Evening star., 1937-06-30
DEMAND CURBED
IN FIFTH DISTRICT
Prolonged Strikes Else
where Reduce Market for
Industrial Goods.
By EDWARD G. STONE,

today, according to an Associated
Press dispatch.
Labor disturbances in this district,
embracing Maryland, West Virginia,
District of Columbia, Virginia and
North and South Carolina, have been
chiefly local in character the bank
said, but the psychological effects
have been unfortunate and the rate
Of increase in employment has slowed
down materially. The outlook is less
favorable than it was six weeks ago."
Business in the fifth district in May
and the first half of June moved at
slower rate than in the first quarter
of this year. but was above the volume
Of business done a year ago. the bank
reported.
Fewer Commercial Failures.
The districts commercial failure
record was better in May than year
ago, but there were more insolvencies
than in April this year. Sales of new
passenger automobiles in May showed
smaller increase over May last year
than earlier months this year, and
fewer cars were sold last month than
In May, 1886, in the District of Co.
lumbia and West Virginia. The dis
trict gain over May 1895, was 80 per
cent in new registrations.
CONSTRUCTION work in cities and
their suburbs held up well i'll May"
the bank said, "and building permits
issued for urban work totaled more
than in any other month m seven
years. but there is less rural construc-
ton under way this year. due chiefly
to a decline in publicly financed
projects.
Coal mining was As per cent above
May, 1886. Activity at cotton textile
mills slowed further in May as produc-
ton which exceeded new orders cut
down the backlog of untitled orders.
Retail Sales Top May, 1886.
Retail trade as indicated by de-
partment store sales was only about 4
per cent larger in May last year, and
wholesale trade in May, while in the
aggregate larger than a year ago,
compared less favorably with trade
last year in most recent months"
The review of agricultural condi-
tions showed the outlook for produc-
ton in the middle of June better than
a year ago, but not quite as favorable
price situation,
Except for tobacco. which has been
seriously damaged by blue mold crop
prospects are notably better than a
year ago. and if price declines are
60, mill IL
ence a satisfactory year." the bank
reported.
Peach production was larger than
last year. except in South Carolina
and prospects were shown to be for
an apple yield about twice as large as
last years yield.
Demand Deposits Drop.
Demand deposits decreased during
the period from May II to June Is,
but loans remained practically sta
tionary. Debts to individual ac-
counts in "a fifth district cities de-
clined AZ per cent from April to May,
which was described as seasonal
drop due to quarterly payments in
April but debts last month exceeded
May, 1886, debts by 16.5 per cent.
The Richmind banks statistical
summary showed that sales in So de-
partment stores in May totaled s10,-
O49,599, against S9,655,212 in May,
1886, a gain of Al per cent.
Sales by 55 wholesale firms il this
district totaled S4,795,263 compared
with s4,41o,653 in May last year, an
increase Of 81 per cent.
The value OF building permits in
May, 1897, totaled Sl0,l78,457, COM
pared with s6,462,132 in May year
ago, a huge jump of SIS per cent.
The value of contracts awarded in
MAY was s24,O3O,00O against s23,-
4l7657 in the same 1886 period,
difference of only 2.6 per cent.
&c. Bank Committees Named.
Appointment of Hilleary c. Hoskin-
son, vice president of Riggs National
Bank, as chairman of the Budget
Committee, one Of the associations
most important committees, was made
today by Thomas j. Groom, president
of the association. The other men,
bers are Ord Preston, president OF
the Union Trust Co. and second
ivice president of the association; A. M.
McLachlen, secretary-treasurer of the
McLachlen Banking Corp. and third
vice president Of the association, and
Albert S. Galley. executive vice presl-
dent of the Lincoln aNtional Bank and
treasurer of the association.
The appointment of Lanier P. Nc
Lachlen, president, McLachlen Bank
Ing Corp, as chairman of the Taxa
ton Committee, the work of which is
of great value to the association, was
also announced by President Groom
Stanley D. Willis. trust officer, Nation
al Metropolitan Bank, has been named
vice chairman. Other members are: :
Francis G. Addison, jr.; Victor B.
Deyber, H. H. Mckee, M. D. Rosen-
berg, Corcoran Thorn, George o. Vass
and c. F. Jacobsen.
Other important committee ap-
pointments are as follows:
Law and egislation-Francis G..
Addison, jr., chairman: c. F. Burton,
vice chairman; Robert v. Fleming,
Harry q. Meem, CorcOran Thom, H.
Prescott Galley, Roger J. Whiteford,
David Bornet and George E. Hamil-
ton, jr.
Treasury relations-Sidney F. Tai
aaferro, chairman; c. F. Jacobsen, vice
chairman; NJ F. Calnan, Joshua Ev-
ans, jr.; E. c. Graham and ]. r.
MCMILLAN.
Many Dividends Due Shortly.
Issues on the Washington Stock
Exchange which are soon to pay div
idends and are now quoted without
the amount of the dividends in case
their ownership changes hands include
American Telephone, American Sc
curity g. Trust Co., Bank of Bethes-
da, Bank of Commerce g. Savings
Lincoln National, Firemen's Insur-
ance, National Union Fire Insurance