Evening star., 1942-06-02
Banks 10 Back Drive
For Big War Bond
Quota Here
Association Head Pledges
100 Per Cent Aid in
June Campaign
By EDWARD c. STONE.

BY EDWARD c. STONE.
John A. Reilly, new president of
the District Bankers Association,
today pledged the support of the
banks of Washington toward reach
ing the new June quota of $8,O74 500
sales of War bonds, announced yes
terday by the Treasury Department.
The June goal is substantial
increase over the May quota OF
s6.178.9n0. Final reports had not yet
reached the Treasury this morning
as to whether the District had
reached its May goal.
1--WE believe we should support the
sale of War bonds 100 per cent"
said Mr.. Reilly this morning. In
addition to being an excellent in
vestment, War bonds also are a
good hedge against initiation. All
possible income that can be spared
for buying these bonds, should be
spared. The bankers and the asso-
citation are back of the campaign
to sell War bonds"
SltCS
The new association president, who
Is head of the Second National
Bank, referred to a resolution
adopted at the recent convention of
the association at the Columbia
Country Club on the matter. This
resolution placed the group on record
as resolved to push vigorously the
sale of War bonds, stamps, and tax
anticipation notes. The resolution
was laid before the association by
Francis G. Addison, jr., president
of Security Savings and Commercial
Bank, who was chairman of the
Resolutions Committee. The resolu-
ton pledged the full cooperation
of the organization with the Treas
ury in the campaign as means to
encourage thrift, discourage useless
spending so as to accumulate funds
for the war effort.
Bank Auditors to Meet.
Plans are being made for the
annual meeting of the auditors
section of the Bankers Association
June 18 at the Wardman Park Hotel,
where new officers and the Executive
Council will be elected.
Lewis E. Thomas, assistant cashier
of Liberty National Bank, has served
as chairman of the section for the
last year. He delivered a report on
the activities of the section to the
recent convention of the association.
The safe deposit section of the
association will hold its annual
meeting June 25, at the Lafayette
Hotel, for election of new officers
and the Executive Council Guy D.
Cowl, assistant treasurer of the Nc
Lachlen Banking Corp, has served
as chairman of the section for the
year.
Accrued Dividends Declared.
Directors of the National Mort
gage Investment Corp. have declared
dividend of 20 cents per share in
connection with accrued dividends
of the corporations preferred stock,
President Joseph B. Schaaff an
nounced today. The dividend is pay
able June Is to stockholders of rec
ord June 4.
The other officers of the organi-
zation are Harold E. Doyle, vice
president; Ashton c. Jones, vice
president; James O'Donnell, jr,
secretary and treasurer. The stock
is listed on the Washington Ex-
change, the last sale being at 47s.
Down Payments 33 Per Cent.
A condensed version of regulation
"W" as revised to May 6, 1912, con-
tanning the changes that have been
made in recent months that are of
Importance to banks engaged in
consumer credit lending field, is
being sent by the American Bankers
Association to its membership.
It is brought out in the summary
that down payments on all articles
listed by the Reserve Board are now
331s per cent, with the exception OF
furniture and pianos, on which the
down payment is 20 per cent. AS in
the past, no down payments are
required on consumer credit loans
for the purchase of unlisted articles
and services, or for home modernlza-
ton.
Maximum maturity on all loans is
now II months, except for auto
mobile and motorcycle loans, which
have a time limit of Is months.
Minimum payments on all loans may
be not less than $5 per month, or
$125 per week.
Loans may be renewed, provided
such renewals do not extend the
time limit of the loan beyond the
maximum period allowed For eX-
ample. an automobile loan made
originally for II months may be ex-
tended to Is months, the maximum
for this type of loan.
Loan Leaders on Outing.
More than $50 members of the
District of Columbia Building and
Loan League were planning to jour-
ney to the Washington Golf and
their annual outing. They had golf
tournaments and other sports on the
program, to be followed by dinner
and the awarding of prizes. Wilfred
J. BlanZ was to preside.
Abbott, Proctor & Paine have
taken over the branch office at Rich
mond, Va, of Merrill, Lynch, Pierce,
Fenner & Beane and will combine it
with their office there. On the other
hand Merrill Lynch, Fenner &
Beane took over the Greensboro
IN. c. Office of Abbott, Proctor &
Paine.
Edward c. Bender, partner in
Merrill, Lynch, Pierce, Fenner &
Beane, visited the Treasury yester-
day in connection with his appoint
ment as executive manager of the
Victory Fund Committee in the Sd
Federal Reserve district.
Financial District Comment.
Potomac Electric Power 6 per cent
preferred stock sold at lis on the
Washington Stock Exchange today.
The new Washington Gas Light SIS
preferred stock will be listed on the
Washington exchange very shortly.
This will make three gas stocks on
the exchange in addition to the
bonds.
Oooro+;,o ravep,Ies of the class