Evening star., 1938-03-06
January Total Continues
Below Year Ago, Says
Reserve Bank.
RETAIL TRADE CLIMBS
SHARPLY HERE IN WEEK
Average Gain of 17.48 Per Cent
Leaves Volume $50 Per Cent
Under 1887 Levels.
BY EDWARD C. STONE.


this Reserve district in January
showed some signs of revival, but
total figures continued below the re-
suits for the corresponding month a
year ago, the Richmond Reserve
Banks report, received. here yesterday,
disclosed.
Building permits issued in January,
1888, in 81 fifth district cities totaled
$4,125,673, a decrease of 273 per
cent in comparison with permits is
sued in January, 1887. totaling S5672,-
TIT, but Is of the 81 cities reported
higher figures for the 1888 month.
Washington and Baltimore. with a
combined decline of 536 per cent,
accounted for most of the district de-
crease
The five leading cities in order of
value permits were Washington. Char
lotte. Baltimore, Norfolk and Rich
mond. the Charlotte and Norfolk fig
ures being much larger than the jan
uary, 1887, returns, the report said.
Contract awards for all type of con-
struction totaled $l9,438, 900 in jan
uary, 1888, decrease of 321 per cent
compared with awards totaling s2S.-
$4,000 in January, 1887. OF the
January contracts, $4,587 900 repre-
sented residential work, compared
with sll.24l, 700 for this type of work
IN January, 1887 decrease of 59.2
per cent. The contracts include bridge
projects, dams, roads, industrial, COM
mercial and residential buildings.
Time Deposits Show Gain.
The Richmond review states that
member banks in leading cities re-
duced loans and discounts and demand
deposits declined proportionately in
January. Time deposits. however, in
creased slightly in both reporting
member banks and mutual savings
banks.
For the first time since the banking
holiday in March, 1888, every report
ing city had lower debit figures in
January, 1898. than in the CORE
spending months of the previous year,
Debts totaled sl,201, 1884, 900, a drop
OF l1.6 per cent.
Commercial failures in the fifth
district increased over December, a
seasonal result of pressure caused by
year-end settlements. There were
1eWer failures in number, but liabili-
ties were larger, the bank said.
Sales OF new automobiles were 48
per cent lower than registration in
January year ago. In Washington
registrations totaled LIS, against
2,137 a year ago, drop of 47.8 per
cent. In Maryland sales were off 81
per cent and in Virginia 40.l per cent.
Coal production was materially low
er, due to reduced use of fuel in in
dustry. Cotton textile mills operated
at December levels and mills lowered
their stocks of goods. Rayon manu-
1acturers shipped third more yarn
than in December. Department store
sales were up OF per cent and whole
sale trade off 13 per cent, the report
said
Weeks Retail Trade Higher.
The Commerce Department report
ed yesterday that retail trade in Wash
ington during the past week showed a
good increase over the previous week,
with an average gain of l7.48 per
cent reported, but decreased $50 per
cent from the corresponding week a
year ago.
Bank clearings totaled $22.778,579,
against $26,99l ,446 in the like period
last year. Building permits in the
Capital totaled s629,5O0, including
$4,000 for an apartment house and
100000 building for George Wash
ineton University. February building
permits totaled ST ,396,435, against ST.
e88,9s5 in February, 1887.
Parry to Address Bankers.
DR.. Carl E. Parry. chief of the di-
vision of security loans of the Federal
Reserve System, will address the audi
tors section of the District Bankers
Association on Federal Regulation of
Security Loans" Thursday evening at
the Lafayette Hotel A widely known
economist, who has been connected
with the Federal Reserve Board for
many years. his address is expected to
draw a record attendance, Harry L.
Downey, chairman of the section, said
yesterday. Invitations have been ex-
tended to the executive officers of all
the District banks as the subject is
Of interest to them, particularly the
loaning officers.
trict Bankers Association will be host
to the Baltimore Association at the
Lafayette Hotel Wednesday, with din
ner at $50, Secretary T. E. Elgin an
nounced yesterday. The section Off
GERS have a most interesting program
for entertaining the visitors.
Gas Stock at New 1888 High.
On the Washington Stock Exchange
yesterday Washington Gas preferred
sold at a new high mark for 1898.
The market opened with 10 shares
selling at 100la, up half point from
the last previous sales. Two more 10
share sales were recorded at 1O0L.
Capital Transit stock closed the week
at on 14-share turnover. The
final bid was 8. with 812 asked.
Members of the exchange were much
interested in the address of Gansell
Purcell, director of the Securities and
Exchange Commissions trade and ex-
change division, in Boston, in which
he said primary aim Of his agency
was to encourage broad expansion
IN listings and trading volume on the
"local' exchanges.
In this way. he said, it would be
possible to provide regional sources of
capital and an adequate local financial
mechanism for the LESS spectacular"
small corporation. He believes small
corporations should list tfeir securi-
ties in home markets rather than else.
where.