Evening star., 1938-10-03
BUILDING BETTER
IN FIFTH DISTRICT
Contracts Awarded During
August Up 1920 Over Last
! Year, Bank Reports.
BY EDWARD c. STONE.

Details from the Richmond Reserve
Banks monthly review, received here
today point out the indicators show
ing better than seasonal improvement
In August and the first half of Sep
tember
Building permits issued in 81 fifth
district cities in August rose per cent
in number over permits issued in
August, 1887, but estimated valuation
figures declined 81 per cent. Permits
issued totaled ATS. with estimated
valuation of s6,757.976, compared with
1881 permits and a valuation of
S8,518,978 in August last year.
Washington reported the largest val
uation in August, 1888, S3114,975;
Baltimore was second with 81 ,044 ,587,
Norfolk third with $245,169, Richmond
fourth with S234,205, and Winston
Salem fifth with s2oo,932 Among the
five largest cities Richmond and Nor
folk reported higher figures than for
August last year, while Baltimore,
Washington and Charlotte reported
lower figures. Seventeen cities showed
higher figures for the 1888 month";
while IA cities showed lower figures.
Contract award figures totaled
$32,347,0 900 for the fifth district in
August, an increase of SO per cent over
contracts totaling S2l 100000 awarded
in July this year and 10 per cent
above S29,456, 600 awarded in August
last year. Contract award figures are
better measure of construction ac-
tivity than city building permits, since
contracts include all types of work To-
Gated anywhere in the district while
city permits cover activities within
corporate limits only.
Sales Volume Is Unchanged.
The volume of retail sales in SO de-
partment stores in the district re-
manned practically unchanged in
August, $7,728,252 comparing with
S7,720,242 a year ago. Sales of 1919
wholesale firms in this area totaled
S13837 600, which was only per cent
below last year.
Debts to individual accounts totaled
SLIPS, 300, 900 and a decrease of only 6
per cent from August last year, the best
comparison made in any month since
December There were 70 failures in
the fifth district against 26 year ago.
The liability record was also very bad,
s514,000 compared with Sl8l, 600 in
August, 1887.
Automobile registrations showed the
smallest decline of any month since
last April, off so per cent. Passenger
car registrations in Washington num-
bered 1,189, down 81 per cent from
last year In the first eight months
they totaled 11,901, off As per cent.
Tobacco sales in the fifth district in
August jumped 81 per cent over the
same period in 1887, reaching 40,430,-
629 pounds, compared with 90,357,98l
last year in August. Department store
sales in the first eight months of
1888 were down only 4 per cent.
Employment on Increase.
Increase in employment in fifth
district industries continue moderate
ly in August. Rayon manufacturers
and cotton textile mills further ex-
panded operations and tobacco fac
tories increased output. Opening of
additional auction tobacco markets
gave work to several hundred handlers.
The number on pay rolls in the
District of Columbia was off "a per
cent and the amount of pay rolls
2.6 per cent, the report states. Mary
land employed was up 5.4 per cent
and pay rolls 81 per cent. Virginia
also reported gain of 3.5 per cent
tn olor
roll pickup of 6.8 per cent.
Twelve cities reported larger August
bank debit figures than those for July,
Durham leading with an increase of
81 per cent, and five cities increased
over August. 1887, Durham again
leading with 26 per cent, the review
adds
Taxes Found Heavy Burden.
Taxes on industrial corporations in
1887 equalled SO per cent of cor
porate net income, after taxes and
other charges, William Gordon
Buchanan reported recently to Wash
tngton Chapter, National Association
of Cost Accounts, the report being the
result of Nationwide study.
The report supplied by treasurers,
controllers and accountants associated
with TIT industrial corporations stated
that while the total tax revenues of
Federal, State and local Governments
IN 1887 amounted to over one-ffth
OF national income for that year, the
tax burden on industrial companies
was even greater, amounting in 1887
to one-thlrd of corporate income be-
fore the taxes were deducted.
The study also disclosed that direct
corporate taxes in 1887 amounted to
1875 per cent Pf total direct labor pay
rolls and 3.4 per cent of sales prices
for the reporting companies.
Figures from smaller group of
companies showed 1887 taxes amount
ing to 67.3 per cent of dividends paid
TO stockholders during the year.
Hartig on Advisory Board.
Directors of the American Security
IL Trust Co. at their last meeting
elected Ben c. Hartig a member of
the Advisory Board of Home Savings
Branches.
Mr.. Hartig is Secretary and Treas
urer of the Washington Garage Co.,
Inc, 1912 E street NV, which also
operates garages, service stations and
parking service in other sections of the
city.
He is member of the Advisory
Board of the Progressive Building AS
sociation. Other affiliations include
membership in the Columbia Country
Club, Manor Club, Advertising Club of
Washington and Stansbury Lodge of
Masons.
Maryland Road Bonds Awarded.
The State Roads Commission of
Maryland has awarded to a syndicate
headed by Smith, Barney g. Co.,
S5,385,000 refunding bonds on their
bid of 1oo6oe9 for IS. Syndicate man
egers report that the bonds, due
1940-51, have all been placed privately.
Bond statesmen look for brisk