Evening star., 1943-01-12
D. {. Building Permit!
Led Fifth District
During November
Richmond Bonk Reports
Furniture Sales Below
Year Ago Here
By EDWARD c. STONE.

Washington led all other fifth
district cities in building permit
valuation in November. with total
of $l,362,31s, the Richmond Re-
serve Bank reported today in the
monthly review. Norfolk was Sec
ond with s39s.450 and Baltimore
third with $295,525. Permits in
% cities totaled only $2,705,l72 in
estimated valuation.
Contracts let for construction
work Of all kinds in the fifth district
trict in November totaled $92 $751;
900 compared with awards totaling
s5s,153 600 in November, 194l.
Retail sales in eight Washing
ton furniture stores in November
were 8 per cent lower than in the
same month a year ago, and were
of 3 per cent in 106 stores in the
fifth district. The bank said the
drop was due to the fact that a
number Of igh-priced articles have
been frozen.
November debts to individual
bank accounts in Washington to-
tailed $414,671 900, a IA per cent
gain over last year, while the fifth
district rise in debts was II per
cent.
Bank Deposits on Increase.
Bank deposits in the fifth dis
trict increased. but time deposits
registered a moderate recession due
in part to heavy Christmas Savings
Club payments.
Selling 10 per cent more goods
In November than a year ago, de-
partment stores also did a very
much larger cash business, the re-
view said. Collections were much
better.
Sales of II department stores to-
tailed $23,282,772. sales OF LOG furni-
ture stores, $2,796, 800, and 212
wholesale firms, $17,179, 900 in No.
vember.
Between the middle Of November
and the middle of December the
nth district banks Government
security holdings rose by $71,117,-
600 and Federal Reserve notes in
circulation rose $47, 7,698 900.
PayrollS in Further Rise.
Washington payrolls rose 0.5 per
cent from October to November, the
review stated, and amount Of pay
rolls, 0.9 per cent.
In the fifth district many mar
ried women are returning to work,
and considerable number Of
women who have never worked be-
fore are now obtaining employ
ment, to supplement family in
comes and partly to obtain money
with which to buy War bonds to
help the war effort.
There were fewer failures in
November, IA comparing with II
a year ago. with liabilities about
the same.
Riggs Plans to Retire Stock.
Robert v. Fleming, president of
the Riggs National Bank, announced
following the regular meeting of the
Board of Directors late yesterday
that they had voted to retire, by lot,
S150,000. or $500 shares, of the pre-
ferred stock Of the bank on March /,
1943. In addition, the sum of $780,
0c0 was transferred from profit and
loss to surplus account, thereby
placing surplus account at $3.50, 900.
Directors declared the following
regular dividends: $3.50 per share
on the common stock, payable Janu-
ary Is to shareholders of record
January II and $3.50 per share, pay
able April Is to shareholders of rec
ord March 80, and the semi annual
dividend on the preferred stock,
payable February ! to shareholders
of record as of the close of business
January II.
Ration Banking Section Topic.
Ration banking will be the subject
for discussion at a dinner meeting
Of the Auditors Section of the Dis
trict' Bankers Association Thursday
at the Lee Sheraton Hotel at s
o'clock. 1t was announced today.
Special guests will include Joseph
A. Kershaw, head of ration banking
in the Office of Price Administra-
ton; S. F. Casko and Frank S.
Smathers, jr. two of his associates,
They will answer any questions on
ration banking which may be asked.