Evening star., 1932-05-16
BUILDING FIGURES
HELD ENCOURAGING
April Reports Show Wash
ington Stood Sixth in
New Construction.
BY EDWARD C. STONE.

interest IN the 1dCL UOUdy tIldl UullOiilSs
permits over the country as a whole
were more favorable in April, When
washington stood sixth among the first
25 cities in the United States in the
volume of new construction planned
While the figures do net cause any
great rejoicing, they are CONSIDERED
more encouraging.
The value Of new CONSTRUCTION
throughout the whole United States
permitted for in April rose 26.7 per cent
over March. Normally, the month OF
April shows a gain of about or per
cent over March Thus the latest flg-
1,res show an improvement OF better
than seasonal proportions.
The April total for 215 cities OF the
Tinted States was 47,741 ,687, which
compares with $37 7,676,746 in March.
The decrease from April Of last year
was 68.6 per cent. While permits filed
in New York City, totaling $3.50, 500,
showed a decline of 1878 per cent from
last year, the rest of the country had
a smaller decline, 59.8 per cent.
A clearer picture OF these changes
may be obtained from Bradstreets IN
dex of building permits. Whlch aiiows
for the seasonal fluctuations ana the
This shows the April permits this
year to be at point only l4.7 per cent
of the average for the years 1870 TO
1890. However, this represents nt-
tie upturn from the low reached TINS
March when the index stood at !2.1.
The March figure was the lowest since
the end of 1918, when the war almost
paralyzed the building trades.
Today's Trading on Exchange.
Senior securities got all the attention
IN the washington Stock Exchange to-
fav after the usual week end double
holiday.
The first sale was in washington Gas
IS. series A, a s1O0 bond selling at 9712.
This was followed by Sl,O00 SAFE ID
the same issue at 98%.
Georgetown Gas IS appeared on the
board in two $1,000 transactions, both
being made at par and y.
After call, $1,000 Potomac Electric
consolidated SIS were in demand at the
strong price of lO2.
Extensive Advertising Planned.
National cotton week is being OBJ
served from today to May 81 and prep
arations of very extensive character
have been made by the Cotton-T Textile
Institute in cooperation with Leading
retailers and distributors in New York
and elsewhere. The styles OF goods Of
fered for general Summer and sports
wear Of all cotton are more varied than
for many years past and 1t is believed
that the extensive promotion that has
been under way will result in cleaning
out stocks of many novelties before the
season ends.
It is estimated that during the week
department stores, speciality shops and
other retail distributors will spend close
to $4,000 900 LII stimulating the sale of
cotton merchandise. The greater part
Of this sum will be used for newspaper
advertising.
Bond Club Plans Annual Frolic.
"a drive for the reduction of taxes
and a stimulation of the market" will
be conducted by the Bond Club Of
Washington on Friday, June 3. at the
Burning Tree Club. This is to be the
annual outing of the brokers, bankers,
bond experts and all-round fnanciers.
The festivities will begin early in the
morning on the golf course, include 4
a frivolous entertainment program in
the evening.
Bank Institute in New Home.
Washington Chapter, American Insti-
tute of Banking is now in its new home
in the Bond Building, moving having
been completed few days ago. The
new rooms, which are a part Of the
headquarters of the District Bankers
Association headquarters, are particu-
larly well adapted to the needs of the
different classes.
The annual Spring prom for the men,
bership of Washington Chapter will be
held at the Columbia Country Club next
Thursday from 10 to l am. The En-
tertainment Committee, under the
direction of Willard G. Barker, vice
president Morris Plan Bank, is arrang-
ing an interesting program.
1t is expected that large portion of
the chapters membership will be
present, as these affairs are becoming
more popular every year. There will
be dancing and bridge, with prizes pro-
vided for each table.
Bargain Hunters Extra Active.
AS stated several days ago, local
brokers and bankers report good deal
of Small-lot investment buying 1t is
considered that many sound issues are
in the buying zone, regardless of the
fact that prices in many issues are still
working lower. Along this line, the
NeW 1OTk LINES says.
The decline of the market has now
reached the point where bargain hunt
ers are once again fiocking to Wall
Street. The arrival of this stage is
usually Signaled by preparation of all
kinds Of lists of securities regarded as
desirable by brokers, investment au-
thorities and other authorities. Among
the many lists which have been drawn
up is one which mentions stocks which
are now selling for less than the 1929
earnings for each share of stock. Other
brokers have compiled lists of stocks
backed by more cash and Government
securities than the present market
price"
Heard in Financial District.
George L. Starkey, president of the
National Bank of Washington, has re-
turned to his desk after a Today visit
in Atlantic City.
Col Leonard P. Ayres of the Cleve-
land Trust Co, in his monthly review
out today, lauds the action of the Fed
eral Reserve Board in buying Govern
ment securities at the rate of 500, ,000,-
600 week to aid credit.
The annual convention of the Mutual
Savings Bank Association, which was
held in this city last year. opens in New
York on Wednesday. The meeting will
bring together representatives of 49,
100000 savers, with aggregate assets of
about S1l 900 900, ,000
Charles S. Jackson, formerly vice
president of the Federal Land Bank and
intermediate Credit Bank of Baltimore,
has been elected president of both in
stitutions. succeeding Vulosko Walden,
who has been made member of the
Federal Farm Board by President
Hoover.
1t is understood that the American
Stores Co. will report earnings for the
first half of 1892 slightly lower than in
the same period in 1881, but current
earnings are covering dividend require
ments by liberal margin.
The Interstate Commerce Commission
hos aiIthnrizad Atlantic Coast I inc