Evening star., 1940-05-05
Bank Loans Register
Moderate Increase
In Fifth District
Debts to Individual
Accounts in Capital
Aheod Of Year Ago
BY EDWARD G. STONE.

VtS00 W V0s NAV
BY EDWARD G. STONE.
Between the middle Of March and
the middle Of April bank loans In
the Fifth Federal Reserve District
showed q slight increase, according
to the monthly review by the Re-
serve Bank Of Richmond received
here yesterday. Loans on April 10
totaled $267 .947, 900, up from 1884,
10000 In March and far ahead Of
the total Of $237, ,298 900 In April q
year ago. v,.t
Debts to individuals accounts,
which give picture of business ac-
tivity through the turnover in
checks, totaled $287 SAT. 900 In Wash
ington banks at the end of March,
q gain Of 6 per cent over March,
1899, and 20 per cent over February
this year, the report stated. Debts
IN the whole fifth district totaled
$1,342, ,709 900, an increase Of 13 per
cent over February and 8 per cent
over March, 1899. j
Sales in 81 department stores In
the fifth district in March
amounted to $685., ,594, SO per cent
better than February and per cent
ahead Of the first quarter in 1899.
Sales In six Washington depart
ment stores were per cent higher
In the first quarter this year than a
year ago. Because Of cold weather,
however, the Richmond Bank says
that Easter trade was not up to
normal volume.
Fewer Failures Reported.
There were fewer commercial fail
ures reported In the fifth district
In March, A against SO a year ago,
decrease of Is per cent. Liabili-
ties totaled $500 900 against $500 GOO
year ago, an II per cent reduction.
Employment in the fifth district
saw little change, a reduction in the
textile mills being taken up by in
creases in the building industry.
In the District of Columbia the
number on payrolls moved up IA
per cent from February to March,
while an increase of 1.6 per cent in
the amount Of. payrolls was also
recorded.
Automobile sales furnished the
brightest business spot in the fifth
district in March when sales of
new passenger automobiles were the
largest Of any month since July,
1887. Sales totaled 81 ,989 passenger
cars, q gain of "a per cent over
March a year ago. In the first quar-
ter sales totaled $500 cars, an up
turn of "a per cent.
In Washington March registra-
tions of new passenger cars num-
bered 3,087 compared with 2,76I
year ago, an increase of II per cent,
while sales in the first three months
OF this year totaled 6,434 against
6.l81 last year, a gain of per cent.
The review. quoting the r. L. Polk
figures, stated that sales in Mary
land In March were up Is per cent
and In the quarter "a per cent. In
Virginia sales were 20 and Is per
cent better than a year ago In these
periods.
D. C. Permits $2,634,995. p. T..
The Richmond review places
building permits in Washington at
$2,634,995 in March, the total being
second to Baltimore. Permits in the
nth district in the first quarter
totaled $23,713,468, OF 10 per cent
from last week in the same period.
Contracts actually awarded in
Washington in March totaled
$4,007, 900 against $6,783, 900 a year
ago, drop of Al per cent. Virginia
contracts amounted to $7,057 900,
of 13 per cent, while Maryland
awards totaled $11 ,9O5 900, a 81 per
cent jump. The Dodge figures say
that contracts in the fifth district
IN March aggregated $31 ,542 900,
down 10 per cent.
Turning to agricultural condi-
tions, the Richmond Bank says that
all farm work is late, adding that
the cold weather probably prevented
damage to apples which frequently
occurs in mild winters and springs.
Peaches were seriously damaged by
April freezes, the summary says.
Dlv1OCuuS DCCAdECUs
Directors of the Potomac Electric
Power Co. have declared the regu-
lar quarterly dividend of $1.50 per
share on the per cent preferred
stock, payable June / to stock Of
record May IS; also the regular
quarterly dividend of $1.37h per
share on the 5h per cent preferred,
payable June to holders on May Is.
On Washington Railway & Elec-
trio common stock, the directors
have declared a dividend Of $40 per
share. The last quarterly payment
was 50 which means that the pres
ent dividend includes an extra Of
81, payable May 81 to stockholders
Of record May Is.
The quarterly dividend of SIPS
per share on Railway preferred was
declared last December. It is pay
able June / to stock of record May
Is.
Exchange Trading Active. =
On the Washington Stock Ex-
change yesterday 100 shares Of
Lanston Monotype sold at %, WASH
ington Gas Light common moved at
27A, and Railway e. Electric pre-
ferred came out at 1171a. Ten
shares Of American Security &
Trust Co. stock appeared on the
board at $50. Capital Traction IS
closed the week at 101N.
Washington Gas Light preferred
was quoted ex dividend at 104 bid,
with 1857 asked. Mergenthaler
Linotype registered 151a bid and IT
asked. Railway & Electric COM
mon is now carrying a bid Of $500
Q share, with none offered.
Macy Insurance Club Speaker.
William Macy III Of the Phoenix
Mutual will be the principal speaker
at the next meeting of the Life In