Evening star., 1941-04-29
Building and Loan
Associations 10 Aid
u. 5. Bond Drive
Home Loon Bunk System
Joins in Efforts for
Big Campaign
By EDWARD c. STONE,


of building and loan associations
and their neighbors have been in
ttiated by the Federal Home Loan
Bank System. following provision by
the United States Treasury for deS-
ignation of member associations OF
the system as issing agents for the
sale of the securities.
The series E bond selling for Sl8.75
and having a maturity value OF SO
In 10 years, and other bonds of high
er dominating in the same series
are expected to have the widest
appeal among purchasers calling al
building and loan associations, for
this series was planned to meet the
savings needs of individuals.
A steady sale of the series F and
G. bonds, intended for larger in
vestors. including trustees, societies
or corporations, is also anticipated
Loan associations may invest their
own funds in these series, up to the
maximum of $4,000 cost price of
either issue, or a combination OF the
two, issued in any one year.
Loan associations will also sell to
the public the new Defense postal
savings stamps, available III de-
nominations of 10 cents, 25 cents,
so cents, 81 and s., Albums are
provided in which the stamps may
be mounted. completed albums TO
be exchanged for bonds.
Further Business Gains Seen.
Noting that thousands of addi-
tional employees have been added to
the Government pay roll during the
past wear, Facts and Figures on
Washington Securities" published
bv Y. E. Booker & Co., investment
firm. sees indications that thousands
more will be added in the years I'M
mediately ahead. This will con-
tinue to mean a great deal to WASH
ington corporations.
The public utility group-electrlc
light. gas, telephone and transit
all have experienced marked IN
creaseS in demand for their services
during the past year. Likewise, de-
partment stores, food and drug
stores, warehouse and fuel COM
panies, building supply companies,
banks, building and loan aSsocia-
tions. real estate firms, title COM
panies and hotels, all are feeling the
effect of the increased tempo, the
survey says
While Washington corporations
face the same problems of higher
taxes and increased labor costs that
companies operating in other parts
of the country face, they have one
great advantage. They are relative
" free from Nationwide depreS-
sions and there appears to be little
doubt of an increasing demand for
their products and services.
The booklet is the 18th annual
edition the firm has put out, is the
largest and most complete to date,
includes important facts concerning
some "a local corporations, including
much information about the banks.
Officers of many of the companies
are also listed The information was
compiled by Myles H. Quail, firm
partner.
Erie r. r. Status Analysed.
An analysis of the present status
of the Erie R. R. is being distributed
in the financial district by w. w.
Mackall & Co.. investment firm in
the Woodward Building, prepared by
William c. Coe.
The report states that the road
has made faster progress toward re-
organization than any other class
carrier. 1t presents in great detail
facts about the various securities,
gives gross and net operating in
come during the past three months
and also takes a look at the future.
Interesting comparisons with other
railroad bonds are included in the
report.
Public Relations Stressed.
In an address before the Piedmont
Clearing House Association at Madi-
son, Va, Eliot H. Thomson of the
Washington Loan & Trust Co. said
that sound banking is the founda-
ton of all good public relations. Ig-
uorance about the banks can be
eliminated by appropriate publicity,
he declared, and urged more educa-
tional advertising by financial insti-
tutions. Giles H. Miller, jr., cashier
Culpeper National Bank was in
charge of the program.
Three of the following six candi-
dates will be elected at the May
meeting of the Board of Directors of
the District Life Underwriters Asso-
citation: Paul w. Hammack. Warren
S. Stone, T. L. O'Brien, William B.
Rumple, Charles B. Sinclair and
Dwight T. Scott They were nom
mated at the April meeting, at
tended by 152 members.
Housing Loan Notes Sold.
The United States Housing Au-
thority reports that S5,000000 in
temporary loan notes of the Wash
lngton, D. c., Housing Authority
have been sold to the Chemical Bank
& Trust Co. group of New York, the
interest rate being .35 per cent. The
notes mature October %, 1941.
The Housing Authority also an
nounces that temporary loan notes
of the Washington Authority
amounting to 1912 900 have been sold
to the United States Trust Co., New
York, the interest rate on these
notes being .33 per cent. These
notes also mature on October %,
1941.
D. c Bankers at Hot Springs.
Francis G. Addison, jr.; Robert v.
Fleming, George o. VaSs and Wilmer
j. Waller are attending the spring
A. B. A Council meeting at Hot
Springs, Va. A. M. L. Virgins of
Hartsville, S. c., who has many
Washington friends, is being men
toned as a possible candidate for
the second vice presidency, at the
annual election in the fall.
The Chesapeake e. Potomac Tele-
phone Co. is amending its allot-
ment plan to cover purchase of the
three new defense savings bond is
sues, Charles A. Robinson, vice pres
ident and general manager, an