Evening star. [volume] (Washington, D.C.) 1854-1972, 1946-03-17
Business Continues
Steady Expansion
In Fifth District
By Edword G. Stone

Business activity in the Fifth
Federal Reserve District shows signs
OF improvement, the Richmond Re-
serve Bank reported in the Febru.
airy review received here yesterday.
The bank stated that trade levels
continue to rise, giving evidence Of
no contraction in the volume Of
purchasing power.
On the manufacturing front an
improved level Of cotton goods, ray
on and hosiery production is noted,
while the previously tagging output
OF bituminous coal has returned to
the same level as that of year ago.
Paper mills are holding output at
established high levels and furni-
ture factories have lifted shipments.
The overall employment level ap-
pears to have stabilized with the
bulk of war plant employment al
ready eliminated. Construction is
in considerable volume, although
completed projects are few. Farm
labor Is short and farm income Is
showing reduction due to the
small cotton crop, the review dis
closed.
d. C. Furniture Sales Jump.
Statistics revealed that retail fur
niture sales in Washington in jan
uary were 80 per cent ahead Of last
year. Wholesale trade in the whole
district was up SO per cent.
The bank also reported that stocks
OF goods in Washington department
stores were 10 per cent higher at
the end Of January than year ago
and orders for merchandise were
10 per cent higher. Receivables
were unchanged. Collections on
open accounts were 40 per cent of
bills due and "a per cent on install
ment accounts.
In a separate report, the Rich
mond bank stated that department
store sales in the Capital for the
week ended March 8 recorded a
substantial gain of Is per cent over
the corresponding week last year,
best advance in the district. WASH
ington stores were Is per cent ahead
OF the previous week, while cumu.
lative sales in the four weeks end
ing March 9 scored a 81 per cent
advance over the like 1945 period.
Trustees Sell Riggs Stock.
The investment firm Of Folger,
Nolan & Co. was the successful bid
der for 80 shares of Riggs National
Bank stock which was sold at the
bank yesterday and represented
fractional shares resulting from the
recent stock dividend which stock
holders had not exchanged for, full
shares. The price paid was S384.60
a share. There were several other
bidders.
On presentation Of the certificates
at the bank, the Riggs trustees will
pay holders for the fractional shares
which they have not exchanged.
Yesterdays sale represented the
final step in the increase of the
banks capital from 100000 to
IS 900 900.
$1,000 Veterans Buy Homes.
Henry P. Irr of Baltimore, presi-
dent of the United States Savings
and Loan League, reported yesterday
that member associations had lent
S173,265 900 during 1915 to $1,000 vet
Grams for the purchase of homes I'M
der the no down payment, per
cent interest rate and other pro.
visions OF the CT Bill of Rights.
The average purchase price Of
these homes was around 4,70O, Mr..
Irr said, and within the reach Of
the average serviceman. The
league president said that four
building and loan associations
loaned more than 100000 each to
returning servicemen last year.
Loans for home construction also
are on the increase, he added.
Association Adds Is Firms.
Revealing exceptional growth, the
Washington Association of Credit
Men has added Is business firms to
its membership roster since January
| (See STONE PAGE A.oIN