Evening star., 1938-10-05
VOLUME EXPANDS
ON D. c. EXCHANGE
August Total Is Nearly Three
Times That for Same
1897 Month.
BY EDWARD C. STONE.

ny GD"hnD -. S1oNE.
Trading on the Washington Stock
Exchange in August was nearly three
times heavier than in August a year
ago, although lighter than in the pre-
'vious month this year. the Securities
and Exchange Commission reported
today. The dollar volume of all sales
amounted to $l67028 against only
$58,586 in the same month last year
and S222,424 in July this year.
The dollar value of stock sales came
TO $118,866 against $205,693 in the pre-
'vious month and $50 in August,
1887. The per share turnover was much
better than last year. l,452 shares
against 816 but far lower than the July
total of 2,282 shares.
Local bonds were in far better de-
1nand than in July and a great deal
more popular than a year ago, dollar
volume reaching S48,16 as compared
with only $16,73l in July and Sl6,436
in August, 1887. Total principal
amount of bonds sold was $4,000
against s2O,5oo in the previous month
and $l6,50O in the same period a year
ago.
The dollar volume of sales on all
registered exchanges in the United
States in August was 81 per cent under
the previous month and l3 per cent
lower than in August, 1887, the report
said
While the Commissions summary
mentions no definite stocks Washing
ton Gas Light preferred was one of
the most active issues on the Wash
ington Exchange, selling close to 500
share throughout the month. 1t
was the market leader"
Bankers Cut Day Off Program.
A "streamlined" program for the
1898 Investment Bankers Association
convention that will condense five days
work into four-day meeting. was an
f1ounced to Washington members of
the ASSOCIATE ton today. This years
meeting, October 26 to 90. at White
Sulphur Springs w. Va. saves day
without loss to the program through
selection of subjects and speakers that
concentrate attention on vital issues
authoritatively handled" the an
nouncement stated. The experiment
with four-day meeting is principally
fSr reasons of economy.
A full session is to be devoted to
the Maloney Act, which contemplates
the formation of one or more asso-
Citations to regulate the over-the-
counter markets under the supervision
of the Securities and Exchange Com
mission. Four speakers will address
ioclI,ajroc T.ooroo
Mathews, the member of the COM
mission who has direct supervision of
the administration of over-the- counter
markets, and Francis A. Bonner, Chi
cago investment banker who is acting
as special adviser to the commission on
its program.
Building Moves Forward.
The United States Chamber of Com
merce notes that for the first half of
September residential building con-
tinued above the level of year ago
While the summer and early fall of
1887 was period of declining volume
it has been a period of increasing
volume this year. Apparently the
1887 decline has been reversed and it
is reasonable to assume there will
be continued improvement in business
in this field, the chamber asserts.
The current Fenner & Beane review
expresses the belief that air condi-
tioning may yet prove one of the
biggest factors in bringing industrial
recovery back to normal, playing much
the same part that the automobile
has In recent years
S37,500,000 Bonds on Sale.
The new S37,5O0,00O issue of Vir-
ginia Electric & Power Co. first and
refunding mortgage bonds, series B,
81 per cent, were placed on the mar
ket today at 1882 and interest, by a
banking syndicate headed by Stone,
webster & Blodget.
1t was the first big issue which has
appeared on the market in some time
and a keen demand was reported
The bonds mature in 30 years. The
proceeds will be used in the redemp-
tion Of per cent first mortgage bonds
and for corporate needs.
Blocks of the bonds were offered by
Washington dealers and quickly sold.
The demand was much larger than the
supply, dealers said this noon.
Gas Concern Votes Dividend.
Directors of the Washington Gas
Light Co. have declared the regular
quarterly dividend of S1.1212 on the
preferred stock, payable November 10
to shareholders of record October 81.
A dividend of 80 cents a share on the
common stock has also been voted,
payable November | to holders of rec
ord October IS.
Willard G. Barker, president, Morris
Plan Bank of Washington, will attend
the nineteenth annual convention of
the Morris Plan Bankers Association,
to be held at the Greenbrier Hotel,
White Sulphur Springs, October 1912,
inclusive. Mr.. Barker, a member of
the Program Committee, will speak
on the subject of Successful Opera
tions and Customer Relations
430 New Bond Issues Voted.
Voters of 430 municipalities located
In 80 States during September ap-
proved municipal bond issues aggre-
eating S48831 500, as compared with
49.712,232 bonds approved during Aug
ust according to the Daily Bond Buy
er. This is the largest September total
since 1929, when new authorizations
amounted to $85 5,308,700.
Howard County, Md, sold to Mack
ubin, Legg g. Co. and associates
Sl04000 public works bonds, due 1940-
1869, on their bid of 10789 for 3s
Members of the American Business
Mems Club held luncheon meet
ing at the Hay-Adams House this
noon.
Today's Trading on Exchange.
Washington Gas Light preferred
opened trading on the Washington
Stock Exchange today, selling at 99s4.
Terminal Refrigerating g. Warehous-
ing Corp. stock appeared on the board