Evening star., 1940-11-07
Defense Drive Spurs
Business Activity
In Fifth District
Richmond Bank Cites
Big Demand From
Housing Projects
Ry EDWARD C. STONE.

According to the October review
of the Federal Reserve Bank of
Richmond, the Governments de-
fense program is now really being
felt in the fifth district, which in
cludes Washington, Maryland, Vir-
ginia, West Virginia and the Caro-
hnas.
Two or three camps in the dis
trict, says the printed report re-
ceived here, are now being greatly
expanded to provide quarters for
drafted men, and in the Hampton
Roads area a substantial housing
program is being rushed, these prof.
ects requiring large amounts of lum- !
ber, paints and other building ma
terials, and several thousand build
ing tradesmen.
Plant expansion continues, espe-
cially at shipyards and aircraft fac
tories, and plans previously an
nounced for additional facilities to
manufacture munitions and chemi- |
Gals are being pushed.
Textile mills are working on Army |
and Navy orders for such materials
as ducks, drills, denims, sheetings
and blankets. At least one shoe fac
tory is making service footwear. An
overall plant is turning out denim
work garments, and another plant |
is making up articles of canvas such
as wagon and truck covers, mattress
covers and airplane tarpaulins.
A shell case order is being handled !
by Virginia plant, and another is
making steel drums for liquid stor-
age. An order for trunk lockers is
being filled by a leading luggage |
manufacturer. All of these develop !
ments, picked at random, are in |
addition to the vast orders for ships |
and aircraft awarded in the Hamp- |
ton Roads and Baltimore areas, the |
report concludes.
Country Club Bonds Called.
The Columbia Country Club has
called for redemption on December
l, 1910, at los, all of its outstanding
first mortgage Al per cent bonds. |
These bonds were issued in June, |
1887, at 103.
Arrangements have been COM |
pleted by the club, through the To-
cal investment firm of Robinson, |
Rohrbaugh e. LukenS, for a private |
sale to a limited number of in |
vestors of 100000 first mortgage |
3 per cent bonds, proceeds of which |
will be used for the redemption of |
the AVS, on December l.
The notice of redemption of the |
present Columbia Country Club Az |
per cent issue states that these |
bonds should be presented for pay |
ment at the main Office of the Riggs |
National Bank.
The bonds are listed on the Wash |
ington Stock Exchange, the last sale |
taking place at 104.
Pratt Heads Loan Group.
Walter S. Pratt, jr., was reelected |
president Of the Equitable Co-opera-
tive Building Association, 915 F
street, at the annual meeting yester-
day He has just rounded out his |
AID year with the Equitable, serving
as secretary for many years, he be-
came president in 1885 on the death
of John Joy Edison, the founder
Other officers reelected were Harry |
G. Mee1n, vice president; Edward L.
McAleer, secretary, and j. Harold |
Mcdowell, assistant secretary.
All directors were reelected, in |
Guiding MeSsrs. Pratt, Meem. Nc |
Aleer, Ralph P. Barnard, Charles H.
Doing, Arthur B. Heaton, Robert L. |
Lewis, Theodore w Noyes, Arthur |
Peter, Wilson L. Townsend and |
Frank j. Stryker. One new director
was elected, DR.. William Charles
White of the National Institute of |
Health.
Secretary McAleer reported that |
resources had reached S8, ,375 600, |
highest in the 61-year history of !
the association.
Towson Takes Treasury Post.
Harry g. Meem, president of the |
Washington Loan & Trust Co., an |
nounced today that Norman E. Tow
son has resigned as assistant treas |
urer and manager Of the foreign de-
partment to became assistant to the
director of the Office of foreign funds
control in the Treasury Department |
Mr.. Towson had been loaned" by |
the bank to the Government for sew
eral months and his appointment to
the permanent position in the |
United States Treasury made it |
necessary to terminate his service Of |
% years with the trust company. The |
resignation was accepted with re-
gret by the directors yesterday.
James Chief Loan Speaker.
G. Clinton James, a vice president |
of Columbia Permanent Building
Association and former president of
the District of Columbia Building &
Loan League and United States |
Savings League, will be the princi- |
pal speaker at the Southern Hotel
in Baltimore tonight, where the
Maryland League of Building Asso-
Citations will gather for the Goth con-
vention.
Other speakers include Gov. Her
bert OConor, Mayor Jackson OF
Baltimore and o. K. La Rogue,
president of the Federal Home Loan
Bank of Winston-Salem.
S5,42S,629 in Bonds Voted.
Voters of 62 communities in "a
States during October authorized
new bond f1otations totaling S5,428,-
629, as compared with $4,592 922 in
October of 1899, according to The
Daily Bond Buyer. During the month
of September. 1910, authorizations
amounted to Sc, ,325 ,884. This brings
the total of elections during the first
10 months of the year to $91 029, ,611.
The largest flotation authorized
was S750,00O airport bonds for Dallas,
Tex.
During October projects involving
S1,522,750 were turned down, as COM
pared with $4,592,922 in october,
1899.
Lively Trading on Exchange.
A "bull market" broke out on the