Evening star., 1937-10-05
BUILDING GAINS
IN FIFTH DISTRICT
Richmond Reserve Reports
August Total 21.2 Per
Cent Above 1886.
By EDWARD C. STONE.

in the Fifth Reserve District, just re-
ceived from the Bank of Richmond,
show that the values of building per-
mits in 81 cities scored the most strik-
ing advance among the gains reported
for August. Permits totaled $8,5i8,-
s78, q jump Of 21.2 per cent over the
August 1896 figures. Contracts actu-
ally awarded in August in this district
totaled s2s,456,eoO against s2s.273.-
600 in 1885, or an increase of a. per
cent.
The commercial failure record in the
Fifth District in August was much
lower than the national record, both in
number of failure and in liabilities.
There were rs failures in August
against 38 year ago, reduction of
3l.6 per cent while liabilities in this
area totaled s182,G00 compared with
s294,o00 in August, 1885, a 38 per cent
improvement.
New auto registrations in August
rose 6.8 per cent above the August
1885 figures, although there was
seasonal decline in new car sales as
compared with the July results. In
Washington there were 2,435 passenger
car registrations. drop of 3.6 per cent
from August, 1886; in Maryland regis
tratlons numbered 4,245, a gain of 18
per cent; in Virginia 4,490, drop of 2
per cent. August registrations were
up IL per cent in West Virginia, At
per cent in North Carolina and 1862
per cent in South Carolina.
Automobile Sales Improve.
In the first eight months of 1897.
according to the report, automobile
registrations in Washington numbered
22,034 compared with 24,182 in the
Ike period last year, decrease of SO
per cent Maryland registrations were
up 11.2 per cent in the eight months. in
Virginia "A per cent, in North Caro-
INA 1874 per cent, in South Carolina
2o.8 per cent. In West Virginia new
registrations were less than per cent
under last year.
Whlle the Reserve Bank of Rich
mond lowered its basic discount rate
from TO l12 per cent on August 81,
IN order to assist member banks in
financing seasonal crop movements in
the district discounts at the Reserve
Bank did not advance in the first half
OF September, but on the contrary de-
cllned from the August level.
Other developments revealed a sea-
sonal trend. Bituminous production
rose II per cent; textile mills increased
working time, cotton consumption re-
ouiring 289,841 bales, a steppinp I'm of
o.8 per cent over August a year ago.
Iooacco manufacture exceeded August
1885 production in all branche5 of the
INDUSTRY AS already noted, both retail
ana wholesale trade were ahead of the
like period last year.
District of Columbia bank debts in
August amounted to s228. 1898 600.
against s226,ol5,ooo in July and s221.-
en'oO0 in August last year. a drop of
Is per cent from July, but an in
crease OF 81 per cent from August g
year ago.
-AccAH IlnOS business Good.
Harry G. Meem, president of the
washington Loan g. Trust Co.. back
at his desk after an extended trim
through England, Wales and France
reports that he found highly favorable
business conditions in these countries
Whlle making no special study of
tne economic situation he noted that
almost everywhere people had plenty
Of money to spend
1hls was especially true in Paris
The city was crowded with visitors
que to an extra large number of tour
ISIS and because of the eyposition
winch has proved such tremendously
popular drawing card.
London was moving along more
quietly, but there were ample indi-
cations of favorable business condj-
tlons. The rural districts appeared
prosperous. And in the paths fol-
'o"eo by tourists practically no talk
eoout war was heard, Mr. Meem said
business reviews in the newspapers
reported steady improvement.
Riggs Has New Director
Walter G. Dunlop, vice presidept
ana treasurer of Legg, Griffith g. Co
insurance brokers, located in the Hibbs
nuiiu.flg' mas been made member of
.lle BOARD OF Directors of the Riggs
Natlonal Bank, President Robert v
Fleming announced today. The board
meeting was held late yesterday. Mr.
DunIop nils a vacancy and has been
hcCiVeiy connected with the bank as
MEMBER OF the Advisory Board of
branches since January H. 1893 Mr.
Fleming said.
Business Called "Overscared.s
Business has been unreasonable
frightened by the recent decline in
security prices, says the United Busi-
ness service in its weekly report.
Inere is nothing in the business out
look Tor the near or intermediate term
that would warrant such a sharp mar
ket or the resulting wave of pessiuism
which it has generated.
Sales volumes in certain lines have
peen somewhat disappointing so far
TINS Fall, and costs have risen due to
labor troubles and wage increases.
However, retail business is generally
ahead of last year, and, with goods
moving into consumption at a high
rate due to greater urbah and rural
buying power, there can be no serious
falling off in the production of con-
sumner goods during the coming
months. Business is simply over
scared, the survey says.
Heard in Financial District.
In an unusually interesting session
OF the Washington Stock Market to-
day there were six consecutive $1,000
transactions in Washington Gas SIS.
1860, at lis. Capital Transit stock
was stronger, 100 shares moving at
10A.
Washington Gas Light preferred
stock came out at 997s, while the