Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-07-29
TRADING ACTIVE
OND. C.EXCHANGE
Capital Traction SIS Quoted
at 1894 to 99Ts, Against
Previous 9912.
BY III. B. ROGERS.

1raO1ng was aLClVe on the WdSh-
ington Stock Exchange today, for the
Summer session, with utilities not
only holding their own, but showing
some improvement.
Capital Traction SIS turned over in
three transactions, ranging from 1874
to 1914, compared with previous sale
of 9912. Capital Transit stock went
at 20, no change.
Washington Railway and Electric
As were up a fraction to los in two
sales
Potomac Electric 5Es preferred
was UP half a point to lis, while the
same company's per cent bonds
went at 1o3A, same as last prior
sale.
Riggs National Bank preferred
stock sold in three lots totalling IS
shares, at 10812.
Malta Rejoins Acacia.
La Noue Malta, we'll known in the
insurance field here, has been ap-
pointed assistant to William Mont
gomery, president of the Acacia Mu-
tual Life Insurance, Co. 1t was an
nounced today.
Mr. Malta was with Acacia from
1926 to 1929. serving as agency super
intendent. In 1929 he accepted
position with the Protective Life In
surance Co. of Birmingham. Ala,
shortly thereafter beng named vice
president and superintendent OF
branches. He now mas reJoined Aca-
cia in the newly created post OF
assistant to the president.
Born in Baton Rouge La. and edu-
rated at the University OF Louisiana,
MFR. Malta specialized in chemical en-
rineering. However. life insurance be-
came his chief interest,", and IN l9lo
he Joined the Western States Life In
sursnce Co.. San Francisco, where he
quickly gained an executive position
Stationery Sales Rise.
An increase of 3.19 per cent in sta
tionary sales in this district, by y
firms reporting from Pennsylvania,
Virginia, New Jersey, the District OF
Columbia and Maryland, is shown in
survey made by the research de-
partment of the National Statloners
Association for the month OF June
1885, as compared with June, 1884.
For the first six months of 1885 the
average increase here in the District
was 436 per cent.
Prospects for the Fall look much
brighter than they did some Time
ago" says Charles P. Garvin, general
manager of the department.
Financing Increases.
The way is being opened for new
capital financing, in the opinion OF
the Federal Securities and Exchange
Commission. based on a registration
of $685. 100000 in new securities Tor
the first half of 1885.
Most of the securities registered
according to the Associated Press
we're for refunding operations-tnat
is the proceeds were earmarked for
retiring other securities. However,
the commission listed two ways IN
which this wave of refunding" might
help start the flow Of capital for new
industrial and commercial UNDER
takings.
The first is by clearing up the
high coupon, callable bonds that are
still outstanding" the commission
said. only after these high-ylelo
securities have been removed from
the investment field and other in
debtedness bearing high interest rates
eliminated, is it usually possible TO
successfully undertake rev financing
at low enough interest lates to make
new capital expenditures desirable ana
profitable.
Huge Savings Cited.
Again, the savings to companies
affected through their reiunding OPP
erations. to the extent that they are
spplied to surplus, provides source
from which appreciable capital ex-
penditures are normally made"
The commission noted that where
as last years issues were made up
largely of the common stocks OF IN
vestnnent trusts, this sears registered
offerings have been. 70 the most
part, debentures and secured bonds
of large corporations IL the pubic
utility and industrial fields, always
important borrowers in normal capital
markets"
The commission saw what may be
the first instance of a secondary
movement toward the reduction OF
dividend rates on preferred stock
issues" in the registration by the
Commercial Credit Co. Of S27, 0O0,0O0
of common and 81. per cent preferred
stock to be offered in exchange for
preferred issues bearing rates from s
to 8 per cent.
Oficials of the Baltimore National
Bank, as trustees, today were in con-
ference on the problem OF how to
retire about S325,000 worth of Ana
costa & Potomac Railroad bonds,
with funds received from the Potomac
Electric Power Co. for purchase years
ago of a piece of property here In
washington. Holders of these bonds
are eagerly awaiting the expected
tender. Indications from Baltimore
TODAY were that the offer might be
Forthcoming within few days"
Financial District Notes.
George L. Starkey, president OF the
National Bank of Washington, has
returned from few days at Old Point
Comfort, Va.
Albert S. Galley, executive vice
president of the Lincoln National
Bank. is on vacation at Ocean City,
N. J.
Four officers of the Riggs National
Bank are on vacation: Hilleary 9.
Hoskinson, vice president; D. ]. Gala
han, jr., assistant cashier; r. Ear
Haycock. auditor, and Kenneth F
Brooks, trust officer.
Karl w. Corby of w. B. Hibbs q.
Co., is on vacation at Rockland, Me
Richmond P. Davis and John j
Mclean. local managers Of Fenner &
Beane, members of the New York
Stock Exchange and other leading
exchanges, are in New York for the
firms managers convention.
Eugene. e. Thompson, executive vice
president and secretary of the Asso-
ciated Stock Exchanges, is on a TRIP
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