Evening star., 1928-03-07
WASHINGTON AREA
BUILDING GAINING
Permits Issued in 20 Cities of
Fifth Reserve District
Show Increase.
BY EDWARD c. STONE.

of the corresponding month Of the pre-
ceding year, building permits issued Il
90 leading cities of the fifth reserv
district turned upward in January an
reached the highest valuation figur
reported for any month since March
1926. Permits issued for new conStruc
ton in the 80 reporting cities numbere,
l.2i1. compared with l.0l0 permit
issued for the same class Of work II
January year ago. while January
0S2. compared with only S7,539.T5l il
the corresponding month of 1927.
! Seventeen cities issued larger mum
Der Of permits. while four cities iSsuct
the same number. leaving only cigh
cities which issued fever permits thar
III January year ago. III estinatet
valuation Of new work. II cities reportet
higher and IL cities reported lowe
! figures in January. 1923. than in Jan
! uary. 1927. In total valuation of al
! classes OF work. including both new ant
! alterations or repairs. l6 cities gained
while 13 declined in comparison viii
/ January year ago.
| Among the individual cities, the fig.
ureS for Durham. N. c., stand out Will
total OF over $7o00.000. due to eX'
tenSive construction at Duke University
BaltimoreS gain of more than $4,000.
600 and Washington'S increase of nearly
| So.0o0.000 also stand out prominently
/ Richmond, Charlotte and Winston
| Salem reported substantial gains ir
work provided for, but Norfolk reported
! a decrease in estimated valuation
Next TO Durham the highest percent.
| age increase in valuation was reported
by ClarkSburg. w. Va, but this wa,
caused chiefly by low figures III January
1927, rather than by unusually large
totals in January this year. The same
statement applies also TO Raleigh, but tc
a less degree. Raleigh's January. 1923
| total ranking fifth among the cities oi
the district.
Building contracts awarded IN The
nth district in January totalcd .27.-
606.630. including both urban and rura
construction, compared with S27776. 0oC
| awarded in January. 1927. OF the Jan.
uary. 1928 total. S1l .039.27o represented
contracts for residential types of con-
struction. according TO statistics col.
lected by the F. W. Dodge CORPORATION
Bonds Lead Washington Market.
Bonds were the leaders in the Wash
=.
ferent issues changing hands at firm
prices. Capital Traction SIS sold at lo4
Washington Railway & Electric As a,
9oss. Georgetown Gas SIS at I04 and
washington Gas IS. series A, at 1865,
/ Gas 6s, series B. came out at 1865
. washington Railway e. Electric genera,
IS registered l0334.
In the stock division Railway g. Elec-
TIC preferred ran up to a new hicf,
Tor the year at l04. One share OF
Capital Traction sold at illi4, Poto-
mac Electric Power 6 per cent preferred
came out at Ills and the 5 Der cen;
stock at ilIi..
SANITARY Grocery preferred opened al
l04i5 and closed off Il. One hundred
shares OF National Mortgage g. Invest.
ment preferred changed hands al 5ss
Inere also was a sale of 25 shares q,
Cnapin Sacks 8 per cent preferred ir
the unlisted department at lo4.
Press Building Refinancing Voted.
The directors Of the National Pres.
| Building Corporation. affiliated with tn,
j National Press Club. have voted IN re-
| finance the corporation with a bonr
| issue OF $3.50 900. to be issued By Har.
| ris Forbes d Co. Of New York and thei,
associates. The directors state that tn,
new financing, which was proposed
some time ago, Is to be carried out be.
! cause funds can now be obtained al
/ much lower interest rates than was tho
case two years ago when the project
was started. The plan also is intended
70 make better provision for sinking
fund requirements.
Directors Declare Dividend.
The directors Of the Washington
Mechanics Savings Bank AT a meet
ing today declared the regular quarterly
dividend Of 4 per cent The disburse-
nlent is payable on April 10 stockho.d-
ers OF record March 20, the president
Ezra Gould stated.
Several local bankers are planning tc
attend the annual convention OF tho
| Reserve City Bankers Association
which meets this year in New Orleans
on March 1916.
Charles J. Bell, chairman OF Tho
board Of directors OF the American Sc.
curity It. Trust Co. has returned from =
two week visit In Florida. He was mos,
cordially greeted on the local stock ex.
/ change.
The Treasury will announce II,
March ID financing tomorrow morning
/ Local bankers look for a double offer.
/ ing consisting Of cash financing anf
an exchange issue for refundlng thire
! Liberties. although Secretary Mcll0r
! has not yet disclosed any Of his plans
| The Federal Reserve Boards condi
! ton statement of g49 reporting n,embe
! banks In leading cities as of Februar,
29 shows Increases for the week O
! 100000 In loans and discounts, S3I
! 900 In investments. S22l 900 900 II
ret demand deposits. sii 900 900 In tim
! deposits and $20. 900 coo In borrowing
! from Federal Reserve Banks.
Other Financial District Notes.
The Lincoln National Bank had ;
! gain of S243 .G9I IS between the las
tHo bank calls. Total deposits on Feb
r1ary "a amounted ~ $g.856.443 30s. a!
| compared with deposits on December 2,
~ $g,50e, 73l.2 %. The increases made b,
! most q! me local B~n aere giiIl beln,
I widely dlHcusSed today REPORTS fO
every bank IN the city wiz soon be com
p!irf and printed
The Pullman Co. has reported IN III,
! interstate Commission that net earn
nES AFTER taxes and other deduction
| IN January were 81 COS, ,S3G, eornpare,
With &s53i$3 In January. 1927: Si2t0.
GIG IN 1925, and S7s3 332 In 1925.
February sales ~ T.. w WooIynrtl
-" rose ~ $ls.s1s 554. from &i7,37s SO
IN FEBRUARY last year. Il gain 0t 80
per cent.
The first nine chain~Si0Yc cofnpanle
70 report February sales report an az
kfeKaN business III $50 377 800, com
paffd VAN 1a4,5f2.4J7 in the sam
1874 per cent.
The aggregate total pf called issues 1
March Is the ihlrd iargeAt - far r.
crfced although about $50 600 900 gelo
TIE nigh record u last January.
A. J. u. Debate Committee Named.
/ The intenhap'sf debate of Washing
hHi Chapter. American Institute
! BANKING, viii be held Ia Tie ohap'i
/ fDCn1s on March ~ The committee