Evening star., 1932-04-04
BUILDING PERMITS
REVEAL INCREASE
Federal Reserve Bank Re.
ports Gain for Fifth Dis
Fict in February.
BY EDWARD C. STONE.

eral Reserve Bank OF HlClInOnQS latest
review covering the fifth district, build
ing permits issued in 81 cities in this
territory totaled 2123 in February, 1882,
higher number than 2,o96 permits
issued in the corresponding month last
year, but the average value of each per-
NIT was much lower this year Total
valuation for all permits issued last
month amounted to only $3,234, ,996, a
decrease of IS per cent in comparison
with valuation of $9,260.332 in Feb
ruary 1881.
Eleven of the 80 cities reported higher
valuation figures than for the same
month last year. The three largest
cities, Baltimore, Washington and Rich
mond, showed relatively low totals, al
though Richmond exceeded the Febru-
airy. 1881, figure Norfolk, Roanoke and
Wlnston-Salem were among the cities
showing up best in February permits.
Contracts awarded for construction
work in the fifth reserve district in Feb
ruary this year totaled only $7,340,638,
including both urban and rural con-
struction, compared with $l9,665,6l8 in
contracts awarded in February, 1881,
according to figures collected by the
F. w. Dodge Corporation. OF the Feb
ruary, 1882, contracts, $3.495,283 was
for residential structures, compared
with So 1927, 1853 for residence work in
February last year.
March reports soon to be published
in detail and reports obtained around
the first of April indicate that there
have been no marked changes in busi-
ness conditions in this district recently
The most important change here and
in the other IL Reserve districts in re-
cent weeks has been the great improve
ment in bank conditions brought
about by the almost complete stoppage
in bank failures.
Pennsy and c. & o. 1881 Reports.
Two very important pamphlet rail-
road reports were made public today.
The Pennsylvania Railroad Co. report
ed for the year ended December 81,
1881, net income, including West Jer-
sey Seashore Railroad Co., amounting
to Sl9,545, 1874 after taxes and charges,
but before deducting sinking and
other funds, equivalent to $i.48 a share
(par $50 on 49, 1862 699 shares of stock
outstanding at end of year. This COM
pares with net income of $780,, includ-
ing West Jersey G. SeaShore Railroad
for six months, of $68, 500 ,8lS, equal to
$5.28 a share on 13038,7 I'll shares out
standing at end of that year.
Deficit for year 1881, after dividends,
sinking funds, advances to affiliated
companies, etc, was $22, l4l ,699 COM
pared with surplus of Sl1,431,2 ,273 in
1880. Profit and loss surplus at end of
1881 amounted to S202 ,870,847, against
1926, 6,042, 1888 at close of preceding year.
The pamphlet report Of Chesapeake g.
Ohio Railway Co. for year ended De-
cember 81, 1881. shows net income of
$26,558,345 after taxes. charges and
sinking fund appropriations, equivalent
after dividends on 6l2 per cent preferred
stock to S347 a share (par S25J on
1852, 65l shares of common stock This
compares With $33973,53 or S444 a
share, on 1861 ,681 common shares in
1880. Balance sheet as of December 81,
1881, shows total assets of S683, I22. 1922,
comparing with $685., ,206, ,067 at close of
1880. and profit and loss surplus of
Sl55, PA $40, against $148, ,34s,e80.
Banks Stocks OF From High.
Local holders of New York bank
stocks will be interested in the March
action of these issues as reviewed by
Wall street statistical house These
stocks made a new high for the year
on March g. but dropped later in the
month. Opening the month at ST. Holt.
Rose & Trosters average of II repre-
sentative issues rose to the new high
of So on March 9. but eased off grad
ually to close March at the low &
81. The 1882 low, established Janti-
ary 4, is 48
A new 1882 high was established BY
insurance stocks on March 8. From
this point, insurance stocks, sympathet-
1cally declining with other securit9
markets. broke ground steadily and
closed March 81 at the low for the
month.
Credit Corporation Calls Notes.
Word has been received by the WASH
ington unit of the National Credit
Corporation that the organization has
called for redemption and will redeem
and pay on April II 10 per cent of the
original principal amount of each of its
outstanding notes. This is the second
partial payment within a short time
Is per cent having been redeemed on
March 25. These payments are highly
gratifying to Washington bankers and
show that much of the work of the
corporation has already been completed.
The corporation has made 1.205 loans
to 1000 banks with the peak reached
on February % at $4,000. 900. Sub
scriptionS to the corporations notes ap
proximated $450.0 900 of which 80
per cent. or $135, 1000 000 has been called
and paid in.
opposition TO Guaranty Bill.
The Georgia Bankers Association has
added its opposition to the Steagall bill
to guarantee the deposits of banks in
the Federal reserve system, Ronald
Ransom, president of the associati ton.
testifying before the House Committee.
The bill, Mr.. Ransom said would penal
ize sOundiy managed banks in favor of
those which are not so well managed,
and would encourage bank officials to
be less careful in the management OF
their institutions
State Senator Arson of California
has asked the Senate Banking and
Currency Committee to report out a
bill permitting States TO tax national
banks on the same basis as business
and financial corporations or State
banks. A bill for this purpose has been
introduced by Senator Norbeck
Local Gas Bonds Are Active.
Washington Gas Light IS. series A.
opened trading on the Washington
Stock Exchange today, 81 900 selling at
80 7-9 and $1,000 at 100 Gas SIS came
out at 100 ?, and Gas Is, series B, at
10l1s. Ten shares of Federal Storage
preferred sold at 80 Potomac Electric
Power preferred appeared at 1lOA
and the 5l2 PEI cent issue moved at
lO5. Woodward g. Dothrop preferred,
which has Just paid the regular quar-
terly dividend, changed hands at lot p
National Metropolitan Bank stock Is
now being quoted eX dividend
Junior Bankers to Hold Debate.
The debating team of Washington
Chapter, American Institute of Bank
ing, will clash with the Richmond team
next Saturday evening. The debate is
TO be held in the American Security
6S Trust Building, subject Resolved
That the Federal Government should
own and operate the principal sources
Of hydro-electric power in the United
States"
Goodbody & Co. have issued an ap-
peal TO all Of their clients urging them
to take action innnnediatelu 70 nreuent