Evening star., 1935-04-22
BUSINESS FORCES
AHEAD IN CAPITAL
March BarometerS Show
Substantial Advance in
First Quarter.
BY EDWARD C. STONE.

figures, just compiled, add to the good
news and back up the January and
February returns.
The Potomac Electric Power Co.'s
monthly report reveals gains in kilo-
watt hour sales every month so far
this year compared with 1884. The
March advance was 12.41 per cent,
about the same as in February, while
the January gain was considerably
larger.
Check transactions revealed very
noticeable improvement in each Of
the three months under review. The
Washington Clearing House Associa-
ton reported jump of $1l,902, 1852
In March this year. the total being
$74,112,669, while January and Feb
ruary made the same kind of
showing.
The three months telephone service
figures add their further proof. Each
of the three months revealed a very
generous gain in the number of tele-
phones in use over last year. At the
end of March there were 1925 more
phones in use than in March, 1884.
telephone calls for each month is also
announced by the Chesapeake & Po-
tomac Telephone Co.
Department store sales in the Cap
ital were II per cent ahead of the
like period last year. The March gain
was not up to the Federal Reserve
Boards report for January and Feb
ruary. but Washington led the fifth
reserve districts chief cities in per-
centage improvement.
Postal receipt gains we're even more
impressive. The City Post Office re-
ported much higher figures every
month than year ago. In March
alone there was gain of s7l ,48284
in postal receipts here. In January
and February the figures were equally
surprising and encouraging.
All the figures go to show how
lucky the Capital is when compared
with most of the industrial cities of
the country Unofficial reports also
indicate that the second quarter has
made good start compared with last
year.
Urges 12-Year Reserve Terms.
D. j. Needham of Washington. gen.
eral counsel of the American Bankers
Association, recommended 12-year
term for members of the Federal Re-
serve Board in an address before
group of the Virginia Bankers As
sociation, in annual session at Lynch
burg. According to an Associated
Press dispatch, Mr.. Needham said
that as nearly as possible the Federal
Reserve Board should be on a plane
with the Supreme Court of the United
States. He declared that only men
of the highest caliber should be ap-
pointed to the body. and held that
their terms should be long enough to
permit them to be guided by con-
science and not political pressure.
Mr. Needham's subject was The
Banking Act of 1885" but he dis
cussed many matters relating to
pending legislation.
Carroll Pierce. president of the
Virginia Bankers Association, ex-
planned the purposes of the Virginia
Clearing House Association and j.
Sinclair Brown of Salem. speaker of
the House of Delegates, outlined the
organization of the State association.
The fourth speaker was w. H. Neal,
vice president of the Wachovia Bank
&. Trust Co. of Winston-Salem N. c.,
who discussed Customers Relations"
Payment Location Changed.
All unpaid checks to depositors in
the old Northeast Savings Bank were
removed today from the branch of
the Hamilton National Bank at
Eighth and H streets northeast to
the old District National Bank at
1406 G street northwest Nearly half
Of the recently authorized dividend
checks made out to depositors in the
Northeast Savings Bank have not yet
been claimed. Receiver Norman R.
Hamilton said today.
Although business conditions will
recede we'll into the Summer months,
they will revive again not later than
September, possibly as early as Au-
gust, Henry H. Heimann, executive
manager of the National Association
Of Credit Men, forecast yesterday in
his monthly review of business sent
to the Washington association.
"The work-relief bill, appropriating
$4,000, 100000, irrespective of the
soundness of the expenditure, cannot
help but have, at least, a temporary
stimulating effect upon business.
Should these expenditures proceed at
rather early date, business might
resume the upward trend somewhat
earlier
Sanitary Bonds Put on Sale.
Brown Hartman & Co., Inc, are
offering at 1922, to yield about 1896
per cent to first redeemable date and
$50 per cent thereafter, new issue
OF s250,000 Washington Suburban
Sanitary District, Maryland, Az per
cent bonds due April /, 1885, and re-
deemable 1865 and thereafter at par.
The bonds are issued for water main
and sewer purposes.
Wide interest In the financial dis
trict was expressed today in the new
issue of $73,000.000 Southern Cali
fornia Edison Co., Ltd, 3s4 per cent
gold bonds to be dated May l, 1885,
and mature in 1860. They are priced
at 9s1a fiat.
Redemption of the first Liberty Loan
bonds by the Treasury on June Is was
another announcement which made
todays bond news of most vital i'm
portance to all the banks and other
financial investment interests.
Today's Trading on Exchange.
The weeks trading on the wash
inston Stock Exchange opened with
$1,000 Capital Traction SIS selling at
90. unchanged.
Potomac Electric Power SIS, 1853,
came out in a $1,000 transaction at
10, around recent levels for this is
sue.
Washington Loan & Trust Co. stock
appeared on the board today, 10
shares selling at 200, same as the last
previous transfer.
Potomac Electric Power 512 per cent
preferred stock was strong at lis and
Capital Transit stock was weak, open
ing at I8% and closing at 1917, on an
16-share turnover.
Heard in Financial District.