Evening star., 1934-12-06
BUILDING CLIMBS
IN FIFTH DISTRICT
October Report Reveals
Sharp Gains Over Last
Years Mark.
BY EDWARD c. STONE.

Federal Reserve district in october
scored a sharp increase, according to
the Federal Reserve Bank of Rich
mond's monthly review, Just out. The
value of permits also made the best
record in months.
The Richmond bank reports that
building permits issued by inspectors
in 80 flfth-diStriCt cities in October,
1884, total 2,473. with estimated val
uatiOn amounting to S3,872,924, COM
pared with fO8O permits valued at
S1,945,739 issued in October, 1888. in
creases of approximately 19 per cent
in number and SO per cent in total
valuation in the 1884 month. Twenty
three of the 80 cities reported larger
valuation figures last month in COM
parlsOn with October 1888, figures,
the best record made for many months.
Among the largest cities, higher 1884
figures were reported by Baltimore.
Charlotte Norfolk and Washington.
but Charleston. w. Va, and Rich
mond fell below their October, 1888,
figures.
Contracts actually awarded in Oc-
tober for construction work in the
fifth district. including both urban
and rural projects. totaled Sl0.936, ,722.
compared with Sl0.752.712 in October.
1898. and Sl3,464,279 in October, 1882.
according to figures collected by the
F. w. Dodge Corp. OF the awards in
October this year, S2,837,2l2, or 25.9
per cent. was for residential work,
compared with s2173187. or 202 per
cent, for this type of work in Oc-
tober, 1893.
Fall weather was favorable for crop
harvesting, and in the fifth Reserve
district per acre yields were good in
the main. Prospective per acre yields
this year, expressed as percentages OF
the lO-year average U921-1930), were
as follows in fifth district States:
South Carolina, 1924; North Carolina,
l131; Virginia. 1866: Maryland. 1047,
and West Virginia, $40. Prices for
leading money crops were also above
those a year earlier.
In comparison with October, 1888,
failures. the Richmond district was
among the three leaders IN improve
ment, along with Chicago and Cleve-
land.
Bankers Honor Stephenson.
Members of the District Bankers
Association have ordered flowers sent
to the funeral Of Rome c. Stephenson,
former president of the American
Bankers Association, who is dead in
South Bend, Ind. aged SO. During
his many visits in Washington he was
always most cordially greeted by local
bankers and was life honorary
member of the luncheon group"
At the time of his death he was
president of the st. Joseph Loan &
Trust Co. For a number OF years
Mr. Stephenson was a practlclng
lawyer, being member OF the In
diana bar. He was president OF the
Indiana Bankers Association before
he headed the A. B. A. Naturally,
he became one of the best known
bankers in the Middle West.
He recently became a member of
common stockholders protective
committee in connection with the pro-
posed reorganization of the Stude-
baker Corp.
O'COnnor Resignation Gossip.
Authoritative capital comment
now suggests j. F, T. O'COnnor, con-
troller of the currency, will resign his
position to accept the Federal Reserve
agency at San Francisco by Christ
mas" says Charles P. Shaffer, Asso-
ciated Press financial writer. He
adds:
The West Coast agency was offered
him several weeks ago. and it was
indicated that he would accept. At
the moment he is non-commlttal on
the subject, declaring his task of re-
opening closed banks is too eXacting
to permit of consideration of other
problems.
"As agent, he would be chairman
of the board of the San Francisco
Reserve Bank, and would have
charge of currency issues of that in
stitution. His salary would be about
$4,000 or double the amount he is
now receiving"
Babson to Discuss Outlook.
Roger w. Babson will discuss public
and other investments in an address
at the Willard Hotel tomorrow after
noon, the meeting beginning at 230
Any person interested in investment
will be welcomed. He is having an
annual conference of Washington
clients and has added a question
period to the program, which includes
two other expert statiSticians.
At the convention of the Western
division of the United States Chamber
of Commerce in Los Angeles. A. P.
Giannini, chairman of the General
Executive Committee of the Bank of
America, declared that there will not
be and there should not be central
bank, if by that term We mean a
governmentally controlled central
bank 1t would be practically impos-
sible to keep a central bank free from
political entanglements.'
Thousands of additional banks,
building and loan associations and
other financial institutions have been
made eligible for participation in the
insured mortgage plan by changes
in the regulations of the Federal
Housing Administration, which are
now being mailed out to institutions
in all parts of the country.
Traction Bonds in Demand.
Capital Traction bonds led trading
on the Washington Stock Exchange
today, opening with 81 900 selling at
8934. followed by two $1,000 transfers
on an advance to 80.
The best of the trading was in stocks
Potomac Electric Power 512 per cent
preferred moved at 11ll2, Washing
ton Railway g. Electric preferred came
out on the board at 10014 and SO
shares of Real Estate Mortgage &
Guaranty preferred sold at 2ls,
Capital Transit was quiet, closing
2612 bid and 27 asked. same as yester-
day. Mergenthaler stood at 3112 bid
and 80 asked, up y.
Merchants g. Miners Transporta-
ton Co. has declared the regular
quartely dividend of 40 cents per
share, payable December 81. Guaranty
Trust, New York, has declared the
regular dividend of SIS share, pay
able January 2.