Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-04

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so - 81
All the rest of -
the days business Gov. Yo,rr
was in bonds and
confined to Washington Gas Light is
sues, the SIS and the IS, series B. Prices
were little changed.
While business on the exchange is
picking up, yet it is pretty slow COM
pared with year ago at this time.
Young Assumes Boston Duties.
Former Gov. Roy A. Young of the
Federal Reserve Board has assumed his
work as governor of the Federal Re
serve Board of Boston. On arrival in
Boston from Washington Gov. Young
stated that in contrast to the strained
credit position of a year ago, the Fed
eral reserve system is in an easy credit
position with all the reserve banks
ready and willing to function when re-
vival of business develops.
Without any reference TO the differ
ence in salary between being head of
the reserve system and head of one
of the IL Federal reserve banks, Gov.
Young said that he was delighted to be
in New England and located in Boston,
and promised his best efforts in be-
half of the district. He also expressed
complete disagreement with the idea
that New England is either backward or
decadent
Gov. Young will be sincerely missed
by local bankers. He attended the Dis
trict Bankers Association conventions
at Montauk and Asheville and several
Spring dinners at the Columbia Coun-
try Club, often making short talks.
Much interest is now being manifested
here over his successor.
Building in Fifth District.
Building PERMITS issued for new con.
struction in 80 leading fifth district
cities in July numbered only 1,085, with
estimated valuation totaling So ,672, STA,
compared with 1865 permits issued for
similar work in July, 1929, with total
valuation estimated at $10,796,112. In
alteration and repair work, July wit
messed 1902 permits costing 81 ,5S5, 1928,
compared with ] 1856 permit costing
$l,408, 036 in July last year. Combined
valuations figures in July this year
showed a decrease of $3,945, SAG, or 32.3
per cent?
Amongsthe individual cities, Roanoke.
with permits for new work totaling
nearly $1,000 000 made the best show
ing. Baltimore. Washington, Richmond
and Norfolk reported smaller figures
than for July, 1929 but Charlotte report
cd a small increase. The decline was
general throughout the district, only 10
cities reporting higher figures for July
this yerrs while % cities fell below last
years totals.
CONTRACTS awarded in July for con-
struction work IN the fifth reserve dis
trict, INCLUDING both rural and urban
projects. totaled $50, 357 800, compared
with ssh ,S63 ,635 awarded in July, 1929,
and $32 1884, 428 in July, 1928, according
TO figures collected by the r. w. Dodge
Corporation. OF the awards In July this
year, $685. 05 was for residential work.
compared with awards totaling 0,303,-
375 for this class Of construction in
July last year.
Rapid Transit Income on.
For the month of July, net income
of the Washington Rapid Transit Co.
showed a deficit of $6,216, as con-
trasted with one of $3.50 for the
month year ago, while that for the
seven months of 1890 showed q deficit
of $9,944, as compared with surplus
of $7,5O6 for the corresponding period
last year. The decrease from the period
last year is now $l7,450.
The itemized statement lists operat-
ang revenues for the past months at
$42,61I.92. as against $45,103.45 for
the month in 1929, decrease
of $2,491.53; operating expenses and
taxes, S46,l15.17, against $47, 450.Tl, q
QecreaSe OF $l,335,54
Operating income for July, 1890, re-
Nealed deficite of S3,503.25, compared
with one Of $2,347.26 for the month a
year ago, an increase of $1,155.o9. while
gross income, less operating expenses
and taxes, presented a deficit of
s3,4lo.59. as against $2,240.66, an in
grease Of $1,l69.93.
Bank Examiners at Luncheon.
Chief National Bank Examiner w. p.
Folger and Ira l. Chorpening, the newly
appointed chief national bank exam
aner for the Fifth Federal Reserve Dis
trict, which takes in the Washington
banks, we're special guests at the local
bankers weekly luncheon, held yester-
day at the Willard. The recent return
Of many local bankers from their vaca-
lions helped to make the meeting yes
Terday more largely attended than In
several weeks.
The District Bankers Association
September bulleti ncontains a message
from John d. Lansdale. president Of
the American Bankers Association, re-
karding the coming convention at Cleve-
land. He considers that this years
convention may be the most important
one yet held since the association has
never before been confronted with SIM
1lar circumstances and similar condi-
lions Among other things he says:
THE rapidity of modern business
changes, the strength and daring OF
business enterprise, the tendency OF
1arge-scale operations both within and
without banking have brought us to
the threshold Of new era of banking
wherein our daily routine Is likely TO
be affected by new laws, new circum-
stances and perhaps a modified public
opinion.
There are legislative hearings and
investigations Of banking pending that
may lead we know not where. Earnest
men In off AL and In private life are
Conscientiously trying TO find the right
of many questions, trying TO find the
correct answers to strange and perplex-
ing problems. It is the duty OF all OF
as in the profession to help so that pub
lie opinion may be clear, and not con-
fused that our business and all business
may pursue a course during the coming
years that will retain the prosperity our
nation possesses and that will multiply
that prosperity" 800
Heard in Financial District.
Harry M. Wheeler, for many years
connected with w. B. Hibbs 81 Co, re-
turned recently from months vaca-
Eion in New Hampshire. Mr.. Wheeler
is again entointng excellent health.
Thomas w. Brahany, partner In
Crane, Paris. a. Co., Is planning O
short motor trip to Vintnor, near At
pantic City. N. j.
B. Gwynn Dent and q. Francis
Rainey, assistant cashiers Of the Riggs
National Bank, are among local bankers
who have returned from vacations.
Ernest E. Herrell, well known in the
local financial district, is spending his
vacation at Atlantic City.
Eliot II Thomson of the WASH
angton Loan 81 Trust Co. is at his