Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-12-05
new BOND ISSUES
SHOW SHARP GAIN
Monthly Summary Reveals
Large Offerings Voted by
Several States.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Bond dealers in the local financial
district were deeply interested today in
the report that new State and munich
nal bond financing by the voters OF %
communities in "a States during NoVeni-
ber totaled S56,328,o0O, compared WIN
Se.306.351 in November, 1881; S4Vo'-
976.35l in November, 1880, and S4o'-
400 ,S3A in 1929.
To larra total for last month is due
chiefly to the large number OF State
lend authorizations at the November 8
clections. Among the important issues
approved were $50 100000 State Of New
Jersey. S20.000.000 State OF Illinois,
$4,000 goo State of New York, S5,OO0,-
OG0 State of Louisiana. S4,600,000 City
of st. Louis, S2.O0O,O00 King County,
wash, and s1,128,000 City OF Seattle
Wash.
During the same period the voters
In 45 communities in % States IeJscVeu
proposals to issue S45, 694,134 in new
bends. as compared with s46.916,50o in
November, 1881; S86 108,225 in Novem-
Der. 1890, and SIS, 5G5,9jA in 1929.
Among the larger items rejected by
the voters were $50, 100000 State OF
Alabama. S520O00O State OF Rhode
island. SIS 900 900 City of San Francisco,
Cali; S3,5O0,000 City OF Columbus,
Ohio: S3,500,000 City Of Long Beach,
Cali; s2,500,O00 Duval County, Fla
sI.245. 900 City of Lexington, KY, and
SI,000,000 Cecil County, Md.
Bank Openings Shade ClOsings.
In the four months from July to
October, inclusive, the deposits in banks
which rcopened were in excess OF the
deposits locked up through bank
suspensions. according to the Alexander
Hamilton Institute. Suspensions Tor
TIRE four months affected $ll4,269, 600
CT deposits. But the deposits IN banks
which opened totaled Sl48, 567 600, max
ing a net gain of S34, 100000 for the
period. How greatly the banking posi-
ficn has changed is illustrated by
comparison in the institutes bulletins
with the same months Of last year:
In October, 1881, alone, bank sus-
pensions locked up $47l 100000 OF de-
posits. The amount of deposits affected
BIZ openings end closings is OF first i'm
portance; the number of banks opening
and closing is secondary. Deposits are
important because it is the dollars
locked up in closed institutions or made
available by reopenings which affect
business"
Building in Fifth District.
Construction work in the fifth Federal
reserve district continues far below
normal, and is the outstanding factor
in the unemployment situation, as has
been the case for more than a year.
Building permits issued in October in
80 cities in the district totaled 2,771,
in comparison with 1852 permits issued
In October. 1881, and the estimated
valuation figures last month totaled
only 1921, 466. a decrease Of 25.6 per
cent under the small total Of S4313,998
in October, 1891 Only of the 80
cities showed higher valuation figures
for October, 1882, than for October,
1881, and several of the larger cities,
including Richmond and Washington,
reported much lower figures than for
October last year.
Contracts awarded in october for
construction work in the fifth district,
says the Richmond Reserve Bank, in
Guiding both urban and rural projects,
totaled only Sl3,464,279, compared with
$23, 342. 082 in October, 1881, and $25,-
569, 293 in october. 1880, according to
figures collected by the F. w. Dodge
Corporation. OF the awards in October,
this year, $3.294,019 or 24.5 per cent,
was for residential work, compared with
$6,4z6;932, or 27.6 per cent, for this type
va WIN III OSbOOO1s 1901
Virginia Company Reports.
The Virginia Electric & Power Co.
reports gross earnings for the II months
ended October 81 OF S15,711 ,874, against
xl7 ,0S7 SOB in the same period a year
ago. Net operating revenue totaled
$7,370,440, compared with S7,878,852 in
the previous year. Balance for divi-
bends and surplus, after provision for
retirement reserve, amounted to $685.
SIC. as against S4,013,1l5 in the cor
responding period last year, the report
states.
According to information received
here. New York City bank stocks made
slight gains last week, adding little
less than l per cent to the value. Six
teen of the citys leading bank stocks
are now yielding 6.53 per cent and are
now selling 104 times their book values
and 1874 times earnings, compared with
1873 times earnings at the end of the
previous week.
total OF S151,174,950 of Treasury
bonds bearing rates Of interest from 3
to 33s Per cent were held December 1
by the Treasurer of the United States
to secure circulation Of national bank
notes under the amendment to the
Home Loan Bank act authorizing the
use of these bonds as security. The
total on November l was SI33, TAO $50.
Today's ID. c. Exchange Trading.
The Washington Stock Exchange fol-
lowed the example Of the New York Ex-
change today and trading was light.
Perhaps the opening of Congress slowed
up business. but probably that had
nothing to do with it.
The market opened with 81 900 Wash
1ngton Gas Light IS selling at 1015s.
Potomac Electric Power 5I2 per cent
preferred stock figured in a 10-share
sale at l07H and a single share of the
same corporations per cent preferred
moved at ITO.
Local hnanciers were watching Con-
ton is not on the program fer the
short session. The Glass bank reform
bill is still in a prominent place on the
Senate calendar, but the controversial
question Of branch banking for nation
al banks is considered too involved for
a short session and might cause long
legislative tie-up. At the present time
local bankers are far more interested in
the extent Of Christmas trade than in
any congressional situation pertaining
to finance.
GriswoId Joins Paramount.
Glenn Griswold. who resigned recent
" as vice president Of the Fox Film
CORPORATION. has joined the financial
department of the Paramount Publix
Corporation in an executive capacity.
Before entering the Fox organization
Mr.. Griswold was editor of the Chicago
r