Evening star., 1943-02-07
Shipyards and Plane
Plants Lead Rise
In Fifth District
Richmond Bonk Cites
Many New Records
Set During Year
BY EDWARD c. STONF.

BY EDWARD c. STONE.
Many new records were estab-
llsaed in the Fifth Federal Reserve
District during 1912. among the
most important being in the aircraft
and shipbuilding industries. accord
Ing to the Reserve Bank of Rich
monds statistical review of business
and industry, Just published.
The report. received here yester-
day, stated that four shipyards To-
Gated in the fifth district produced
81 per cent Of the United States
merchant shipping total for the
year.
The aircraft industry, which was
OF little consequence IN the dis
trlct's business activities before the
war. has grown to major proportions
During 1912 sizable amount of sub
contracting for that industry was
ture factories.
The achievements in these two
industries, the bank review said,
ARE so favorable that they will give
no aid and comfort to the enemy"
Despite restrictions on private
building, construction in the fifth
district exceeded $1,000 100000 in
the first II months of 1912 or a gain
of "a per cent over 1921. Residcn-
tlal construction of housing facil-
tiles for war workers totaled s33,-
600 900, the report stated
Life Underwriters to Confer.
The annual one-day Washington
Baltimore Life Underwriters Con-
ference will be held at the Statler
Hotel on Thursday, February 18,
according to announcement yester-
day by Vernon w. Holleman, chair
man.
An excellent attendance is already
assured. as insurance leaders have
an unusually large number of vital
problems to solve under wartime
conditions. Loss of leading agents
to war service has proved a most
serious handicap
Chairman Holleman said that an
nouncement will be made in a few
days of the names of six nationally
known speakers who are expected to
appear on the program.
Southern Promotes Jardine.
William Jardine, district freight
agent of the Southern Railway Sys-
tenn, with Offices at Fifteenth and K
streets, has been promoted to the
position of assistant general freight
agent, it was announced yesterday.
A native Washingtonian Mr.. JAR
dine entered the service of the
Southern Railway here in 1920. He
served as secretary to various traffic
officers until 1882, when he was ap-
pointed chief solicitation clerk. He
was promoted to chief clerk in the
Office of the general freight traffic
manager in 1887 and was promoted
to district freight agent on Septem-
Der /, 1888.
AS assistant general freight agent |
Mr.. Jardine will have charge of
freight sales and service matters in |
Washington and vicinity.
Gas Bond Redemption Planned.
Following Fridays approval by the /
Public Utilities Commission of the |
Washington Gas Light s475O, 900 |
80. per cent bond issue, due in 1865. !
officials plan to use 81 500 600 of the !
amount in the payment Of unsecured
bank notes
OF the remaining sum, S2.240 900
will be employed to redeem the Az
per cent outstanding bonds, due in
1856 The company expects to take
up $4,000 of these bonds March l.
The issue will be sold to six COM
panies and will not be offered to the
public.
Store Sales Reveal Gains.
Lerner Stores Corp. January sales
totaled S4,449, ,297, a substantial in
crease of 27.2 per cent over sales in |
January year ago.
w. T. Grant Co. sales in January
reached SO, ,391 .98o, which was a gain
of a. per cent over the first month |
of 1912
Mcclellan Stores Co, sales in jan /
uary amounted to S2,237,947, or 1877 /.
per cent better than in January a
year ago.
These and other similar reports /
indicate that ma jority Of the big /
chain stores got away to fine 1943 ,
start.
Prices Strong on Exchange.
Washington Gas Light common /
has gripped attention during recent /
sessions Of the Washington Stock T.
Exchange. This issue, which was
around l3 for long time, seems TO
have stabilized near IT and above
recently. It closed the week at IT'S
with 24l shares changing hands this
year
Capital Traction SIS were in better
demand last week, moving at l05ls
to yield 362 per cent Capital Tran
sit stock reached 33, which means
yield of $50 per cent. Mergenthaler
Linotype. at 40 gives the best return
of any issue on the board, 1880 per
cent.
Garfnckel common appeared on
the board for the first time in l943
as did Lincoln Service common
Garhnckel sold at 6l2 and Lincoln
at lli2.
Among the unlisted securities
Washington Railway & Electric
units recently have attracted con-
siderable attention.
Financial District Comment.
Bankers in the agricultural dis
tricts are strongly opposed TO revival
of the Agriculture Credit Corp. by
the Agriculture Department, claim
ing that they can meet all the credit
needs of the farming communities
a. reasonable interest rates.
Keith Albee Orpheum directors
have declared the quarterly sl75
dividend on the preferred stock. pay
able April to stock Of record
March Is
The American Contractors War
Advisory Committee has appealed to