Evening star., 1942-02-09
Fifth District Bank
Reports Sharp Gains
In Industry
Multiple Shifts Forced
On Many Factories
As Demand Expands
Rx EDWARD C. STONE.

OF l94l, just puDnSneu, IeFedA
surprising array of new records II
trade and industry, practically al
plants being on full time and many
on multiple shift basis.
Cotton textile mills consumed
more cotton than in any other
earlier wear and were SO fully en-
raged on defense orders that mucf
civilian business had to be declined
Rayon yarn mills operated at
espacitv during all of l94l, but
could not meet all demands for
ravon after the Government i'm
pounded raw silk stocks.
Shipyards in the district employed
eyerv trained workman they could
obtain. and used every available
shipvay in the yards. Several aodl-
lions were made to existing yards
and new yards were opened.
Aircraft Factories Rushed.
{ Aircraft factories expanded faclli-
tes as rapidly as possible. and
greatly increased ability to deliver
planes of all types.
I The chemical industry expanded
facilities to meet constantly lncreas-
ing demands for defense material,
and a large number of small indus
tries which were able to tie into the
var preparations received all the
orders they could handle.
s The demand from industry and
TRANSPORTATION for coal greatly
stimulated mining in the district,
and bituminous coal production IN
West Virginia, Virginia and Mary
land rose Il per cent above 1910 out
put. in spite of the fact that vir-
tually all mines were closed during
April, 1941, by a labor dispute.
In the construction field, 194l wit
messed an enormous volume OF work
in the district.
Distribution of goods to consumers
rose notably, sales of 10 department
stores being up 20 per cent from
1910, while furniture sales increased
"a per cent.
Mayf1ower Earnings Jump.
Mayfower Hotel Corp. reports net
earnings for 1941 as S270,516, equal
to SO cents a share on 389,738 out
standing shares of stock, in COM
parison with s171 $50, or A cents a
share in the previous year, and
S17,417 in the year 1899.
The sharp gain in earnings re-
fleets the greatly expanded business
which the hotels have enjoyed dur
ing the past year. The Mayflower
had practically capacity business
throughout 1941.
Anticipating the favorable annual
report, MayfloWer Hotel securities
sold over the counter, have recently
advanced steadily. The two bond
issues have displayed particular
strength.
Insurance Sales Mount.
Home Life of New York in jan
uary established new all-time
record for a single month of paid
for production-the best month in 80
years. The increase amounted to
109 per cent above January's pro-
duction year ago and exceeded
the total production of January
February of any year since 1880.
Substantial gains in all directions
were made by Massachusetts, Mutual
Life Insurance Co. during 1941,
says President Bertrand j. Perry, in
reporting to the policyholders. New
insurance sales were S133,537 ,493, a
gain of S7,085 ,116, or Sc per cent
over the previous year. Insurance
in force December 81 was s2,025,-
443549, an increase of S35, ,757, ,567
for the year.
Bankers Attend Banquet.
Many members of Washington
Chapter, American Institute of
Banking, and other Washington
financiers attended the annual din
ner of New York Chapter Saturday
night, About 1,400 were present,
not quite as many as last year. The
Washington guests were most en-
thusiastic over the whole program.
Members of Washington Chapter
present included John M. Christie,
chapter president; Kenneth Birg-
field, George M. Rowzee, jr.; ]. Earle
McGeary, w. L. Sanderson, Miss
Leona Draeger, Joseph r. Fitzpat-
rick and Paul J. Seltzer.
Among other bankers from WASH
ington were Wilmer j. Waller and
Warren r. Forster, Hamilton Ma
tional; I. j. Roberts, Riggs National:
Rutherford ]. Dooley, National
Bank of Washington, and Richard
A. Norris, Lincoln National.
H. H. Mckee Felicitated.
H. H. Mckee, president of the Ma
tional Capital Bank and East WASH
ington Savings Bank, was felicitated
today by host of fellow workers
on the occasion of his 77th birthday.
He received a huge bouquet of flow
ers from the District Bankers As
sociation.
Mr.. Mckee has been one of the
city's leading financiers for many
years. For long time he was one
of the most active members of the
American Bankers Association, being
one of the leading speakers at many
national conventions. His knowl-
edge of banking technicalities has
always been considered remarkable.
In addition to being at the head
of two banks, he is also chairman of
the Washington Clearing House, an
office of unusual Importance.
Riggs Bank Common Climbs.
Five shares of Riggs National
Bank common stock sold on the
Washington Exchange today at 28O,
up points. In January a single
share sold at 260, 20 points lower
than todays figure. Riggs preferred
sold today at 1917
Twenty shares of Washington Gas
common moved at 1873, up an
eighth, while tiny sales of Gas Pre-
ferred registered 991a. Capital Tran
sit had a turnover of SO shares at
%, unchanged.
Heard in Financial District.
While the American Bankers As
sociation favors the proposal to vest
in the Federal Reserve Banks au-
thority to buy Government direct
from the Treasury, approval is given