Evening star., 1942-05-25
District Banks
ArePraised for
War Bond Sales
Convention Opening
Today Draws Largest
Attendance in History
By EDWARD C..STONE.

Washington banks have given
brilliant service in the sale of War
savings bonds and stamps, and with
deposits at the highest point in
history, are in position to extend
al possible credit to business and
industry, T. Stanley Holland, presi-
dent of the District Bankers As
sociation, declared today at the
opening of the oath annual conven-
Jon at the Columbia Country Club.
More than 200 members and guests
we're present when the 3-day session
was called to order, the largest
attendance on record, ascribed to
the many complicated war problems
now facing banking.
The association had as guest
speaker, Mariner S. Eccles, chair
man of the Board of Governors
Of the Federal Reserve System.
Reports on Sales.
Lauding the outstanding Coop
Grafton of Washington banks in the
sale of War bonds and stamps, Mr..
Holland reported that the banks
here sold S21.206350 of series E
bonds to l90,538 persons, S4,368,675 of
series F bonds to 1921 persons and
s17,942. 300 of series G bonds to 4,342
persons from May l, l94l, to May
/. 1912. This record exceeds that
of any other agency since the bonds
were first offered the public.
Banking never before has been
confronted with such enormous re-
sponsibilities, Mr.. Holland said. The
banks have come to the front IN
the financing of war production
and plant expansion, in the sale of
War bonds and stamps, III Coop
Grating with the Government in the
control of consumer credit, in the
selection of credit extensions that
would give priority to war needs and
in collaboration with the Treasury
in the control and freezing OF alien
funds.
Winning the war is our utmost
concern and primary objective, Mr..
Holland added. This war will re-
uuire expenditures that will run
into amounts which stagger the
imagination and it is not incredible
that 1912 will see expenditures
mounting as high as $1,000, 100000 a.
month, Mr.. Holland declared. The
American people are gladly paying
the greatest tax load ever eXpe-
rienced, he said.
Praises Reserve Board.
Mr.. Holland praised the action OF
the Federal Reserve Board in guar
anteeing the safety of loans made
by the banks in connection with the
production of war materials. Such
loans by the end of this year may
reach $1,000, 100000.
Discussing imitation, the speaker
said the only kind of Government
bond buying that uses up surplus
income and helps prevent imitation
is buying from the savings of cur
rent income. 1t is hoped that
through the payroll savings plan
and other methods the public can
be induced to purchase up to 10
per cent of earnings in order that
contemplated legislation may be pre-
vented.
The speakers unit of the District
Bankers Association has done most
effective work through radio talks
In pushing the distribution of war
bonds in this territory, he said.
Discusses Housing Problem.
The housing problem in the Cap
Nal has become serious, Mr.. Holland
stated. With over $4,000 Govern
ment employees. it is estimated that
the citys population is now nearly
100000 and the Metropolitan Area
considerably over the million mark,
with an average of about 10000 new
war workers coming in monthly.
The Government has taken steps
10 meet this problem by providing
q S2900O,000 fund, which will un-
doubtedly help alleviate the situa-
Eon, he said.
Stressing the soundness of the
banks, Mr.. Holland pointed to the
fact that aggregate deposits of
Washington's % institutions reached
a new high mark of $500 100000 on
April 4, 1912, the date of the last
call of the controller of the cur
sency. This was the first time in the
city's history that bank deposits
exceeded the half-billion mark, the
record breaking figures revealing
ample funds for credit needs.
May Change Hours.
The additional Government pay
days on the 9th and 23d of each
month have spread the volume of
work in the banks and have meant
better service for customers. Mr.
Holland said, adding that further
changes in banking hours may be-
come necessary if the influx of Gov
ernment workers continues at the
present pace.
The banks have co-operated to
the utmost in carrying out Presi-
dent Roosevelt's consumer credit
orders, the regulations have had
beneficial effects on inStallment
sales credit because Of the shortened
maturities and larger down pay
ments. The necessity and sound
IloSS Ol llllS vi dSllC CItulI lllOFc 10
recognized. he asserted.
Mr.. Holland declared one of the
most serious problems the banks
have to contend with today is that
of personnel It has been necessary
to employ large number of women
to fill positions left vacant by men
entering military service. There are
$4,000 women employed in banks
today-1,136 in Washington. If the
war lasts a few years longer, this
number may be doubled. AS many
new employees are unfamiliar with
banking, the American Institute of
Banking courses becomes more val
liable, he said.
In thanking the association off,
GERS for their assistance during his
term, Mr.. Holland paid special
tribute to Albert S. Galley, who has
served as treasurer for 80 years.
The morning program included
the annual report of the auditors
section of the association by the
chairman, Lewis E. Thomas, assist
ant cashied. Liberty National Bank.