Evening star., 1936-03-06
BUILDING MOUNTS
IN FIFTH DISTRICT
Value of January Permits
More Than Double 1885
Mark Despite Cold.
BY EDWARD C. STONE.

BY EDWARD T.. SIONE.
The Federal Reserve Bank of Rich
mond reported today that the eSti-
mated value of building permits issued
In the fifth Federal Reserve district in
January was more than double that
of the same period in 1885 and con-
tracts actually awarded for work eX-
ceeded contracts awarded IN January,
1885. by l29 per cent. This record was
made despite the fact that the weather
prevented most construction activities
the review states.
Trade In January and the first half
of February showed seasonal recess
sion, but scored distinct improvement
over the same period year ago, the
report said. In banking. the state
ment continues, total earning assets
increased at the Federal Reserve Bank
of Richmond between the middle of
January and the middle of February
member bank reserve deposits in
creased further in excess of legal re-
quirements, and there was an increase
in the circulation of Federal reserve
notes.
At reporting member banks, loans
1nd discounts declined moderately
during the past month. but invest
ments in securities rose materially,
and both demand and time deposits
registered substantial gains. Debts to
individual accounts figures lin five
weeks ended February II declined sea-
sonally in comparison with debts in
five weeks ended January 8, 1886. but
totaled IA per cent more than debts
in five weeks ended February Is, 1885.
Industrial employment changed little
between January Is and February IS,
but extremely severe weather delayed
all construction projects and other
outside work. and caused many work.
ers to lose time and income, the re-
view added.
Six Bank Chairmen Dropped.
Reorganization of the Federal Re-
serve banks by the new governors of
the Federal Reserve System is bring
ing about sweeping changes at many
Reserve banks, including the one at
Richmond. Six chairmen of Federal
Reserve Banks have already been
dropped by the new board and it
develops that two other governors, in
addition to Gov. George J. Seay
of Richmond, have not been approved
by the board for further service on the
grounds that they were over 10. the
compulsory retirement age for all Fed
eral Reserve Bank employees. These
two governors are George Norris of
Philadelphia and j. U. Calkins of
San Francisco. All three governors
had been reelected by the directors of
their own banks.
1t is announced here that the chair
man of the IL Reserve banks are to
have only honorary duties in the
future, no salaries being attached to
the position. The governors, however.
hope to get very able bankers to serve
in this capacity.
The Richmond chairman has not
get been named who will take the
place of the late w. W. HoXton. who
was chairman and also reserve agent
for so many years. Duties of the
agents have already been combined
with those of the IL bank presidents,
in the present drive for economy in
management.
VIII Leave april 81.
The six chairmen who will leave
the service after April 80 are j. H.
Case, New York: F. H. Curtis, Boston:
L. r. Austin, Philadelphia: E. NJ
Stevens Chicago; J. S. Wood ST.
Louis, and C, c. Walsh, Dallas. E. S.
Burke. jr., Cleveland, was the only
chairman to be reappointed.
w. w. Martin. former assistant to
the governor of the Reserve Board
under Eugene R. Black. was appointed
to the vacant craftsmanship at the
Atlanta Bank. w. B. Geery, former
governor of the Minneapolis Bank,
has been made chairman. succeeding
j. H. Payton, who was made president.
j. ]. Thomas. for so many years a
member of the board in Washington,
is now chairman of the Kansas City
Bank.
Reception Committee Named.
To welcome members of the Invest
rnent Bankers Association of America
to the all-day session of the South
eastern group at the Mayf1ower Hotel
has appointed the following Wash
ington investment bankers to serve
as a reception committee:
L. Clark Brown. Brown, Goodwin
& Co.: Harry W. Finney, Y. E. Booker
& Co.; Frank M. Hall, Graham, Par
sons & Co.; Charles NJ Henderson,
Henderson, -Winder Co.: George NJ
Ferris, G. M Ferris g. Co., Inc; Carl
r. Kurtz Stroud, Kurtz g. Co.. Inc;
Richard G. Lyme, First Boston Corp;
William W. Mackall, jr, William w.
Mackall, jr.; Carroll Morgan. G. NJ P.
Murphy & Co.: T. c. Montgomery,
Waggaman, Brawner & Co.. Inc; Will
liam Miller, Brown. Hartman & Co.;
Richard P. Dunn, Auchincloss, Parker
& Redpath; Ralph M. Wolfe Mack
ubin, Legg & Co.; Frank c. Eastman,
3r., C. F.. Childs g. Co.. James M.
Johnston, James M. Johnston g. Co.;
John Clifford Folger, Folger. Nolan
& Co., and Lawrence M. Proctor, Alex
ander Brown g. Sons.
Chauncey G. Parker, jr., of Auch-
incloss, Parker & Redpath, chairman
Of the Entertainment Committee. was
enthusiastic today over the attendance
outlook. There will be nearly 200 in
Vestment bankers present from this
city and five nearby States. AS al
ready noted, leaders in the investment
business will be the speakers. Com
missioner William o. Douglas of the
Securities Exchange Commission will
speak at the luncheon, the program
states
Mifflin Blackstone, 930-34 Invest
fnent Building, has been appointed
branch manager in charge of the
Washington Office of the General
American Life Insurance Co.. st.
Louis, it was announced today by
John J. Moriarty. vice president.
In various managerial positions
Blackstone has had IA years exper-
fence in life insurance selling and
supervisory work and belongs to sew