Evening star., 1935-06-01
BUILDING GAINS
IN FIFTH DISTRICT
Volume of Work Provided
Small, but Seasonal In.
crease Appears.
BY HAROLD ROGERS.

The volume of work provided for In
building permits issued in April in 81
fifth district cities was small, but
showed a seasonal increase over recent
months and also exceeded that of
April last year, according to the
monthly review of credit business and
agricultural conditions by the Federal
Reserve Bank of Richmond
Permits for all types of construction
numbered 2465 in April this year,
compared with 2l36 permits issued IN
March this year, and 2028 permits
issued In April. 1894. Estimated valua-
ton figures for permits issued last
month totaled S4074,185. an increase
of 1913 per cent over S3,4l6,265 for
March, 1885. and Ats per cent above
S2,762163 for April. 1884. twenty-five
of the thirty-one cities reported higher
valuation figures for April this year
than last, Richmond being the only
one of the larger cities which failed
to come up to April. 1884. figures.
Contracts awarded for construction
work in the fifth reserve district in
April this year totaled Sl4998,842 in
cluding both urban and rural construc-
tlon. compared with Sll,013,992 in
contracts awarded in April, 1884 ac-
cording to figures collected by the
F. w. Dodge Corp. OF the April, 1885.
contracts. S6.7l8287 was for rcsiden-
tial structures, approximately as per
cent of all contracts, compared with
s2,758182, for residential work in April
last year. or 25 per cent of all con-
tracts awarded in that month.
Failures Record Better.
The commercial failure record in
the fifth district in April was good, the
number of nsolvences being "a per
cent less than the number in April
last year. and April. 1885, liabilities
being So per cent below April. 1884,
liabilities. The District record was
much better than the record for The
entire country.
Employment conditions did not
show any material change in April
and early May, but on the whole there
was probably some improvement
Coal production declined somewhat
more than seasonally during April,
but this was perhaps due chiefly to
relatively high production in March,
which was stimulated by fears that
labor troubles might develop at coal
mines on April /. Cotton textile mills
continued to restrict operating time
during April. and cotton consumption
on daily basis in that month was
about 13 per cent below consumption
in April last year
Virginia crop prospects on May l
were quite good throughout the State
as weather conditions had been IA
yorable for hay, pastures, small grains
and fruit crops. according to the
agricultural statistician of the Vir-
ginia Crop Reporting Service. Farm
work was somewhat retarded because
of continuous rain during the first
part of April.
Premium Paid on Issue.
Virginia officials pointed with pride
today in the States credit rating to
the sale of Sl,000,000 worth of GER
tlficates of Indebtedness at per cent
to a financial combine, which was
willing to furnish a premium of
S7,399 in addition to its low rate of
interest, according to the Associated
Press.
The 10-year certificates were pur-
chased by a syndicate composed of
the First National Bank of New York,
Halsey-Stuart g. Co. of New York and
Darby IL Co. of SeW York against ID
other bids. In all. 81 financial firms
we're united IN the bids, which had a
narrow interest range of between q.
and 2 per cent.
Gov. Peery haStened to say that the
earnestness with which the certifi-
Gates we're taken is fine evidence of
the financial standing of the State.
We are gratified al the result"
The certificates we're sold to refund
Sl,000,000 in Robertson act road bonds,
issued in 1926 and carrying 4l2 per
cent interest, with the premium re-
ductlon. The interest rate on the GER
t1f1cates during the 10-year period
will be 1926 per cent, affording a
saving of approximately s225 700 to
the State.
The winning Did today was 534 per
cent better than the 21a per cert rate
given the State Oh ali Identical re-
funding issue year ago
oCotC LIedSuIeI n. d. JdLlrlGnC
SAID: "1t shows the fine standing of
the Commonwealth and the high re-
gard for its certificates. We 5eiieye it
is the lowest rate given any State on
bonds for similar period"
Hardware Sales Climb.
Retail hardware sales during April
were II per cent larger than in April.
1884, according to figures compiled by
the National Retail Hardware Asso-
citation. The typical gain for the first
four months of 1885 was also II per
cent.
Comparisons were most favorable in
southeastern and North Central
States. The Carolinas were out
standing, with an April increase of 81
per cent and % per cent for the jan
uary 1-April 80 interval
California, Idaho and Washington
made the best records in the Far
Western group of States.
improvement was less marked in
the Southwest. due primarily to the
TACT that year ago the merchants in
this area were enjoying an outstand-
ing expansion in their volume of busi-
ness.
Drought effects created unfavorable
selling conditions in Colorado, Kansas
Nebraska and South Dakota: small
declines we're the rule in this area.
Since farm purchasing power affects
the hardware retailers sales more
than anv other nne factor the favor