Evening star., 1938-12-27
Building Volume Tops
S73,000,0O0 Mark in
Metropolitan Area
11-Month Home TotoI,
However, Continues
Below Year Ago
BY EDWARD C. STONE.


H. A. Johns. Washington manager
OF the reports division of the F. w
Dodge Corp, announced today that
the construction industry in the
Washington metropolitan area went
into the last lap of this year with
contract accumulation of more
than $73,000,O0O He commented: !:
Residential building in the
Washington area is tagging behind
the II months contract volume in
1887. The activities in recent
months have been swinging upward,
sharply, with no present indication
of slackening Non-residential work
is behind the corresponding volume
of last year, with recent strong
months. Heavy engineering con-
struction by the governmental agen-
cies and the utilities is more active
than it was in the IL months
period of 1887
ut is highly significant that
privately financed construction in
the Washington metropolitan area
has established a favorable margin
of 100000 over the publicly
financed work." Mr.. Johns added.
A grouping of all types of con-
struction in the Washington metro
politan area, consisting of the Dis
trict, Arlington and Fairfax Coun-
ties, Virginia; Montgomery and
Prince Georges Counties, Maryland,
reveals an II months total of
$73,00300O.
All of the contracts awarded in
November reached S10,461 900 in
112 per cent gain over the $4,903 900
in November, 1887. Residential
building contracts moved to the
level of S42, ,13l 900 during the jan
uary-through-N h-November period. The
volume in those months of last year
was $49,9S8,O0O.
November residential contracts
here had a valuation of $6,422 900
Including a gain of 1876 per cent
beyond $2,730,000. the record for the
month in 1887. The non-residential
contracts recorded in November by
the Dodge news staff amounted to
$2,750,000. There was gain of 48
per cent over the corresponding 1887
total, 1861 900. Heavy engineering
projects accounted for contracts
totaling $780, 900 in November, 1888,
and S339,000 in November, 1887.
Gas Bonds Expire Shortly.
Many holders of the $8,500,000
issue of Washington Gas Light 5
per cent refunding gold bonds, due
1858, which have been called for
redemption on January 3, 1899, have
not yet turned in their bonds for
final payment, it was learned in the
financial district today.
The bonds are being called at
1912 and paid off at the Riggs
National Bank in this city and the
Chase National Bank in New York.
For several weeks the Washington
Gas Light Co. has allowed pay
ment of the principal, together with
the premium and accrued interest
to January g.
Washington Gas Light officials
have called special attention to
the fact that all interest on these
bonds will cease from and after
January 8. AS reported some weeks
ago, the gas company brought out
a refunding issue at lower interest
rates which was sold to six big in
surance companies. AS the new
bonds were not available to the
public or the banks, good many
holders of the called issue have
been switching into Washington Gas
Light preferred stock.
B. g. O. November Net Rises.
Net railway operating income of
the Baltimore & Ohio R. R. in No
vember totaled S1,674,985, an in
crease of S776,688 over November,
1887, it was announced today This
important upturn in net income
was largely due to substantial in
crease in freight revenues, which to-
tailed $10,550.859 during the month,
a gain of $573,562.
Passenger revenues totaled $780,
234, but were not up to last year by
$110,520. Express business was
slightly ahead, the report discloses.
Total operating revenues stood at
$12,131,521, up 1882 2,806. Operating
expenses were kept well III hand,
being $451 900 under last year.
Net railway operations in the first
IL months of this year totaled $13,-
1923, a drop of 11,094,526 from
the same period in 1887. The heavy
decrease was largely due to falling
fin freight and passenger traffic.
to $95 ,652, ,653. which was more than
$23 100000 less than last year, the
report showed.
Pennsy's Income Improves.
Net railway operating income of
the Pennsylvania R. R. in Novem-
Der totaled $6,681 ,216, an increase of
$1,000, ,156, it was announced today.
Freight traffic revealed a gain of
S529,390 over November, 1887, and
passenger revenues gained more
than 100000. At the same time
operating expenses were $3,023,002
lower than last year.
Net railway operating income for
the January November 80 period
amounted to $50, 1852, ,24S down $19,-
100000 from last year. This was
mainly due to drop in freight busi-
ness of heavy proportions. At the
same time operating expenses were
held more than $80,000,O00 under
last years mark, the report states.
Upward 1899 Trend Forecast.
Trade will probably continue its
steady upward trend during the first
part of the new year, although under
circumstances which are unusual to
say the least" according to Banking,
the official publication of the Amer
lean Bankers Association.
I'm its broadest aspect" the sur
vey states, "the business outlook can
be described briefly as depending
on Government and business leaders
In getting together and on the course
of world politics"
Banking's cross section index, OBJ
tanned from a poll of 5000 bank di-
~, Ill