Evening star. [volume] (Washington, D.C.) 1854-1972, 1941-05-27
Fifth District Banks
Sell S9,380,000 Of
Defense Bonds
Denominations of SIS
And 500 PopuIorin
{ Series
BY EDWARD c. STONE.

BY EDWARD c. STONE.
That residents of the Fifth Fed
eral Reserve District, which includes
the Nations Capital, are taking a
very real interest in the purchase
of United States Defense savings
bonds is revealed in the first report
from the Richmond Reserve Bank
since the bonds were placed on sale
to the public.
Total sales of United States saw
ings bonds in the fifth district for
the period from May to May II,
on which the recent national figures
were based, aggregated $3.50, 060,
issue price.
The maturity value of the Sc
curities sold was $l2506,000. These
figures do not include sales through
post Offices.
OF the $s,3s0,o6o total, $203S, $50
was in series E bonds, $1,7l4.5so IN
series F bonds and $5.626,70 in
series G bonds.
The $25 denomination was the
most popular series E bond, but
there were almost as many sales
of 500 bonds as of $25 bonds
With respect to series F and Sc
ries G. bonds, the $1,000 bond was
the most popular, according to
President Hugh Leach Of the Rich
mond Reserve Bank.
Why Bonds Are Popular.
Reasons for the popularity of the
series E bonds are easy to find, as
these bonds are similar to the
famous baby bonds which were
bought in such huge quantities.
They meet the needs of the small
investor who can buy for $18.75 a
bond that will appreciate in value
IN 10 years to $25. The larger de-
nominations are issued at the same
rate of appreciation, giving an in
vestment of 20 per cent to maturity
In 10 years after the issue date.
The series r bonds are also an
appreciation bond aimed to meet
the needs of people who can invest
up to $4,000 year. They run II
wears. For STA a bond may be
bought which will appreciate to
500 at maturity, the larger de-
nominations being issued at the
same rate. They yield 2.53 per cent
to maturity in II years after the
issue date.
Naturally the series G bond sale
total is by far the largest. They
are current income bonds, issued
for people who must have a regular
income. They are being bought by
individuals, associations and cor
porations, are offered at par and
yield rs per cent. Many OF these
bonds have been bought for estates.
Maryland Bankers in Session.
Many bankers from institutions
Just outside the District line went
to Baltimore today for the opening
of the annual two-day convention
of the Maryland Bankers Associa-
ton, at the Lord Baltimore Hotel.
D. j. Needham of Washington,
general counsel of the American
Bankers Association, is attending
the sessions after attending the
annual convention of the Virginia
Bankers Association in Richmond
last week.
The Baltimore Clearing House As
ISOLATION will give dinner this
evening. The convention program
calls for discussions of all the latest
problems in bank management.
j. Roland Clafhnch is the associa- |
tons president and Eugene G..
Grady, vice president. He is slated
for the presidency next year. The
treasurer is Thaddeus M. Jones,
Prince Georges Bank & Trust Co. at
Hyattsville.
Dealers Elated Over Sale.
Washington dealers having part
In the underwriting of the Ameri-
can Viscose Corp issues totaling
b62 100000, we're delighted with the
nversubscription on the first day
If the public sale. 1t has been a
ong time since as many firms with
ofnces in the Capital have partici-
oated IN a syndicate offering.
Among the firms participating
we're Auchincloss. Parker 81 Red
path; Hemphill, Noyes g. Co.; Fol-
ger, Nolan e. Co.; Ferris, Exnicios
& Co.; Johnston, Lemon 81 Co.;
Merrill Lynch, E. A. Pierce 81 Cas-
satt, Smith, Barney & Co. and Fen
ner g. Beare The preferred stock
was offered at s1o75o a share and
the common at S24.
Financial District Comment.
The North American Co. has filed
with the Securities and Exchange
Commission application to pay a
dividend on its common stock In
capital stock of the Detroit Edison
Co. Other recent common stock
dividends have been paid in units
Of Washington Railway IL Electric
common stock.
According to numerous reports,
President Roosevelt is expected in
the next few days, to reappoint the
veteran Securities and Exchange
commissioner, Robert E. Healy, to
another five-year term. Judge
Healy's term expires June 8. He
is the only member of the original
commission still on the board.
Rail Earnings Reported.
In the first four months OF this
year the Pennsylvania Railroad
earned II cents a share, against 46
cents a year ago.
The Western Maryland Railway
earned As cents a share in the first
four months of 1941 and exactly the
same figure in the like 1910 period.
The Virginian Railway was hit by
the coal strike, earnings in the four
months equaling s. cents share,
against $1.78 a share in 1910.
Norfolk & Western reports $3.50
share on common this year, against
S6.97 in the first four months of
1910.
Today's Trading on Exchange.
Washington Gas Light. common
stock got all the trading attention
on the Washington Exchange to-
day. Ten shares moved at 1917,
around recent levels. Another
small sale took place at 1871.
Potomac Electric Power and
Railway & Electric is
sues and Lanston Monotype are to