Evening star., 1931-05-05
SLUMP IN BUILDING.
7 IN FIFTH DISTRICT.
Reserve Bank Reports Drop
in Permits and in Contracts
Awarded in March.
BY EDWARD c. STONE.

DOrt received UOQdy ltOlll OAAC ASA.A -.
reserve Bank Of Richmond state that
building permits issued in March in 81
fifth district cities provided for much
less work than permits issued in March,
1880. In March, 1881, 1,l33 permits
were issued for new construction. COM
pared with l.275 permits in March last
year. Valuation figures for new con-
struction totaled only $6,250,824 IN
March, 1881, against $l2,099,867 1or
similar work in March 1880.
Total valuation figures for all classes
NJ work issued in March were $7,l93,-
O6o A decrease of $5,927, ,232, or 45:2
per cent, under valuation figures total
ing $I3.l20, ,292 in March last year; Only
s of the 81 reporting cities shoWeo
higher valuation figures for the 1881
month. and most of these increases
we're due to very low 1880 figures ratner
than to a large volume OF WORK TINS
year. ..,,..,,v
1,ork in the fifth Reserve district in
March this year totaled $30,6l5,Sl3. in
Guiding both urban and rural construc-
tion Compared with $43,220,l 10 in con-
tracts awarded in March, 1880. Ot the
March. 1881. contracts. $9,767 ,12S was
for residential structures. compared
with s1O.356.91O for residence Work IN
March last, year.
Securities Loans of $62,OOo,0O0.
Federal Reserve Boards condition
statement of weekly reporting member
hanks in leading cities on April ~
shows decreases for the week OF SSd'-
600 600 in loans and investments, Soo'
10000 in nst demand deposits ano
$4,000, 900 in Government deposits anu
increases of $52, 1000, 900 In time depos-
its and S17.000000 in borrowlngs ronl
Federal Reserve Banks. .o
Loans on securities declined So2'-
900 600 at reporting banks IN the NEW
York district, S16,000,000 in the Cnl-
caro district, $4,000 900 in the Atlanta
district and $50, 900 at all reporting
banks. ''All other" loans declined SoO'.
COO 900 in the New York district ana
$50 900 900 at all reporting oanks.
her hanks from Federal Reserve Banks
aggregated S38.000,00 on April 2s, the
YoTincipal changes for the week being
increases of $8,000,0 900 and S6,OOO,OOO,
respectively, at the Federal Reserve
Banks of San Francisco and Cleveland
BOND Club Election Date Set.
The annual meeting of the Wash
ington Bond Club for the election OF
oficers will take place on May %, the
place not yet determined. Following
an afternoon Of golf. tennis, horseshoe
pitching and other sports, dinner Will
be served The committee in charge
of the program is made up OF James
P. Nolan, National City Co; L.. Clark
Brown. Harris, Forbes & Co, and Law
renee M. Proctor, Alexander Brown q
Sons. ...
will be held in the evening, two ex-
change tickets now being held for eacn
member until Thursday noon. Inc
exchange session is expected to cause
the usual excitement and interest
The officers of the club now nnlsnlng
their years duties are: Sidney Thomas,
nresident Lawrence M. Proctor, vice
president, and T. Baker Robinson. sec
retarv and treasurer. II the club fol-
lows its established policy the vice
president will be the next president.
s4O,OOO,Ooo Issue Authorized.
II WAS announced today that the In
terstate Commerce Commission mas au.
thorized the receivers for the Seaboerd
Air Line Railway Co. to issue $4,O0O,00
OF receivers certificates. The certth-
Gates are to be sold at not less than
9s9A per cent of par and accrued inter-
est, the proceeds to be used Tor aool-
tions and bettermentS and TO pay IN
stallments on equipment obligations ana
unpaid 1880 taxes.
Capital Traction at "a.
Capital Traction figured in small lots
sales totaling 100 shares on the Wasn-
inRton Stock Exchange today, all mace
At "a. Ninety shares Of Federal Amerl-
can National Bank 81 Trust Co. STOCK
moved at SO and 10 shares Of National
Metropolitan Bank stock appeared on
the board at 272. LAnston Monotype
sold at 100.
In the bond division Washington
Gas IS, series A, moved at 1924. Po-
tOnac Electric Consolidated 5s sold at
1o4 and Capital Traction 5s at SO12.
Labor Secretary Sees Upturn.
Secretary CT Labor Doak believes
that. the bottom of the business de-
preston has been reached and that
an upward movement has started.
This ANALYSIS of the business situa-
ton" Mr.. Doak said, lis justified by
information gathered by the Labor De.
partment, and particularly by increased
activity In the Nations manufacturing
establishments.
"The Labor Department statistics
show that there was 2l2 per cent m
crease in manufacturing employment
in March compared with January and
a 10 per cent increase in pay Tolls
totals" other trades, the Secretary
said, "also show improvement.
Cleaned in Financial District.
Robert v. Fleming, president Of the
Riggs National Bank, Is representing
the American Bankers Association at
the sessions OF the International Cham
Der of Commerce now holding It's con-
Yention here.
Russell Shelk has been appointed gen
eral agent of the Pacific Mutual Life
Insurance Co. in Washington, succeed
ing the late William B. Daniels. he
came to Washington from Indiana In
1918 and served in the Bureau OF war
Risk Insurance. He went into the IN
surance business in 1928 and became
connected with the Pacific Mutual in
1880
James NJ. Hoyt. senior partner Of the
brokerage firm of Prince 81 Whitley,
was indicted by Federal grand jury
in New York on IL counts alleging mali
fraud. based on the firms answer to a
New YORK Stock Exchange queStionnairs
dated June 20. 1880.
The indictment charges that the
FIRMS statement on that date listed as
collateral owned by Prince q Whitley
stock which was owned by customers OF
firm.
The Department Of Agriculture ex-
poets 10 have market news service on
tobacco IN operation N time for the
opening OF the 1881 marketing season
in Georgia and Florida, or about Au-
gist !. the department states.
The Interstate Commerce Commission
has set for hearing on June proceed
ing in TIE ercess earnings recapture
case Of Norfolk e. western Railway for
presentation Of evidence in support OF
roads protest against these findings.
STEPHENSON TO TALK