Evening star., 1938-04-26
BUILDING CLIMBS
|NNEARBY AREA
Contracts Score SO Per Cent
Gain in March Over
Previous Month";.
BY EDWARD C. STONE.

II. A. johns, washington manager of
the Dodge Reports division of the F..
W. Dodge Corp.
Total Washington area contracts
awarded in March moved to the level
OF $6,355, 900, a good gain of 68 per
cent over the February awards of
S3,799,OOO. An average building gain
OF 81 per cent was found in the 81
Eastern States by the Dodge staff.
Privately financed contracts ac-
counted for S5,326000 of the March
total, far ahead of the February figure,
S3,080,000. The local gain in privately
financed work, 73 per cent, followed
the average gain of 95 per cent, in 81
Eastern States.
In building to be financed from pub
lie funds. the gain here amounted to
43 per cent. March contracts amounted
to Sl,029,000. In February public con-
tracts were valued at S719,O00
Residential Work Picks Up.
Residential work in the Washing
ton area moved ahead of February
with strong strides. March contracts
reached the S4,1490O0 mark in a SO
per cent advance over February's
S2,445,000. This compares with the
average gain of SO per cent for Eastern
States.
There was good activity in the nom
residential building classification dur
ing March. Contracts were valued at
$50 Nf
February. and in line with the average
Of 81 per cent elsewhere.
In the heavy engineering field,
March contracts amounted to S537 900,
gain of 20 per cent over the S448. 900
reported in February. The territory
covered by the Dodge summary in
cludes the District of Columbia, Ar
lington and Fairfax Counties, Va;
Montgomery and Prince Georges
Counties, Md.
The upturn taken by residential
building contracts, and the stepping
up in non-residential activity, are con-
sidered highly encouraging by Mr..
Johns.
Reviewing the first quarter of 1898,
the Securities and Exchange Commis-
sion reports that a total of S355,81e,-
900 of new securities became effective,
including s2l ,997 900 of securities reg
istered for reserve against the con-
version of issues having convertible
features. Excluding these reserved
Wit or
gross proceeds of slightly more than
S338S22,00O became fully effective
during the first quarter of 1888.
This total is approximately one
fourth of the $l,297, 900 registered
during the same period year earlier,
Is somewhat lower than the $685.
o66,O0O registered during the preceding
low quarterly figure for the past three
years.
The first quarter of 1888 was marked
by the registrations of many large
sized issues of investment and trading
companies, which totaled S160, 1882 900
or 4s.l per cent of all registrations of
securities other than those registered
for reserve against conversion.
The other registrations were chiefly
composed of issues of electric utility
companies, which amounted to sl07,-
o13,000 or 32.1 per cent of the quar-
terly total and of issues of manufac-
turing companies which totaled s46,-
$4,000 or 1879 per cent of the total
b. e. o. Income Declines.
Net railway operating income of the
Baltimore e. Ohio R. R. in March
totaled only s42o,978, against s3,24l,-
532 in March. 1887, it was reported
this noon. This was decrease of
S2820,554.
Freight revenues totaled S9,055.5l7,
q decrease of S5,163,651 from March
q year ago. Passenger revenues were
of more than $3l 900, express income
dropped more than S6l 900 and all
other operating revenues showed
decrease of sll2,035. the report said.
Operating expenses were substan-
tally reduced during the month. being
cut to S8,867,991, a saving of $780,
422 over March, 1887.
Reporting for the first quarter, the
roads net railway operating income
showed a deficit of S202,938, or a de-
crease of s7,264,892 from last year.
Associates Honor Wilmer.
Morton H. Wilmer, who, with his
brother Bernard, has been in charge
of the Washington Office of the State
Mutual Life Assurance Co., was given
OF
flower Hotel this noon in advance of
his departure to take charge of the
office in Philadelphia There was
record turnout of members of the Dis
trict Life Underwriters Association, in
which he had been very active for
years. His work for the association, as
well as his success in insurance circles
here. was lauded by long list OF
speakers.
Born and reared in Washington, he
was brilliant athlete in his school
days and is now member of the Dis
trict bar.
Davies to Address Controllers.
John Davies. controller of Woodward
d Lothrop, will deliver the principal
address tonight before the District of
Columbia Control of the Controllers
Institute at the Carlton Hotel, dinner
starting at 7:30. Control as Applied
to Department and Retail Stores" will
be his subject. A round-table discus
sion will follow.
President Thomas J. Groom of the
District Bankers Association and
Harry NJ. Jacobs of the Mosler Safe
Co. will address the Safe Deposit Sec
tion at tonight's meeting in the board
room of the American Security g. Trust
Co. A report on the national conven-
ton in Philadelphia May IL, 13 and
IA will be made
Candidates for Offices of Washing
ton Chapter. American Institute of
Banking, will be nominated at meet
ing at headquarters this evening. Del
egates will also be elected for the
Louisville convention.