Evening star., 1942-03-02
Banks Reveal Sharp
Gains in Defense
Lending Activity
Looms on War Goods
In 152 Cities Reuch
SIPS, ,2So,4 ,460
Ry EDWARD C. STONE.


An increase of $460 900 900 in tn
volume of loans and commitment
made by commercial banks t
finance war goods production
shown by the survey of defens
lending activity of the American
Bankers Association, for the quar-
ter ended December 81, 1941, re
leased today.
The survey showed that 39l re
porting banks in 152 cities had de
fense loans and commitments TO
defense loans outstanding on De
cember 81 of S2,229 ,289, AGO, an in
crease of $464,289, ,460 over Septem
ber 30.
The survey revealed that IT PEE
cent of the loans and commitments
were made without requiring thu
assignment of the Government con.
tract, while in % per cent of the
cases was such an assignment re.
quired.
The 391 banks reported loans anc
commitments for supplies and equip.
ment totaling s1005, ,507 1874, and fol
new plant facilities and construc.
ton. S714974,654.
For working capital loans arising
out OF operations of customers con-
trlbuting indirectly to national de.
fense they reported s5O8 ,8O7, ,272.
Transit Adds 1,061 New Men.
In his annual report for l941
President E. D. Merrill of the Capt.
tai Transit Co. states that the total
number of employees, including Of
ficers, was 4.661 on December 81
1941. compared with 1926 on De-
cember 81, 1910. During the year
l061 new men were employed and
trained as motormen, conductors and
bus operators.
The number of men occupied in
maintenance of vehicles increased
from 546 to 612. During the year 1874
men left the service to enter mill
tary training. OF these, Al returned
subject to later call.
Total salaries and wages in 1941
amounted to S7,992,O28, an increase
over the year before of 81 1893 1888, or
81 per cent, of which approximately
100000 was due to higher rate in
194l, the balance to a greater num-
ber of employees.
w. r. & E. Holdings Reduced.
In his annual report to stock
holders of the Washington Railway
& Electric Co., President Alfred G.
Neal says:
"As stated in the annual reports
for 1899 and 1910, the North Ameri-
can Co. made substantial reductions
in its holdings of this company's
securities, and during 1941 it made
further reductions through dispos-
ing OF 1927 shares of preferred
stock and of participating units of
beneficial ownership of common
stock representing 4,749 8/40th shares
OF such stock, with the result that
as Of December 81, l94l. its holdings
had been reduced to 1885 per cent
of the voting securities of this COM
pany, represented by 51,827 33 4Oths
shares Of common stock Including
1880 33 40ths such shares repre-
sented by participating units)."
Sun Life Reports Many Gains.
The Sun Life of Canada has ap-
proXimately so per cent of its total
assets of a billion dollars invested
in the United States, according to
j, M. Strait, manager of the COM
pany's branch of this CITY, who
today released the seventy-fr an
nual statement which shows in
creases in all important items. New
business showed a strong upward
trend throughout the period under
review. New 1941 business totaled
s187, 100000.
Arthur B. Wood, Sun Life presi-
dent, in his annual review of the
company's operations gives par
ticular emphasis to the functions
of life insurance under war condi-
tions. He declared that every avail
able dollar of policyholders' pre-
MUM savings, while performing its
primary purpose of providing Sc
curity for the individual and the
family, is also being applied, to-
gether with the investment income
of the company, to the purchase Of
Government loans
Trade Shows Amazing Gains.
The Ct per cent gain in retail
trade in Charleston, S. c., in Janu-
ary, over January, 1941, was out
done by Vallejo and Napa, Calf,
with a II per cent advance, accord
ing to the Federal Reserve Boards
latest comparison of department
store sales in leading cities.
Washington's gain of SO per cent
and Norfolk's of Sc per cent stand
we'll up in the list. Trade in Portland
Me- and Utica, N. Y, was up Sc
per cent; Niaagra Falls, SO; Read
ing. Pa. 60; Akron, Ohio, go, and
York, Pa. g..
Birmingham, Ala, reported a 81
per cent upturn; Fort Wayne, Ind,
so; Fort Smith. Ark, ST, and
Wichita, Kans., so. In Long Beach,
Calf. trade was up so per cent, in
Seattle, Wash, SO; while trade ad-
vanced more than 40 per cent in a
very long list of other cities.
Heard in Financial District.
c. J. Gockeler, who retired re-
tcIlllN do OH olllI1dl Ol OAAO
National Bank and took up residence
in New Jersey, was a visitor in the
financial district today and attended
the session of the Washington Stock
Exchange Of which he is veteran
member.
When the motor vehicle use tax
went into effect. the Capital Transit
Co. had purchased 1,026 of the tax
stamps, at a cost of s2,14434. OF
this total, 915 were put on wind
shields of buses and the rest on
emergency cars, trucks and tractors.
During 1941, the Potomac Electric
Power Co. sent an abnormally large
amount of power to utility COM
pany serving defense plants in the
Baltimore industrial area, an addi-
tional contribution to war efforts.
j. Clifford Folger, named vice
chairman of the District Defense
Savings Committee, is president of
the Washington Bond Club, treas
urer of the Mayflower Hotel Corp
member of the investment firm of
Folger, Nolan & Co., and very active
in MANY civic organizations