Evening star., 1937-04-04
TRADE REGISTERS
STRIKING UPTURN
IN FIFTH DISTRICT
Building Leads Recovery,
With 67.1 Per Cent Gain
Over 1886.
LUMBER LEADERS OPEN
D. c. SESSION TOMORROW
Manufacturers Association Meet
ing Will Be Followed by For
est Conservation Farley.
BY EDWARD C. STONE.

Reserve District in February and the
first three weeks in March are re-
vealed in the monthly report of the
Richmond Reserve Bank received here
yesterday, the value of building con-
tracts awarded topping the list with
an increase of 67.1 per cent over the
like period a year ago. Contract val
ues totaled s22, ,1o3,4OO compared with
$l3,227,03 in February, 1896.
At the same time the number of
building permits issued ran up to
2,1o1 against 1,448 last year, gain
Of 45.1 per cent, while the value OF
building permits issued in 81 Fifth
District cities totaled S7,127,198 in COM
parison with s6,326,557, or a stepping
up of 1927 per cent over February,
1886. In Washington alone 1854 per-
mits we're issued against BIT year
ago, but the total value was 50, ,l64,-
885 as compared with S2,646,295 last
year.
Debts to individual accouts in "a
cities amounted to Sl,145, $4,000, an
increase of 16 per cent over February,
1886. There was one more business
failure this year than last but the
liabilities involved showed an aston
tshing reduction of rs per cent, $402,-
600 against S1,608,OO0 last year.
Cotton consumption was 26 per cent
better than year ago. Retail sales
in 56 department stores in the Fifth
District totaled S7042 800 in compari-
son with $685., ,294, an improvement
of So per cent, while total sales of 81
wholesale firms in the district
amounted to S4,661 $3.50 against S4,-
044,782, or an increase of 1872 per
cent. Member banks reported an in
crease in loans and demand deposits
but time deposits were off slightly.
Employment followed seasonal trends,
the report said.
Lumber Leaders to Meet Here.
With forest protection and utiliza-
tion closely bound to national pros
perity. two key meetings in Washing
ton this week are attracting State and
Government officials, representatives
OF conservation groups, foresters, farm
organization directors, as well as out
standing lumber leaders and timber
investors. These are the annual meet
tngs OF the National Lumber Manu-
facturers Association tomorrow and
Tuesday, and the Forest Conservation
Conference Wednesday, Thursday and
Friday, with sessions at the May
flower Hotel and the United States
Chamber of Commerce.
President w. B. Nettleton will
address the National Lumber Manu-
facturers' open meeting and other
speakers will include Wilson Compton,
secretary-manage of the association;
I. N. Tate, president American Forest
Products Industries, Inc; c. G. Shep-
pard and David T. Mason, nationally
known consulting forester. Small
home building and export trade will
be given special attention, in addition
TO trade promotion, forest conservation
and Government relations.
Speakers the second day include
r. A. Silcox, chief of the United States
Forest Service; Henry Scion Graves,
dean of the Yale Forestry School, and
several others.
d. c. Retail Sales Drop.
Following the Easter rush, retail
sales in Washington department stores
for the week ending last wednesday
dipped al per cent below the pre-
vious week and were IL per cent under
the corresponding 1885 week, the Com
merce Department reported yesterday.
Because Easter was two weeks later
last year, trade comparisons here and
elsewhere are of limited value.
Due to the early date of Easter and
considerable bad weather, merchants
are sure there is great deal of Spring
trade to come. The peak is yet to be
attained, some merchants say. The
heavy volume of trade in the first half
of the week under review naturally
tapered off in the last three days.
Consumer buying power is reported as
holding up we'll, with nothing in sight
to change these conditions.
Washington bank clearings were
substantially ahead of year ago, but
building permits were lower. Attend
ance at the Washington Monument
reflected the Easter tourist rush with
33,462 visitors, compared with 11,735
in the previous week and II ,023 in the
same 1896 week.
Exchange Active Saturday.
Business was good on the Washing
ton Stock Exchange yesterday, the
largest amount of trading being In
Mergenthaler Linotype stock, at 46a,
of from the last sale at At. Five To-
share lots and one of shares
changed ownership. Washington
Railway & Electric preferred moved
at l08& and American Security q
Trust Co. stock appeared on the
board at 3011a, unchanged.
Washington Gas IS, 1860, opened
trading in the bond division, selling
1T 11S. Capital Traction IS we're
stronger, a $1,000 transfer being re-
corded at SO. Other bid and asked
prices were practically unchanged, al
though the bid on Carpet Corp. ad-
vanced from 81 to % following an
nouncement of a 75-cent extra divi-
dend.
James c. Dulin,. chairman of the
Forum Committee of the Washington
Chapter, American Institute of Bank
ing. is expecting large attendance
at the forum meeting to be held Wed
nesday evening in the board room OF
the American Security & Trust Co
The subject of Reserve Require
ments" will be discussed by E. A.
Goldenweiser, director of research and
statistics Of the Federal Reserve
Board.