Evening star., 1939-06-06
Building Contracts
Awarded in Capital
Jump 439 Per Cent
Richmond Bank Gives
Comparative Figures
With April, 1888
By EDWARD C. STONE.

Details from the Federal Reserve
Bank OF Richmond's latest monthly
review, received in Washington to-
day, state that construction con-
tracts awarded in the District OF
Columbia during April amounted to
S9,705 900, against 81 ,799, 900 in April,
1888 or an increase of 439 pei cent.
Contracts awarded in the fifth dis
trict in April, 1899, titaled $42,-
0O6,O00, the highest figure for any
month since March, 1880, and were
81 per cent above contracts totaling
S25, ,l14000 awarded in April. 1888.
During the first four months of 1899
contract awards totaling SIS ,62O, 900
exceeded awards made IN the first
four months of 1888 by 81 per cent,
Figures collected by the F. w.
Dodge Corp, for April 1889 and
1898 on construction contracts
showed that contracts in Maryland
totaled S6476,000, which was l per
cent under April a year ago, and
that Virginia contracts amounted to
1881 900, a gain of II per cent over
the same month in 1888
Building permits issued in 81
cities in April, 1899, totaling S.
579,777 showed declines of % per
cent from Sll ,904 ,407 in March. 1899,
and 3 per cent from S8.S61 ,313 in
April, 1888. Seventeen of the 81
cities reported higher figures last
month, but two very large declines in
Raleigh, N. c.. and Charleston, S. c.,
caused the district decline this year.
Washington led with permits to-
falling s2,826.7l0 last month, Balti-
more was second with 81 ,443 ,162 and
Charlotte third with S673417.
District Auto Sales Soar.
Sales of new passenger automo-
blles rose further in the fifth dis
trict in April and totaled 20,1S8 cars
an increase of 13 per cent over II 300
cars sold in March, 1889, and 43 per
cent over 1902 cars in April, 1888
The large increase in sales in the
Carolinas over 1888 sales reflect
steady employment in textile indus
tries and payments by the Govern
ment to farmers under various CROP
control plans. The registration fig
ures for new cars were furnished by
r. L. Polk g. Co. of Detroit.
Automobile sales in the District
Of Columbia in April totaled 2,S07.
against 1886 year ago, an increase
of As per cent In the first four
months of this year sales in Wash
ington totaled 8,906, compared with
1921 in the like period in 1898, an
increase of 50 per cent.
The report said sales in Maryland
In April totaled 3,735. a gain of 80
per cent over April, 1888, while the
four months auto sales totaled
1854, up 81 per cent.
In the whole Fifth District sales
in the four months totaled 1854
cars, in comparison with 45.051 in
the corresponding period last year,
leading to A per cent improve
ment.
Furniture Sales Increase.
Sales in 38 furniture stores in the
Fifth District in April amounted to
$728,152. an increase of 13 per cent
over April, 1888, and per cent in
the first four months of 1899 against
1888.
Sales of 80 department stores in
the Fifth District in April totaled
$8,842875, off per cent from April
year ago and putting sales for the
four months this year also down
Z per cent.
Sales of 216 wholesale firms
reached $4,000 which was II per
cent lower than year ago. For
the first four months sales were
practically the same in dollar VOL
ume as last year.
The Richmond Bank says that the
six weeks coal tie-up hit buying
power severely in the District, not
only in the mining territory but all
along the railroads.
Debts to individual accounts in "a
cities were approximately equal to
debts in April. 1888. Debts in
Washington are now per cent
ahead of last year. Commercial
failures were fewer than in March
but 81 per cent above April, 1888,
the report revealed.
Preferred Stock to Be Called.
The Washington Stock Exchange
has been notified by Peoples Drug
Stores, Inc, that Peoples Drug
Stores preferred STOCK listed on
the Washington and New York
Stock Exchanges, is to be called
in the near future.
The stock will be called at ITO,
plus the dividend which will be due
on September IS, the notice states.
The dividend is $16212, which makes
the call figure S1116212 per share.
Outside the stock held in the
company's treasury, there are 1000
shares outstanding, the stock pay
ing $3.50 per year. 1t is widely
held in Washington.
Keegan to Address Bankers.
Otto c. Lorenz, author, manage
ment engineer and nationally
known consumer-credit authority;
Jay keegan, deputy administrator
of the Federal Housing Administra-
ton Washington and John B. Pad
di, assistant vice president CT the
Manufacturers Trust Co., New York,
are among the headline speakers
who will address the neWly-organ-
lied Bankers Association for Con-
sumer Credit at its initial national
conference in Conneaut Lake Park,
Pa, June "a and 25, it was an
nounced today.
Mr.. Lorenz will speak at the BAN
quet on "A Free Ride for the Bor-
rower-Where Profits and Deficits
Begin in the Bankers Personal Loan
Department" Mr.. Keegan will speak
on Interpretation, of the New Fed
eral Housing Act and What 1t Means
to the Bank and Mr.. Paddi will
talk on Bank Credit VS.. Consumer
Credit"
Dollars And Sense Appears.
Dollars and Sense, published by
Washington Chapter, American In
stitute of Banking, appeared in the
financial district today, the June
issue being most complete in cover