Evening star., 1947-07-15
June Drop Reported
In Bank Loans Of
Fifth District
By Edword C.. Stone

In the five weeks ended June 49,
loans of banks in the Fifth Reserve
District reversed the steady upturn
of the last nine months and dropped
from s495 .o00, 900 on May IA to
S492, ,O0o, 900, the Richmond Reserve
Bank reported today.
Commercial, industrial and agri-
cultural loans declined while real
estate and other loans advanced,
the former gaining $4,000 600. Loans
to brokers and dealers for purchas-
ing and carrying securities were un-
changed.
Irregularity in business movements
was noted but nothing bordering
on q business recession was visible, "
the review states. Employment has
stabilized.
Despite high building costs and
reports of reduced activity, building
permits are showing a surprising
amount of strength. Speculative
building of residences has fallen off
but an occasional development of
considerable size Is started.
Building Costs Lowered.
There have been some notable re-
ductions in residential building costs,
in the form of increased labor eff
cheney but these costs are still high,
the review says. Lifting OF restric-
tions on the number of square feet
and the number OF bathrooms has
resulted in some activity in custom
built houses.
The crop outlook in the Fifth
District is satisfactory despite the
late spring. Cotton acreage Is IS
per cent higher than last year.
Wholesale trade of 1873 firms In
May vas 19 per cent ahead Of the
previous year. Electrical goods
topped the list with a gain Of 132
per cent over May, 1916.
Auto supply sales were up So per
cent; drugs 3, dry goods S, groceries
IS, Hardware 43, industrial supplies
rs, paper products 81, miscellaneous
IA. Tobacco sales were down per
cent.
Retail Furniture Sales Off.
Retail sales in six leading furni-
ture stores in Washington were Z
per cent lower in May than a year
ago and were off per cent in the
five months.
In the five months there were IS
commercial failures in the Fifth
District involving 1897, 900 against
9 year ago for $4,000. May fail
ures numbered seven against one
last year, the review stated.
June Gas Sales Top 1916.
Sales of the Washington Gas Light
Co. during June totaled 7,733 ,346
therms, compared with 1871 ,744 in
June of last year, an increase Of
361 ,602 therms, or 4.91 per cent, COM
pany officials announced today.
Gas sales for the first six. months
of the year were 1857 per cent ahead
of the like 1916 period, 76,743,8S3
therms comparing with 68,172,61l,
an increase of 8,571 ,272.
Oficials stated that June tempera-
lures were practically the same as a
wear. ago. More and more natural
gas Is being used each month.
World Bank Bonds All Sold.
Washington investors, especially
the banks, were heavy buyers of the
International Bank 10-year ~ %
and 25-year 80 bonds which came
out today. The bonds were reported
oversubscribed quickly. Investment
houses have reported exceptional
interest in these issues for several
weeks.
The First Boston Corp. is offering
100000 Washington Suburban
Sanitary District, Maryland, water
main and sewer construction 2.40%
bonds. OF the offering. 100000
maturing 194s-1977 are priced to
yield from 80 to 2.35%. The $400, 900
remaining, maturing 1s78-1sS7, are
offered at prices ranging from 100%
to e71z%o.