Evening star., 1933-08-23
TRADING IS LIGHT
ON D. c. EXCHANGE
Bonds More Active Than
! Capital Stocks During
Today's Session.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Trading was in moderate volume on
the Washington Stock Exchange today,
the rough weather putting crirnp IN
the attendance of members.
The opening transaction was sale
Of $500 Washington Gas Light IS, 1860,
at 106, practically the same price as
recorded on other recent sales.
Washington Railway & Electric As
also appeared on the board today, $500
changing hands at 80, fractlonally
higher than the last previous sale.
In the stock division, Capital Traction
recorded a very small sale at 7, small
lot of Potomac Electric Power 5l2 per
cent preferred came out at l08, and six
shares of Washington Railway & Elec-
tric preferred moved at &c.
Wide interest is now being manifested
among members of the exchange and
host of local investors In the coming
terms of stock exchanges in connection
with the merger Of the Capital Traction
Co. and the Washington Railway d
Electric Co. These plans have now been
practically worked out and will be an
nounced soon.
Mouiton Discounts Imitation.
Dr.. Harold Moulton of the Brookings
Institute. jackson place. repudlates the
theory of Prof. T. E. Gregory OF Eng
land that success of the N. R. A. pro
gram implies imitation of devaluation OF
the gold dollar in the United States.
The N. R. A. program" he said at
the Institute of Pacific Relations, in
Canada, was devised to prevent fiscal
initiation of the type which so MANY
European nations fear. Imitation may
come but it is not inherent In the pro-
gram and it was not the original intent
of the administration to employ 1t.
At another point IN his talk, DR..
Moulton discussed the effect OF risli.g
prices in the United States on foreign
trade. He added:
The danger of the American program
lies in the rapid rise in prices. To pro-
tect American industry it may be neceS-
sary to raise tariffs again.
While the revival of American bllsi-
ness cannot help benefiting other ma
tions. new tariff barriers may halt their
American purchases.
In the specific example Of cotton,
American tariffs on other commodities
may force foreign nations to stop buy
ing American cotton. Such action
of the cotton recovery program, and
failure of that program might well start
q new series of depression forces.
Rubber Issues Ignore Trend.
Average price on July 81, 1888, of 103
stocks representing u industrial groups
was 1858 points above the average for
December 81, 1882, although the aver
age had declined 2l2 points during
July, according TO the New York
Trust Co.
During July all of the groups de-
clined with the exception of five rubber
issues. which increased So points. The
largest declines during the month were
shown by five railroad equipment is
sues which decreased $50 points, and
10 public utility issues which decreased
491 points.
Average price of 81 domestic bonds
increased LOG points during the month.
During July 40 representative foreign
issues increased 2.39 points.
Trade Commission Approves Forms.
The Federal Trade Commission has
approved form for registration under
the securities act of certificates of de-
post issued in anticipation of or in
connection with a plan for reorganiza-
The new form contains two general
divisions, namely, part l. which covers
information concerning the original is
suer and the issue or issues to be called
for deposit, and part 2, which embraces
information concerning the actual plan
for reorganization.
Reports that the decline in the price
of silver is responsible for the world
economic crisis are wholly without
scientific proof" according to a study
published by the Brookings Institution.
The consequences of the price fall in
silver to the United States are "negli-
gible," the report states.
Adams Express Co. has declared the
regular quarterly dividend of s1,25 on
the preferred stock, payable September
80 to stock of record September Is.
Commonwealth & Southern Corpora
ton has declared the regular quarterly
dividend of $50 on the Sc preferred
stock payable October 2 to stock Of
record September s.
Heard in Financial District.
The Treasury Department has an
nounced the allotment of S60,200,000
of 9l-day Treasury bills maturing OIL
November % The total amount ap-
piled for was 66,37o,00o, with ac-
cepted bids ranging in price from 99.952
to 99943.
Increases in assets and surplus ac-
counts feature the reports of insurance
companies as of June 80. Companies
generally were aided by the rise in
security values Some of the leading
concerns report improved underwriting
business and steady or slightly i'm
proved premium volume.
Charles w Galloway. one of the vice
presidents of the Baltimore & Ohio
Railroad. reached his 50th anniversary
in the roads employ today He is
personal friend Of many railroad men
in Washington.
Washington bankers are looking for
a steady advance in business as the
Fall season progresses. 1t is generally
conceded that the opening of the Ham
ilton National, to be made up of eight
local institutions, will be the greatest
help to the city in the near future on
account of the funds which will be re-
leased.
In the Eastern district the volume of
freight traffic handled in June was an
increase of EOS per cent compared with
the same month Of 1882, while the
Southern district reported an increase
of 272 per cent and the Western dis
trict an increase of 234 Der cent