Evening star., 1938-07-23
PRICES HOLD FIRM
0ND. c. EXCHANGE
Washington Gas Preferred
Stock Leads Busy
Weeks Trading.
BY EDWARD C. STONE.

oul Illc ldSG WeSk SeCuTiJl6S llSUSU
on the Washington Stock Exchange
again displayed marked strength and
considerable activity, joining in the
"bull market" spirit prevailing on the
New York exchange. Members of the
local exchange today reported many
uneXecuted orders for both stocks and
bonds. as holders are willing to part
with their securities only at top prices.
Washington Gas Light preferred
was again the most active stock on
the list The weeks turnover was
heavy, many blocks of the stock mov-
ing at 99la, 99% and 997s. A single
share sold at 100.
Potomac Electric Power per cent
preferred stock figured in many small
lot sales at the high price of 11512.
Washington Railway & Electric pre-
ferred was in demand at 1922 and
112.
Mergenthaler Linotype closed the
week at 26, stronger than the once
favorite has been for a long time.
Capital Transit figured in quite a
number of small sales at 8. down from
other recent transfers around 9. Real
Estate Title Insurance Co., one of the
highest priced issues on the board,
recorded the sale of a single share at
$3.50.
Bond sales were moderate but prices
were firm. Washington Gas Light SIS,
1858, were in demand at LOT. Bids
on other issues were practically un-
changed. The initial sale in the newly
Of
frigeratiAg e. Warehousing Corp. Az
bonds is yet to be recorded. The bid
was advanced yesterday from l0l to
1ol1z.
Loans Pushed by d. c. Banks.
The national appeal by Jesse H.
Jones, chairman of the Reconstruction
Finance Corp, urging the banks to
extend more credit fell on deaf ears
in Washington. AS far as can be
learned from bank officials, the banks
in the Capital are making every ef-
fort to extend just as many sound
loans as possible.
Hilleary G. Hoskinson, president Of
the District Bankers Association, re-
ports the same situation that pre-
vailed during the administration of
Thomas j. Groom, namely, that the
banks are more willing to lend money
than borrowers are to hire it. The
banks are taking care OF the demand
for commercial loans and making a
large number of housing loans.
In the opinion of President Orval
W. Adams, president of the American
Bankers Association, bankers have
never been more alert or more liberal
IL their quest for opportunities to lend
money. When it is necessary for them
1t is the common practice among
bankers to explore with the applicant
every possibility of converting his re-
quirements into a bankable PROPOSE
ton if there is any feasible way to do
it in conformity with sound banking
practice and in keeping with the
standards of the bank examining
authorities.
The fact that the industrial loans
Banks stand at only $4,000, 900
is further proof of the fact that banks
are meeting all legitimate credit needs,
Mr.. Adams says.
The willingness of bankers to ex-
pand their credit cooperation when
ever the opportunity has offered is
shown by the fact that total loans
and investments of bank members of
the Federal Reserve System increased
from s25 900 900, 900 to S32 900, ,000,0 900
in the last five years. Through 1886
and 1887, period of active business,
commercial loans increased from
$4,000 00O,0 900 to s7,00O,0O0,O 900, the A.
B. A. chief says.
So rapid was the expansion in bank
credit in 1886 that the Board of Gov
ernors of the Federal Reserve System
raised member bank reserve require
ments. The slight decline in COM
mercial loans that has occurred in
1888 is to be attributed to the depres-
sion rather than to any reluctance on
the part of commercial banks to ex-
tend loans. 1t might be noted that
the loan decline has been negligible
relative to the decline that has taken
place in business activity, Mr.. Adams
asserts.
81
Wholesale and retail trades are
providing Is per cent more buyers of
life Insurance than year ago, as
indicated by survey of the American
Service Bureau, Chicago, based on
10000 life insurance applications sub
mltted in June to compares which are
members of the American Life Con-
vention.
Generally, better buying power was
shown by increase of the average pol
icy applied for to s2,139, a new high.
Lee N. Parker, president, announced.
Machinery and metal manufacturing
owners and executives showed the
highest average policy applied for,
Sl0,5l0, and $20,573, average already
owned, yet factory and mill workers
in these trades showed the most
marked decline in number of appli-
cants.
The so-called non-gainful occupa-
tional group, housewives, students and
children. furnished the greatest num-
Der OF life insurance buyers, there be-
ing 2,118, or better than one out of
five OF the cross-section of applicants
reviewed. The average policy for this
group was Sl,357.
Persons having no other life insur-
ance represented 81 per cent, COM
pared with So per cent found in
similar survey in December, 1887, and
81 per cent in June, 1887.
Richmond's Bank Assets Up.
Assets of Richmond's IL banks
stood above the 100000 900 mark on
June 30-$5 100000 better than in
June year ago. Total deposits and
loans and discounts also showed ad-
vances.
Assets were so,oOs ,Oo5 on June 30.
compared with s195,345,65l on June
80, 1887, and s190,854, ,O76 on June 30,
1886. Loans and discounts were ST.