Evening star., 1937-07-14

1885 and 1887 were
1887 1885 Increase.
millions of XVIII
First quarter ~ ,62I Az 1900
Second nd quarter Ites 90 59s 5ss3 ss3 4s r.
- mo. to June 30 6.3@4 5,615 ll.4go
Commercials Status Noted.
Cary A. Hardee, receiver for the
Commercial National Bank, has just
made his report for the quarter ended
June 80 showing cash in the hands
of the receiver and controller amount
ing to S5438407. This would indicate
that the next payment TO the dHa-
mercial's former depositors is still
Aome distance in the future.
The quarterly report places total re-
manning assets of $4,842,633.l book
value, with an estimated value of
686,91932. These totals include un-
collected assets with book value of
&4,O29,47784 and estimated value of
sl,655,77037; additional uncollected
assets with book value of S93, ,409.44
and an estimated value of S2l ,974.14
and an uncollected stock assessment
having a book value of S719745.35
The Commercial National Bank sus-
pended on February %, 1888, having
assets at that time of Sl5,927 ,888.28,
including a 100 per cent stock assess
ment of $l,000,000. Total cash COL
Iected from assets and stock assess
ment is given as $9,61O,27527. Offsets
allowed on assets totaled $574,092.84;
total losses charged off on assets and
stock assessment, ssoo,S87.o4.
To date the Commercial National re-
eeiver has paid so per cent in divi-
dends to creditors amounting to $3,-
365, ,33824, and repaid loan Of So
9l2,95e78 10 the Reconstruction
Finance Corp.
Industry Near Record.
The U. S. Chamber of Commerce re-
ports that in the United States the
ftrst six months OF 1887 were char
actsrised by industrial activity greater
Shan in any other half year. except
the first six months of 1929. Activity
during these months OF 1887 reached
It's high point, however, in March,
holding in the aggregate to this level
during the following months, despite
the unfavorable influence of labor dis
tHbances and adverse legislative pro-
posals. If these adverse influences had
not been in operation 1t is clear that
there would have been steady rise
in industrial activity during the
months following March.
Midsummer is season when indus
trial activity as a whole may hesitate
for a period or may, as last year and
the year before, pause briefly, and then
strengthen gradually into November.
Conditions this Summer are favorable
10 the latter course, the survey states.
SeaboaFd Stock on Market.
Public Offering by means OF
prospectus of $4,000 sabre OF 81 cumu-
lstive convertible preferred stock, no
par value. Of the Seaboard Finance
Corp. of Washington is being made
today by Johnston, Lemon and out-of-
town firms. The stock is priced at
S30.50 a share and the net proceeds.
estimated at $3.50, 900, will be used for
additional working capital.
The stock is convertible into 81 par
value common stock at the rate of
three common shares for one preferred
Until December 81, 1899, and two and
ons-hah for one thereafter until July
l. 1912. The common stock was placed
on regular 60-cent annual dividend
basis on July /.
Life Insurance Sales Climb.
The Associate of Life Insurance
Presidents reported today that for the
NTH consecutive month this year new
life insurance sales showed an in
crease over the corresponding month
OF the previous year. Total sales dur
ing June amounted TO 1925, ,288, 900,
compared with $768,076, 900 q year
ago, an increase OF IA per cent. For
the first six months this year an in
crease Of 80 per cent was registered
over the like period of 1886.
For the first six months of the year
aggregate ordinary insurance written
totaled $3,006, 1884, 900 against s2,747,-
1894 900. Industrial insurance in the
first half amounted to 81, ,376, 1853, 900,
compared with 1859 ,563 900 last year,
while group insurance written in the
first six months was $379,903, 900,
against $266,l30,000.
Cleaned in Financial District.
Senator Robinson's death caused a
great shock in the brokerages houses
As the news appeared on the tickers
shortly after the opening of the New
York Exchange.
Daily average sales of variety stores
for June were higher in dollar than
for any June since 1929 and within
/ per cent Of the June level last year
the Commerce Department reports.
All but 125 Of the 5000 national
banks in the United States have al
ready acted to terminate liability fol-
100 per cent assessment on the COM
mon stocks, Controller O'Connor re-
ports. July l was the date for the
ending Of double liability.
Today's Trading on Exchange.
Mergenthaler Linotype was active
on the Washington Stock Exchange
today, 10 and so share lots selling at
-. One share of Lanston Monotype
moved at IS.
TWO shares of Riggs National Bank
common came out at 326, Potomac
Electric Power 51z per cent preferred
sold at 112Ea and washington Gas S.
1858, changed hands at 1854.
Underwriters are busy getting an
issue of $75,00O,000 Armour & Co
convertible debentures in shape fol
registration. Just when statement
Will be filed 10 not certain yet.