Evening star., 1932-08-10

districts the month had one less busl-
ness day this year than last year.
Biggest Bond Day in Months.
Trading local bonds on the Washing
ton Stock Exchange today was the
heaviest in several months
Washington Railway & Electric Is led
in total volume of business when four
$4,000 blocks and five $1,000 bonds
changed hands, all transfers being
made at &c.
washington Gas SIS figured in $500
turnover at par and IS. washington
- Gas Light IS, series A, opened with
81 900 sale at 991s and closed with two
$1,000 sales at SO fat.
The days turnover totaled $28, 500 in
the senior issues. Stocks were entirely
neglected. The much stronger bond
market in New York has been helpful
in the past few days in turning tie
attention of local investors to the bonds
listed on the local exchange, according
to exchange members.
Home Lending Boon to Banks.
zone of the bright spots of the
depression is the stability shown by
mortgage loans on small homes" said
Henry Bruere, president of the Bowery
Savings Bank. vice president OF the
Savings Banks Association of the State
of New York and personal friend Of
several Washington bankers.
"Out of the s3,500, 600, 900 Of mort
gage investments of the savings banks
in the State of New York, many hun
dreds of millions have been loaned TO
owners of small homes. 1t is these
loans which have stood up brilliantly
under the present stress.
Time after time, families have sacri-
feed motor cars, vacations and luxuries
of all sorts to join together to meet
their obligations on their homes. The
result OF this attachment of home own
erS to their estates has been to provide
for the savings banks a type of invest
ment which has, up to date, weathered
all storms"
Five Cents Separates Four Bids.
Four nationally known electrical sup
ply houses submitted indentical esti-
mates on city contract and the award
finally went to a Richmond concern
whose bid was cents below the other
four
The city asked for bids on supplying
the city utilities electrical department
with quantity of conduits. couplings
and bends for use on city work When
the bids were submitted to the advisory
board, it was found that the Line Ma
terial Co. was low bidder, with a price
of S2,36250, while four bids of ST.
362.55 each were submitted by the
Westinghouse Supply Co., the Johns
Manville Co.. the General Electric Co.,
and the Graybar Electric Co.
Liabilities Show Decreases.
Business defaults, as reported to
Bradstreet's, fell of slightly in number
during the week ended August 4, drop
ping from 576 to 572. The normal ex-
pectation at this time is for a heavier
decrease.
Liabilities, however, declined 667 per
cent from the previous week, the survey
finds, due to the fact that there were
fewer large failures. All trade groups
except wholesale. showed lessened liza
bilities, with the retail and banking
divisions showing the heaviest decline
The number of failures increased in
all groups except manufacturing and
commercial service, the drop in these
two being severe enough to bring this
weeks total slightly below that of last
week.
Heard in Financial District.
When the New York Stock Exchange
started on its rampage. the local broker
Offices sent out hurry calls and sum-
moned all members of their staffs, who
were on vacations, back to work.
G. C. Murphy Co. have declared tn,
regular dividend of 40 cents per shar'
on the common stock, payable Septem
Der /, to stock of record August 22
Stockholders of the Virginia Caro-
lima Chemical Corporation on Monda,
adjourned their meeting at Richmond
until September / without acting on tn
proposal to merge the corporations fer
tilizer business with that of the Ar
mour Fertilizer Works, under the nam
of the Virginia Carolina Fertilizer Corr
The first discount for an individua
or corporation by the Federal Reserv
System was made by the New Yor
Reserve Bank last week, it was reveale
Monday. Details of the loan were no