Evening star., 1939-10-06
Building Contracts
Awarded in Capital
Show 81 Per Cent Rise
Bonk Review Reveals
Sharp August Goin
Over 1888 Period
By EDWARD C. STONE.

sensational increase of 81 per cent.
the monthly review of the Federal
Reserve Bank of Richmond an
nounces.
Contracts for the whole fifth
district in August amounted to $32,-
$4,000, which was practically the
same as last year; the Maryland
total of $8,568, 900 was 20 per cent
above August, 1888. and Virginia's
total of S6,76O,000 was 81 per cent
lower than a year ago, the figures
being based on F. w. Dodge re-
ports.
In the same period the value Of
permits issued also exceeded last
year. Washington reported the
highest figure for August of any city
in the fifth district, $2,290,900 Bal
timore was second with $1636 800.
While valuations in 81 cities were
materially higher than last year,
they were lower than in July, the
review said.
D. c. Auto Sales Mount.
New automobile sales in Washing
ton in August were impressive. the
number of passenger car registra-
tions reaching 1881, against 1,189
a year ago, an important gain of
Al per cent.
In the first eight months of this
year Washington auto sales. ac-
cording to the r. L. Polk figures,
numbered 1881, compared with H.
901 in the like period year ago, an
increase of so per cent.
August automobile sales in the
whole fifth district totaled 15,84O, a
gain of 45 per cent over last year,
and in the eight months numbered
ass, or 49 per cent, better than
last year. Maryland sales were up
50 per cent in the eight months and
Virginia's 80 per cent.
Bank Debts Exceed 1898.
Debts to individual accounts in
Washington, the report continues,
totaled S246, ,187 900 in August, COM
pared with $221. $4,000 in the cor
responding month year ago, an in
crease of II per cent. This was a
better showing than the per cent
gain for the whole district All but
three of "a trade centers showed
improvement.
Sales of 80 department stores in
the territory totaled 81 400 1862, which
was 6 per cent gain over August,
1888, and 20 per cent over July this
year. Sales of 81 furniture stores,
the report revealed, totaled $l.324,-
4o4, an advance of Al per cent from
July and per cent over August a
year ago.
Sales of 189 wholesale, firms ran
up to Sl2 ,664 900, up per cent from
last year and % per cent from July.
There were over 2900O0,OOO pounds
of tobacco sold in the fifth district
in August, SIS per cent above 1888.
Loans and Investments Up.
The Richmond bank states that
cotton mills expanded operations in
August about II per cent, rayon
mills ran full time, tobacco and coal
outputs were sharply increased and
employment held up due to con-
struction and farm work.
In Washington, however, there
was a drop of % per cent in the
number of people on pay rolls and
OF per cent in amount of pay rolls.
The only outstanding develop
ment of an unfavorable nature in
the district in the past month was
the necessity of closing auction
tobacco markets early in September
to prevent price decentralization as
a result of the retirement of export
buyers, the review says.
Member banks increased both
loans and investments between
August 9 and September 13 and
showed substantial rise in demand
deposits. There were 81 fewer fail
ures than last August, accompanied
by 66 per cent drop in liabilities,
the review added.
Peoples Drug Sales Jump.
Net sales of Peoples Drug Stores,
Inc. in September totaled $685.
270.15. in comparison with $1,71O,-
974.68, an increase of $124,295.47, or
1926 per cent, it was announced at
headquarters of the big chain sys-
tenn here today.
Sales in the first nine months of
this year, the report added, dis
closed another substantial advance,
totaling S16,357, ,45696, as compared
with S15,556,721.58 in the first nine
months of 1898, gain of $500, 735 81,
or 5l4 per cent.
Both gains were ahead of the Au-
gust advances, when the months
rise in sales was 401 per cent and
the eight months 485 per cent.
Schaaff Heads Mortgage Firm.
At meeting of the board of di-
rectors of the National Mortgage &
Investment Corp. held yesterday
James w. Beller resigned as presi-
dent to become chairman of the
board. At the same time Joseph B.
Schaaff, who has been the active
manager of the business, was elected
director and president.
Mr.. Schaaff has been connected
with the organization for more than
IL years and is we'll known in bank
ing and real estate circles in the
District
Ashton c. Jones was elected vice
president to succeed Clarence j.
Donohoe. recently deceased, and
was appointed a member of the
Executive Committee.
Financial District Notes.
In connection with the new Sep
tember all-time record for passenger
traffic American Air Lines reported
today that in revenue passenger
miles the Washington Cincinnati
indianapolis Chicago route showed
a gain of 36 per cent over Sep
tember, 1885, and go per cent over
August of this year.
Directors of Southeastern Indus
trial Bankers. Inc, yesterday de-
clared the quarterly dividend of 7
per cent on the preferred stock, pay
able October II to stockholders of
record October 10. Directors of the
Bethesda Savings & Loan Co., an
affiliate, have voted per cent on
the preferred stock and 10 cents on
the common, payable November II