Evening star., 1939-02-06
Sharp Gain Recorded
By Building Total
In Fifth District
Rise Of ia Per Cent
Over 1887 Disclosed
During December
By EDWARD C. STONE.


Details from the Federal Reserve
Bank of Richmond's monthly review,
just received here, show that the
construction industry made marked
progress in the last four months of
1888 in the fifth district, due in large
part to Government financed or
aided projects.
In 81 cities in this district build
ing permits issued in December,
1888, totaled $8,387 ,203 in estimated
valuation, an increase of 124 per
cent over permits totaling $3743,-
O90 in December, 1887.
During the first eight months of
1888, the report continues, permits
issued fell 16 per cent behind the
valuation of permits issued in the
first eight months of 1887, but the
increase in the last four months was
sufficiently large to balance the
earlier decrease. total permits valua-
ton for the entire year 1888 being
only 2/10 of l per cent below the
total 1887 valuation.
The review says the figures for
contracts actually awarded for all
types of construction work in the
fifth district, including both rural
and urban, followed the same trend
as city permits. In the first seven
months of 1888 contracts totaled %
per cent less than contracts awarded
in the corresponding period in 1887,
but in August contracts increased
substantially and from that month
to the end of the year exceeded 1887
figures by enough to bring total con-
tracts for 1888 to 1925 692 900, an
increase of per cent over 1914, $780,
600 for 1887. Contracts awarded in
December, 1898, totaled S38 POI 900,
an increase of SO per cent over De-
cember, 1887.
Contracts awarded in Maryland in
1888 totaled S72 528, 900, a gain of
per cent over 1887. District of Co.
lumbia contracts totaled SAC, ,437 900,
drop of % per cent, while Virginia
contracts.totaled S80,645 900, an in
crease of II per cent.
Dollar Sales Figures Rise.
The Richmond bank states that
sales in 30 department stores in the
fifth district in December totaled
S18,30l 300, an increase of per cent
over the same month in 1887, At the
same time sales of l68 wholesale
firms amounted to S9,025 900, gain
Of per cent.
Registrations of new passenger
automobiles in Washington in De-
Cember totaled 2,l43 against 1,470
in December, 1887, an increase of Is
per cent, the report says. Auto sales
for the full year 1888 in Washing
ton totaled 1894 against 28,259,
decrease of 81 per cent.
Maryland registrations in Decem-
Der. 3,427, a 36 per cent gain, and
1881 for the year, decrease of Al
per cent. Sales of 3766 cars in Vir-
ginia in December was a percentage
gain of % per cent while the 1888
total of 3l,2O4 was off SO per cent
from the previous year.
The Reserve bank announces that
from November to December there
was an increase of 10.5 per cent in
the number on Washington pay rolls
and an advance of 80 per cent in the
amount of pay rolls. In Maryland
the gains were 81 per cent and So
per cent respectively and in Virginia
30 per cent and 39 per cent.
Debts to individual accounts in
Washington banks in December
totaled S283615, 900. up 16 per cent
from November and 5 per cent from
December, 1887 Debts for the full
year 1888 in the Capital amounted
to S2,966 ,8O4 900, off per cent from
1887.
There were more commercial
failurgs in the fifth Reserve district
in 1888 than 1887 an increase of q
per cent, but liabilities were lower,
S8,O52,OOO comparing with S9,586, 900
in 1887, a decrease of 16 per cent
in 1888, the report stated.
Changes at Reserve Bank.
AS result of re-allocation of
system holdings of Government Sc
curities on January l, the Federal
Reserve Bank of RichmondS port
folio of Governments rose $l3,698 900
between December IS and January
10, anu CdSll lcSCINCo WA 1Sof1Oiiu-
ingly declined Sll ,465 900.
Member bank reserve deposits rose
sharply during the month, increas-
ing S24,790,OOO, but there was a sea-
sonal decrease in Federal Reserve
notes in actual circulation amount
ing to s7,367 900.
Between January IS, 1898, and the
same date in 1899, member bank
reserve deposits increased S29 ,953,-
900 and cash reserves Of the Rich
mond bank rose S5S, ,438,0 900.
Developments in agriculture were
much less favorable than in 1887,
most crops returning smaller yields
and all showing lower aggregate
values. This lower purchasing power
probably accounts for the failure of
automobile sales to equal 1887, the
review concludes.
Peoples Drug Sales Higher.
Net sales of Peoples Drug Stores
for the month of January totaled
S1.77322O.54, in comparison with
S1,751, ,65O26 in January, 1888, an in
crease of S21, ,57O28, or 1.23 per cent,
the big chains head office reported
here today The report was made
without adjustment for changes in
the number of stores and is good
start for 1889.
General Agent R. L. Baldwin of
the Northwestern Mutual Life In
surance Co. has received word from
the head Office that during 1888
the company sold $685. new life
policies for total of S233 904, ,794 as
we'll as life annuities totaling So
1855. Total insurance in force
again increased, reaching $685.
591,675 at the end of the year. AS
sets reached a new high mark.
About 80 senior and Junior Wash
ington bankers attended the annual
banquet of New York Chapter
American Institute of Banking, Sat-
urday night. Sixteen hundred were