Evening star., 1939-09-05
D. {. Building Awards
Jas Per Cent Above
1888 in July
Contracts for Fifth
District Increase
IS Per Cent
By EDWARD c. STONE.

bullQlng contracts AWARDED IN
Washington in July totaled $5,871,-
600, in comparison with $2,395, 900
in July, 1888, an increase of las per
cent, the Federal Reserve Bank of
Richmond states in its latest review
OF fifth district business conditions.
Contracts awarded in the whole
fifth district in July totaling $685.
1l7000 were IS per cent above the
$21 100000 in the July, 1888, awards,
the report added, although there
was a drop from the June total.
Marylands July contracts totaled
$6,024, 900. against $5,l83,O00 a year
ago, or an increase Of 16 per cent.
Virginia contracts totaled S9,6l4 900,
as compared with $7,12O,0OO, a gain
OF "a per cent.
West Virginia's contracts totaled
$6,l37 900, including some contracts
let outside the district, compared
with $1,799,000 a year ago, an III
crease of 241 per cent.
North Carolina also reported a
startling gain of 139 per cent,
$7,0l4,000, comparing with S2,932,OOO
last year in July.
In the fifth Reserve district build
Ing permits issued in 80 cities in
July totaling $l3,596, ,3O1 showed in
creaSeS of Is per cent over Sl1 ,799,-
l32 in June OF this year and 96 per
cent over $6,949 ,405 in July a year
ago. Nineteen cities reported high
figures.
Washington led in July valuation
with $6,255, ,495, Huntington was
second and Richmond third.
Loans and Investments Rise,
F'orty-one reporting member banks
IN II Fifth District cities reported
moderate increases in loans and in
vestmentS between July II and Au-
gust this year, and on the latter
date both items were substantially
larger than on August 10 last year
Reserve balances and demand de-
posts also rose during the past
month, and on August 9 were far
above figures year ago.
Between July Is and August Is,
1889, there was seasonal increase
in circulation of Federal Reserve
notes incident to opening OF auc-
ton tobacco markets in the South
Carolina belt. Increases in member
bank reserve deposits and in the
Reserve banks cash reserves also
occurred, but earning assets de-
cllned, chiefly due to maturity of
short-term Treasury bills on which
earnings were negligible, the review
says
Deposits in 10 mutual savings
banks in Baltimore decreased from
1920, ,303, ,545 on June 80 to S2l9, TIA
9O4 on July 81, but on the latter
date exceeded deposits totaling
1875, ,431 on July 81, 1888. A small
decline in mutual savings banks de-
posits usually occurs in July be-
cause Of vacation Withdrawals.
ID. c. Auto Sales Increase.
Sales of new automobiles in
Washington again showed substan-
tlal gain over the corresponding
month last year. The Richmond
Bank states that the R. l.. Polk Sz
Co. figures show 2,O95 passenger cars
sold in the Capital in July. COM
pared with l,430 in July, 1888, or an
CdSC VI 10 pei Ctlll.
Washington sales of new cars in
the first seven months of this year
amounted to 1911, as compared
with 1912 in the like period a year
ago, an improvement of 81 per cent.
Maryland sales of $3.50 cars in
July registered so per cent gain
and the 23,976 cars sold in the seven
months meant a gain of 50 per cent
over last year.
Virginia reported July sales of 81
1877 cars, an increase of 56 per cent
over July, 1888. In the seven months
sales reached 25,853, gain of 81 per
cent. Better conditions in July were
reflected in West Virginia by jump
of 155 per cent.
In the whole fifth district 1882
cars were sold in July, II per cent
gain. In the seven months sales
climbed to 122,6l5, up so per cent
over last year, the report disclosed.
Bankers Conclude Vacations.
William w. Keck, assistant treas
urer of the American Security &
Trust Co., has returned from an
Coast. He visited the San Francisco
Exposition, Los Angeles, where he
inspected motion picture studios in
addition to all the other attractions;
the Grand Canyon, Boulder Dam
and host of other points including
the leading national parks
Alfred H. Lawson, vice president
tat tn rs
ington Loan & Trust Co., has re-
turned from a vacation passed in
the mountains of North Carolina.
Lanier P. McLachlen, president of
the McLachlen Banking Corp, is
back from his vacation passed at
Bethany Beach, Del.
Donald w. Larson, secretary of
the District Bankers Association, is
taking short vacation, including a
sojourn at Virginia Beach.
Wild Market Crowds Offices.
The wild New York stock market
jammed the local brokerage Offices
to the doors for the opening today,
following Sunday and Labor Day
holiday. The opening included some
most startling advances since the
Saturday close. Practically all the
business was confined to the So
called war stocks. Some of the gains
in both low and high-priced issues
were astonishing. The opening saw
some huge volumes in first sales, the
turnover being typical of war times
A decrease in real estate fore
closures on other than farm prop
critics of approximately II per cent
in the first half of 1899, as compared
with the same period of 1888, was re-
ported by officials of the Federal
Home Loan Bank Board today, as
a result of survey just completed
by the boards Division of Research
and Statistics.
Today's Trading on Exchange.
Washington Railway & Electric
preferred stock sold at 118 on the
<To tolo1,