Evening star., 1942-09-24


before e taxes. -..... n c....
showed i'm '' . "''o"'
provement over the same period in
le4l, and there is every indication
that increased earnings will be
maintained in the second half year,
although higher taxes will eat deep
er into profits and net income for
the year will be lower, Mr.. Groom
said.
Funds derived from higher de-
posits were employed primarily by
investment in United States Gov
ernment securities. Mr.. Groom add
ed, at the same time reporting an
increase in loans. The bank in
creased holdings Of Government
bonds by u per cent in an effort
to aid the Governments war &C
tivities.
Every member of the banks op-
Grating staff is a purchaser Of War
savings bonds through payroll de-
duction plan, and these purchases
exceeded 10 per cent of their an
nual compensation, Mr.. Groom
stated. Since the sale Of defense
bonds was launched In May, 1o41,
the bank has sold over $7l5,000 Of
these issues.
Many War Loans Granted.
Loans showed an increase over the
previous year, the report stated,
because of special war activity. The
bank made loans to contractors and
subcontractors for construction OF
military bases and cantonments,
powder plants, warehouses and other
projects; for purchase Of machinery,
tools and equipment; for supplies,
printing and equipment ordered by
the Government, and for repairs
improvements and additions to ex-
isting buildings at military and
naval bases. s
The annual report concluded with
the statement that 80 per cent Of
the banks male employees have
toined the services. The stockhold-
ers made no changes in directors,
the following board being reelected: !:
George B. Burrus, William L.
Bush, z. T. Chewing, Theodore
Coeswell, James e. Collifiower. A. T..
G1eSengack, Thomas j.. Groom.
frank Owings, George M. Quirk,
Donald r. Roberts, M. D. Rosenberg
and Joseph Sanders.
Traders Rush to Boardreoms.
eSAoek exchange of3ices took on new
life today as hundreds Of investors
and traders visited the boardrooms
following yesterdays unexpected
turnover Of 7oo,S00, shares. Many
people dropped around for the frst
time In months to look at the quota
tions. They witnessed very lively
opening.
Brokers say there are q good many
holders tn Warrington Of Southern
Railway preferred on which the hrst
dividend in II years has just been
voted, sl.75 .. share, payable No.
vember 2.
Ord Preston, president Of the
Union Trust Co., has returned to MS
desk from i five-week vacation
passed with relatives on the West
Coast. Mr.. Preston has seven or
eight relatives who are commits
sloned ofacers and now actively en-
raeed In the war, . family record
eoualed by few other bankers IN
the country.
Lean Institute 10 Open.
william Z. Poulton. president
Washington Chapter. American Sav.
ines and Loan Institute, announced
today that this years classes vii
open October / at Strayer Business
College, with A. Allen Post, profes-
sor of economies ut American UNI
versity, teaching savings and loan
principles. Curtis Walker, . vice
president Of the Prudential Building
Association and widely-known ap.
praiser, will conduct the class In real
estate appraising.
Employees of the Federal Home
Loan Bank open their chapter class
es September 28 in the Home Loan
Bank Building. Henry c. Bennett
will conduct 4 class in savings and
loan accounting. while ]. Aldricf
Hall will teach real estate law.
Morton Bodfish. executive vict
president of the United States Say.
ings and Loan League, said here
today that great stress will be place.
on education, as 30 many expert
enced employees have entered thu
war.
Controllers to Hear Acheson.
Edward C, Acheson, assistant pro
fessor Of finance at George Wash
inRton University, will address tn
District OF Columbia Control, Con
trollers' Institute of America. mex
Tuesday evening at the Carltol
Hotel, dinner starting at $50. Hi
subject will be Imitation as form
OF Sabotage" 1t is the first meetinl
of the year, also first since the ma
tional convention In Chicago.
The District Bankers Association
reported the sale Of $l,430,950 il
war bonds In connection with tn
motion picture presentation at tn
Capitol Theater last night. tn
bonds were handled In 81 bankin
ofyices. Many bankers witnessed tn
picture. ....
Rirxs National In Demand.
rive sales Of Riggs National Ban
common stock, totaling 50 shares
we're registered on the Washingto
stock Exchange today at 247. o.
slightly from the last sale.
washington Gas Light $3.50 pre-
ferred sold At 20, Potomac Power
per cent preferred at 1l4h, Will
Mereenthaier Linotype again sold
the new ls42 high OF 81, ex-divident
Gas Dividends Declared.
Directors of the Washington Ga
Liaht Co. have declared a dividen
of Sl.121a on the $3.50 preferret
PAYABLE November 10 to stockholo
ers OF record october "a; dividen
of $l.25 on the IS preferred stool
payable on the same date; div
dend Of 37h cents per share on tn
common stock, payable November
TO stock Of record october Is. A
Are quarterly payments.