Evening star., 1936-05-05
BUILDING CLIMBS
IN FIFTH DISTRICT
Further Advance Boosts
March Total Nearly
Double Year Ago.
BY EDWARD C. STONE.

the monthly review of the Federal Re-
serve Bank of Richmond, just re-
ceived here. Building permits issued
in leading cities in March were nearly
double the March, 1885, permits in
estimated valuation and contracts
actually awarded showed an increase
of 532 per cent over the March. 1885.
record. In Washington SIS permits
we're issued against Alb year ago,
with total valuation standing at ST.
1s7.085 against 81 l,668,373 year ago.
Other high lights from the Rich
mond review show that the fifth dis
trict experienced fewer business fail
ures proportionately, than the March
record for the United States. There
were so insolvencies to March, COM
pared with SO in the fifth trade area In
March. 1885, decrease of 81 per
cent. In liabilities the fifth district
total of S504,O00 revealed a decrease
of Sill per cent in comparison with
sl,O3l 900 involved in the March, 1885,
bankruptcies.
In the first quarter of 1886, the
fifth district had 1877 failures for S3,-
100000 compared with l57 failures
for S2.339,l80 in the first quarter of
1885, while in the United States there
were 2.879 failures for $48,464 900 in
the first quarter of this year in COM
parison with 5000 failures for s40,-
4ol.697 in the first quarter last year,
the report states.
Hundreds Obtain Road Work.
Hundreds of men have recently
obtained work on damaged roads and
bridges as a result of the recent floods
In order to get repairs made before
the heavy Summer travel begins. This
is one reason. the report explains. for
the marked improvement in employ
ment. Conditions improved greatly
between the middle of March and the
middle of April.
There is actually a shortage of help
In some rural sections and farmers are
finding difficulty in getting their crops
planted. Relief rolls have been called
upon so heavily that in many lines
of work requests for employees cannot
be filled with suitable men, the report
says. The severity of Winter weather
brought about a condition on fifth
district highways that has not been
known for years.
The most unusual feature Of the
Richmond report relates to bank re-
discounts. For six days there were
none. Between the middle of March
and the middle of April. 1886, redis-
counts for member banks increased
ut the reserve bank by s136,000, but
from April to April 6. inclusive,
the banks portfolio held no dis
counts for members. the first time
since the early days of the banks
history that not single member bank
was borrowing at the reserve bank.
Richmond Cash Reserves Rise.
The several changes mentioned,
with others of less Importance, in
creased the cash reserves of the Fed
eral Reserve Bank of Richmond by
s1,848,0OO between March IS and
April IS. but the ratio of cash re-
serves to note and deposit liabilities
combined declined by three-tenthS OF
one point.
Condition figures for April IS, 1886,
were nearly all larger than those for
April Is. 1885. Rediscounts for men,
Der banks held by the Federal Re-
serve Bank of Richmond on the 1896
date we're sl24,O00 less than redis-
counts a year earlier, and holdings of
open market paper dropped by $4,000
during the year, but all other items
increased. Foreign loans on gold
rose by $4,000 between April Is last
gear and this. and the banks hold
ings of Government obligations rose
by s3.15300O.
These changes in assets resulted in
q net increase of s3,6O0.00O in total
earning assets during the year. Fed
eral Reserve notes in actual circu-
lation on April Is this year exceeded
those in circulation on April IS.
1885. by s20,426,O00. and member
banks reserve deposits rose by
S49060,00 during the same period.
Cash reserves of the Federal Reserve
Bank of Richmond rose by s83 1853, 900
between the middle of April last year
and this. and the ratio of cash re-
serves to note and deposit liabilities
combined gained 6.85 points, the re-
port concludes.
Bankers Hold Spring Dinner.
About 225 Washington bankers and
guests. including many of the Govern
ments leaders in finance, will attend
the District Bankers Associations an
nual Spring dinner, at the Columbia
Country Club, this evening President
Charles H. Doing will preside. and
among the honor guests will be Mar
riner S. Eccles, chairman of the gov
ernors of the Federal Reserve Board:
Robert v. Fleming president of the
American Bankers Association, and
]. F. T. O'Connor, controller of the
currency
Ord Preston will outline plans for
the coming annual convention at
White Sulphur Springs The after
noon is being given over to golf, the
prizes to be awarded this evening. Hill
leary G. Hoskinson, third vice presi-
dent of the District Bankers Associa-
ton. is chairman of the Dinner Ar
rangements Committee.
Heard in Financial District.
The banking district was shocked
today to learn of the death Of Fred
erick de Courcy Faust. member and
secretary of the board of directors
of the National Metropolitan Bank.
He had served the board most eff
GENTLY for many years and was widely
and favorably known among bankers.
His associates paid him very high
tributes today.
Trading was fairly active on the
Washington Stock Exchange today.
with Capital Traction SIS selling at
e094 on the opening sale. Washington
Gas IS, series B, came out at 100A
and S., 900 Anacostia g. Potomac r. r.
IS changed hands at "A.
In the stock division Potomac Elec-
trio Power 51a per cent preferred