Evening star., 1952-03-17
Fifth District Reports
Record Borrowing by
States and Cities
BY Nelson N. Shepord

0k0kI- dA10 u1u444GIPdt UO1AOWAll
was at record $409 million il
the Fifth Federal Reserve Distric
in 1851, a figure IL per cent highel
than the preceding year and il
sharp contrast to the slight re-
duction in the national volume.
The Federal Reserve Bank O
Richmond, In its monthly review
OF conditions. gave the number o.
State and municipal bond offer.
ings as 245, ranging in extremes
from one for $1,000 to another fol
SIS million. The widespread par.
ticipation in the bond issues hac
the usual outstanding exception
the State of Virginia for the
18th consecutive year found il
unnecessary to raise funds by ths
sale Of general obligation bonds.
Maryland led in volume with 2:
issues for $128, ,562 900: North
Carolina, with 81 for $114,251,-
600; West Virginia, with IS fol-
$58.840, 900; Virginia, with Al fol
$53, 1860 and South Carolina
with IS for $53,671.
Tax Exempts Cited.
Aside from public housing Of
ferings and an offering of $37.s
million Of Veterans bonus bonds
by West Virginia-cited by the
Richmond Bank as unusual fea-
lures of the year-the tax-ex-
empt market greatly influenced
public investment. While the tax
exempt feature in the 1851 Rev
enue Act was introduced last
year, the effects are yet to be
fully felt. However, it not only
enhanced the attractivenesS OF
these securities, but extended the
field Of interest to individual in
vestors with relatively moderate
incomes. Savings banks. also, are
potentially in the market of new
buyers of State and municipal
bonds, the Richmond authorities
report.
HeCnt 20. IS winner.
The Hecht Co. has the distinc-
tion of being the first department
store to win for the second time
the coveted annual Brand Name
Retailer of the Year" awards COM
petition. This announcement was
made yesterday by Henry E. Abt
president of Brand Names Foun-
dation, Inc.
The selection of The Hecht Co.
was made by a committee Of 1S
merchants representing nearly all
fields Of retailing.
For many years The Hecht Co
has attracted national attention
in its progressive methods OF
merchandising and advertising
"The Brand Name Retailer of the
Year" plaque will be presented to
the firm on April 16 at the annual
dinner of the foundation in New
York. ...
B. Rich's Sons. Tenth and F
streets NV, one of Washing
tons Oldest and best-known shoe
dealers, was named q winner OF
a certificate of distinction in the
shoe stores field. it was an
nounced.
Top Producers Listed.
Among the production leaders
of Liberty Life Insurance Co. for
1851, it was announced today.
are these Washington representa-
tives: Mrs. Lucille g. McCutchen,
H. F. Morrison and John Wells.
They will be honored by the COM
pany at a convention In Miami
Beach, Fla, the first week In May
The convention group win travel
by special train and the top pro-
ducers will be feted at two Of
the resorts luxurious hotels.
The Prudential Insurance Co
reported last week 1t had dis
tributed $3,574,351 to its District
policyholders and beneflciaries
during 1851.
District residents received bene-
fit payments at the rate of ST.
300 week in 1851 from the Mu-
tuaI Life Insurance Co.. according
to Charles P. Rice, manager OF
the Washington branch agency
District residents own more than
$500 individual policies in the
company.
Total Mutual payments during
1851 amounted to $924.630 OF
which 62.6 per cent went to liv-
ing policyholders. Mr.. Rice said
Meanwhile, investments in Wash
ington at the end Of the year
amounted to $19. .432, 800, which he
pointed out provided an important
source Of capital for local busi-
ness and housing.
Potomac Distributors Of 611
Seventh street S.W.. dealers in
electronics, has been appointed
Washington and Alexandria dis
tributors for the TeleKing Corp
Port Authorities to Meet.
The annual meeting of the
Executive Committee of the
American Association of Port
Authorities will be held March 81
April / at the, Washington Hotel
In this city. Henry w. Sweet o1
Savannah, Ga, is president Of
the organization and general
manager of the Georgia Ports
Authority.
One of the principal discussion:
during the executive meeting
will deal with the furtherance o1
plans for effective port utiliza-
ton by military authorities under
administration of civil port au.
thorities.
Paul A. Amundsen Of Wash.
ington, executive secretary of thu
AAPA will attend the meeting
The association is composed o.
port operators from the United
States, Canada and Latin America
Earl Norling, manager of sale
education, General Electric Co.
will be the feature speaker at tht
breakfast meeting of the Electri.
Institute of Washington on Marcl
q. Reservations for the affair
from q q m 70 O.1E - ~ 49,. -