Evening star., 1942-06-25

touch with the SEC when the Offices
were in the Capital. is president OF
the Washington Bond Club, dlrec-
tor in several corporations, member
of the Fifth Federal Reserve Dis
trict Victory Fund Committee, and
especially active in civic affairs.
He is the first Washington in
vestment dealer to serve as a vice
president of the Investment Bank
ers Association.
Silverman Heads Life Group.
Joseph NJ. Silverman, Metropol-
itan Life. has been elected president
of the District of Columbia Life
Underwriters Association, T. Loehl
OBrien, retiring head, announced
today.
George A. Hates. Fidelity Mutual
was elected first vice president, and
Charles F. Suter of the Berkshire
Life was named second vice presl-
dent
Other members of the newly con-
stituted board Of directors are Ray
nond A. Du Four. Warren S. Stone,
Paul w. Hammack, Paul F. Grove,
jr.; Charles w. O'Donnell and T.
Loehl OBrien.
Arthur C. Pearson Of the Massa-
chusetts Mutual has been reap
pointed secretary.
Mr.. Silverman, the new president,
attended George Washington Uni
versity, is a member of the District
@f Society of lfP
Underwriters, is a Chartered Life
Underwater member, and has a
brilliant production record with his
company.
War Bond Charges Opposed.
Robert w. Sparks, field director
of the Defense Savings Staff, Treas
ury Department, is strongly against
the idea of bank service charges for
the redemption of United States
War savings bonds, he told students
at the Graduate School of Banking
at Rutgers.
He praised the banks for their
unselfsh service in the sale Of the
bonds. and added: Let US not
jeopardize this high standing which
we now have by any haSty action
on service charges on redemptions." ="
So far redemptions have been
only l per cent, he said. He also
stated that IS per cent of the War
bond sales had been made through
the banks. He hopes voluntary
purchase of War bonds will con-
tinue at such a rate that no COM
pulsory method will ever be needed.
Three Gas Dividends Voted.
Directors of the Washington Gas
Light Co. have declared the regular
quarterly dividend of 3712 cents per
share on the common stock, payable
August / to stockholders of record
July Is, it was announced today.
The regular quarterly dividend
Of S11212 on Washington Gas $3.50
preferred stock was also voted, pay
able August 10 to stock of record
July 25.
The quarterly dividend of SIPS
per share on the new Washington
Gas $5 preferred stock was also de-
clared, payable August 10 to stock
holders of record July 25.
On the Washington Stock Ex-
change today Washington Railway
& Electric preferred sold at 1O9, un-
changed.
SemiannuaI Dividend Voted.
Directors of the National Bank
of Washington have declared the
regular semiannual dividend of SO
per share, payable on July to
stockholders of record June "a, Pres
ident J. Frank White announced
today.
Another bank officer has gone into
the Army, Bruce L. Cotton, assistant
trust officer of the American Sc
curity & Trust Co., has been COM
nissioned in the air service and left
Washington yesterday for the Air
Training School at Miami.
One of the most extensive oper-
eting authorizations ever granted
by the Interstate Commerce Com
mission has been issued to the Inter-
State Motor Freight System, allow
ing service in IS States and the
District of Columbia, routes includ-
ing nearly 1000 cites. Head traffic
Office is in Detroit.
James F. Musson, New York, has
been appointed chairman of the War
Bond Committee of the National Sc
curity Dealers Association, it was
announced here today.
ABA Convention Cancelled.
Members of the American Bank
ers Association throughout the
country were notified today that
the annual convention of the asso-
citation, scheduled for September
27-30 in Detroit, has been Cancelled
In recognition of the growing war
time transportation needs Of the
Nation.