Evening star., 1932-08-02
BONDS IN DEMAND
ON D. c. EXCHANGE
Dealers in Senior Securities
EIated Over Recent
Market Action.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Bonds again led trading on the Wash
ington Stock Exchange today. as the!
have in other recent sessions.
Potomac Electric consolidated 5s wer'
in best demand, five $1,000 sales beiEt
recorded, all at 1929. Capital Tractior
SIS also appeared on the board. $l,00.
selling at As, same as the last previous
sale
Stocks were almost entirely neglected
a small lot of Potomac Electric Power
5l2 per cent coming out at 103. While
there were no sales in Capital Traction
stock, both the bid and asked prices
advanced. The stock was quoted today
at z bid and 10 asked.
The recent interest in bonds has been
highly gratifying to members of the eX-
change. Bond men who deal in local
and other bonds are rejoicing these days
over the new tone in the market. Here
is the reason:
recovery of $50 in the Dow-Jones
average of 40 corporation bonds for the
Is business days ended August / is
the largest continued advance in the
average since the bond market reached
Its peak four and one-half years ago.
Last nights average of 1852 for the
40 bonds was the highest in three
months, or since April 26, when the
average stood at 1853.
Insurance Directors Named.
Stockholders of Potomac Insurance
Co. OF the District Of Columbia held
their annual meeting yesterday and
elected the following directors: Judge
A. A. Hoeling, Charles E Hood. Charles
E. Howe. Q. H. P. johnson, A H.
Michel, Thomas c. Moore, F. Norie-
. Miller, s. Norie Miller. c. r. F. Ogilbv.
Alexander K. Phillips. Frederick Rich
ardson, George W. White.
This company holds the enviabie
record of being more than 10l years
old. 1t was chartered by special act of
Congress in March, 1881, and its orig
inal charter was signed by President
Andrew Jackson and John c. Calhoun.
After this it received several amend
ments signed by President Jackson and
afterward President James K. Polk in
1887; President Fillmore, in 1851: Pres
ident U. S. Grant and James G. Blaine.
in 1870; President William Mckinley, in
1900 and President Warren G. Hard
ing, in 1922.
Institute HOnOrS /. J. Roberts.
Frank NJ Hall of ST. Louis. president
of the American Institute of Banking,
has honored I. ]. Roberts, an assistant
cashier of the Riggs National Bank
with appointment as assistant executive
councilman of the national association,
for the District of Columbia. He will
be the contact official between the ma
tional body and the thriving local
chapter.
Mr.. Roberts is a past president CT
Washington Chapter, has been chair
man of the Educational, Banquet and
many other committees and has taken
an intense interest in institute affairs
for years. At the recent Los Angeles
national convention, he was chairman
of the Departmental Conference Com
nittee, committee which handled all
the most important features of the pro-
gram.
Rail Loans Total S28,388,464.
The Railroad Credit Corporation on
August /, 1882, had either actually
made or authorized loans to railroads
to meet their fixed interest obligations
totaling S28, ,383, ,464.82, according to the
monthly report of that corporation just
filed with the Interstate Commerce
Commission and made public today
OF that amount, 500, ,445, AL repre-
sented loans actually made. leaving a
balance of S7,943,023 to which the cor
poration is committed.
Protective Committee Formed.
protective committee has been
formed for holders of Norfolk Southern
Railroad Co. first and refunding mort
gage per cent gold bonds, due Feb
ruary l, 1861, following appointment
Of receivers on July 20, 1892.
Carol M. ShankS of Prudential In
m Of AVoorina ic nl0oirraoy, IF
the committee, which includes George
c. Clark of Clark, Dodge & Co., E. c.
Granbery of hase, Harris, Forbes Cor
poration, and Bertram Perry of MaSsa-
ChuSettS Mutual Life Insurance Co.,
Harold Palmer. so Broadway. New
York, is secretary, and Marshall Sz
Wehle, counsel
Bank Issues Money Review.
The Washington Loan & Trust Co.
has issued a bulletin, entitled What
Is Money!" 1t is written by Norman E.
Towson, assistant treasurer of the COM
pany and includes a brief review of
world economics during the past nine
months, discusses the developing use
Of gold as medium of exchange, de-
scribes methods of settling international
balances and points out weaknesses in
the plan for managed currency. In
conclusion, the, writer quotes the League
of Nations gold delegation, which said
that the gold standard remains the
best available monetary mechanism"
Noted in Financial District.
At the last sale price of Capital Trac-
ton stock the yield is 16 per cent, since
the stock now pays 81 a year dividend
The weekly wholesale price index of
the National Fertilizer Association,
which is. computed in Washington every
Monday, advanced four fractional points
during the week, resulting in a gain Of
eight fractional points in July
Radio Keith Orpheum Corporation
and Columbia Pictures Corporation have
signed film contract whereby the en-
tire 1928 Columbia product of 48
feature pictures will be shown in thea
ters of the R-K-O circuit.
Interstate Commerce Commission has
to the Chicago Great Western Railroad
by the Reconstruction Finance Corpora
tion for the payment of taxes and ma
turtles of equipment obligations.
Standard Oil Co. CT New Jersey de-
clarcd the usual extra dividend of IS
cents and the regular quarterly dividend
of rs cents, both payable September Is
to stock of record August Is.
Mutual savings banks of the United
States showed an increase of u. .469 de-
pcSitcrs during the first half of this
year, the National Association of Mu-
tlIal Savings Ranks announced t0daV