Evening star. [volume] (Washington, D.C.) 1854-1972, 1938-11-28
Residential buiIdinq
Shows Sharp Gain
In Capital Area
October Contracts Up
SO Per Cent Over 1887,
New Survey Reveals
By EDWARD C. STONE.

end Of 1888 approaches.
October contracts included a sub
stantial gain of 88 per cent over
the awards in October, 1887, &C
cording to H. A. Johns. Washing
ton manager of the Reports Divi-
sion of F.. w. Dodge Corporation
The local gain was ahead of the
average of 70 per cent recorded for
the 81 States east of the Rocky
Mountains.
With the close of October this
years residential building in Wash
ington neared the year-end figure
for 1887.
October residential contract
awards totaled s5,325 900, while in
1887, contracts Of the correspond
ing month amounted to S2,833,0 00
January through October con-
tracts, this year reached S35. 709 900,
far behind the corresponding SAT-
$4,000 of 1887, the survey disclosed
Yule Trade Seen Passing 1887.
With the uptrend in general bust
ness still accelerating and con-
fidence vastly improved, holiday
trade this year is likely to eXceeo
a year ago, says the United Bust
ness Service in its weekly report,
received here today. A late squirt
is probable, and dollar volume may
run 81 to 80 better than last
year with physical volume ur
around so to go.
Unseasonably warm weather
rather than lack of buying power
has been the chief deterrent to re-
tail sales this fall. This is indl-
Gated by the increase in demand
during the past two weeks OF colder
weather. Whereas sales in Oc-
tober averaged about 12fo under
year ago, dollar volumes are now
running about even with 1887 levels
Retail prices in general are about
10 lower than last year. Hence,
with dollar sales now about the
same as year ago physical vol
umes are already ahead of cor
responding 1887 levels, todays re-
port adds.
New Clubs Open Wednesday.
Christmas Savings Clubs in l6
Washington banks will be thrown
open next Wednesday, November
80. The early opening is fixed so
that members may put some OF
this years thrift money back into
the 1888 clubs if they wish to do
so, distribution Of somewhat less
than 100000 to take place early
in December. for the benefit OF
about $1,000 club members.
The new clubs are to be con-
Quoted along the same lines as they
were this year and again will pay
no interest. In a cooperative ad-
vertising campaign the DISTRICT
Bankers Association will announce
the list of banks maintaining the
clubs and present other facts re-
garding their operation.
These clubs have done a great
deal to popularize the banks, Will
lard G. Barker, chairman OF the
associations Advertising Committee
and president of the Morris Plan
Bank, said today.
The other members of the COM
mittee are Robert L. Flather, Ameri-
can Security g. Trust Co.; Eliot H.
Thomson, Washington Loan &
Trust Co.; E. Percival Wilson, Ma
tional Savings g. Trust Co., and
George o. Vass, Riggs National.
Bankers expressed interesting
views about these clubs today. Some
officials want Just as many members
as possible. Others, on account of
limited lobby space hope for linn
tied enthusiasm. There is certain
to be rush, however, as usual.
October Farm Sales Lower.
Cash income from sales of farm
products totaled S777 100000 in Oc-
tober, compared with 1907 100000
during the same 1887 month, the
Bureau of Agriculture Economics
estimated.
Government payments to farmers
in October totaled $4,000 900, COM
pared with S27.000000 in September
and S5,0OOOOO in October last year.
Including Government payments,
cash income of farmers in october
amounted to 100000. or 8 per
cent less than the 1912 .000 900 re-
ceived by farmers in October, 1887,
from marketings and Government
payments.
. The bureau increased It's estimate
of 1888 income by S125 100000
bringing it to a total of STEPS 000,-
600.
New Books OH Increase.
Another indication OF the better
business conditions is seen in the
number of new books coming off
the financial press. One OF the lat
est is the second revised edition of
American Public Finance, written
by William j. Shultz of the College
of the City of New York. and pub
lished by Prentice-Hall, Inc. Pro-
found changes in American fiscal
thought in the recent past form the
basis for the new edition.
Starting with the history of public
finance, the author divides his text
into three chief discussions, govern
ment expenditure, principles of tax
alton and the American taxation
system, including governmental Dor
rowing, Federal, State and local
fiscal relationships. While the sub
ject matter is especially adapted to
text book uses, the book is of very
general interest and reflects a vast
amount of research.
Heard in Financial District.
Robert V. Fleming president of
the Riggs National Bank, was among
the Westinghouse attending the
Army Navy game in Philadelphia.
John R. Waller, president of the In
ternational Bank, Jackson place,
was another financier from the
financial district.
The First Federal Savings & Loan
Association is distributing the Fed
eral Fireside in the financial dis
trict. The quarterly pays special
attention to the pride of home own
ership and presents several plans for