Evening star., 1942-08-07

Morgenthau. IllllA SsslE -
In this Ca
pacity. Mr.. Van '" B. Van Devanter,
Devanter will have under his su-
pervision the work Of stimulating
interest among investors of the Dis
trict of Columbia in the various
United States obligations, repre-
sented by Treasury bills. certificates,
notes and bonds. which will be
issued from time to time to finance
the war effort.
Stimulation of sales of Series E,
r and G War savings bonds will
continue to be handled here by the
War Savings Committee for the Dis
trict of Columbia headed by H. l..
Rust, jr.. although Mr.. Van De
vanter's committee will cooperate
with Mr.. Rust's committee In con-
nection with sales of Series F and
9 War savings bonds.
Committee to Be Named.
Mr.. Van Devanter will organize
q committee to assist him in this
work, which is so important to the
war program, the members to be
announced shortly.
Collaborating with Mr.. Van De-
vanter and his committee in this
area will be j. Clifford Folger, presi-
dent of Folger, Nolan & Co., Inc.
and Robert " Fleming, president of
the Riggs National Bank, who rep
resent the District of Columbia on
the Victory Fund Committee for
the 5th Federal Reserve district. Mr.
Folger and Mr.. Fleming were ap-
pointed at the time the II Victory
Fund Committees were set up to
represent each of the Federal Re
serve districts in the country.
Mr.. Van Devanter is well known
In financial and business circles in
the District For many years he
has been vice president, and in
charge Of the Washington office, of
Lionel D. Edie & Co., Inc, invest
ment counsel firm. Prior to his
association with Edie & Co., Mr..
Van Devanter represented both the
Guaranty Trust Co. of New York
and the Guaranty Co. Of New York,
in Washington.
Lively Trading on Exchange.
The Washington Stock Exchange
enjoyed q bull market" today, the
busiest session in many months.
Capital Transit opened trading at
71N for 40 shares, followed by a
4S-share sale at 21A, fractionally
above recent sales.
National Mortgage g. Investment
preferred moved at AS, up j.. Po-
tomac Electric Power per cent pre-
ferred brought lis while the 51a per
cent preferred moved at lis and
HAS.
Washington Gas common sold at
Is, up ", and the $3.50 preferred
changed hands at "a.
Mergenthaler sold at IS, 80 shares
Of Washington Railway e. Electric
came out at Ill, Lanston at 23h
and American Security & Trust at
1856
Capital Traction SIS were strong on
. $1,000 transfer at 1855.
Store Sales Gains Reduced.
Recording the smallest gain in a
long time, department store sales
in the Capital for the week ended
last Saturday, August !, we're only
] per cent ahead OF the correspond
ing period year ago. the Federal
Reserve Bank of Richmond an
nounced today. The average gain
for the whole Fifth District was also
per cent. Baltimore trade was up
2 per cent, while there was no
change in several other cities.
Cumulative sales In the Capital IN
the four weeks ended last Saturday
showed Is per cent cain over the
like period a year ago, the best ad-
vance In the Fifth District.
Bank Stock Values Climb.
Sharp increases in book values of
several Washington bank stocks are
revealed in compilation distributed
in the financial district today by
Johnston, Lemon & Co., investment
firm, based on the June so condition
reports.
Anacostia Bank tops the list with
q gain of $29.l3 per share over the
December 81, 1941. figure. The Bank
OF Commerce g. Savings stands sec
ond, with an advance in the half
year of $17.26 per share.
The Security Savings g. CONNER
cial Bank registered a $10.4l pickup
in book value in the same period.
There were many other gains of
smaller proportions and the review
reveals two or three decreases in
book value.
Commerce & Savings paid the
largest dividend in the :lX months,
$3.50; Riggs National paid ST, Amer
lean Security $6, Washington Lean
s., Lincoln National IS, Security
Savings 81. Every bank in the city
was in the dividend column, ano
there was sprinkling OF "ex-
tras," the review shows.
d. c. Furniture Sales Up.
Retail furniture sales in Washing
ton in June were per cent higher
than in June a year ago. ;he Rich
mond Reserve Bank ar ounces in
the monthly review. Sales we're off
9 per cent from May Of This year
eight stores reporting.
Retail sales in 1T stores in the
Fifth District in June were Is pei
cent lower than last year, the de-
cline being partially due 20 restric-
tions on insLsllmens selling lale
down in Regulation w.
Washington was the only report
Ing city in the Fifth District to dis
close a gain In sales over June. .9Al
Danville, Va, was hit the hardest
sales dropping IS per cent. De
creases of more than 80 per cen'
were frequent,
War Investment Suggested.
Compromise issues, those good II
either war or peace" are suggested
in q review distributed today by the
Washington once of j. S. Bache &
Co., to patrons. Present investment
moves, the circular says, should in
clude some companies which have
converted their plants to war worI
and will continue to report favorable
prodts, as well a. others which art
unrestricted in their normal opera.