Evening star., 1936-06-07
CAPITAL IS SIXTH
AMONG 100 CITIES
IN MAY BUILDING
Commerce Survey Shows
Sharp Gain in Permits
Over 1885 Record.
BANK CLEARINGS RISE;
TRADE DROPS SLIGHTLY
Peoples Drug Sales Higher in May
and First Five Months of
Present Year.
BY EDWARD C. STONE.

III a NdIlOIl-Wlue SUI fSy VI 1UO Cl1lCo
on new construction and building
activities in May, Washington ranked
in sixth place, the Commerce Depart
ment reported yesterday The 10 lead
ing cities were New York, Los Angeles,
Detroit, Philadelphia, Buffalo, Wash
ington, San Francisco, Rochester, N
Y; Chicago and Miami Beach.
Building permits in this city in May
totaled $2,17O,450, against Sl,785,55O
in May, 1885, gain of nearly $400,-
000 In the same survey, Baltimore
reported that May building permits
reached 81 l,06l, 500, against S8l6,400 a
year ago; Norfolk permits stood at
$155,775, compared with $94,450 in
May, 1885, while Richmonds total was
S294,544 this year and $l74,942 last
year.
Department store sales in Washing
ton were down 13 per cent during
the past week, compared with the
previous week and % per cent from
the same week in 1885, principally as
the result of the week end holiday
depriving the stores of one of their
main shopping days. Bank clearings
continued to increase, being 1876 per
cent above the previous week and 12.5
per cent over the same 1885 week.
Visitors to the Capital showed a
notable increase over the previous
week and the same period in 1885.
Business in the rest of the fifth
Reserve district is beginning to react
to the critical stage of the drought.
Showers in the last few days have
been a help but a great deal more
water is needed In addition to crop
damage over wide area, forest fires
added to the menace. Favorable
weather was stimulating to trade in
Baltimore. All the leading cities in
the district continue to show gains of
large proportions in building permits,
the report states.
Peoples Drug Sales Mount.
Peoples Drug Store sales in the
first five months Of this year totaled
S8,2O6,l46, a gain of S666,937, or 8.8
per cent over the like period in 1885,
officials reported here yesterday.
Sales of Peoples Drug Stores in
May amounted to s1,695,l32, up
Sl34,l0l, or 8.5 per cent. This was a
better showing than the big drug
chain made in April, when sales in
creased IL per cent over April, 1885.
Chain store sales reports have been
coming out very rapidly during the
past week and nearly all of them
have revealed fine trade activity.
Both Peoples Drug common and
preferred stocks are listed on the
Washington exchange and there is
wide interest in the progress of the
company.
Business was quiet at the end of
the week on the Washington Stock
Exchange, the feature of the session
being the first sale in Peoples Drug
Stores common since it was recently
listed. The sale was a 10-share
transfer at 80, the same price at
which it has been selling recently on
the New York exchange. The mar
ket closed with 38la bid and 40 asked.
1t is predicted that this issue will be-
come popular on the local board
The preferred, listed on the Washing
ton exchange for years, is now quoted
ex-div idend at 1124.
The only other sale in yesterdays
market was in Capital Transit, 100
shares changing hands at IL. The
volume of trading in this issue in the
last 10 days has ben much larger
than for several months.
Election of Norman Dodge as chair
man of the board of the Merganthaler
Linotype Co, and of j. T. Mackey
to the presidency, was announced on
the exchange.
Bills Would Aid d. c. Banks.
The Senate has passed and sent to
the House for action two amendments
to District of Columbia banking laws.
One extends the charter of trust COM
panies on the same basis that ma
tional bank charters have been ex-
tended and the other changes the
fees for the examination of credit
unions.
The two bills were suggested by
j. F. T. OConnor, controller of the
currency. AS their application was
strictly local, there was no opposition
to the measures. The extension of
charters for trust companies is tech
nical and the credit fee move Is to
make them uniform. All the banks
here come under the controller, re-
gardless of whether they are national
or State chartered.
The report of the Securities Ex-
change Commission on the advisa-
bility Of the segregation of the func-
tions Of broker and dealer will be
in final shape for transmission to
Congress soon. This is a most vital
matter, many brokers In the smaller
cities stating that they are obliged
to combine the two functions in order
to get living.
Employees in the Office of Hartman
& Keech, New York Stock Exchange
firm, and their families had an outing
at the A. P. Bovello farm, near Way
side. Md, yesterday afternoon and
evening. The party enjoyed all kinds
of sports, including fishing and SWIM
ming, and a picnic dinner. Over so
took the trip.
The issuance of $100,000,000 of
Maryland State road bonds is being
tentatively considered to provide the
State with a new State road system,
according to Gov. Harry Nice. The
bonds would be used to refund $22,-
100000 Of Maryland bonds now out
standing, leaving $78,0O0,000 to bring
the present road system up to date,
The gasoline tax would take care Of
the interest and principal.
Robert v. Fleming will deliver the
opening address at the Summer session
of the Graduate School of Banking
at Rutgers University, on June %.
Several Washington bankers have al
ready enrolled for the courses offered.