Evening star., 1942-07-28
DC. Utility Bonds
Make Fine Record
In Seven Months
Issues on Exchange
Are Far Above Por;
Traction IS Top List
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Public utility bonds listed on tht
Washington Stock Exchange art
winding up the first seven month.
Of the year with prices close to theil
highest 1912 quotations, surve,
discloses. Incidentally, every one o1
these issues is selling far above par
Capital Traction first IS are ths
most active issue in the list, having
registered a $12l, 500 turnover sc
far this year. They now yield 39s
per cent. The last sale at 105H Y
contrasts with 103 at the beginning
IL 1942.
/ Second in trading activity have
2een Washington Gas Light first
is, 1860, with a $500 turnover in
the seven months, with the last sale
1t 1874, the 1942 high. Highest
friced bonds on the exchange, they
field sos per cent at present prices
Washington Railway & Electric Is
fold recently at 108 to yield 2.85, the
high for the year being 100 and the
bw LOT. Anacostia & Potomac
River r. r. first IS are now yielding
$50 based on the last sale at 1921
while Anacostia e. Potomac River
I. r. Modified 334s, at 1861, are
Fielding 285 per cent.
tCity e. Suburban modified 3as, at
1D6A, return 2.8O per cent. George
town Gas IS recently moved at
118N for an interest return of 3.55
per cent. A lot of interest but little
trading is noted in Potomac Power
3As, selling at 1915 and yielding
$45 per cent.
- Exchange members reports orders
IN their books for nearly all these
aissues, which they cannot fill, as
holders are unwilling to part with
the bonds at any price.
Consumer Cash Loans Drop
= Consumer loan balances of credit
unions, industrial banking COM
-panies and personal finance COM
.Danies declined $40 300, 900 during
-1une, 1942, to total of 1929, 400 900
-At the close of the month, a drop of
IL per cent in the receivables of
Hhese institutions as against an in
grease of l.8 per cent in their BAL
=knces during June last year, the
Commerce Department reports.
q During June, 1912, these three cash
3pan agencies loaned $126, 100000. in
Mluding renewals, an amount one
9Durth less than the $173, 100 900
baned In the same month of 1941.
epayments In June, 1912, totaling
LAG, ,400, 900, we're "A per cent under
ear-ago collections.
IL In the first half of 1912, $755,-
10 900 in loans was extended by
redit unions, industrial banks and
Dersonal finance companies. Loan
&olume in this period was 1871 per
lent less than volume in the same
eriod of l941.
II Repayments during the first six
nonths of 1912 amounted to $780,
D0, 900, or $l15,0O0, 900 more than
ban volume.
T. Banks Increase War Loans.
Is Washington banks are making a
5low but steady gain in aggregate
loans for war purposes, although no
figures are at present available, ac-
cording to Wilmer j. Waller, vice
president and cashier of the Hamil-
ton National Bank, who is member
OF the War Loan Committee of the
American Bankers Association.
Many u the aloans which the
banks have made have heen in con-
nection with war supp IS. This is
only natural as the Capital is not
an industrial city. The demand is
continuing for these advances on
war supplies.
Washington bankers also have
placed some money in loans in in
dustrial areas outside of the Capital.
Many Bankers on Vacations.
Howard Moran, vice president of
the American Security & Trust Co.,
Is among many Washington bankers
on vacation. T. Stanley Holland,
vice president and trust officer of
the same institution, is spending
much of his vacation on nearby
golf links.
E. H. o. Stokes, assistant vice
president Of the Morris Plan Bank,
is visiting relatives near Staunton,
Va.
B. Gwynn Dent, assistant cashier
Of the Riggs National Bank, has just
returned from vacation at Vir-
ginia Beach.
Frank w. Lee and Frederick H.
Cox, vice presidents of the City
Bank. are back at their desks after
vacations.
Wales H. Jack, assistant cashier
OF the Liberty National Bank, is
in New York State.
Irving Zirpel, assistant trust off,
Ger and secretary of the Union Trust
Co., is spending month at Tall
Tmbers. Md.
Investment Diplomas Awarded.
G. B. Marbury, treasurer of the
Acacia Mutual Life Insurance Co.,
and C.. Emory Phillips, assistant
secretary of the Equitable Life In
surance Co., have returned from
Bloomington, Ind, where they were
presented certificates from the
school Of business of Indiana Uni
versity for completion of a special
course In the study of investments
The course was conducted in CO.
operation with the financial section
Of the American Life Convention
the graduates including So men from
the District and % States.
Ernest NJ Fisher of this city, di-
rector Of research in mortgage ano
real estate finance Of the American
Bankers Association was a member
Of the faculty.
Today's Trading on Exchange.
On the Washington Stock Elk.
change today Mergenthaler Limo.
type figured In a small sale at 3;
after equaling the high for the yeal
yesterday by selling at 35la. Ths
final bid was IS, with 361a asked.
Considerable favorable commen1
was heard in New York Stock Ex
change Offices today on the half-yeal
favorable earnings reports of South,
ern Railway. Western Maryland ant
Norfolk g. Western, just announced
AL made particularly good showings
Many Washington brokers believ'
that extra favorable war news VII
be required to give the market {