Evening star., 1939-01-01
Dc. barometers
Regain Losses
In Last Half
Retail Trade Climbs
Ahead Of Year Ago
After Decline
By EDWARD c. STONE.

BY EDWARD G. STONE.
Following a sharp rebound in busi-
ness conditions in the past six
months, Washington wound up a
year of substantial improvement in
many different lines. Bank deposits
were far ahead of the total at the
end of 1887, retail trade topped the
previous year, bank clearings were
rapidly catching up with the figures
of the previous year, postal re-
ceipts, mail and express activity and
host of other reliable barometers
indicated favorable conditions in the
Capital.
The year 1888 was exactly the re-
verse of 1887. In the year just
ended business worked lower in the
first six months and came back very
fast in the last half. Bank officials
report an excellent year in spite of
too many idle funds. At the end of
1887 bank deposits in the Capital
aggregated 1922 ,65l 855 54 They are
far ahead of that sum now.
The September call disclosed $780,
625 02999 on deposit in the % WASH
ington banks. While there has been
no report since that date, it is be-
lieved that deposits are very close
to that figure, perhaps little higher.
Bank Clearings Improve.
In November bank clearings
mounted to S101 ,236,048, just under
the record for November, 1887, and
disclosing a steady gain for several
months. The total in cancelled
checks for the first IL months of
1888 stood at 81 O38 ,544, ,39l %. de-
crease of s11O,O34 1853 from the
like 1887 period. With the gap be-
ing narrowed down, the uptrend of
recent months aroused favorable
comment.
Bankers say earnings were grati-
flying. Obviously, they could have
done much better if all their money
had been at work. However, with
service charges making all accounts
pay their own way, and some new
channels found for loans, 1888 was
a far more satisfactory year than
had been anticipated.
Retail trade was one of the bright
spots in the 1888 business picture.
After dip in the earlier months,
the Federal Reserve Bank of Rich
mond reported that retail sales in
Washington over the first II months
came within 1.8 per cent of the same
period in 1887 and in November were
IA per cent ahead of the correspond
ing month year ago.
With final summaries yet to ap-
pear, many Capital merchants have
expressed the opinion that Christ
mas trade was equal to and probably
better than year ago. Week by
week gains over 1887 were the rule
during the holiday shopping season,
according to the Department of
Commerce reviews.
Exchange Prices Strong.
Quotations on the Washington Stock
Exchange held up better than the
total volume of trading. Some bonds
and several stocks closed 1888 at the
highest prices of the year. There
was a steady demand for invest
nent issues, of which the exchange
list is largely composed. Bank stocks
gave particularly good account of
themselves.
The volume of trading in bonds
was far under the previous year,
total of $461 900 in 1887 comparing
with total of little more than
$276000 in all issues in 1888. In
the stock division there was turn
over of 1924 shares up to the final
weeks trading, against 21229 shares
In 1887.
Bond dealers in the financial dis
trict say investment business could
have been far better. There was
lack of new issues, sound, high-yield
bonds were hard to find and the sale
of some new issues direct to insur-
ance companies also put dent in
the years business. However, with
vast sums of money known to be
available for investment, bond men
are predicting a better break in 1899.
More Bulls Than Bears.
Stock exchange firms reported
business spotty during the year but
said that increasing interest was dis
played in the final weeks of trading.
Expecting irregular and selective
markets, many partners and mana
gers are moderately optimistic on
the outlook At the moment there
are more bulls than bears in the
financial district.
Late in the year receipts at the
City Post Office smashed all previ-
Gus records. Christmas business was
far ahead of last year, which means
that total 1888 revenues will exceed
1887 by a good margin.
Another business activity indica-
tor, the number of telephones in
service, also reveals rising tenden-
cies, while average daily calls have
recently passed the million mark for
the first time in the history of the
Chesapeake & Potomac Telephone
Co.
Sales of life insurance in the Capt.
tai during 1888 were about 20 per
cent lower than in 1887, but No.
vember and the early weeks of De-
cember witnessed a surprising re-
versal In form. New policies written
In November ran within per cent
Of November, 1887.
Good Year for Utilities.
All utility companies report sub
stantial net earnings for the year,
although higher expenses curbed
profits. Tha Capital Transit Co
more than doubled 1887 net rev.
enues. The Potomac Electric Power
Co. experienced a notable in
crease in the demand for elec-
tricity, as did the Washington Gas
Light Co. for gas.
A great deal more might be said
Of business in 1888; a host of other
4, facts and figures cited. The year
had plenty of clouds, vacant prop
critics telling the story of business
failures and disappointments. In
- contrast are glowing reports of ac-
ITCHY in the real estate field in 1888