Evening star., 1937-07-16
LOCAL SECURITIES
UNDER 1887 TOPS
Many Enter Second Half
Year With Prices Lower
Than at Opening.
BY EDWARD C. STONE.

In q few instances, however, recent
sales have been at the high for the
year. The situation contrasts with
the half-year period in 1886 when a
great majority Of the issues were
near theit high marks.
Anacostia & Potomac River R. r.
guaranteed SIS, 1949 are now selling
at 11la4, the high for 1887. Wash
ngton Railway e. Electric As, at LOG n =,
are very near the years best price. In
the stock division. several bank stocks
are higher than at the start of 1887,
notably National Bank of Washington
at 1876, National Savings &, Trust at
ITO, Real Estate Insurance at ITO,
Security Storage Co. at 120, and Peo-
pies Drug common at so.
Other issues, however, are lower,
Including Anacostia g. Potomac River
lst SIS at 66, Capital Traction SIS at
B8, City g. Suburban lst SIS at rs,
and Georgetown Gas IS at 1l3. Po-
tomac Power 3As and the Washing
ton Gas issues are also lower than
they were some weeks ago. 1t should
be noted, however, that many of
these bonds are very strong and that
many offers for them just under the
present market cannot be executed
Holders refuse to sell.
In the stock division, Capital Transit
Is now l0A, off from l41s as the high
for 1887. Potomac Electric Power 6
per cent preferred has been four points
above l12 and the 5l2 per cent issue
has been more than two points above
present prices around 112. The high
est-priced stock on the board, Wash
ington Railway e. Electric common
has figured in only one sale this year,
at s724 share. 1t pays a s36 divi-
dend, yielding 4.95 per cent.
Such bank stocks as Riggs National
common and preferred, American Sc
curity g. Trust and Washington Loan
& Trust are at present quoted under
their 1887 peaks. The same may
be said of several stocks in the nliscel-
laneous list.
Odd Lot Market Broadened.
The Security and Exchange Com
mission has made an important rul-
ing that secondary stock exchange
may enjoy unlisted trading privileges
in odd lots but not in round lots in
securities which traded in 100 share
lots on primary exchanges such as
the New York Stock and Curb Ex-
changes. Extension of this principle
will allow small traders more lati-
tude in choosing the market in which
they wish to transact business.
The S. E. c. made clear its position
in ruling upon applications of the
Boston Stock Exchange for right to
give unlisted trading privileges to
Is securities The commission granted
the extension of such privileges to
each of the Is stocks for trading in
odd lots, but denied such extension
for trading in round lots.
The commission also was Influenced
by the financial needs Of the Boston
exchange itself. which might be met
by expansion of unlisted trading on
its floor.
Washington Stock Exchange men,
bers are greatly interested in the COM
missions position, although there is
at present no trading in unlisted Sc
curities.
Refund for Express Employees.
Approximately S2,320,00O will be re-
turned, in the next few weeks, to en-
ployes Of the Railway Express Agency,
following the recent amendment of
the railroad retirement act and re-
ceipt of release of the funds by
court order. Approximately the same
amount, equivalent to amounts ac-
crued in the accounts of the agency
for excise taxes under the act, will
be turned over to the railroads as
additional payments for express priv
ileges.
Checks totaling s2,O50,OOO are be-
Ing released by the treasury depart
ment of the Railway Express Agency,
covering the employees 1896 refund,
while individual calculations are nee
essary to determine the amounts due
employees for the 1887 refund, total
ing $270,000, but this will later be
distributed to employees as quickly
as such calculations can be made.
Some $4,000 men and women on
the Express Agency's pay roll will
share in this distribution, more than
$50 in Washington.
Carpet Declares Dividend.
Directors of the Carpet Corp. have
declared the regular 25-cent dividend,
payable July % to stockholders of rec
ord July 16. The stock is listed on the
Washington Exchange, the concern
doing a food distributing business.
A definite date for the opening of
the new First Federal Savings g. Loan
Association, which will take over the
closed Fidelity Building & Loan Asso-
ciation, will be announced very soon,
the controller Of the currency re-
ports. Final details are being cleared
up rapidly.
Bank clearings in Washington for
the week ending July IA totaled $25,-
323,268.38 against s22,566,431. in
the like week last year, an increase
OF l2.2 per cent From the previous
week this year clearings were of 7.3
per cent.
Insured Loans on Increase.
The Federal Housing Administration
says 1t accepted for insurance 1O8l6
home mortgages valued at $44 ,387, ,426
during May. The May volume repre-
sented gain of 1873 per cent in num-
Der and 21.8 per cent IN value over
the volume Of May a year ago.
Hemphill, Noyes g. Co., will be
among the underwriters of 10000
shares OF IS cumulative convertible no
par common stock and 57,143 Of no
par common stock, which have Just
been registered with the Securities &
Exchange Commission. The proceeds
are for redemption of debentures and
working capital
The Federal Reserve Board reports
security issues to provide new capital
totaled $150,000, 900 during May, COM
pared with l52,000,0O0 in April and
$4,000, 900 in May year ago.
Today's Trading on Exchange.
Iya hi