Evening star., 1938-04-30
BUS|NESSP|CKSUP
IN FIFTH DISTRICT
Rise Less Than Usual and
Under Levels in 1887,
Bank Review Says.
By EDWARD c. STONE.

month, but the rise was less than
usually occurs at this time, the Federal
Reserve Bank of Richmond observed
today. Both industrial activity and
trade remained below the level of the
1887 spring season.
Up to the middle of April retail sales
were ahead of the same period last
year because of the late Easter. but
March sales were 13 per cent under
the March. 1887, figure. the report
said. Total sales in the first quarter
were about 6 per cent below the first
three months of 1887.
Chiefly because of curtailment in
textile mills and coal mines. the en-
ployment situation in the middle of
April was more unsatisfactory than
earlier in the year.
Registration figures of new passen-
ger automobiles sold in March totaled
1880. as compared with 23,71l in
March, 1887 but revealed a seasonal
increase over February.
Building Outlook Brighter.
Building permits issued in 81 fifth
district cities in March totaled $751;
432. an increase of 4.3 per cent over
permits totaling S7.2l8914 in Febru-
ary, but 22,3 per cent below the value
of s9,692,773 for permits issued in
March last year.
The five highest valuation figures
for last month were: Washington.
s2,098,725; Baltimore. s1,l34.392;
Richmond. sS43,644; Charleston, w.
Va, s347,SS5, and Rock Hill, s3o6,l5l.
Richmonds total was swelled by a
half-million- n-dollar apartment house
project and Rock Hill by a large col
lege building, the report says.
Contracts actually awarded in March
made more favorable comparison. the
total of $24,070000 giving a decline
of only IL per cent below contracts
totaling s24,37l 900 awarded in March,
1887.
Demand Deposits Mount.
At the Reserve of Richmond dis
counts rose sharply between the middle
of March and the middle of April, but
were still small. Government security
holdings further increased, and cash
reserves rose also, while the circu-
lation of Federal Reserve notes and
member bank reserve deposits de-
clined.
Member banks in II leading cities
reported fewer loans and discounts at
the middle of April than month
earlier. but all other principal items
on the statement increased, invest
ments in securities and demand de-
posts registering the largest gains.
The number of business failures
In the district in March declined
slightly in comparison with failures
in March, 1887, but liabilities in
volved Jumped in the 1888 month by
12s per cent.
Failures in West Virginia and South
Carolina showed lower liabilities last
month than year ago. but liabilities
rose in Maryland. Virginia. North
Carolina and the District of Colum-
bia, the review disclosed.
- Potomac Powers Net Off
Operating revenues of the Potomac
Electric Power Co. in March totaled
sl,236. 3o468, a gain of S22,O9257 over
March. 1887 according to the f1nan-
cial statement filed with the Public
Utilities Commission today Operat-
ing revenue deductions for expenses
called for S803 02984, an increase of
$50, 0,68450. or IL per cent, and leav-
ing net operating revenues of $433,-
27484, a decrease of S68,59193 over
March last year. or l3 per cent.
Income deductions to meet interest
<o 1oJ
an increase of s9.226.78. or 10 per
cent more than year ago. This left
total March net income of $685.
17187. which was s8490018 lower
than last year and drop of 20
per cent.
For the first quarter of 1888 the
Potomac Power company reported
gain in operating revenues of sS3,-
6l6.09. At the same time operating
expenses mounted s213026.51, or more
than per cent, leaving net operating
revenues of $1,466,47683 which was
S129,410.42 less than last year. In
come deductions for interest pay
ments amounted to s287, 7,67904, an
increase of $27,4O609
Net income totaled $1.179, ,74961,
against s1,358,742S3 a year ago, a
decrease of s17sse3.23, or 13 per cent,
the report says.
High Equitable Officer Guest.
The D. S. Bethune Agency of the
Equitable Life Assurance Society of
the United States will hold a banquet
at the Congressional Country Club
next wednesday, with Frank L. Jones,
vice president of the company as one
of the guests of honor. He has been
associated with the firm for % years
and was formerly State superintendent
Of public instruction in Indiana.
Mr.. Jones was President of the
Indianapolis Association of Life Un-
derwriters and also the first presi-
dent Of the Indiana State Association.
He was elected in 1925 to the presi-
dency OF the National Association of
Life Underwriters. While president
OF the association. and in the next
year as chairman of the National
Executive Committee, he was one of
three men who were directly respon-
sible for the establishment of the
American College OF Life Under
writers.
In 1880 and 1881 MIR. Jones was
chairman of the board of the Life
Insurance Sales Research Bureau. He
Is a native of Indiana, educated at
Valparaiso and Indiana Universities,
later taking graduate work at Chicago
University.
Banker Talks on Checks.
g. Edward Foreman of the Riggs
National Bank spoke as member Of
the speakers unit of the District of
Columbia Bankers Association to the
Reciprocity Club at its weekly luncheon
at the Mayflower Hotel yesterday on
the ramiflcations of clearance of bank
checks, with motion picture, in colors,
to explain further this phase of bank
ing.
He discussed three types of checks
which banks most frequently handle