Evening star., 1940-07-23
Hanes Urges Banks
To Help Defense
ByPushing Loans
President of A. B. A.
Sees Ample Credit
! For Sound Needs
BY EDWARD C. STONE.

WIlllcIl W AI,uUU UdIlAS u1SuIS tllcuI
to carry on an intensive effort to
obtain every sound loan. especially
industrial loans, that may have to do
with national defense. He de-
clares private banking is far better
equipped to serve the Nation III its
defense effort now than it was in
the offense effort in 1917. In his
letter to the banks, Mr.. Hanes says:
THE Government is launching a
huge program for the defense of
the United States. I am sure you
have been thinking about how this
program is to be financed and how
the banker can help. The required
financing will take two forms: Di-
rect expenditures by the Government
financed by the sale of Federal secu-
rites, and the financing of business
concerns which have Government
contracts.
MY own belief and that of others
with whom I have discussed this
question is that both sorts of firanc-
ing can and should be carried out
through the normal existing chan
nels, without the creation of new
agencies, mechanism or devices.
THE banks of this country have
the resources, the trained personnel
and the knowledge of their own
communities, which equip them,
along with the investment markets,
to handle very large part Of the
necessary financing.
This financing can be carried out
in such ways as will enable the banks
to provide an adequate volume Of
loans and at the same time safe
guard the funds of their depositors." !"
To President James S. Kemper
of the United States Chamber Of
Commerce, Mr.. Hanes expressed the
same views.
New Quotation Plan Ready.
The new method of quoting the
bid and asked prices on Washington
securities which are sold over the
counter is expected to go into opera
ton at the end of this week, it was
learned in the financial district to-
day.
There are more than so of these
securities which are sold by the
various investment houses in the
city. The amount of trading in
them is increasing every year, re-
sulting in growing interest in the
quotations.
The list includes such bond issues
as Barber & Ross As, Congressional
Country Club IS, Consolidated Tile
Co. IS, Lenox Building 61as, Lotus
Building 512s, Mayhower Hotel SIS,
two National Press Building issues.
Racquet Club SIS, Shoreham Hotel
4s, Washington Auditorium IS and
Washington Properties, Inc, rs.
The list of stocks is far longer
than the bonds. This includes many
bank stocks, such as Anacostia,
City Bank, Columbia National, East
Washington Savings, Hamilton Ma
tional Munsey Trust Co., National
Metropolitan, Second National. Sc
curity Savings & Commercial, SUBJ
urban National and Union Trust Co.
Among other issues quoted are
Fidelity Storage. Griffith Consumers
preferred and common, Washington
Sanitary Housing Co., Washington
Convention Hall, Lincoln Hall Asso-
citation and Raleigh Hotel common.
The two-member committee on
Washington quotations, represent
ing the National Association Of Sc
curities Dealers, Inc, is made up of
Bernard j. Nees, who is connected
with Johnston, Lemon e. Co., and
Edgar B. Rouse, on the staff of
Robert c. Jones & Co. The COM
mittee has been pledged full CO.
operation by the other investment
firms in the city.
Griswold Convention Speaker.
R. w. Griswold, local manager for
the Guardian Life Insurance Co.,
has returned from that company's
Both anniversary convention, held
at the Hotel Pennsylvania in New
York City. Clyde D. Harrison. asso-
Ciate manager of the Washington
Office. is now on the company's
special presidents Club" trip to
Breton Woods in the White Noun
tains, accompanied by Mrs. Har-
rison
A former president of the District
of Columbia Life Underwriters
Association and vice president Of
the Life Insurance Trust Council
Mr.. Griswold was the first speaker
from the field when the convention
program opened. Wednesday was
Guardian Life Day at the New York
Worlds Fair, where the entire con-
vention group attended a moonlight
performance at the Aquacade.
Mr.. Griswold states that the COM
pany has not yet invoked the pend
ing war-clause on its new policies,
but that such action is expected at
any time and without notice.
The third quarterly dividend OF
80 cents a share on the $50 900
shares of stock of the Lincoln Ma
tional Life Insurance Co. will be
paid August /, to stock Of record
July g. Remaining dividends for
1910 are payable November l.
Traction Bonds in Limelight.
Capital Traction SIS drew all the
attention on the Washington Stock
Exchange today. The bonds were
strong, opening with four $1,000 sales
at 102, followed by two $l,500 and
two $500 transfers at the same price,
making nine sales. The bonds closed
with 101s. bid and 1924 asked.
Other bonds and stocks were
neglected.
Allotments on public subscriptions
for the recent offering of 2A per
cent Treasury bonds of 1954-56
aggregated $3.50, 71s,850, Secretary of
the Treasury Morgenthau announced
last night. Government investment
accounts were allotted $40 900 900 of
the issue. Subscriptions for these