Evening star., 1932-07-26
EXCHANGE TRADING
LED BY GAS BONDS.
Large Turnover on Local
! Board Today, With
Prices Steady.
BY EDWARD c. STONE.

q long time took place at today's seS-
sion
Washington Gas 6s series A. ap-
peared on the board in 10 different
transactions of $1,000 each. All sales
were made at 99 This is the gas bond
issue which natures next year, conse-
ouently there has been considerable
recent switching into bonds OF longer
term standing. Trading in this issue
opened with a baby bond selling at 80
The bond closed with SO bid and 99ls
asked.
Potomac Electric Power IS figured in
two $1,000 transactions during the ses-
sion. both sales being made at l0l.
Members of the exchange expressed the
hope that the more active New York
bond market will arouse a lot more in
terest in local bonds during the next
few months.
Only one transaction in stocks was
recorded today, a small lot of Potomac
Electric Power 5la per cent preferred
coming cut at 1031s.
Construction Shows Gains.
Local bankers are interested in the
report that construction in the nrSt
half of July showed improvement over
the like period in June. The report
awarded in the 81 States east OF the
Rocky Mountains during the period
frcm July to July IS. inclusive, totaied
$40. sos 900, according to F. w. Dodge
CORPORATION This compares with Sof,,,
3l3.lO0 for the first half OF June ana
sl37, ,278. 800 for the corresponding han-
month of July, 1881.
of the current July total 26,48l 700
was for non-residential building, SlO',
OFT 500 for residential building, ana
S33.945, 800 was for public works ana
utilities. The contract total LOT tme
first half of July covered 1888 individual
projects, of which 1859 were non
residential, 1888 were residential, and
O0l were public works and pubic
utilities. A..
During June contract awards in the
e7 states totaled S113,075000 as COM
nared with s146.221,200 in May and
s316147. 600 in June, 1881. OF the June,
1882. total S25, ,556,80O was for resi-
Dental building; S58,946, 400 Tor non
residential building; while the REMAINDER
went into public works ana pubic
utilities.
July Trade Shows Improvement.
From the Richmond Reserve Bank
comes the information that retail trade
in the Fifth Federal Reserve Dlstrlct
for the first half of July showed more
than seasonal improvement IN tne
movement of Midsummer goods. heavy
mark-down sales. however. were iac-
tor in the gains and wholesale lleS
remain quiet.
There is a possibility of small in
crease in the price of tobacco as the
crop is going to be smaller this year.
Virginia's output is expected to De
third less than last year. CONSTRUCTION
remains very slow in this district al
though there is slightly more activity
In home building.
In the Atlantic District gains are
again reported in retail trade, with
record low prices prevailing. Whole
sale trade is fair and construction Is
called brisk Other Federal Reserve
Districts are more optimistic although
trade figures are practically unchangeo'
Boston reports better shoe business,
Philadelphia looks for higher hard coal
prices August /, Chicago motor safes
are holding up, Cleveland reports the
onening of several small manufacturing
plants. Minneapolis sees larger crops
while Kansas City and st. Louis re-
ports practically no gains in the past
week.
Bottom approximately Reached"
In It's mOnLnly IeNleW, oOdA amy
Trust Co. sees some Improvement in the
domestic situation. The bank says:
Recent developments have strength
ened the belief in some quarters that
the low point CT the depression may
have been approximately reached: Not
much positive change Is anticipated
during the traditionally dull Summer
weeks that lie Immediately ahead;
moreover, it is recognized that the out
look is still far from clear in many re-
spects. But, in the absence OF further
lnsettling financial disturbances, there
is a growing tendency on the part CT
certain commentators to believe that
the beginning of improvement may be
seen in the not-distant future.
Although business activity as whole
has not advanced to higher levels, there
are encouraging gains in some direc-
tions. Operations in the steel industry,
after falling off sharply at the begin
ming of this month, have regalned the
June level The rate of automobile
output last month remained almost un-
changed, in contrast to the substantial
recession usually reported from May 10
June. Cotton consumption also showed
less than the normal seasonal decline
A slight gain was reported In panK
debts outside of New York City and
maintained during the early part OF TINS
month
Heard in Financial District.
The regular monthly meeting of the
board of directors CT the Chesapeake &
Potomac Telephone Co. took place mere
today fer the transaction Of routine
business.
Claude H Woodward, former president
of the Mount Vernon Savings Bank, Is
acting as receiver for the Bank OF
Brightwood. Mr.. Woodward is widely
known in the financial district and has
been very active in the affairs OF the
District Bankers Association.
The opinion is expressed in the flnan-
cial district that one of the larger banks
in the city eventually will take over the
Bank OF Brightwood The community
has grown with amazing rapldlty In the
past three or four years and it is felt
that there is plenty of business for
strong branch bank.
G. Bowie Chapman, resident partner
of Hartman g. Co, is enjoying the
breezes along the Maine coast His
yacht is anchored off Castine, where
he has a Summer home.
Certificates of deposit for F. g. w.
Grand Properties debenture 6S Of 1948
have been admitted to unlisted trading
privileges on the New York Curb Ex-
change
The Executive Committee Of the Chi
cago Association of Commerce has
voted to support the committee which
is promoting the use of trade accept
ances in lieu of open commercial book
accounts as a means of stimulating
business and augmenting credit ma
chinery.