Evening star., 1934-08-05
Most Bonds and Stocks Rise
in July Despite New
York Losses.
ANAC0STIA & POTOMAC
SIS GAIN 11a POINTS
Capital Traction Obligations Also
Advanee-N. & w. Steamboat
and Gas Shares Up.
BY EDWARD C. STONE.

While many OF the leading issues
on the New York Stock Exchange lost
ground during July. the majority Of
bonds and stocks on the Washington
exchange experienced advances. They
made an enviable record.
Bids on Anacostia a. Potomac r. r.
bs we're up Ia points during the
month. while the asked price jumped
from 70 to 10. Bids on Anacostia &
Potomac guaranteed 5s also advanced
TO par, the bonds having sold as high
as l00h.
Capital Traction r. r. 5s strength
ened during the month, with a gain
of a point In the bid price and ~
points in the asked price, which was
moved up TO IS. During the half
year these bonds have made the
startling record of selling from so up
to 83%.
City g. Suburban SIS gained in value
IN the four weeks, bids having gone
from 7iIz to 70, with an advance in
the offered price from 73 to rs.
Georgetown Gas first SIS saw the bid
jump from los TO l08 during July
and Washington Gas IS, 1858. moved
from s71a bid to ssh2, while the asked
price going from 90 TO 99&. Gas
6s. 1860, likewise were quoted higher.
In the stock division the same in
teresting gains were noted. Investors
offered an additional point for Nor
folk a. Washington Steamboat stock
Washington Gas investors raised their
bids a point to 81, while holders asked
66. Bids on Potomac Electric Power
6 per cent preferred moved from Ill
to l12h, with a few sales as high as
113A, while the same corporations
5l2 per cent preferred even touched
ia.
Other examples might be cited. but
these are SUFFICIENT to bear out the
statement that the Summer lull did
no harm 10 washington securities last
month while it was knocking down
quotations in other cities. Volume as
wen as prices held up remarkably
we'll The number Of issues selling
above 100. In the blue chip" class. Is
also worthy of note.
Banks Repaid Credit Funds.
National Credit Corp, which was
organized in 1891 TO render financial
assistance I'd bniAss WikA trust COM
panies throughout the bnited States,
is mailing to the holders of its gold
notes the remaining per cent of the
principal on such notes outstanding
mounting to approximately $500. 900.
With this payment subscriptions win
have been refunded 100 per cent.
Interest at the rate of 8 per cent
per annum for the period ended
october is, 1882. has been paid and
from the proceeds Of the liquidation
of the remaining outstanding loans
made by the corporation, an addi-
tional payment Of interest viii be
forthcoming.
It will be recalled that the WASH
ington banks were the first financial
institutions In the whole United States
TO subscribe 100 per cent to the funds
which were so urgently needed at the
time. The record was telegraphed all
over the country and given prominent
news position in the newspapers.
The campaign had hardly opened
when 1t was announced that Wash
ington banks had gone "over the
top" Tall hustling by a special COM
mittee and bank loyalty brought the
Capital into the national limelight.
One of the most interesting books
TO come of the financial press in
some time is entitled "Determinants
of Investment Practice" written by
Edmund Brown. jr., and brought out
by Macmillan. The writer discusses
the elements of investment processes
at length and shows that definite rules
Of practice change but little from one
period to another in spite of new
financial situations.
The author outlines what he con-
siders the objectives of successful in
vestment in a way which should be
helpful to individuals, as well as TO
banks and insurance companies even
though their investment moves are
pretty clearly prescribed by law
Many of his conclusions are taken
from his own experience in handling
estates.
The writer has endeavored to make
his investment suggestions useful both
in boom times and during major de-
pressions. He stresses the assertion
tAldl ENCAN kItON 6AdCbAy
what he wants TO do before he can
hope TO be successful. While that is
rather an old idea revamped. yet II
still appears to be puncture- proof. If
any proof of such an axiom were
necessary, the late lamented stock
market break brought it out all toe
vividly.
Heard I'm Financial District.
Robert c. Jones, of Robert c. Jones
& Co., investment bankers, has re-
turned from an extensive Canadian
fishing trip. Mr.. Jones went deer
into the French River region with a
fishing companion and an Indian
guide. where they caught. cooked and
ate their catch as they went along.
Chester w. Lockwood, of Hemphill
Moves g. Co. has been passing his
annual vacation at Nantucket Dur
ing the coming week he will Join
Alexander Hagner for q cruise with
the New York Yacht Club and witness
the races. Walter ]. Harrison, who is
connected with the same firm has re-
turned from a vacation in Pennsyl-
vsnia.
The Norfolk Southern Railway re-
ports June net income of SI7I ,o2s
against $l4o,e2S q year ago, and al
the same time reduction in net los:
during the first half Of this year tC