Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-05
FIRST HALF OF 1881
SHOWS FIRM TONE
IN D. c. SECURITIES
Issues on Local Exchange
Have Held Up Well De.
spite Conditions.
SOME STOCKS ADVANCED;
BONDS LITTLE CHANGED
New Insurance Partnership-N-
nanciers on Vacations-Another
Bank Reports Deposits.
BY EDWARD C. STONE.

Local securities have made q nlgnly
satisfactory record during the first
half Of 1881. During the most severe
reactions on the New York Stock Ex-
change at various times during the
past six months Washington stocks
and bonds have not sold of in any
where near the same proportion.
Comparisons OF prices Of local
stocks at the beginning of the year
and the middle Of the year are inter-
esting and enlightening. While some
issues are selling lower now than they
did on January l., others have adj
vanced. The total volume of trading,
considering business conditions. has
also been most pleasing to ofdcials OF
the exchange.
In the utility list Washington Rail-
year at 421 and is now selling at SOP.
Railway & Electric preferred stared
out at 971z and a few days age sold
at par. Potomac Electric Power 5h
per cent preferred opened the year at
1073s and Is now changing hands at
Ill, while the s per cent preferred
started of 1881 at Ill and IS now at
1131a.
washington Gas Light stock opened
1881. at 1882 and is now moving at
1854. Capital Traction came out on
January 1 at 1914. Norfolk & WASH
ington Steamboat stock has changed
from 200 to 100. At present quotations
the yield on Capital Traction is the
highest on any of these stocks, being
Iii per cent, with Norfolk Boat stock
coming next with q return Of Sc per
cent. The yield on Railway common
Is only IL per cent.
Record of ID. C. Bank Stocks.
Local bank stocks have made q good
record during the first half year. Sew
eral have. Of course. sold lower while
others have held their own. Naturally,
the widest spread has been in the high
est priced stocks. Riggs opened the
year at AS and Is now quoted around
S72. with almost none for sale at that
figure American Security g. Trust
p opened the year At S45 and has recently
sold at 500. National Savings q Trust
started 1881 at 407 and recently sold
Washington Loan & Trust sold in
January at 446 while the last sale was
recorded at AS. Union Trust has
dropped from ale to 200, Liberty Ma
tionaI from 195 to 100, District National
from 2o7 to 2o1, and Commercial from
from 80 to 800. Federal-American
National Bank & Trust stock opened
at so and sold this week at so. The
tabulation printed elsewhere in the
financial section reveals only moderate
changes In other bank stocks. Some
have not moved at all.
In the miscellaneous exchange list
quotations perhaps show more varia-
lions. Columbia Sand & Gravel pre-
ferred has advanced from SO TO 90A,
Peoples Drug Stores preferred has gone
from 90 to 100. Stocks that have
changed in the other direction include
the old-time sound type stocks Mer-
genthaler Linotype opening the year
at SO and now selling at TIA, and
Lanston Monotype selling in January
ut 100 and at the end Of June at 871z.
Local bonds reveal only small fiuctu-
ations The most active bonds on the
list have been Capital Traction IS, with
9175,000 turnover: Washington Gas IS,
series A, with Sill 900 sales, and Wash
ington Railway & Electric Is, with q
8l82, 900 turnover. Hardly any OF these
local issues have varied more than two
or three points during the first half
year. It Is q record to be proud OF.
Reports Business Up Fl Per Cent.
A. L. Baldwin, general agent Of the
Northwestern Mutual Life Insurance
Co., states that the Washington agency
has Just reported $2,500,000 Of paid-for
business for the first six months OF
1881, which represents an increase of
81 per cent over the same period Of last
year.
An interesting event in the agency he
says, has been a lively 10-week contest
which has just been concluded. Credits
were allowed for number OF new Gus
toners, volume, hours Of work and
methods Of sales interview.
F. George Clendaniel has been
awarded first prize in the contest and
j. Hicks Baldwin second prize. Mr..
Clendaniel has been in the business
Just one year. The two winners will be
the guests of the general agent for a
where they will make a sales demon
Stration at the national convention.
What Debt Holiday Means.
The people of Germany and their
business concerns would be relieved OF
taxes totaling approximately $427, 100000
this year under the proposed temporary
suspension of all intergovernmental war
debt payments, says the Lincoln Ma
tional Banks Review. That Is the
amount that Germany is pledged to pay
to all governments under the repara-
tons plan.
The saving to Germany would cost
the American Government $246,000, 900
which It is scheduled to receive In
principal and interest from other gov
ernments The American Government
will be obliged to pay out this sum TO
owners Of Liberty bonds whether its
proposal for the one-year moratorium
Is accepted or not.
1he moratorium va,ld cost France
SsT,00J,000. France Is scheduled to re-
esive 1902 900, 900, mostly from Ger.
many, and to pay England, the United
States and other countries a total Of
Sos, 100000. England's loss would be
$21 ,000, 600, the difference between ex-
pected receipts Of $181 ,000, 900 and &C
counts payable totaling $160, 100000.
Italy's accounts receivable amount to
$46,000,000 and her accounts payable
$S8,000,000, q difference Of 100000.
The total receivables Of Belgium and
all other countries participating in the
debt tangle amount to $59,000,0 600
against accounts payable amounting to
100000.
Insurance Partnership Formed.
It was announced yesterday that
Thomas r. Crowley and Joseph A. Mari
have formed an insurance co-partner-
ship and have been appointed repre-
sentatives in Washington Of the Penn
Mutual Life Insurance Co. AS the
So xrf1I& aI