Evening star., 1937-11-02
BUILDING AWARDS
MOUNT |ND|STR|CT
Contracts Gain 35 Per Cent
Over September, 1886,
Bank Survey Says.
By EDWARD c. STONE.

Dy GOfthhD Ns oAO0$Gs
Building contracts actually awarded
In the fifth district in September to-
tailed $27,475,s 500, against O,3O9. 800
in the same month last year, an in
crease of 35.3 per cent, the Reserve
Bank of Richmond's monthly report,
received here today, revealed. The
report also stated that the estimated
valuation of building permits issued
In 81 cities in the district in the
same month was ISL per cent higher
than the September. 1885. valuation.
Debts to individual accounts in "a
cities amounted to $1,272, ,240, 900 in
September, gain of 8.6 per cent
over the like month in 1886. Debts
also rose So per cent over August
of this year, rejecting increased busi-
ness activity in many lines.
Discounts at the Federal Reserve
Bank of Richmond rose slightly be-
tween the middle of September and
the middle of October, and on the
latter date were approximately four
times as large as a year earlier. Fed
eral Reserve note circulation continued
a seasonal rise as crop marketing and
the beginning of fall trade created
Z demand for more money in the hands
of the public, and Withdrawals of cur
rency by member banks lowered their
reserves at the Reserve bank. The
cash reserves of the Federal Reserve
Bank of Richmond rose materially
during the past month.
Regularly reporting member banks
In leading cities showed seasonal
expansion in loans, and there was
also a considerable rise in demand
deposits, but the banks reduced their
holdings of securities and also low
cred their reserve balances at the
Reserve bank. Cash in vaults in
creased, as fall needs for additional
currency developed.
Sales Volume Up 20 Per Cert.
Retail trade as reflected in 40 de-
partment stores in the fifth district
reached total of $1,000, 1886, against
S9,16S,420 in September. 1887, a gain
of 10.1 per cent, the Richmond bank
said. At the same time sales of 54
wholesale firms in five important lines
totaled S6,464,058, compared with So
163,770 in the like 1886 period, or
40 per cent increase. The usual sea-
sonal gain over August also was
recorded.
There was not much net change in
employment during the past month,
some employers who are especially ac-
tive in the fall taking on workers,
while others who are adversely affected
by inclement weather reduced the
number of persons on their pay rolls
or cut down hours of work
Registrations of new automobiles
In the district declined from August
figures, due to the pending introduce
ton of new models, but exceeded the
number of cars registered in Septem-
Der, 1886, in all sections of the dis
trict except the District of Columbia.
During the month 1888 new passen-
ger automobiles were registered against
16,o61 last year, up 39 per cent.
Commercial failures were relatively
more numerous, 80 comparing with %,
and making per cent increase. Lii
abilities in failures in this district in
September totaled $347,000, against
$289,0e0 a year ago. up 20 per cent,
but not considered bad record by
the Richmond bank. Liabilities were
fclxr hi ir1,
age for the Nation as whole.
Cotton Prices in Decline.
Cotton prices declined between the
middle of September and the middle of
October. the report stated, although
only fraction of / per cent. Cotton
prices also dropped. Prospects for the
cotton crop in this district improved
somewhat, but much less than in other
cotton growing areas.
Tobacco production in the district
Is considerably larger this year than
last, and prices are slightly better also.
The tobacco growers occupy a very
favorable economic position this fall,
but unless and until cotton farmers
secure subsidy payments from the
Government they are in weaker posi-
ton than year ago. Tobacco manu-
featuring continued in September at a
level higher than a year ago.
The weather continued favorable for
crop development and on the whole
prospects improved during the month.
The Maryland estimate for apples rose
In September, but prospects for Irish
potatoes and sweet potatoes declined
In Virginia, Irish potatoes, tobacco,
hay and peanuts improved. North
Carolina estimates for cotton, Irish
potatoes, tobacco and apples rose in
September, and so did South Carolina
estimates for cotton, corn, tobacco
and hay.
Air Express Shipments at Peak.
Nationwide air express shipments
by Railway Express Agency for Sep
tember reached new all-time high of
59879. the Washington agency an
nounced today.
This is an increase of 12,643 or 36h
per cent over the total of 47,236 of all
air express handled in the United
States for the corresponding month
in 1886, it was said. In December,
1896, its previous high month, Rail-
way Express handled So, 1870 shipments,
the announcement said.
Accounting Firm Dissolyes.
Members of the long established
accounting firm of Councillor &
Buchanan, have dissolved partnership,
as Of October 81, it was reported in the
financial district today. James A.
Councillor has resumed business under
his own name and has taken John E.
Brown into partnership.
William Gordon buchanan is olso