Evening star., 1937-12-30
TRADING DECLINES
0ND. c. EXCHANGE
Business in November Off
From October in Both
Stocks and Bonds.
BY EDWARD C. STONE,


Stocks and Bonds.
BY EDWARD C. STONE.
Trading on the Washington Stock
Exchange in November was consid.
erably lighter than in October, the
Securities and Exchange Commission
reported today In summing up stock
and bond activities. The dollar value
OF all sales on the exchange totaled
$7l,764, compared with $s3,84S In
October.
Stock sales in November carried 4
money value of $53,5l6 against $7l,-
ss4 in the previous month. At the
same time 92o shares of stock changed
hands during the month as compared
with 1888 in October.
In the bond division. the dollar
value of bonds amounted to $l8,24S
In comparison with $2l.s54 IN the
previous month, while the principal
amount Of bonds changing ownership
was $4,000 against s23,500 in the
earlier month.
The commission reported that the
dollar value Of sales on all registered
securities exchanges in November
showed decrease of IS per cent
from October and ~ per cent from
November, 1896.
Both the Baltimore and Richmond
exchanges participated In the severe
slump in the months business totals
McLachlen Sees Healthy Year.
Lanier P. McLachlen, president of
the McLachlen Banking Corp. is
optimistic on the outlook for 1898.
Noting that the banking situation in
Washington is sound, he said he
looked forward to the continuation OF
the steady and healthy growth of the
banking institutions Of the city.
The hesitancy of business to 60
forward undoubtedly slowed up the
demand for good loans, and with
interest rates still at low ebb. the
prospects of gains in earnings in any
conservatively managed bank are less
encouraging.
However. situated as We are in the
Nations Capital. prospects for healthy
growth in the ensuing year are bright,
Mr.. McLachlen declared
Jones Forecasts Stock Rise.
The present bear market, which
started in March, has been one of
the sharpest on record. the stock
Hmarket declining approximately a
per cent in the short space Of few
months. Robert G. Jones. head OF the
investment firm bearing his name,
said today in appraising the 1898 out
look. Fundamentally, however, the
future does not look dark, he added.
Credit is plentiful at low rates of
Interest and virtually every element
Of recovery is present, save confidence.
With an upturn in confidence in 1888
the country will face sound recovery
The investment and stock markets
should discount business improvement
months In advance. In fact, United
States Government and high-grade
corporate obligations have already
recorded gains, which in time will be
followed by improvement in second
grade bonds and in the stock market
Mr.. Jones predicted.
Home Loan Directors Named.
The Federal Home Loan Bank Board
today announced the election by men,
Der institutions OF the Federal Home
Loan Bank Of Winston-Salem of E. w.
aaucier of Birmingham. Ala, as a
term, and the reelection of P. w.
Spencer of Rock Hill, S. c., for a
similar term.
The Winston-Salem bank serves
home financing institutions in Mary
land, District of Columbia, Virginia,
North Carolina, South Carolina, Geor-
gia, Alabama and Florida.
Insurance Men Honored.
Vernon w. HollemRn, general agent
for the Home Life Insurance Co. Of
New York, announces that this agency
has just closed the years business with
. substantial increase over 1886 and
that four Of his associates. Paul F.
Grove. jr.; Philip L. Baldwin, William
H. Ross and James r. Troth, have
qualified Tor the Presidents Club,
which Is composed of the ranking
salesmen. The club will meet on jan
uary 3 at the Hollywood Beach Hotel,
in Florida.
Walter NJ w. splawn, member Of
the !. c. c. since 1884, has been elected
chairman Of the commission for the
year 1898, succeeding Carroll Miller,
ths present chairman. The election
was pursuant to the policy of the
commission Of rotating the chairman
ship among the several members.
wilkins Firm Votes Dividends.
The directors Of the John H. Wilkins
Co., coffee merchants, have declared
q 4 per cent semi-annual dividend
on the outstanding preferred stock
and dividend of $l.50 share on the
common stock, both payable January
IS, 1888, President John H. Wilkins
announced today.
1aSing his views on present sound
banking conditions and better rela-
tions between business and labor,
Secretary of Commerce Roper fore
casts business upturn In 1898. Also
said the Government must safeguard
the ''proiits motive"
Warrington brokers are preparing to
put the higher commission rates into
effect next Monday. Careful study
shows that most Of the advances are
small. and in the case of some low
priced stocks charges will be smaller
than they are now. The service
charge is entirely new.
Lassiter Again Bank Chairman.
The board of governors of the Fed
eral Reserve System has appointed
Robert Lassiter Of Charlotte, N. c.,
q class c director Of the Federal Re-
serve Bank Of Richmond for a three
year term ending December 81, 1910,
and has designated him as chairman
and Federal Reserve agent for the
year 1888.
Mr.. Lassiter has served Is q class G
director of the Richmond bank since
January !. 1923, and has been chair
man and Federal Reserve agent since
January !. 1887.