Evening star., 1940-12-19
Capital Bankers Form
Special Committee
On Defense Loans
Holland, Reilly, Offutt
Appointed to Push
Bank Participation
By EDWARD c. STONE.

and push defense loan efforts Presi-
dent A. M. McLachlen has appoint
ed a District Bankers Association
National Defense Loans Committee,
which includes First Vice President
T. Stanley Holland, Second Vice
President John A. Reilly and Third
Vice President A. Scott Offutt, 1t
was announced today Mr. Nc
Lachlen will serve ex-officio on the
same committee.
Each bank in Washington is also
to have key man who will receive
all the latest bulletins from the Fed
eral Reserve Bank of Richmond per-
tanning to the loan campaign This
will keep the banks representative
constantly informed on new devel-
opments and also enable him to give
prospective borrowers suggestions on
the best ways to proceed in apply
ing for and obtaining these loans.
At the recent meeting of bankers
at Richmond President Hugh Leach
Of the Reserve Bank of Richmond
assured the financiers that the bank
was supporting the defense loan
campaign 100 per cent. He said the
Richmond bank was anxious to
serve every bank in the fifth dis
trict in negotiating the loans.
Naming a special committee from
members of the District Bankers
Association follows suggestions made
at Richmond The State associa-
tions in this district are taking SINH
lar action. Wilmer j. Waller, men,
ber of the A. B. A. Defense Loan
Committee, is also furnishing the
banks with information on loan pro-
cedure in addition to the informal
tion put out in the Bank Manage
ment Commission Booklet No. 80.
A good many such loans have
already been closed in this terri
tory. A great deal more money is
available. A survey made in Wash
lngton several weeks ago indicated
that the banks here have $4,000 900
which could be used for this pur-
pose The national figure has been
placed as high as $4,000. 10000, far
more than would ever be needed
bankers asserted today.
Directors of the American Secur-
ity & Trust Co. have declared a
dividend of 2 per cent on the capital
stock of the company payable Janu-
ary 10, 194l. to stockholders of rec
ord at the close of business Deem
ber 81. and also an extra dividend
of 2 per cent. payable January 10.
Due to the annual meeting on Janu-
airy 81, transfer books will be closed
January II to January 81, both
DAYS inclusive
Corp. have declared the regular
quarterly dividend of SO cents per
share on the preferred stock. pay
able December % to stockholders of
record December %. At the same
time, the directors also declared
dividend of IS cents per share on the
common stock. payable on the same
dates. The main Office of the COM
pany is located in the Southern
Building and both the preferred
and common stocks are widely held
in Washington.
Brokerage Firm Pays Bonus.
j. Thilman Hendrick, senior part
ner in the brokerage firm of w. B.
Hibbs & Co., today announced the
payment of Christmas bonus Of
one-half months salary to all en-
ployes who have been with the COM
pany for one year or longer. This
is the first extra compensation an
nouncement made by New York
Stock Exchange firm in the flnar-
cial district this year.
G. Bowie Chapman of LaidlaW &
Co, New York Stock Exchange firm,
was back in the financial district
today after several days visit in
Burlington, VT Mr. Chapman is oD-
timistic on the outlook for the New
York stock market after January /,
basing his views largely on the in
dustrial activity which will preVa.i
in this country during l941 in con-
nection with the preparedness cam
paign.
Brown, Goodwin & Olds, invest
ment firm, entertained between 100
and $50 guests at Christmas party
late yesterday at the Columbia
Country Club, many of the city S
prominent financiers being among
those present.
Ayres Explains Boom Forecast.
In his annual forecast Col. Leo
nard p Ayres of the Cleveland Trust
Co., who is now chief statistical
officer of the War Department in
Washington, said it seems probable
that we are going to have boom
during the next two years that will
be unlike any previous periods of
prosperity. The industrial regions
that produce munitions and the
tidewater communities, where ships
are built. will be especially pros
porous. Col Ayres added:
Our expenditures for munitions,
coupled with those of Great Brit
ain, are going to be so huge that
their economic effect will be similar
to that which would develop if we
were to pay out a soldiers bonus
each month over long series OF
months.
There will be the difference that
under those circumstances we
should have a boom in the con-
sumers goods industries first ano
one in the heavy industries later on
while as things are the order will b.
reversed
The fact remains, however, tina,
we are going to have boom, be-
cause so much money is going to
be spent so fast that the boom is
inevitable"
Heard in Financial District
twenty-five shares of Capital
Transit stock sold ex-dividend al
15a4 on the Washington Stock Ex-
change today. Washington Gas
Light preferred moved at LOT ano
a tiny sale of Washington Railway
g. Electric preferred registered 1852
Maurice D. Rosenberg, chairman
- L. 49,.