Evening star., 1937-02-23
BUSINESS |ND|CES
MOUNT IN CAPITAL
Electricity Sales, Retail
Trade and CIearings Show
Rapid Rise.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Leading business barometers indi-
cate that Washington is heading for
another year of advancement that will
surpass even the remarkable records
of 1896. The Potomac Electric Power
Co. reports that kilowatt-hOur sales
In January totaled 55,008,550, as conn
pared with 52,964,846 in January.
1886, a gain Of 2,043,708 kilowatt
hours or 1856 per cent These sales
compare with 47,724,426 kilowatt
hours In 1885 and only 41,1O6,210 in
1884
Check transactions in the Capital
in January mirrored very substantial
business activity when they tOtaled
$780, ,562,038, against $86,990,549 in
January, 1886, only $50 566, ,923 in the
same month in 1885 and $55,737,297
in 1884.
The department store sales index In
January stood at 1000, while the same
index number in January 1886, was
s3.1, in 1895, 8l6; in 1884, 1873, and
in 1898. 657. In 1928. the year upon
which index is based, the figure in
January was 1873
January telephone figures tell the
same story of business advances, the
number of phones in service being
2l5,738, against 203,2l0 at the end
of January, 1886, a net gain OF 1929
telephones. Chesapeake & Potomac
telephone calls averaged 839, ,424 in
comparison with 861, ,785 average daily
calls during January, 1886.
January receipts at the City Post
Office reversed the general trend. the
$577,503 figure being slightly under
the 1885 mark, but above $536, ,949
postal receipts in 1885 and S488,062
In 1884.
Insurance Firms Best Year.
The New England Mutual Life In
surance Co.. Earle w. Sapp, Washing
ton agent, reported today that new
insurance paid for in 1886 totaled
$144, 800 900, the largest amount ever
written by the company in one year.
Insurance in force at the close of
1886 also topped previous records with
1888, ,448,000, an increase of $64,-
100000. largest single increase since
1929. The insurance in force is now
LOG per cent of the total at the end
Of 1881, peak year of insurance in force
for all American companies. Assets
rose to s375 100000, a gain of s32,-
100000 over 1885.
The records of the company show
that the popular desire for privately
financed old-age incomes is growing.
Retirement income forms increased
43 per cent over 1885 and 104 per cent
over 1884
During the year securities we're pur-
chased to the amount of S62,000000.
of which bonds were S59,000,000 and
preferred and common stocks S3,000,-
900. Total income from premiums.
interest and all other sources received
by the company was S80,000,00O, ex-
ceeding all disbursements by $751;
100000.
In each of the past several years
marked decreases have taken place in
the amounts borrowed by policyhold-
ers, the demand for policy loans now
having returned to normal
O'Connor Shows Bank Gains.
Controller of the Currency J. F. T.
O'Connor declared that the banks of
the country are now in the soundest
position in their history, in his address
before Washington Chapter, Ameri-
can Institute of Banking. He stated
for the first time since the December
call, asking for the condition of all
national banks, that both assets and
deposits have now surpassed the pre-
l.; af in, f1y,
before the Wall Street break that
brought on the depression, or helped
bring it along.
Total assets on December 81, 1886,
we're S31 ,O70, AL 900 and exceeded by
s481 ,285, 900 the total assets reported
by 1885 banks as of December 81,
1928. The current figure also shows
an increase of s1,367 ,602,0 900, or 4.60
per cent, since June 30 1886. the date
of the previous call, when there were
5.347 active banks, and an increase
Of s2,845, TAG, 900, or 1913 per cent, over
he amount reported by 1892 active
Hanks as of December 81, 1895.
The total deposits on December 81,
1886, aggregated s27,608 1897 900, ex-
eeeding by S1,407, ,944 900, or 5.37 per
cent, the amount reported as of June
80, 1896; and exceeding by $780,
6640O0, or I'LL per cent, the total
reported as of December 81, 1885, the
controller said also presenting del
uge of other figures revealing recent
striking banking progress.
High Tribute Paid Fleming.
At the institute dinner Robert v.
Fleming was accorded an ovation
when praised by Second Vice Presi-
dent Philip A. Benson for the bril-
liant work he has done for the Ameri-
can Bankers Association and the
Nations financial interests. Mr.. Ben
son referred to the former A. B. A.
chief and president of Riggs National
Bank as a great citizen of this city
and a great American" 1t was an
enviable tribute to the Washington
banker. AS a high official of the
A. B. A., MIR. Benson was also given
. very warm welcome.
Thomas B. McAdams, Baltimore
flnancier, was another former presi-
dent of the A. B. A. who was present.
The $50 members and guests voted
the banquet one OF the best the CHAP
ter ever had.
Bank WOmen's Club to Meet.
The Bank Women's Club will cele-
brate its tenth anniversary with
reception and banquet at the Admiral
Club 1910 Rhode Island avenue, on
Thursday at o'clock. The charter
members of the club will assist Mrs.
Constance Fogle Jones, president of
the club, in the receiving line. An
interesting program of music and en-
tertainment has been planned. The
past presidents of the club are each
scheduled to give a short talk.
Bankers Plan Annual Meeting.
Members of the Southeastern Group
of the Investment Bankers Associa-
ton will hold their annual April meet