The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-01-04
BANK DEPOSITS
At HIGH
BY RICHARD HATTON


view of the Federal Reserve Board
bank deposits in the Fifth Fed
eral Reserve district, which in
cludes the District Of Columbia
were at record levels. Member
hanks as a whole are in a stronger
position than they occupied a year
ago. and debts to individual &C
counts figures In November above
those of November, 1926, testify
to the large volume of business
still being done. However, ex'
cept for holiday trade, business
in the Fifth district in November
and early December was not up
to the average Of recent years.
In retail trade, sales OF depart
ment stores fell moderately below
the volume of sales in November
last year. but were in larger vol
ume than average November sales
during the three years 192S-1925.
inclusive. Wholesale trade was in
smaller volume than in Novem.
Der, 1895. in nearly all lines for
which statistics are available. The
unemployment situation did not
improve during November and early
December, but on the other hand
it did not grow materially worse
and concerted efforts to bring for.
ward some contemplated projects
have apparently improved the pros
poets for some relief early In
the coming year. The volume OF
construction work provided for In
permits issued in November com:
pared more favorably with those OF
the preceding year than the permits
issued in other recent months.
Business failures in November were
more numerous than in any other
November since 1921. but liabilities
were relatively low.
Coal Away Below
Coal production in the coun.
try and in the Fifth district de-
cIined in November and was far
below the level of November, 1870
when export demand on account
of the British coal strike swelled
the production figures. Textile mills
continued full.time operatio n
through November, but early In
December demand slackened and
q large number of mills have
either restricted their output or
are seriously considering some cur
failment in running time. Cotton
prices declined about Ia cents
pound during the last month. but
on the whole the crop of the
Fifth district is much more profit
able this year than last. The year
1927 was fairly favorable for agri-
cultural work, and farmers gen.
orally are in better shape than
they were a year ago, In spite
of local depressions here and there.
Money spent on constructor
work in the United States In 1871
was only slightly smaller than the
record expenditure in 1925, accord
ing to figures compiled by the
Alexander Hamilton Institute. Ke-
ports on building for the entire
month of December are not YET
available, but based on the rate or
activity during the first two weeks
of the month. it is probable that
total expenditures on construction
work amounted to $685. 100000 In
1927 as compared with the record
high Of $8,765. 900. 900 in 1926, a de-
crease of only Is per cent.
Building Shows Decline
The decrease in the value Of con-
struction work in 1927 was confined
chiefly to a curtailment of residen-
fial and factory building. The
physical volume Of office building
showed a decline, but the amount
of money spent on offices was the
same in 1927 as in 1925. The de-
cline in expenditures for residen'
tial and factory building was greater
than indicated by the decrease in
the total for all construction work.
An increase in the amount OF
money spent on public works and
other classes of construction nearly
offset the decrease in expenditures
for residences and factories.
The F. w. Dodge Corporation
reports that the total value of
construction contracts awarded in
81 Eastern States during the first
eleven months of 1927 amounted to
SIS. 826, 000, 900. The daily average
value of contracts awarded during
the first two weeks of December
indicated a total of $3.50, 900 for
the month. This gives total OF
Sc, 286 900 900 for 81 States in 1927.
1t is estimated that building activ-
ity in these 81 Eastern States rep
resents 81 per cent of the total
building in the country. Conse-
Guently, the total of contracts
awarded in the entire United
States in 1927 amounted to $6,90S,.
100000. This figure, however, does
not include building that is not
reported. and it probably does not
represent more than so per cent of
actual building operations. If we
include an estimate of the unre-
ported building, based upon this
percentage. the total expenditure
for all building in the United
States in 1927 equaled $685. 200, 900.
P. o. w. Andreae has become as
ISOLATED with F. B. Keech and
Company, members Of the New
York Stock Exchange, to take
charge of their foreign department.
Row Scouts Invitod