Evening star., 1937-09-29
VOLUME DECLINES
0ND. c. EXCHANGE
Slight Drop From July Totals
Revealed by S. E. c.
Report.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
As was the case with many other
registered exchanges in August busi-
ness on the Washington Stock Ex-
change recorded a slight recession from
the July stock and bond totals, the
Securities and Exchange Commission
announces.
The dollar value of both stock and
bond sales on the Washington board
In August was S58,586. in comparison
with S62.99l in July of this year.
The dollar value of stocks was s42.-
$50, almost up to the $42,444 in July.
Total shares turnover, however, was
much smaller, standing at BIC against
1,795 in the previous month.
Bond transactions during the month
had value of $l6.436, compared with
$2o.547 in July. The principal amount
Oh bonds sold was Sl6,500 against
$4,000 in the comparative month.
On the Baltimore Stock Exchange
In August all sales had value of
$780.9l6 in comparison with S992.173
in July. At the same time Rich
mond's total business disclosed an
increase, S68,60o, against S66,050 in
July.
The total dollar value of sales on all
registered securities exchanges in
August amounted to ST. ,277.53S,486.
decrease of 9.8 per cent from the July
figures and decrease of % per cent
from August, 1886.
August Gas Earnings Drop.
The monthly report of the WASH
ington Gas Light Co. Just filed with
the Public Utilities Commission shows
operating revenues of S408237 for
August this year. compared with
*390,520 in August last year. an in
crease OF Sl7.717. Operating ex-
penses increased from S382,770 in Au-
gust, 1896, to s403.47s for August
this year, largely as a result of in
creased charges for taxes and the
retirement of property.
The net result of the months op-
eratons after all deductions for in
terest and amortization was a usual
Summer loss, amounting to s76,588,
which differs from last August's loss
of $76,592 by only 81.
Notwithstanding this seasonal de-
crease, the company reports earnings
for the eight months of S512,787 fol-
lowing the rate reduction effective
last September. Net income in the
same period last year amounted to
s554,964, or decrease in 1887 of
f42.177.
The company reports gas sales of
b37.9l6 NJ. cubic feet in August, COM
pared with 498.829 M cubic feet in
August year ago, an increase of 8
per cent. At the end of the month
there were 1853 meters in service.
or $3.50 more than at the same date
last year.
Operating revenues in tn first eight
months of 1887 totaled S4.897, 1923. in
comparison with s4.808,887 in, 1896,
an increase of S88.441. At the same
time operating expenses went up, a
total of s3,781.216 comparing with
S3,66778l last year, an increase of
$ll3.435
Gold Release Lifts Reserve
The Federal Reserve Boards month.
ly review shows that excess reserves
of member banks increased in the
five-Week period ending September %
from s800000,O00 to s1,O00,0O0,00O as
the result of a release of gold by the
Treasury from its inactive account.
Commercial loans at reporting men,
Der banks in l01 leading cities, re-
f1ectiEg in part seasonal demands,
continued to increase substantially
during the four weeks ending Sep
tember is, both in New York City and
outside.
Holdings of Uniteo States Govern
ment obligations and of other securi-
ties showed a further decrease, with
the result that total loans and in
vestments declin ID somewhat, the re-
view states.
Maryland Woman Buys Bonds.
Miss Mary H. Parsons of Salisbury,
Md. was the successful bidder on that
city's 100000 bypass bonds last night
and was awarded the issue. 1t is said
to mark the first time an individual |
resident ever purchased an entire issue
of local bonds.
Submitting bid of S30,0I0 at an
Interest rate of "a q, Miss Parsons
offer was made against four invest |
ment banking houses, and was the |
best, from the city treasury's view
point, of the five sealed proposals.
The other bids in the order of finan-
cial returns to the city were: Alexan- |
der Brown e. Sons. s30,493 at so; |
Dougherty, Corkran e. Co., s30.65l at |
sc; Mackubin, Legg S Co.. S30.179 |
at 3es. and W. w. Lanahan & Co.,
S30,280 at 3s4 ec.
Rural Sales Best in Far West.
Daily average sales in small towns |
and rural areas for August showed a
marked increase in the Far West with |
gain of about IL per cent over Au-
gust, 1886. An increase of 2 per cent
was recorded for the Middle West and
practically no change for the Eastern
and Southern areas.
Slauson, White e. Rose are distrib-
uting review of the present market
situation prepared by Thacher c.
Jones, economist, in which he expresses
the belief that the recent general feel
ing of uncertainty marketwise has gone
farther than is warranted by the bus
iness recession and curtailment of
corporate profits. He believes that
business should range above normal for
Q considerable period yet.
Continuation of the business recov-
cry in the United States depends more
on the pricing policies of business
than on anything done or not done in
Washington, o. M. w. Sprague, Har-
yard University professor and former
adviser to the Treasury, told meeting
of the American Statistical Associa-
ton in New York.
Prof. Sprague declared opposition
to tendency on the part of business
to increase prices whenever an i'm
provement in demand appears likely.
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