Evening star., 1934-04-05
UPTURN W|DENS
0ND. c. EXCHANGE
Capital Stocks and Bonds
Continue Slow Rise
During March.
BY EDWARD c. STONE.

slowly to higher levels.
Reference to the Did and asked
shows that hoioers are willing to pay
point more for AnacoStia e. Poto-
mac River 5s now than four weeks
ago, 66 being bid and 81 asked An
acostia g. Potomac Guaranteed SIS are
also stronger than month ago, the
bid being sc, with SO asked. OF the
two issues. the first SIS have made by
far the most striking advance since
the advent of 1884 the first January
sale having been registered at 49,
During the last four weeks the bid
on City & Suburban SIS has jumped
from 60 to "a, which in bond is a
notable advance. Georgetown Gas
First SIS, Potomas Electric Power
Consolidated SIS and Potomac Power
IS have remained very steady during
the past month, prices being strong
and practically unchanged
Washington Gas 5s, 1858, have
worked higher recently. the bid going
from 88l2 to 9lla and the offered
price from 80 to 9312. The bid on
Washington Gas SIS, 1860, up a point
during the past month. During the
same period seekers of Washington
Railway & Electric As raised their
bids from 88 to 90.
Changes in Stock Division.
In the stock division there were
equally important changes. The bid
on Norfolk & Washington Steamboat
stock rose from 70 to rs, while the
bid for Washington Gas advanced
from so to So during March Wash
iGgton Railway & Electric preferred
recorded bid gain from 9O12 to 93l2
the stock having sold as high as "a
The annual report on Emerson's
Bromo Seller "a" boosted the bid a
point and the asked price from % to
IS. While sales in Peoples Drug Stores
preferred have been few and far be-
tween for several months, the bid has
Jumped seven points from 80 to 81
The recent favorable annual report
by the big drug chain proved a strong
hctor in Strengthening both the pre-
1erred and common, although the
common is not on the board here.
National Mortgage & Investment
d
point in March Bids on Terminal
Refrigerating &, Warehousing Corpor-
alton and Real Estate Mortgage &
Guaranty preferred were off slightly
during the four weeks. Woodward g.
Lothrop common and preferred re-
mained unchanged, with 25 bid on
the common and l06 on the pre-
ferred.
The months sales we're far ahead
Of the corresponding month a year
ago as it was during March, 1888
that the banks and exchanges all
over the country were closed. This
of course halted trading completely
for time and put large crimp in
1t for the rest of the month. The new
deal, new confidence, and steadily
rising indices in banking, business
and industry combined to make March
1884 an excellent month on the
Exchange.
Fifth District Building Slow.
The Federal Reserve Bank of Rich
mond's latest monthly review an
nounces that building permits issued
in 81 cities in this territory totaled
y
of 24.8 per cent in comparison with
1908 permits issued in the correspond
ing month last year. Total valuation
4or all permits issued amounted to
S2,668107, an increase of 648 per
cent in comparison with valuation
OF S1,619,309 in February 1898.
Nineteen of the 81 cities reported
higher valuation figures last month
than for the same month last year,
but most of the 648 per cent in
crease occurred in Baltimore; in fact,
Baltimore showed a larger increase
than the net gain reported for the
entire district.
Richmond reported higher figures
than for February 1888, but Wash
ington Norfolk and Charlotte re-
ported lower figures.
Banks in Stronger Position.
Reviewing the banking situation as
based upon the first available figures
for the beginning of the year. Rand
McNally Bankers Monthly, in its
April issue states that the capital po-
sition of all the banks has improved
100 per cent.
In 1888 the capital and surplus of
all banks was rs per cent of total re-
sources. In 1884 this has doubled. 1t
is now 1888 per cent. Another in
terestmg figure resulting from the
analysis is that resources are now
1925 per cent of deposits. Back in
1926 the ratio was 1907 per cent.
Banks are holding higher per-
centage of Government bonds. The
~F &c ;,, hor dc
being 1914 per cent.
Safeguards for Investors.
As a further protection to investors
in State and municipal bonds move
information in legal opinions on such
bonds is being fostered by the Munic-
ipal Securities Committee of the In
vestment Bankers ASSOCIATION OF
America. AS announced by E. F.
Dunstan of the Bankers Trust Co.,
New York, chairman Of the commit
tee. the objective is to enable investors
to ascertain more readily the char
acter of the security behind a munic-
ipal obligation; whether, for example
the bond represents pledge OF the
full faith and credit of the issuing
community, payable from unlimited
taxes. or whether the security is re-
stricted to certain property or funds
and the bond is payable from limited
taxes.
This move to give the purchaser of
municipal securities additional infor-
nation on the exact status OF new
issues" Mr.. Dunstan stated, repre-
sents a definite effort on the part OF
investment bankers to protect the IN
terests of their customers"
Trading on D, c. Exchange.
Washington Railway & Electric As
got all the attention on the Washing
ton Stock Exchange today. Two $1,000
sales were recorded at 90, an advance
of full point over the last previous
sale. The bonds closed with 92l2 bid
and none offered. Other bid and asked
prices were practically unchanged.
Members of Washington Chapter,