Evening star., 1942-05-13
D. {. Bankers Oppose
Forced Saving for
War Bonds
Finonciers Advocate
Thorough Test of
Voluntary Plan
BY EDWARD c. STONE.

cOnnectlOn With the sale OF UniteC
States War savings bonds. Intro
duction by Representative Gore Of
a bill for enforced saving brings the
matter to the front.
Capital bankers, at least a ma.
5ority, believe long test should be
given to Secretary Morgenthau'.
voluntary plan of War bond distri.
button. They recently have helc
important conferences with busi.
nessmen and others in an effort tc
stimulate bond sales through volun.
tary methods.
Such law would require too much
RECOMMENDATION, financiers said today
and the cost of administering II
would present a serious obstacle
Administration would require tre-
mendous army of inspectors, police
and accountants. Any law COMPEL
ling the use of savings in definite
amounts for the purchase of Wal
bonds would be disturbing to busi-
ness. 1t has not been demonstrated
yet that such a drastic measure
would have public support, it was
u.
! Members of the House Banking
and Currency Committee are said
10 hold varied views on the subject.
They are, however, giving the pro-
posal careful study. Several men,
bers have been quoted as favoring
extra strong war taxes instead of
mandatory savings.
4 Tho T%roo c,1y-x, ~,
crease in War savings bonds since
the higher quotas for May, June
and July were announced. Sales in
the near future will have a vital
bearing on continuance of the VOL
untary plan.
Gas Stock Sale Progressing.
! Investment dealers in the finan-
cial district today reported a good
demand for the new issue of S. Gu
mulative preferred stock being put
but by the Washington Gas Light
Go. and sold by syndicate headed
by nine investment houses here.
Washington Gas common stock
holders, who had the first right to
subscribe for the new stock. went on
the books for 1,19O shares. These
subscriptions closed on Monday.
The syndicate underworld $4,000
shares of stock so that more than
100 shares already have been dis
posed Of. The original offering was
10000 shares.
Dealers will continue to take orders
for the remainder of the stock until
May Is when the sale ends. In view
sof present market conditions all
over the country, both dealers and
company officials express satisfac-
Etion over the demand for the new
issue.
: Frank Perley Enters Army.
Frank M. Perley, assistant vice
president and trust investment Of
sficer Of the American Security g.
Trust Co., has been commissioned a
captain in the Army Air Service and
will report for duty next week, it
was learned today. 1t is expected
that Mr.. Perley will be assigned to
some sort of financial work.
! Mr.. Perley will have leave of alb
sence from the trust company with
which he has been connected since
1920. He Is past president of
Washington Chapter, American In
stttute of Banking, and has been
active in the District of Columbia
Bankers Association. He is a men,
Der Of the Entertainment Committee
which is now making plans for the
coming convention at the Columbia
Country Club.
Commercial Payments Started
/ Harry j. Hall, receiver for the
Commercial National Bank, an
nounced today payment of the fifth
and final dividend of 1887 per cent
is being made to 1000 creditors
!. who have proved their claims.
This dividend, which brings pay
ments to 8257 per cent, totals
$703,00 Former depositors are
being notified by mail when they
may obtain their checks at the Office
at Fourteenth and U streets NV.
All checks must be delivered before
the end of May. Any uncalled for
checks are sent to the Office of the
controller of the currency.
Hamilton Advances Grady.
E. c. Graham, president of the
Hamilton National Bark, announced
today the election of William j.
Grady as assistant manager of the
Twentieth and Pennsylvania Avenue
! Branch.
Mr.. Grady has been with the bank
: since its organization in 1888. He
began his banking career as a run
ner in 1924 with the old Commercial
National, and later served with the
Federal American National Bank &
Trust Co. He has been savings
teller, paying and receiving teller
and note teller
A native of Washington, he at
tended the public schools and Stew
arts Business College and is a grad
uate OF Washington Chapter, Amer
ican Institute of Banking.
Investment Governors Meet.
Washington investment dealer!
are much interested in the spring
meeting Of the Board of Governors
OF Investment Bankers Association
which opens at Rye, N. Y, tomorrow
for a three-day session. There arr
48 members of the board and thu
program will be centered on wartime
financial investment problems. j
Clifford Folger of this city, is one O.
the association vice presidents.
From January l through tht
week ended May 2. department stor,
sales in the Fifth Federal Reserve
District, with a gain of 81 per cen
over last year, stood ahead of tn,
other II districts. The Nationa
average gain was 81 per cent.
Fiduciaries Section to Meet.
The fiduciaries section of tn,
District Bankers Association vii
hold the final meeting of the yea
this evening, with a dinner at tn
. Washington Golf and Countr.
Club.
The speaker will be Dean Elme
Louis Kayser of George Washing
ton University j. Wesley Clampitt
section chairman, will preside.
. Aubrey o. Dooley is slated fo
election as chairman for the comm