Evening star., 1941-07-08
Defense Bond Sales
Set Steady Pace
AID. {. Banks
Satisfactory Demand
Reported Continuing
After First Rush
By EDWARD C. STONE.

" anu SIdlllpS lllIUlSll Lie w dSIlAllB-
ton banks by the general public.
as well as by estates, is continuing
at a steady pace. the demand vary
ing but little from day to day, it
was learned in the financial dis
trict today.
Following the burst of buying
power noted in the first few days
after the bonds were placed on sale,
the demand steadied down but
bankers state that present sales are
generally satisfactory. Exact fig
ures on recent sales are not avail
able.
Many Washingtonians announced
at the start that they were going
to buy one defense bond every
month. Some buyers even ar
ranged with their banks to supply
the bonds monthly and take pay
ment from their accounts. How
ever. the recent new all-time high
mark in bank deposits indicates
that host of the buyers are pay
ing for their bonds from income
and not drawing down their bank
accounts.
The bond-a month plan is
heartily indorsed by the Treasury
and by financiers Budgeting the
expense in this manner is proving
most helpful to the purchasers.
Although a few enthusiastic buyers
have been obliged to curtail their
original plans. bank officials said to-
day that a large number of their
patrons are putting away bond
of small or large denomination
every four weeks.
While most of the defense stamps
are bought IN the post Offices,
bankers report a good many calls by
those who are unable to make
larger payments at one time to buy
bonds.
Fleming Praises Bonds.
Robert V. Fleming, president of
the Riggs National Bank, called de-
fense bonds 'unquestionably the
soundest investment on the face of
the earth in recent radio address
He urged individuals, heads of or
CARNATIONS, corporations or associa-
tions to support the Governments
constructive program to the fullest
extent.
He declared it much better for the
Treasury to sell the defense bonds
to the public than to the banks.
Sales to individuals prevent the
pyramiding of credit through bank
deposits. We must all tighten our
belts and regularly lay aside some
portion of income for the purchase
of the bonds, he said.
The Government has evolved a
constructive plan for the purchase
of these bonds which makes them
within the reach of all. The Defense
Savings Stamps can be purchased
for as little as 10 cents apiece. and
are convertible into United States
Defense Bonds. The Series E bonds
can be purchased at prices ranging
from s18.75 to $3.50, and if held to
maturity yield 290 per cent These
bonds may be purchased in amounts
up to $4,000 maturity value of bonds
issued in any one year
The Series F and G. bonds. Mr..
Fleming said, are available in larger
denominations. but purchase is
limited to $4,000 worth in any one
calendar year, of either bond or of
both combined. The annual return
on the Series F bonds is 2.53 per cent,
and on the Series G bonds $50 per
If hold n m q t1lrltI-
Banks Aiding Employees.
Mr.. Fleming referred to the part
the American Bankers Association
has been playing in the distribution
OF the bonds and information about
them Many banks have placed in
service a pay roll deduction plan for
the convenience of employees in pur-
chasing the bonds which Mr.. Flem-
ing believes other corporations
should adopt very widely.
In conclusion. the Washington
banker asserted that this defense
program cannot be a sporadic effort.
It must be a sustained and united
effort. Those who are holders of
these securities, which unquestion-
ably are the soundeSt investment
on the face of the earth. will find 1t
most desirable to have these hold
ings when the war abroad has ended
and the defense effort of our own
country is no longer necessary.
These securities then will serve a
highly useful purpose as a cushion
either of income or principal to tide
over the period when national in
come may not be as great as it is
now, and as it probably cannot be
during a reconstruction period fol-
lowing such prolonged war crisis.
Hoffman With Firm 40 Years.
William Maurice Hoffman. presi-
dent of the Firemen's Insurance Co.
Of Washington and Georgetown, re-
Gently completed 49 years of active
service with the institution. his
friends extending many congratula-
tions. A native of Washington. Mr..
Hoffman entered the Company's en-
ploy on June r. 1892. became chief
clerk in 1903. secretary in 1907 and
was elected president on January 3,
1921.
During his 20 years as head of the
firm. the insurance company has en-
ioyed marked prosperity. The head
Office is at 303 Seventh street NV.
Loans Reveal Sharp Gains.
Oscar c. Mitchell, treasurer OF the
Lincoln Service Corp, announced
today that loans made in the first
six months of 194l totaled 81 1926 ,866,
as compared with Sl.359.523 in the
first six months of 1910, an increase
of S466 .342, or 343 per cent.
The District Bankers Association
will hold another meeting for the
consideration of frozen funds" reg
ulationS recently issued by the Gov
eminent Thursday at $50. The
meeting at bankers headquarters in
the American Security Building will
be in charge of David Bornet, vice
president of the National Savings
& Trust Co.
Financial District Notes.
Francis E. Robey. cashier of the
Bank of Commerce & Savings, is
taking a three-week vacation at
Ocean City, Md.