Evening star., 1943-04-29
Trading Far Behind
Year Ago on D. {.
Stock Exchange
Heavy Taxes and Big
War Bond Purchases
Cited as foctors
BY EDWARD C. STONE.

Iington Stock Exchange in the first
four months of this year discloses a
sharp drop from the like period
year ago. according to survey
made today. Both the bond and
stock turnover has been much
lower.
Members of the exchange today
said the steady increase in taxes on
people with substantial means is
considered the most important fac
tor in the limiting of investment
purchases. Their investment funds
have been very greatly reduced.
The huge purchases of United
States War bonds by Capital resi-
dents also have had a great deal to
do with the lower trading volume.
The effect of the December drive
was felt in January and the present
campaign Is again reducing sub
stantially the total amount of money
available for investment elsewhere.
Prices, Yields Remain Firm.
A year ago in the four months
trading in Capital Traction bonds
alone reached sos. 500. In the stock
division Capital Transit registered
turnover of 2.168 shares: WASH
ington Gas common, 2,136 shares,
and Mergenthaler Linotype, l240
shares So far this year none of
these leading issues has experienced
any such activity. Other issues, es-
pecially bank stocks, also have been
in lighter demand.
Prices, however, have held par
ticularly we'll. a majority of the
listed issues now selling higher than
a year ago. Every bond on the
exchange is quoted far above par,
the highest lien on the board. Wash
ington Gas SIS, selling recently at 129.
First-quarterly yields, too, have been
highly satisfactory on both bonds
and stocks.
Exchange members said today that
they have a lot of orders on their
books which they have been unable
to execute, many holders consider
ing their securities so gilt edged
they will not part with them at any
price.
Bond Subscriptions Extended.
Hugh Leach, president of the Fed
eral Reserve Bank of Richmond, has
notified all banks in this territory
that the subscription books for the
current offering of "a per cent
Treasury bonds of 1964-69, 2 per cent
Treasury bonds of 1950-52, and q
per cent certificates of indebted
ness, Series B-1944. will remain open
for the receipt of subscriptions from
others than commercial banks for
their own account, and from COM
mercial banks for account of GUS
toners until the close of business
May l, 1943
Loan Executives Honored.
William N. Payne. jr., president Of
the Eastern Building and Loan Asso-
citation, has been made a member
of the 1943 Insured Section Com
mittee of the United States Building
and Loan League, it was announced
today. He will be on a committee
of 40 executives whose work will
concern only those institutions whose
accounts are insured with the Fed
eral Savings & Loan Insurance
Corp.
E. L. McAleer, secretary of the
Equitable Cooperative Building As
sociation, is again vice chairman of
the leagues Committee on Fidelity
Bonds and Insurance.
Oscar r. Kreutz. general manager
Of the Federal Savings & Loan In
surance Corp, is also member of
this committee.
Delisting Hearing Announced.
The Securities and Exchange Com
mission has ordered hearing on
the application for the densting of
Lincoln Service common and per
cent prior preferred, which have
been listed on the Washington
Stock Exchange for some years.
The hearing will take place next
Monday. May 3, at the SEC Wash
ington Office in the Tower Building.
President Charles Delmar be-
lieves the stock would have a more
active market if sold over the
counter
Banks Exceed War Bond Quotas.
1t was announced today that sew
eral more Washington banks have
generously exceeded their War bond
quotas on the present drive.
Directors of the Washington
Railway e. Electric Co. have de-
clared the quarterly dividend of SO
a share on the common stock. pay
able May % to stockholders of rec
ord May Is, and the regular quar-
terly dividend of S1.25 per share on
the preferred stock, payable June l
to ctocIxl, e,ldo,:s Of .oa,,.i