Evening star., 1934-03-04
Both Stocks and Bonds Have
Climbed Steadily From
Depression Bottom.
ADVANCES MOST RAPID
IN LAST TWO MONTHS
Black Urges Credit Banks for
Loans to Aid Smaller
Industries.
BY EDWARD c. STONE.

- L LIZ w EhAsD ~ ~ OANAs
Securities on the Washington Stock
Exchange have made marked progress
since a year ago at this time when
the exact bottom of the depression
was reached
Chances at the securities list show
that Washington Railway g. Electric
preferred was selling at 82l2 in March
a year ago. 1t is now 90.
Capital Traction stock was chang
ing hands early in March, 1888, at 9
1t closed the week yesterday at 25ls
Potomac Electric Power 6 per cent
preferred sold on this date last year
at lO7l2, while it is now 100 and has
been as high as ll2
Potomac Electric Az per cent pre-
ferred stock was moving around l0e
at this time last year, while it is now
1o8. These two power issues, how
ever, are not good examples of broad
advances in the past IL months as
they have remained well above pal
constantly since the depression first
got under way.
Bonds Also Are Higher
Capital bonds also have advanced
materially during the last II months
Anacostia R. R. first SIS sold at 48 a
year ago. They are now IS. Ana
costa r. R. guaranteed IS were co.'s
having since moved to 94l2.
Capital Traction IS have climbed 20
points during the year. They were
selling at 50 in March, 1888, while
the most recent sale on the exchange
took place at 70.
1t is equally interesting to look at
the gains made since January l OF
this year. Washington Gas SIS, 1858,
have stepped up from 80 to 80. WASH
ington Railway g. Electric consoli-
dated As have ascended from SO to 88.
Potomac Electric consolidated SIS have
climbed in two months from 1927 =
to 104l2.
One of the most important in
creases in the stock division this year
has heen in Washington Gas Light
shares. This stock opened 1884 at
45l2 and is now 59l2. And so the list
might be expanded to include other
issues. Enough cases have been cited
to show the better trend and higher
prices.
Yesterdays Market Quiet.
Business was rather dull on the
exchange here yesterday Capital
Traction changed hands at 26, its new
high mark during the present advance.
The week closed with 1884 bid for the
stock and q asked. Since the recent
glowing reports of earnings under con-
solidated street railway operations,
there has been a great deal of talk
about the future of Capital Traction
stock. Present holders have not ap-
peared anxious to sell.
Mergenthaler Linotype appeared on
the board in two l0-share sales at
26l2. This stock has recently been
much more active. 1t is a former
its old place again. when business
warrants the resumption of dividends
In the bond division Washington
Railway g. Electric As figured in a
81 ,00o transfer at SO. Yesterdays
session was the second held under
the new deal" Saturday business
has just been resumed after being
abandoned for about two years. In
creased trading brought back the old
schedule.
Black Favors Credit Banks.
The system of Government inter-
mediate credit banks which he has
proposed is absolutely necessary at
this time. Gov. Eugene Black of the
Federal Reserve Board said in an
sWer to question by members of a
subcommittee of the House Banking
and Currency Committee.
Without giving any details. the
Governor asserted that he thought
the Government should get out of
business and that he is working on
a plan to that end.
The Governor asserted that there
has never been financial market in
this country for small industries and
that we would not have complete re-
covery until the small industries can
get financial aid without mortgaging
something or paying exorbitant rates
OF interest on loans.
He said he had made no estimate
of the amount of money necessary to
finance such a system of banks, but
indicated he might have such figures
in few days. The reserve system,
of course. should be the backbone of
such a plan, he said.
Financial District Gossip.
Opening of the Mount Vernon Saw
ings Bank as unit of the Washing
ton Mechanics Savings Bank will be
one of the most important events in
morrow is the ope1n.-g day.
Potomac Savings Bank receivership
proceedings are now being carried on
in the old District National Bank
headquarters at 1406 G street. The
work was transferred from 1726
Pennsylvania avenue during the past
week
The Washington Rapid Transit Co.,
in its January report to the Public
Utilities Commission. revealed a gain
of sl318 in net earnings. compared
with a deficit of S6,322.9l in the like
period a year ago.
Henry Westheimer of the New York
Stock Exchange firm of Westheimer
& Co.. was in the Capital during the
week in connection with the proposed
bill to regulate exchanges. He visited
the local Office of his own company,
which is managed by Harmer Reeside.
Edwin c. Graham, president of the
Hamilton National Bank. is in Florida
for short visit. Returning visitors
report that the land of sunshine is
doing a marvellous Winter business.
Just like the good old days" before
the boom broke.