almost
daily, while Gas 6s series A, were among
the most active bonds in the list up
10 the time they were redeemed. Switch
ing from this issue into longer term
investments was a substantial help, to
market trading.
Local Stocks Popular.
Local stocks have also been in good
demand in the last six months. The
largest share turnover has been in
Potomac Electric Power 5l2 per cent
preferred, 1908 shares changing hands
so far this year. Washington Railway
& Electric preferred has enjoyed sales
totaling 846 shares.
Next in Importance among the util
ity stocks has been Potomac Electric
Power 512 per cent preferred. Capt.
tai Traction has seen 875 Shares sofd.
although many holders are keeping
their stock pending the merger of the
local street car lines and the exchange
OF stock in connection with that move
In the miscellaneous division Mer-
genthaler Linotype and Lanston Mono
type have been the most active Peo-
pies Drug Stores preferred has come
to light recently after being quiet for
some time. Prices in both local bonds
and stocks have held up we'll, many
now being close to the high mark for
the year.
The present officers OF the Exchange
are c. H. Gockeler, president: Y. E
Booker. vice president: Karl w. Corby.
secretary, and James M, Johnston,
treasurer.
Laidlaw & Co. Installs New Board.
With the installation of a new QUO
tation board over the week end and
completion of other Office arrange
ments the Capital Office of Laidlaw &,
Co. members Of the New York Stock
Exchange. which recently was opened
at 727 Fifteenth street, under the man.
agement of G. Bowie Chipman. is one
OF the most spacious and completely
equipped brokerage Offices south of New
York
Mr.. Chapman announced yesterday
that the following associates in his
former Office are on the staff of the
new Laidlaw office here: L. w Todd,
Jesse L. Suter, Fred j. Marble. j. l..
1everton. Philip p Friedlander and c.
B. Hilliard. cashier.
The Laidlaw Office opened last week
in the old SwartZell, Rheem & Hensey
Building. which lends itself excep-
tionally well to the requirements of
modern brokerage service The new
board occupies the south wall of the
glass-ceilinged room and exemplifie5
the latest features Of stock board con-
struction. with excellent lighting and
clear visibility from all parts of the
large board room.
Other features of the raarranped
Office quarters contribute to making
this office outstanding in the financial
district The company has been using
temporary board brought down from
New York by truck pending completion
and installation OF the new quotation
outfit
New Light Shed on Reserve Act.
j. Laurence Laughhn. emeritus pro-
fessor of political economy in Chicago
University. has written a book en- The
Federal Reserve Act. Its Origin and
Problems just published bv Macmillan
& Co. The author goes back to the
origins of the bill. reviews the great
service rendered by Senator Glass, H
Parker Willis ard others, tells of the
share III the legislation taken by Will
liam G. McAdoo and Col. f. NJ Housr
and pictures the political skill revealed
By Woodrow Wilson in getting the bill
into law
The achievements OF the reserve act
are summed up vividly. especially its
part in the reorganization Of credit The
lending power Of the member banks de
pends on the quality of their assets anc
not on the quantity Of their reserves
the economist declares Branch bank
ing Is not solution OF small bank fail
ures, the author asserts, unless it i'm
proves the character CT their bankinl
assets. Sound banking depends on tn,
ability to select sound assets.
Many problems still are unsolved tht
writer concludes On the problems
which the writer thinks are just ahead
he is unusually entertaining and in
formative.