Evening star., 1937-12-06
BANK LOANS GROW
IN FIFTH DISTRICT
Investments Also Gain, but
Deposits Show Drop,
Survey DisCIoses.
By EDWARD C. STONE.


die OF October and the middle of No.
vember, according to the Richmond
Reserve Banks monthly review re-
ceived in the Capital. There were
also increases in investments in securi-
ties with the Richmond bank, the
statement says.
On the other hand, an unusually
large decline occurred in demand de-
posits during the period. The increase
in security holdings was due almost
entirely to more or less temporary
fluctuations in three large banks but
the decline in demand deposits was
general among the al reporting banks.
Demand deposits totaled $462, 1862 900
against $478,746,000 on October 13,
this year, and $469, 162, 900 on Novem-
ber ii year ago.
Reviewing employment, the Reserve
Bank states that from September to
October the District of Columbia made
the best showing in the number of
people on pay rolls, gain of 26 per
cent. The number of workers in Mary
land was off 27 per cent, in Virginia
ii per cent, in West Virginia up 0.2,
North Carolina down % and South
Carolina off 1.3.
In amount of pay rolls, Maryland
reported tiny drop, Washington a
80 per cent gain, Virginia 1.6 per cent,
and West Virginia 80 per cent.
Automobile Sales Increase.
The number of new cars sold in the
fifth district in October exceeded the
business in October year ago, the
report discloses. Total registrations
numbered 1916 against 1850 in Oc-
tober, 1886, an improvement of lib
per cent.
In the eleven months, registrations
of new cars totaled 1867, compared
with l98,131 in the like period last
year, a pickup of 78 per cent. Sales
were not up to September of this year,
probably because many of the new
models did not come out until late in
the month.
Among the fifth district States,
North Carolina led with a gain OF
q per cent in registrations of new
cars over October, 1886, and a 10
months increase of 10 per cent.
Maryland sales were up 11,3 per cent
in October, Virginia 6, West Virginia
IA, and South Carolina II per cent.
There were 1,465 new cars sold in
Washington in October, against 1858
year ago, a decrease of 10 per cent;
in the II months 25,04S, compared
with 27,672, a dip of 9.5 per cent.
Building Awards Under 1886.
Turning to construction, it is seen
that both permits and contracts
awarded were behind October of last
year There were 1851 permits issued
in 81 fifth district cities with an
estimated valuation of S5,665,087,
against 3,34l permits and a valuation
of S6,064,906 in October. 1886. Only
II of the 81 cities showed higher
figures.
Contracts were 35 per cent under
October, 1886. Maryland construc-
ton contracts awarded we're down 8
per cent, Washington 40 per cent,
Virginia Al per cent, West Virginia
IT, North Carolina 25 and South
Carolina 81 per cent.
The review of agriculture says it
appears that cotton growers will re-
ceive less cash this year than they
received in 1886. Tobacco growers
are in more favorable position, hav-
ing materially larger yields which are
selling at higher prices than year
ago.
Apple and potato growers, the re-
port continues, got much larger yields
this year than in 1886, but prices were
better last year and the crops were
probably more profitable. On the
whole tobacco and cattle raisers will
have more cash to spend this year
than last, but other farmers will have
less and general business in the
fifth district will be affected accord
Peoples Drug Stores Sales Up.
Peoples Drug Stores, Inc, sales for
November were fractionally higher
than in November year ago, the head
office here announced today. Sales in
November, 1887, totaled S1,776,923
against Sl,776,778 in November, 1886,
an increase of S145 or 0O1 per cent
For the first II months of this year
Peoples Drug sales totaled S20O01 ,664
in comparison with S1S,717,475 in the
corresponding period year ago. an
increase of ST. .284, ,187, or 686 per cent.
The November record was better than
October, when sales showed a de-
crease of IA per cent compared with
October, 1896.
Fleming on Commerce Board.
Robert " Fleming, president of the
Riggs National Bank, has been ap-
pointed to membership on the Ameri-
can Committee of the International
Chamber of Commerce, Chairman
Eliot WadSworth of the American
section announced today. This COM
mittee is very large, being composed
of rs members, including exporters,
importers, shippers, insurance men,
bankers, merchants and professional
men from all parts of the country.
Frederick P. H. Siddons, chairman
of the speakers unit of the District
Bankers Association and secretary of
the American Security g. Trust Co.,
will address the New York Avenue
Presbyterian Church Mans Club to-
morrow evening on "Banking-Past,
Present and Future"
Wholesale Trade Lower.
The dollar volume of wholesale trade
declined per cent during October, as
compared with October, 1896, while
the rate of collections on accounts re-
ceivable was somewhat lower than last
year, according to reports from whole
salers cooperating in the monthly
joint study of the National Association
of Credit Men and the Bureau of For
eign and Domestic Commerce.
Only nine of the % trade groups
recorded sales increases over last oc-
tober, the automotive supplies and in
dustrial supplies trades showing the
greatest gains with sales increases OF