Evening star., 1939-01-31
Building Made Most
Improvement in 1888,
Reserve Bank Says
Richmond Review Finds
Activity in This Area
Under Previous Yeur
By EDWARD C. STONE.

nes barometers in the Fifth Reserve
District, which includes Washington,
during 1898, compared with the pre-
ceding year, the Richmond Reserve
Bank reported today. City building
permits issued were only fraction
of per cent under 1887 in esti-
mated valuation, while contracts
awarded exceeded 1887 by per cent.
Employment increased substan-
TALLY in the fall and early winter
but the average level for the year
was lower than in 1887, the bank
review said. Sales of new automo-
biles we're Al per cent below the
previous year. but in the last two
months were materially ahead OF the
corresponding months in 1897, the
report stated.
Some lines of trade forged ahead
but the marked increase In trade
and industry late in the year was not
sufficient to equal or pass the 1887
levels. The textile industry made a
moderately favorable record in COM
parison with 1887, tobacco eXceeded
1887 in all lines except cigars, btu
minous coal production was % per
cent under the 1887 figure.
There were 81 per cent more COM
mercial failures than in 1887, but
aggregate liabilities declined 1t per
cent in 1888. Agricultural develop
ments were much less favorable,
both as to yields and crop values,
the lower purchasing power having
an important effect on retail tfaoe
and the sale of automobiles.
In reviewing December alone, the
Richmond Bank said further ad-
vancement was indicated in nearly
all lines. Debts to individual &C
counts were up l6 per cent; failures
were fewer in number but higher IN
liabilities: automobile registrations
we're higher than in any other month
since August. 1887, and exceeded De-
cen1ber of the previous year by 70
per cent. Department store sales
advanced Is per cent, furniture sales
Jumped IL per cent and wholesale
trade was per cent greater than
in December, 1887, the review as
serted,
S44,452,0 Put in New Homes.
Residential building led construc-
tion activities in the Washington
metropolitan area during 1888, ac-
cording to H. A. Johns, Washington
manager of the reports division OF
F. w. Dodge Corp, III his analysis
sc
tracts for the building Of residential
structures in the metropolitan area
of the District, Arlington and Fair
fax Counties. Va, and Montgomery
and Prince Georges Counties, Md,
amounted to s44 ,452 900 in 1898. The
year-end total i'll 1887 was s52,-
$4,000.
The top month in the dollar VOL
Tune of residential contracts was No
vember, with S6422,00 October,
the second highest. had a total OF
S., 1926, 900. The third month was
August. with S4,577,000. The bottom
was touched in January, when con-
tracts amounted to S1,3l9,000. De-
cember residential contracts were
under the same month of 1887, ST.
$4,000 in 1888 and 81 600 in 1887.
The summary points out that the in
dividual totals of residential con-
tracts awarded here in five OF the
1888 months were higher than they
were in the corresponding 1897
months.
The 1888 non-residential building
contracts did not reach the level
established in 1887. In the order OF
Importance the months of greatest
non-residential activity were June,
with S6,113000; October, with So
253,OOO, and November, with $780,
600. The lowest contract total was
S421, 900 recorded for April. Decem-
Der contracts for nOn-resldentlal
building, s2,077 ,O00 were per cent
ahead of the s1,98400o awarded in
the same month Of 1887.
Privately owned construction in
and near Washington accounted for
S54,434 900 Of the 1888 contracts.
This included a wide margin over
S24.225 900, the total value Of the
publicly owned projects.
Heavy engineering construction
undertaken by the utilities and the
various governmental agencies in
1888 had a total of S9,220,000. In
1887 the corresponding total was
s7,799, 900.
The Dodge summary concludes
with grouping Of all types of con-
struction. The contract total for
1888 was S7S,659,0OO. This was be-
hind 500 661 900. the 1887 total.
Business Has Good 1889 Start.
The American Federation of La
bors January survey says that buSi-
ness started 1889 at a substantially
higher level than year ago. In the
first three weeks of January builders
ordered steel for heavy building con-
tracts 88 per cent above the figure
year ago. Orders of steel rails are
expected to be so per cent higher
than last year. Machine tool orders
in December were more than double
the 1888 low point in May.
The review notes the great in
crease in the number of new auto
mobiles turned out. compared with
January a year ago, adding that
business activity as whole is II
per cent ahead of the previous year
observers seem unanimous in the
belief that, barring war, recovery
will soon be resumed, making the
outlook for 1889 appear distinctly
encouraging, the survey says.
Heard in Financial District.
New York Stock Exchange follow
ers crowded the local boardroonft
today for the opening reaction to the
Hitler speech being drawing card
Almost all the stocks on the board
opened higher.
Walter T. Lawton of the Wash
ington agency has just been an
nounced as member of the Leaders
Club of the Mutual Benefit Life In
surance Co., according to adyices