Evening star., 1942-05-05
Building Contracts
In Fifth District
Score Sharp Gain
Bank Review Reveals
1zo Per Cent Advance
In March Over 1941
BY EDWARD C. STONE.


Building contracts actually award
ed for construction work in tn
Fifth Federal Reserve District il
March totaled $3.50, $685. 900, an in
crease Of 62 per cent over $50. ITO ,O0
IN February, and gain of 129 pc
cent over the s57,017,000 given ou
In March year ago. the Richmont
Reserve Bank reported today.
Contracts awarded in the fiftl
district in the first quarter of 194
amounted to $263, 400 900, the high
est total for any first quarter sine,
records were started in 1921, ant
SO per cent above the $132,9O7, ,OOt
awarded in the first three month.
Of 194l.
Capital Leads in Permits.
Building permits issued in March
in 20 fifth district cities totalec
$8,858 ,126, a seasonal increase of 1:
per cent over permits totaling ST..
849,950 issued in February this veal
but 27 per cent below s12, ,172, 900 ir
permits issued in March, 1941
Permits in the first quarter OF
1912 totaling S23,448,007 were q
per cent less than $32,57O,726 in the
first quarter of 1941, the decrease
being in large part due to difficulty
in obtaining construction materials
for civilian use this year.
Washington led in March, 1912
permits with $2,706,338, Baltimore
was second with $2,277,822, Norfolk
third with $977,860, the review says
The report states that bank debts
in Washington in March amounted
to 1892 ,996 900, a gain of Is per cent
over the same month last year. In
the whole district debts were ur
21 per cent.
Auto Sales Merely Nominal
Under the rationing system auto
mobile sales in March were merely
nominal, the report adds. Sales in
Washington numbered IS new cars
drop of 98 per cent from the
1896 sold a year ago.
In the first quarter CAT new cars
were sold in the Capital, against
8,31l year ago in the same period
decline of 90 per cent. The DROP
in the whole fifth district in March
was 90 per cent and in the three
months 88 per cent.
Turning to employment, the re-
view says there was an increase in
March in the number on payrolls
in Washington of 90 per cent and
In the amount OF payrolS Of 25
per cent.
Loans to business and agriculture
showed an increase; there was an
IL per cent increase in the number
of failures in the fifth district but
a tumble of A per cent in total
liabilities.
Note Circulation Scars.
Evidence of greatly increased
business activity in the fifth dis
trict, the report says, is the rise in
Federal note circulation, which in
creased to $456, ,727 900 on April Is
or So per cent increase during the
year.
Sales in 78 department stores to-
tailed $18, 400 1882 in March, against
$13,716,66o a year ago up IS pei
cent. Retail furniture sales
reached $l,552,l59 IS per cent
advance, Wholesale business to-
tailed III, ,078, 900, which was 81 pei
cent ahead of last year.
The survey refers to the Creates
industrial activity ever known ir
this district but does not 90 int
the war work in detail. No doubt
industrial workers are making the
biggest incomes on record, a fact
fully attested by figures on con-
Sumer purchases and the $4,000.
000, 900 March check payments, the
review concludes.
Porter Wins Second Place.
Stephen o. Porter of the Riggs
National Bank, represented Wash
ington Chapter. American Institute
Of Banking, and won second place
in the regional public speaking con-
test at Newark, N. j., Saturday
night.
He made a fine showing against
strong competition but second place
does not entitle him to 60 to the
national convention of the American
Institute of Banking in New Orleans
in June. Contestants in the ma
tional tournament compete for 81 ,00o
In prizes and expenses. Mr.. Porter
won the Washington Chapter con-
test some weeks ago.
Building, Loan Men Dine.
More than $50 members of the
District of Columbia Building and
Taon T 40 o1,o colobrot tod the and ~
the bowling tournament last night
with a dinner at the Mayfiower
Hotel The bowling teams are from
the various associations.
Wilfred j. BlanZ, president of the
league, announced the winners ane
presented host of prizes to tn,
winning teams and TO bowlers max
ing the best individual scores. Tht
championship was won by Columbia
Federal Savings & Loan Association
for the second time, the team gain
ing the cup permanently.
William E. Poulton, head of thu
bowling league, took part in the cere
monies, as did the committee mem
bers, Jennings Brown and Urbar
oOlI@iClly, "A fdliCu CLlCl ldllIlllCll
followed the prize awards.
Eight to Attend Bank School.
Eight Washington bankers, as wei
Is employees from the Federal Re
serve Board and the Treasury, vii
attend the 1912 session OF the Grad
uate School Of Banking, at Rutgcr
University, 1t was learned today.
The Capital delegation will in
clude Frank M. Perley, American
Security & Trust Co.; Francis E
Robey and Thomas j. Norris, Banl
of Commerce & Savings: william :
Ricciardi, Hamilton National; Rob
ert V. Mellefont and Edwin B. Shaw
Riggs National; George o. Schwein
haut, Washington Loan g. Trust
and Joseph r. Fitzpatrick, Secon
National.
Messrs Fitzpatrick, Schweinhau
Mellefont, and Robey will gradual
this year, while Messrs. Perle.
Norris, Ricciardi and Shaw are i
the class OF 1943. The bankin
courses are the highest offered any