Evening star., 1938-05-24
CAPITAL BUSINESS
HOLDING UP WELL
First Four Months of 1898
Make Favorable Showing
Compared With Year Ago.
BY EDWARD c. STONE.


By EDWARD c. STONE.
Washington business indicators held
up well in the first four months of
this year as compared with the like
period in 1887.
In the first four months of 1898 re-
tail trade was only l9 per cent below
the figure set year ago, while the
retail sales volume in the whole
United States averaged per cent less
than last year. Trade in April alone,
in the Capital, was almost 10 per cent
ahead OF April year ago.
The report on kilowatt hour sales of
electricity by the Potomac Electric
Power Co. discloses a gain in each of
the four months, compared with the
like months in 1887, making the total
substantially above the 1887 record.
There was a 5.700,193 kilowatt hour
sales gain in April, jump of almost
IL per cent.
Receipts at the City Post Office were
heavier in January than last year.
dropped off in February and March
but came back in April. The four
months record was favorable.
Expansion in the number of tele-
phones in service and the number of
daily calls marked the first four months
of 1888, according to the Chesapeake
& Potomac Telephone Co. April was
PARTICULARLY good month, with an in
crease of 993 telephones in service and
964,239 average daily calls against
962,658 average daily originating calls
iii April, 1887.
According to the Washington Clear
ing House figures, bank clearings
showed a slump in the four months
under review. Clearings totaled S374,-
464,l35.59, drop of $4S,7S872l from
last year in the corresponding period.
While reports from some other cities
are decidedly depressing, Washington
remains in the most favored city"
class, thanks to the huge Government
pay roll.
Future Plans OF HlbbS Il Co.
]. Thilman Hendrick, partner in w.
B. Hibbs & Co., when asked today If
the death of w. w. Spaid, senior part
ner, would mean any changes in the
future plans Of the brokerage firm, re-
Piled
"As pre-arranged, the surviving
partners will continue the business
without interruption. Mr.. Spaids in
vestment in the firm remains in the
business"
In addition to Mr.. Hendrick the
other partners are Paul P. Rodler,
James c. Elgin and ]. Carl Perry.
At Mr.. Spaid's funeral yesterday
there was a very large attendance
from the citys banking district, bank
ers also being present from New York
and as far away as Bridgeport, Conn.
James NJ. Johnston. president of the
Washington Stock Exchange. appoint
ed the following members to repre-
sent the exchange: c. j. Gockeler,
Hamilton National Bank; James P.
Nolan, Folger, Nolan & Co.; Edward
L. Hillyer, Union Trust Co.; Y. E.
Booker of Y E. Booker & Co., and
Merton A. English, jr., of George M.
Ferris & Co. Mr.. Johnston also at
tended the rites.
Cheaper Houses Popular.
Analysis of Federal Housing Ad-
ministration valuations of new SINGLE
family homes on which mortgages
were accepted for insurance during
1897 indicates trend toward lower
priced homes The average (median'
appraised value of such properties,
the analysis showed. was $5,467-
Sl58 lower than the 1886 average.
About three out of every four new
single-family homes on which mort
cages were accepted last year-73.7
per cent. to be exact-were valued oy
the Federal Housing Administration
at less than $1,000, including land,
buildings. and all other physical i'm
provements.
More than half of all such homes
we're valued at from $4,000 to $4,000.
The heaviest concentration, one-f1fth
Of the total, was in the s4,000-$4 ,999
group, the F. H. A. report says.
Financial Reports Favored.
The Board of Governors of the In
vestment Bankers Association passed
resolution at the spring meeting at
White Sulphur Springs favoring max
ing financial statements of brokerage |
houses available to customers. The |
governors, however, said that such re-
ports should be filed with the Federal |
Reserve Bank of the district and |
should not be given out for publica-
ton. Such reports should consist of |
balance sheet only and be made
semi-annually, the resolution says.
The governors urged several changes
In the Maloney-Lea bill which relates |
to over-the-counter securities markets. |
Penalties for violation of the Securi-
ties Exchange Act are considered too
severe. Another resolution, relating
to public service, concludes:
] I'm the present spirit of desire for
Cooperation between government and
business, we urge cooperation by both
Government officials and power and
light company managements with
each other. The stakes are high
Private investors, investment trusts
and fire and casualty insurance COM
panies are the largest holders of the
equity in the power and light industry.
Life insurance companies, savings
banks and trust funds are the i'm
portant holders of the senior securi-
ties of the industry"
= Cleaned in Financial District.
Chairman Jesse Jones of the r. F.
c. announced yesterday that approx
mately 4500 subscriptions aggregat-
ing 81 100000 had been received
for the s25,OOO,OOO Federal National
NGortuoue Association five-vear per