Evening star., 1941-10-09
Sharp Gains Noted
In Defense Stamp
And Bond Sales
Totals for September
At City Post Office
Far Exceed August
By EDWARD c. STONE.


the past four months interest has
grown rapidly in this method of
helping finance the present national
defense efforts.
September Defense stamp sales
totaled S296.859.75, compared with
August stamp sales having value
of S237, 1855, and S155,03025 back
in July. June sales totaled only
S83,73625 which makes the Sep
tember record the more impressive.
incidentally, it required the sale OF
e78,259 different stamps to make
up the September total.
National Defense savings bonds
sold in September numbered 8,707,
having a total value of 1855 $3.50,
in comparison with 1880 bonds sold
in August with a total value of
S316,687 so. an increase of LOTT
bonds, according to todays report.
SIS Bonds Most Popular.
Out of the S,707 bonds, 6,O68 were
in the S25 denomination. This
figure indicates that many people
who are able to buy only the lower
denomination bonds go to the Post
Office for them, while wealthy peo-
pie usually purchase the higher de-
nominations in large blocks at the
banks.
In the opinion of officials, the
present substantial increases in
sales of both stamps and bonds
are mainly due to the Govern
ments Defense bond campaign. A
great many of the purchasers indi-
cate that they are buying the bonds
more for an investment than for
patriotic reasons.
Much bond-sale activity is re-
ported in Government offices and
many Federal employees are having
the payments deducted from their
pay. Washington banks and build
ing and loan associations are also
boosting the bonds, StreSSing their
investment value, as well as the
patriotic angle.
Trust Company Votes Dividend.
Directors of the Washington Loan
& Trust Co., meeting yesterday, de-
clared the regular quarterly divi-
dend of per cent per share on the
outstanding stock, payable Novem-
ber l to stockholders of record Oc-
tober %, President Harry G.. Meem
announced today.
The Munsey Trust Co. of this city
has been admitted to membership in
the Federal Reserve System, Presi-
dent Hugh Leach of the Federal
Reserve Bank of Richmond an
nounced today.
The Federal Deposit Insurance
Corp. reports that loans and dis
counts in 220 insured commercial
banks in North Carolina showed an
increase of $50 1882 900 during the
year ending on June 30. Loans in
113 South Carolina banks were up
S9237,0 and in 173 West Virginia
banks increased S10,970 900 over the
June 90, 1910, total.
In communication urging Wash
ington people to buy Defense bonds
and stamps, the Treasury recalls
the popularity of the United States
'baby bonds" which had such re-
markable sales. From March /, 1885,
through December 81, 1910, residents
of the Capital invested S78,914,425
in these bonds, having a maturity
value of s81,059,025.
Today's Trading on Exchange.
Capital Traction IS opened trad
ing on the Washington Stock Ex-
change today with $1,000 transfer
at 105, off 1s.
Washington Gas Light preferred
came out on a 10-share sale at
1861 followed by a similar sale at
1865, fractionally lower than other
recent transactions.
Garfnckel common stock ap-
peared on the board today in a
small sale at 1112, up Is from the
last previous sale.
National Savings & Trust Co.
stock, which has been leading the
market in activity, was quiet today
The bid remained at 204 with 215
asked. No sales.
Insurance Leader to Speak.
At the October meeting of Dis
trict of Columbia Chapter, Char
tered Life Underwriters, at the Cos
mos Club nexo Monday evening
Lawrence Baker, counsel for the Ma
tional Association of Life Under
writers, will lead a discussion on
current tax problems.
Diplomas will be awarded to foul
members who have just completed
four years work and been desig-
mated as chartered life underwrit-
ers. They are Merrill G. Beede
Aetna; George L Haines, Cont
mental Assurance Co.; Charles w
ODonnell, Prudential, and Joseph
M. Silverman, Metropolitan Life
The award is made by the American
College of Life Underwriters.
The officers of Washington Chap
ter include j. Alan Maphis, presi-
dent: Richard w. Griswold, vice
president; Harold D. Kraft, secre.
tary-treasurer; John L. McElfresh
L. c. Crawford and James A. DE-
Force, special committee chairmen
New Trust Division Head.
Richard G. Stockton, newly elect
ed president of the Trust COMPANY
Division of the American Bankers
Association, is native of Winston
Salem, N. c., graduate of the Uni
versity of North Carolina and Co.
1umbia University Law School.
For the past 10 years Stockton has
served the trust division of the A
B. A. in many capacities. He was
named to the divisions Executive
Committee in 1880 and 1884 anc
chairman thereof in 1899. He was
elected vice president of the division
In 1910.
He served as a member of the
Executive Council of the A. B. A. II
1884 and 1885, and again in 1910 anc
1941.
Financial District Comment.
The housing priorities system i.
going to mean less mortgage bust
ness for the banks and real estat
loan companies, Charles F. Palmer
co-ordinator of defense housing, tolt
the Mortgage Bankers Association
of America
Colec of G c Krecuo II, tha firc