Evening star., 1938-07-03
CAPITAL BUSINESS
NEAR 1887 MARKS
DUR|NCF|RSTH HALF.
Department Store Volumes
Less Than 4 Per Cent
Under Last Year.
BANK CLEARINGS SHOW
UPWARD TREND IN JUNE
Prices on Washington Stock
Exchange Also 1mprove-Utility
Indices Score Advances.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Business in Washington in the first
half Of this year ran very close to
1897 levels. the six-month period end
ing with department store sales less
than per cent under last year, bank
clearings showing an upward trend,
prices on the Washington Stock Ex-
change higher than at the beginning
OF the year, as we'll as advances in tel
ephone, electric power and some other
tndices.
Exact trade figures for the full six
months are not yet available. How
ever, business in the Capital at the
end of five months was only 4 per cent
lower in the department stores than
in the like 1887 period. Three busi-
ness weeks in June scored gains over
the same weeks in 1887 which will
bring the final percentage average al
most to the 1887 mark. Retail sales
revealed steady improvement in the
second quarter over the first quarter,
when trade was 6 per cent under the
record for the first quarter in 1887.
Bank clearings in Washington have
been reported for the full six months,
the total standing at S566,055. .430 AZ,
which was a decrease of $85, ,204, ,504 SO
from the first half of 1897. However,
the Washington Clearing House
monthly comparisons show an upward
trend which bankers expect will con-
tinue during the rest of the year. A
wear ago business was especially good
in the first half year and then slowed
up in the last half. 1t is held likely
that the next six months will find this
situation reversed. Standing at $l0l.-
s4l.824.39. June bank clearings in
this city were the highest of any month
this year.
.Other Barometers Improve.
At the same time other business
barometers in the Capital have been
making an excellent showing. In the
first five months of this year there
were l30.450,0O0 telephone calls
compared with 125.477000 in the first
half of 1887. In May alone telephone
users in Washington made 26,99O 600
calls, or 100000 more than in May a
year ago. the Chesapeake 81 Potomac
Telephone Co. reported.
Receipts at the City Post once so
far in 1888 have been satisfactory but
in some months not quite up to last
wear. The Potomac Electric Powers
kilowatt hour sales have been sub
stantially better than last year IN
the comparable six months and the
WASHINGTON Gas Light Co. has re-
ported an increasing demand for gas.
In some instances net earnings OF the
utility companies have not been up to
1897 on account of heavier expenses
and higher wages.
Exchange Trading Picks Up.
The volume of trading on the WASH
inpton Stock Exchange has recently
disclosed a pickup. More interesting,
however, is the fact that quotations
on almost all issues have improved
during the last six months. This has
been contrary to the trend on most
other exchanges all over the country.
Maintaining their high rating as in
vestments, many securities on the
Washington Exchange, both stocks and
bonds. are selling far above par.
Banking interests here also report
favorable six months. Earnings are
said to have been satisfactory, the
most convincing proof of this fact
being the many recent dividend an
nouncements. Bank deposits continue
to be very high, while some banks are
experiencing an increase in the de-
mand for loans, especially under the
Federal Housing Act.
The recent astonishing advance in
the New York stock market has wiped
out oceans of gloom in the past few
days and financiers here are sharing
in the new optimism over the outlook
for the rest OF 1888 This better senti-
ment and the immense Government
pay roll are expected to keep Wash
ington far more prosperous than most
sister cities.
Retail Sales Again Top 1887.
For the third consecutive week,
Washington was OIle VI OLlly ANC Ol6
cities in the whole United States in
which retail sales exceeded the corre-
spending week a year ago, the Com
merce Department review stated yes
terday. The others were Boston, Min
neapolis, Wilmington and Milwaukee,
One Washington store reported a
nominal loss from a year ago, but all
others registered increases averaging
SOB per cent. the report said. The
report added that a special sales event
gave one department store a gain of
II per cent over the previous week, but
the average for all stores was of II
per cent.
Building permits for the week
totaled $548,873, mostly for small res
idential construction, against the
slightly higher figure of $586,50 a
year ago. Bank clearings amounted
to $20,772, $50 against S29, ,l65.544.
Trade in the rest of the Fifth Re-
serve District was mixed. Baltimore
reported gain over the previous week
in retail sales and expansion in whole
sale business.
Heard in Financial District.
Directors of the Washington Gas
Light Co, have declared a quarterly
dividend of $l.1212 per share on the
AZ per cent cumulative convertible
preferred stock, payable August 10 to
stockholders of record July 80, and the
regular dividend of 80 cents a share
on the common stock, payable August
! to stock of record July Is.
George M. Fisher. vice president and
treasurer Of the Washington Loan Il
Trust Co., has returned to his desk
after two weeks vacation at Atlantic
City.
The Commerce Department reports
. gain in department store collections
in May over April bill payments.
The Washington Stock Exchange,
all banks and brokerage ofices will be
closed tomorrow.