Evening star., 1941-10-01

ssasss''''se's'S Executive Com
Roy R Marouardt. mittee feels that
banks are ill-adyised in their attl-
tude toward the savings business,
The development of social secur-
ity by the Federal Government
caused widespread feeling of the
useleSSnesS of savings, ne said. The
low return on invested capital has
caused interest and dividends on
savings deposited in banks to reach
, low point without a parallel in the
history of the country, thus causing
acceptance of savings deposits with
restrictions.
Many depOsitors, he continued,
came TO believe that banks were
not interested in their savings; that
bankers almost resented receiving
savings deposits. The savings divi-
sion of the A. B. A. is now trying
to change this attitude. Surveys
show that banks. by policy OF
accepting all bona flde savings de-
posits, can increase community
good will toward them, make small
profit, and pay reasonable, If low,
rate to deposltors.
Seventy per cent Of all banks
have savings departments. The fu-
ture of savings III banks is not
limited to strictly savings banks.
A bank Will find it cannot accept
three-fourthS of the savings offered
and expect no competition from
other agencies. If banks don't rem
der complete financial service to
their customers, some other agency
will, Mr.. Marquardt asserted.
Division Heads Elected.
Stuart c. Frazier, vice president
Washington Mutual Savings Bank
Seattle. was elected president of the
savings division at the A. B. A. con-
vention.
Richard D. Stockton, vice presi-
dent. Wachovia Bank & Trust, VIM
ston Salem, n. c., was advanced to
the presidency of the trust division
William Duncan, jr., secretary OF
the Minnesota Bankers Association
was made head of the State Secre-
tarieS section.
w. c. Bowman, president, First
National Bank, Montgomery, Ala.
was chosen to lead the national bank
division.
Chicago reports that 1000 bankers
registered for the convention.
Association Starts SD Year.
Completing 81 years OF service tc
the community yesterday, National
Permanent Building Association Of
ficers report one of the most sue
cessful years since its organization
According to Robert E. Buckley
president, resources climbed nearly
S1.00OO00 during the fiscal year
rising from s10,938,462 last year to
S11.927 ,483 today.
Starting as small neighborhood
institution by a group of business
and professional men october l
1890, the association soon outgrew
It's initial quarters at Fifth and H
streets and several times during the
years following it was necessary to
move to larger Offices. The present
home at Tenth and G place NV
was occupied two years ago and rep
resented an increase of over $50 per
cent IN former floor space.
National Permanent is a member
of the Federal Home Loan Bank
System, United States Savings and
Loan League and the District of Co.
lunbia Building and Loan League
Other officers include Harry M
Packard. vice president; Millard T
Dixon, treasurer, and Roland M
Brown, secretary. Directors are John
B. Geier, Joseph F. Zegowitz, Francis
L. Neubeck, Alphonse C. Hammer
James E. Colliflower and Charles M
Wallingsford.
Maryland Bond Issue Sold.
One of the most successful mu-
nicipal sales in recent weeks was
completed yesterday when the
Maryland State Roads Commission
awarded 100000 revenue bonds
10 Smith Barney & Co., heading a
syndicate, on an interest cost basis
OF .852 per cent.
Smith Barney and the large num-
Der of other firms in the syndicate
reoffered the bonds to the public al
once, and it was reported today that
the entire issue had been sold. Sew
eral Washington investment houses
sold blocks of the bonds.
Smith Barney e. Co.'S syndicate
bid was 100.0O99 for the 1942-1944
maturities as GAS, the 1945-1950 as
2s and the 1951-1956 as 134s. Some
of the long bonds we're marked ur
over the initial reoffering price;
later in the day.
Today's Trading on Exchange.
Washington Gas Light common
stock attracted special attention OF
the Washington Stock Exchange TO-
day.
Five sales involving 113 shares
were recorded, all 20, same as yes
terday's close.
Security Storage registered a 10
share sale at IA. Bonds Wer'
neglected entirely.
Dividend checks on several issue
on the exchange were received II
the morning mail today.
Financial District Comment.
Gregg c. Burns, an assistant cash
Ter of the Riggs National Bank, wa
back at his desk today after hi
annual vacation, a part of which h
spent at Atlantic City.
Red Cross workers in the banl
lobbies report that they are obtain
ing a very generous number of ney
members in connection with tn
annual drive.
The Commerce Department re
ported today that rural retail sale
in the South in August were so pc
cent ahead of last year.
New automobile financing dur
ing the first eight months of tn
year was 35.8 per cent above tn
same period in 1910, the Commerc
Department reported today.
Controller of the Currency Presto
Delano reports that national ban
earnings made an excellent shown
in the first half of this year. Gros
earnings amounted to S446, $50 ,00'
an increase of S20,742,000 over tn
like 1910 period.