Evening star., 1939-07-31

May --- 96,395,8O9 89,749,47O
June ----- 108,446,851 101 BAL 1924
July -- 101104,931 94,366,854
Gas Issue Due Thursday.
It was expected in the financial
district today that the Washington
Gas Light issue of 3625 588 shares
of common stock would probably be
placed on sale to the public next
Thursday, August 3.
The opinion was expressed that
the registration will be cleared by
the Securities and Exchange Com
mission in time for the stock to be
offered on that date.
The offering price has not yet
been announced, but will probably
be around $50 share. The present
common stock pays 37l2 cents. per
share quarterly or $1.50 a year. If
the stock came out at 80 it would
yield exactly per cent.
Six or seven local investment firms
will be among the underwriters and
all other investment dealers will have
blocks of the stock for sale. Wide
local distribution is anticipated by
these dealers.
The Wall Street Journal said to-
day that the rapidity of distribution
of this issue would be test of wide
Importance, which will be followed
by holding companies all over the
country. Other companies are plan
ming to bring out their own issues
and are watching closely for the
most opportune time.
The new Washington Gas stock is
expected to bring revival of activ-
ity on the Washington Stock Ex-
change of far reaching proportions.
Huge Gains in Construction.
The strong upward trend of resi-
dental building in Eastern Penn
sylvania, Southern New Jersey,
Maryland, Delaware, the District of
Columbia and Virginia during the
first half of the year was empha-
sized by a margin of more than
$40,000,000 over the corresponding
1888 total, according to the latest
summary prepared by Dodge reports.
A grouping of all types of resi-
dental contracts awarded through
out the Middle Atlantic States
totaled S94,87600O On June 80,
1888, the total for this classification
was $53,753,000
Non-residential building develop
ed an increase of more than $1O,-
100000, moving to 8,107 900 from
last years corresponding S66,451,-
600. Large gains were established
for commercial, manufacturing and
public buildings.
Business Outlook Cheerful.
A favorable outlook tor business
based on reports and "a certain
amount of eternal hope lis re-
ported in the August issue of Bank
ing, official publication of the
American Bankers Association.
Banking's cross index of the gen.
eral trend of business, obtained
from poll of 5000 bank directors
and bank presidents in all sections
of the country, shows an improve
ment as compared with the previous
month. Business was reported as
getting better by 80 per cent of
those polled, decline was reported
by 20 per cent, and Al per cent
found conditions remaining about
the same. The previous month
found 36 per cent reporting upward
trend.
Little change was seen in finan-
cial conditions, but the report noted
that there has been a slight in
crease in the use of bank capital for
commercial purposes and this has
given rise to optimistic views"
Wholesale Trade Climbs.
June sales of 1929 wholesalers,
representing all parts of the country,
increased 7.8 per cent over the same
month year ago. it was announced
today by Director William L. Austin,
Bureau of the Census. Dollar sales
of the 1929 wholesalers for the
month amounted to 1852 900.
First half of 1899 sales of 1851
firms were SIS per cent above the
first half Of 1888. These wholesalers
reported total of ST ,101 ,951 900 for
the six months of 1899 When con-
sidered by lines of trade it is found
that 27 of the 33 kinds of business
recorded increases for the first half
of 1899 over 1888, and six decreases.
The ratio of collections to &C
counts receivable for 2,442 whole
salers was slightly above June, 1898,
II per cent for 1899, as compared
with IA for 1888. June is the eighth
consecutive month during which the
collection rate has equaled or ex-
ceeded that of the corresponding
month of the previous year.
Heard in Financial District.
James O'Donnell, retired chain
the Washington Stock Exchange,
has been entertaining a group of
Washington men at his Newport,
r. l., estate, the party including
John M. OBrien, Liberty National
Bank; S. F. McHugh, James F. Slat-
terry and Joseph c. Sheedy, attor-
neys, and Myles H. Quail of Y. E.
Booker g. Co. and a member of the
Washington Stock Exchange. The
party left Newport last week for
motor trip through Canada and
around the Gaspe Peninsula.
Leonard Marbury, assistant trust
officer, and Edward L. Brady, assist
ant real estate officer, of the Wash
ington Loan & Trust Co., are So
journing at Rehoboth Beach, Del.
Later in the week Eliot H. Thomson,
publicity manager of the same insti-
tuition, will be leaving for a stay in
his place at Epping Forest on the
Severn. of which he was one of the
founders. Ralph Endicott, assistant