Evening star., 1938-02-04
BUSINESS CLIMBS
IN FIFTH DISTRICT
Figures for Full Year 1887
Show Many Advances
Over 1886 Marks.
By EDWARD c. STONE

DIV EDVvAND ~ oAoA>1s
Business was so good in the fifth
Federal reserve district in the first
1hree-quarters of 1887 that the marked
recession in the final quarter failed
10 prevent the figures for the full year
from exceeding in many instances the
marks of the previous year, accord
Ag to intensely interesting COMPARE
Dons just completed by the Federal
Reserve Bank at Richmond.
The statement of Al reporting men,
Der banks discloses that during the
gear loans and discounts rose by $22,-
s3l 900, but investments in securities
declined more than $48,000,000.
After declining seasonally in No
vember, deposits in 10 mutual savings
banks in Baltimore rose at the end of
December to s218,947,860, the highest
figure on record. On December 81,
1886, the same banks had deposits of
$2l3178,946.
Debts to individual accounts In
Washington banks totaled $283, ,6l5 900
In December. 1887; $3.50, SAT 900 at the
end of November. 1887. and $286,842,-
900 at the end of December, 1896, a
gain of l3 per cent from November,
but drop of IL per cent for the year.
Washingtons total debts for the year
reached s3,164 .659,000, a gain of 8
per cent over 1886.
ID. C. Automobile Sales OF.
Sales of new passenger automobiles
in the fifth district dropped further in
December and were SO per cent be-
low aggregate sales in December, 1896,
But total sales in 1887 exceeded sales
in 1886 by 23 per cent despite de-
clines in the last two months of the
year. Sales in eight of the IL months
were well ahead of the previous year.
Registration of new cars in the Dis
trict Of Columbia in December, 1887,
totaled 1,470 in comparison with 2.8l8
in same month in 1885, a decrease of
~ per cent. For the full year 1887
registrations in Washington totaled
2s,259, against 32,787 in 1886, a de-
crease of 1873 per cent.
Maryland automobile sales in De-
eember totaled 2,521, drop of 43 per
cent. Sales for the year, however
reached 46,37l cars, an increase 48
per cent Virginia sales of 3,064 au-
tomobiles in December were off 81 per
cent from December of the previous
year, but the full years sales of so, 1853
cars were slightly ahead of the 1886
figure, the Richmond bank reported.
Sales in the whole district for the
year were 2.3 per cent higher than in
1896.
Building Contracts Improve.
Building permits issued in 81 fifth
district cities in December were %
per cent lower than in December, 1896,
and last months estimated valuation
of $3,743,090 showed a decrease of
80 per cent under the S5,356,943 value
Of permits issued in December, 1896.
During the full year 1887. however,
the 81 reporting cities issued permits
for work totaling Sss, 1872, ,436 an in
crease of 9 per cent over permits total
ing more than $81 100000 issued in
1896. Contracts awarded in Deem
Der alone were 2.6 per cent lower than
in December, 1886
Construction contracts awarded in
Washington in the full year 1897
amounted to SOS $4,000, an increase
Of 1873 per cent over the s55,314, 500
total of the previous year.
Maryland construction contracts to-
tailed s70,007,90O in 1887, a gain of
343 per cent over 1886. Virginia made
the best record in the whole district,
with total contracts awarded amount
ing to $68,674, 100, striking advance
OF 59.1 per cent
The years construction contracts for
the whole fifth district totaled S3l6,-
10000, an increase of 23.5 per cent
over 1896, the bank report said.
Credit Union Pays Dividend.
The Home Owners Loan Corp. Fed
eral Credit Union at its annual meet
ing recently declared 6 per cent
= dividend on outstanding. shares. which
totaled S34,292, it was announced to-
day.
Reports revealed that 8O5 Washing
Son employees of the Federal Home
Loan Bank Board and its agencies
the H. o. L. c., Federal Home Loan
Bank System and Federal Savings and
Loan insurance Compare members
OF the union. In addition to the
Washington Union, 20 other Federal
Credit Unions have been organized in
feld offices of the H. o. L. c. They
= have 4,118 members.
In the District of Columbia alone
there are l02 Credit Unions, IT of
which are chartered by the Federal
Government and Is by the District
government. They have assets of
$2.000.000 and $4,000 members.
Ohlcers reelected by the H. o. L.C,
Union were: Luke E. Kelley, associate
general counsel of the H. o. L. c.,
PRESIDENT; w. c. Fitzgibbons, vice
PRESIDENT; r. T. Berry. treasurer; L.
T. Dickson, clerk, and w. c. Kirkpat-
rick, Frank M. Eliot and c. H. Scriy-
ener, directors.
West Leads in Rural Sales.
Daily average sales of general mer-
chandise In small towns and rural
areas for the year 1887, as compared
with 1896, were relatively higher in the
Far West, where the gain was 91s per
cent, the Commerce Department re-
ported today.
Sales in the East, the territory east
of the Ohio and north of the Virginia.
North Carolina line, were 7lz per cent
better than a year ago. Sales in the
South were up per cent.
The yearly gain for the whole coun-
try was about 6 per cent, the report
said.
Today's Trading on Exchange.
Washington Railway g. Electric Is
drew most attention on the WASH
ington Stock Exchange today when
three $1,000 bonds changed hands at
LOT. It was the first time these bonds
have appeared on the board this year.
Capital Traction IS came out again
with one sale at SO. maintaining their
recent advance. Washington Railway
& Electric preferred stock changed
ownership today on a small lot sale at
110E2. Bid and asked prices on other
Issues were practically UNCHANGED.