Evening star., 1940-04-07
Bank Debts u D
9Per Cent From
Year Ago Here
Fifth District Total
ID Per Cent Higher
During March
By EDWARD c. STONE.

tions in Washington in February
and the first half Of March, the
Federal Reserve Bank of Richmond
reported yesterday that debts to
individual accounts, rejecting trans
actions through the banks, totaled
$239 1886 900 in February, compared
with $220,617 900 year ago, re-
vealing substantial gain of per
cent. In the whole fifth district,
debts were IA per cent above Feb
ruary, 1899. although seasonally
lower than in January this year.
Loans at reporting member banks
continued to rise between February
IA and March 13 in this district, the
report added. Both demand and
time deposits also increased during
that period.
Washington registered a drop in
automobile sales compared with
gains in the rest of the fifth dis
trict. New automobiles sold in the
Capital in February numbered 1,6l7
against 2138 in February, 1899. a
drop of "a per cent. In the first
two months of 1910 auto sales here
reached 3,347, compared with 1920
cars in the like 1889 period. drop
Of 2 per cent, the report said.
Automobile sales in the fifth dis
trict in February were 81 per cent
ahead of last year and 25 per cent
higher in the two months. Mary
land reported 80 per cent gain
In February and 80 per cent in the
two months. while Virginia car sales
were up l8 per cent III February and
% per cent in the two months, ac-
cording to the r. L. Polk & Co.
figures.
Contracts Up 107 Per Cent.
The Reserve Bank review states
that building permits issued in 81
fifth district cities in February
totaled $7072,557 compared with
$7,2l6892 year ago, off per cent.
Washington led with permits total
ing $2,53l SOS, with Baltimore second
and Richmond third The small
Washington figures were the chief
factor in pulling down the total for
the fifth district from last years
mark, the review commented.
However, contracts awarded in
Washington, according to the F. w.
Dodge records. totaled $3.50 900
against 50 ,307 900 in February a year
ago, sensational gain of lot per
cent.
Contracts awarded in the whole
district were valued at S29,6O5. 900,
a gain of SIS per cent, exceeded every
other February since 1929, and were
larger than the total of $22.016 900 in
January this year, the Richmond
review said.
Two February contracts totaled
more than $4,000 900. one Naval
Medical Center near Bethesda, for
$4,850, 900, and the other War De-
partment Office building in Washing
ton for $4.32s 900.
Maryland contracts awarded
totaled $40 ,234 900. surprising jump
of 11S per cent, and Virginia's totaled
$4.728. 900, rise of per cent, the
report says.
Retail SdAeS SHOW UdlIlS.
Turning to sales volumes. the
Richmond report says that sales of
81 department stores in the district
totaled s7.334,877, up II per cent:
sales in 80 furniture stores amounted
to s1012 ,329, a rise of 20 per cent;
while sales of 211 wholesale firms in
the fifth district reached $11, ,229 900,
an upturn of IA per cent.
There were only 46 February
failures in this area, a decrease of
% per cent, but liabilities totafed
$584,OO0, which was Is per cent
higher than a year ago. There was
a moderate decline in employment
In the district in February, chiefly
In coal mining and the textile in
dustry.
In the District of Columbia, how
ever. there was gain of 0.4 per cent
In the number of pay rolls and an
advance of or per cent in the
amount of pay rolls, the Richmond
report concludes.
Peoples Drug Sales Higher.
Net sales of Peoples Drug Stores,
Inc. for March totaled $1948 ,538 II,
compared with $1,859, ,621 .33 in
March. 1889, an increase of $88,916.78
or 478 per cent, it was announced at
the head Office here yesterday.
Sales in the first quarter amounted
to s5,637 ,199 88 against $3.50, ,333.37
In the like period in 1899, a sub
stantial gain of $278,866.51 or $40
per cent, the report added.
Sales in February were sos per
cent ahead of the corresponding
month last year. Net sales in the
first three months of 1910 scored
gain of $2OO,459.83 over the
previous year, up 3.87 per cent.
Gas Bonds Reach New Peak.
Washington Gas Light SIS, reached
q new 1910 peak on the Washington
Stock Exchange yesterday when
they sold at 1904 on five consecu-
tive $1,000 transfers. The last
previous sale registered 128 and the
low for the year was 124A.
During the Saturday session
$4,000 Columbia Country Club
AZ per cent bonds moved at 104,
the first sale this year. The bid
for Washington Railway g. Electric
common stock advanced from $74O
to $3.50 per share, with no sales.
The Washington Gas Light Co.
has filed an amended statement with
the Securities and Exchange Com
mission giving the names OF the
underwriters for the sale OF 24,4O0
shares of AZ per cent cumulative
convertible preferred stock, an
nouncing the price as $lO3 a share
and presenting other facts about the
issue.
Financial District Comment.
H. Norman Glasco, chairman of
the Auditors Section of the District
Bankers Association, announces that