Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-01


The American family, residing In the
city, is turning more and more to
apartments for their abode II figures on
building operations for the first half
of this year, compiled by the Bureau OF
Labor Statistics, can be taken as cri-
terion.
In the 85 principal cities of the Ma
ton the bureaus statistics showed an
expenditure of $1,421, l06.68s for build
ing during the first half of the year
and of this Gal per cent was for resi-
dences. Apartments accounted for the
largest residential building with O total
valuation of 1858, 1884, 2sO. while hotels
ranked second with $243, 345 ,639 and
one-family dwellings third with $2l2,-
357,37O.
For all classes of new buildings dur
ing the first half of this year there was
an increase of three-tenths of one per
cent over the corresponding period in
1928. The two classes OF buildings
which showed the largest gains were
hotels and public buildings, and Gov
eminent statisticians point out that the
construction of public buildings has
done much to keep the building trade
of the Nation In line with the high
level Of other businesses and industries
during the past Summer, not only fur
nishing returns for the buildings con-
Germs, but also stabilizing employment
in the construction trades and aiding
the building supply industry. For no.
tells the construction valuation during
the first half of 1929 recorded an In
crease of $l66,628, 689 over the CORE
spending six months of last year, while
public buildings jumped from $9,319,-
DAT In 1928 to $45,997, SOS for this years
period.
An interesting comparison in the
change of dwelling places OF residents
of cities can be drawn from the statiS-
tics. During the first half Of 1922 fami-
lies living in the IS cities in apartment
houses We're 34.6 per cent Of the cities
population, compared TO 1929 with o
percentage of 623. For one-family
dwellings the percentage was 43,4 in
1922 and 278 for this year, and in two
family dwelling % and 9.8 per cent, re-
Spectively.
Basing its figures on the per capita
expenditure upon the Census Bureaus
estimate of population for 1928, the
Labor Statistics Bureau recorded Q per
capita expenditure for the first halt OF
this year of $45.88. OF the cities, Yon-
kers, N. Y, with 1922, was the leader,
while New York with Sis was second,
| followed by Long Beach, Calf, $106,
and Hartford, Conn.,, $es.
Government oficials are observing
with keen interest the effects Of the in
creased bank rates Of the Bank OF Eng
| land and the concomitant rate In
creases of the central banks IN the
| Scandinavian nations both on the in
| ternational gold movement and upon
| the credit situation in the United
| states. The international gold move
ment in the belief of officials cognizant
| of the situation Is most important
| factor in the American credit situation.
| and q maintenance of the present size
| of gold imports to this Nation, they
feel, would act to support the existing
high level of security prices In new
York.
That the Wall Street money market
during this year has been q great
magnet attracting the gold supplies OF
| the other nations is illustrated in figures
| complied by the Commerce Department
which show that during the first eight
months of 1929 the imports OF gold
totaled $236,304 900, while exports
amounted to only $8,75S,000. However.
| there has been diminution recently as
recorded by the imports of $35, 524, 600
| for July. compared to August imports
of $l9,771 900 The Bank OF England's
increased rate, of course, primarily was
| fixed for the objective Of blocking the
outflow of gold from London.
While American Government ofncials
feel that q continued high flow Of gold
imports into this Nation would aid in
maintaining the security market, they
are hopeful that the present business
prosperity. aside from conditions in the
stock market, will continue and the
security markets credit situation then
would adjust itself in an orderly man
ner through the factor Of good business
conditions If a recession in gold imports
acted harmfu1ly.
In Government circles there is little
belief held that the Federal Reserve
Board would inaugurate policy Of
defation of the credit market. The
board, however, is engaging in some
operations, 1t Is apparent through some
recent steps, to divert credit from specu-
lative fields to business. One has been
the substantial purchase OF acceptances
by reserve banks while another sig