Evening star., 1935-12-30
VOLUME OF STOCK
DEALINGS JUMPS
November Dollar Total Up
1923 Per Cent Over
Same 1884 Month.
BY Edward C. Stone.

BY Edward C. Stone.
Dollar volume of trading on %
registered stock exchanges during No
vernber totaled $2.546, ,935, ,909, an in
crease Of 1923 per cent over Novem-
Der, 1884, and IS per cent over Oc-
tcber this year, the Securities EX-
change Commission reports. The
Washington Stock Exchange was
among those reporting an important
Increase in trading volume.
On the % exchanges stock sales had
an aggregate value of $2,250, ,676, 1888
and bonds, S296,2l2,221. The stock
sales were IT per cent above october
while total bond sales were 2 per cent
lower.
Share turnover in November aggre-
gated 99,863, ,589, an increase of 23.l
per cent over October, while the total
par value of bonds sold was $405,-
1892, an increase of 4.6 per cent.
The two leading New York ex-
changes accounted for 95.2 per cent
of the value of all sales on the %
exchanges. Total sales on the New
York Stock Exchange had a dollar
value of $2,17O, ,02S,546 compared with
S1,889, 1892, ,1O7, while the Curb Ex-
change showed a dollar value of $685.
487,973, against S216,614,611 in Oc-
tober.
More Loan Patrons Insured.
With the savings of more than 933,-
900 people in associations of the
building and loan type now protected
against loss, under the Federal Savings
& Loan Insurance Corp striking prog
resS has been made during 1885 in eX-
tending the safeguards of insurance.
At the close of 1884, the first year OF
the corporations existence, less than
100000 investors had received such
protection through the action Of their
savings and loan associations in OBJ
tanning insurance.
AS of December 81, 1885, applica-
tions for insurance had been received
by the corporation from 1887 savings
and loan associations in A States,
holding total resources of SLOTS ,9e2,-
721 and representing the savings OF
we'll over 100000 investors. A year
ago less than 600 associations had
applied for insurance.
At present 1,099 of the applicant
associations have become insured, pro-
tecting each of their 933,082 share
holders against any loss up to $4,000.
New applications for insurance are be-
ing received from building and loan
associations in steadily increasing
numbers.
Reserve Changes Opposed.
Washington bankers have read with
unusual interest the monthly review
of the Guaranty Trust Co.. which
reached here Saturday. On the much
discussed question of the Federal Re-
serve Board ordering an increase in
the reserves required by members OF
the Federal Reserve banks as a move
to lower the present tremendous credit
base, with its speculative possibilities,
the Guaranty Trust survey says:
LAS far as changing reserve. re-
ouirements is concerned, we believe
that this device should be used only
on the rarest occasions, when 1t Is
clear that there is great need OF
control. Frequent resort to this prac-
tice would make it impossible for
bankers to know where they stood
in formulating their credit policies"
From the standpoint Of immediate
financial returns to bankers, it would
undoubtedly be desirable to have steps
taken that would reduce the supply
of surplus funds and tend to raise
money rates. But for bankers to ad-
vocate such steps on this ground alone
would be both a selfish and short
sighted policy. In the long run, it is,
of course, to their interest that re-
covery proceed as continuously and as
Eoundly as possible.
The most important consideration
In connection with bank reserves is not
the amount of the cash reserves but
the general Hquidity of the banking
system, Guaranty comments.
LAS long as the present system of
regulation continues to be used in this
country, it is of the utmost importance
that bankers know what their reserve
requirements are" it adds can abrupt
rise in those requirements, even now,
would probably embarrass some
banks"
Many Bond Issues Forecast.
The Bache Bond Review, distributed
today by the Washington Office of the
New York Stock Exchange firm, Frank
j. F. Thiel manager, says, in part:
During the past year the monetary
gold stocks in the United States were
increased by $1,386, 100000. The ex-
cess reserves resulting and the estab-
lishment of huge idle bank deposits as
q consequence of the Governments
fiscal program drove the yields on
high-grade bonds to record low levels.
Unless policies change radically, it is
doubtful whether the increased de-
mand for funds due to business eXpan-
sion will be sufficient to alter substan-
tally during the near future the pres
ent structure of the money market.
Additional large-scale refunding Of
high-grade corporate bonds may
therefore be expected with continual
ton of the policy of rehnancing in
dustrial and rail issues of a secondary
nature with new bonds bearing favor
able conversion features. AS increased
output necessitates expansion and re-
Mobilization of plant facilities, a
greater number of flotations repre-
senting the raising of new capital
also may be expected"
Heard in Financial District.
Many of the quotations coming into
brokerage houses today from New
York had &c" after the prices, de-
noting selling for income tax pur-
poses, the sales being for cash. All
such sales end tomorrow, as the old
year passes out.
The American Security Club, con-
nected with the American Security &
Trust Co., had Christmas party at
the Columbia Country Club, there
being about $50 members and guests
in attendance. T. Stanley Hollard ar
ranged with club officials for the use
rf the n1ih hoIlse