Evening star., 1941-04-17
Building Contracts
Show Sharp Gains
In This Territory
House Construction
Stands Out During
'Three-Month Period
BY EDWARD c. STONE.

IndI ldlIu, DloUlIIG VI SOluIllUid,
Delaware, and New Jersey, reported
today that in the first three months
of this year residential building
contracts totaled 1850, 900, a long
advance over the comparable $42,-
956,000 in the same period in 1910.
One-family houses, tWo-family
houses and multi-family projects
accounted for the improvement, he
said. March residential contracts
alone were valued at $34,5180 900,
against only $20,141 900 a year ago.
Non-residential building is in Sec
ond place from the valuation stand
point, with S57,577,0 900 for the three
months. That included a substan-
tial increase over the total for last
years period, $35,280000. Non-res-
idential building in March was
about S15,0O0,000 better than in
March, 1910. The two months had
totals of S24,527 900 and $9,518,000,
respectively.
Engineering construction by the |
various governmental agencies and
by the utilities moved shortly to |
total of last year, S2l,592,00O The
March record was substantially bet
ter than in the same month of
1910. The total was $10,894, 900 last |
month and was S9,480,000 a year
ago.
At the close of the three-month
period a combined total for all types |
die Atlantic States was $153,250, 900.
That was 81 per cent better than
the corresponding 500 ,828,000 of last
year. Individually, March jumped
to S69, $4,000 over last years March
record of $39, ,139, 900, the report said.
Sherwood Gives Up Banking.
J. L. Sherwood, manager of the
Brookland branch of the Hamilton
National Bank, at 70 years of age.
is retiring from the banking field,
first employe to come under the
banks new pension plan. His
associates honored him with a din
ner at the Continental Hotel last
night.
Mr.. Sherwood has had a varied
and unusually successful career. He
entered banking when so years old.
opening the Brookland branch OF
what was then the Merchants Bank
Ss Trust Co., with Peter A. Drury
president. He retained the same po-
sition when this bank became unit
of the Hamilton National.
He helped organize and has been
president for Is years of the North
east Building Association.
Investment Picture Shown.
Washington members of the In
vestment Bankers Association filled
Washington Stock Exchange head
quarters in the Washington Build
ing late yesterday to witness the
showing of motion picture en-
titled America Looks Ahead"
James Parker Nolan, chairman OF
this district, stated that the picture
is now being presented in 1,500
theaters in the country, including
$50 theaterS in New York.
The purpose of the picture is to
present in a vivid way the need of
investment banking in the expan-
sion of industry to increase pro-
duction. The picture does just that.
1t is entertaining as well as in
formative.
Lowell Thomas takes the speaking
part and explains in detail how
money is obtained from the public
for the operation of vast business
enterprises. The film was made for
all who are interested in invest
ments.
Bond Rules Furnished Banks.
Treasury Department rules gov
erning the part banks will take in
the sale of defense savings bonds
were in the hands of Washington |
banks today.
All banks, trust companies, mutual |
savings banks, building and loan as
sociations, members of the Federal |
Home Loan Bank System and bank
ing institutions which are members
of the Federal Deposit Insurance
Corp. may qualify to sell these bonds,
the regulations state, by application
to the Federal Reserve Bank in the |
District.
The rules go into great detail and |
are the first official word regarding |
the actual mechanics to be used in !
distributing the bonds to the public. |
Smith Wins Third Honors.
William H. Smith, Riggs National
Bank, won third place in the Ameri- |
can Institute Of Banking's regional
public speaking contest in Philadel-
phia last night.
Winfield T. Irwin, Philadelphia |
chapter, won first place and w.
Harold Perdue, Bluef1eld, w. Va, |
captured second honorS. The winner |
gets into the national contest at San |
Francisco.
ing Meeting the Credit Needs of Our
Democracy" and there were 10
contestants.
Corporation Earnings Studied.
The Washington office of Fenner
& Beane is distributing survey
devoted to what higher taxes may
do to the earnings of many i'm
portant corporations, these conclu-
sions being reached:
III would appear prudent 10 dVOlO
issues with exceptionally low excess
profits tax exemptions, issues with
relatively inf1exible operating char
acteristics and issues failing to show
a liberal earnings coverage of cur
rent dividend rates.
Emphasis might better be placed
upon shares of companies with fex-
ible operating characteristics, issues
likely to benefit from the national
defense program, issues with rela-
lively high excess profits tax ex-
emptions and issues with relatively
wide margins of earnings coverage
over current dividend rates"
Today's Trading on Exchange.
Lanston Monotype appeared on
the board in the Washington Stock
Exchange trading today, 10 and 10
share lots selling at 20.
Twenty-Five shares of Capital
Transit stock moved at 1615 and a
small lot of Potomac Electric Power
per cent preferred sold at 11514.
The bid for Railway common now
fAxx Acf Jy1 a