Evening star., 1942-10-09
Further Expansion
In Bank Deposits
Reported Here
Increase Of $4,000, 900
Or More Seen Since
Call of June 30
BY EDWARD C. STONE.

Aggregate deposits In Washing
tons % banks and trust companies
increased around $4,000, 900, or pos
sibly more, in the third quarter of
this year, according to an unofficial
survey made in the financial district
today. This is in line with gains
reported in New York, Chicago and
other important cities.
Bank deposits in the Capital on
June 80, the date of the last condi-
+, ton call by the Controller of the
Currency, totaled $515,918, ,733 SO,
which was gain of more than $13,-
100000 during the second quarter.
Bank officials said today that de-
posits in the last three months are
believed to have advanced more
than they did in the second quar-
ter, some officers stating that the
recent continued upswing may reach
$4,000, 900.
Financiers stated that huge sums
now being put in War savings bonds
seem to have had little or no effect
on savings deposits in the banks.
Practically all the bonds are being
purchased with current income, no
withdrawals being made for this
purpose from the banking institu-
tions
Neither savings or commercial &C
counts are being depleted. The
great majority of the bonds are
being bought through the payroll
deduction plan and are paid for with
money that has never been placed
, on the buyers bank accounts. That
is the main reason why a predicted
drop in savings accounts has not
materialized. At present, low in
terest rates are having more to do
with savings deposits than any
other factor, officials explained.
War-Bond Committee Named.
George A. Hates, president of
, the District Life Underwriters As
sociation, has appointed special
War Effort Committee to plan the
work of the association in connec-
ton with all war activities, espe-
cially the sale of War savings bonds.
Fred G. Holderman, manager of
the Office of the Equitable of New
York, was named chairman, three
! vice chairmen being Roger Baldwin,
general agent of the Northwestern;
Joseph A. Mari, general agent, Penn
Mutual, and j. E. McCombs, general
agent, Berkshire Life. The new COM
| mittee was announced at the lunch
con at the Willard Hotel yesterday.
Twenty new members were intro
duced: Thomas H. Boyd, T. B. Lari-
more, Paul Murray, John Hancock; :;
Hiram S. Hart, Ross S. Gleason,
E. A. Spellacy, Virgil G. Myers,
George H. Clarke, Thomas w. Dob
son, Sheldon F. Fuller, Travellers;
Harrie B. Conlin, Berkshire; Charles
E. Seitman, Minnesota Mutual; j. A.
KameroW, Phillip C. Tenant, jr.,
Mutual of New York; H. r. Freden-
burgh, Miss A. Lena Hitchcock,
Alfred I. Kirby, Connecticut Mu-
tual; Isidor Brem, Paul G.. Martin,
Fidelity Mutual; George H. Davis,
Reliance.
Ralph Engelsman, associate field
director, war savings staff, United
States Treasury, now on leave from
the insurance business, stated that
100000 people in the country now
are buying War bonds through the
payroll ll-deduction plan. He predicted
a fine future for life insurance if
the agents render the right kind of
service, regardless of Government
competition due to the war.
Waldow Heads Auditors.
Ottmar A. Waldow, controller oi
the National Bank of Detroit, was
elevated to the presidency of the
National Associations of Bank Aud.
itors and Controllers at a meeting
in New York yesterday. He has
been vice president. The votine
was done by proxies, Raymond G
Marx representing the Washington
auditors. Hugh E. Powers, Louis.
vile, KY, was elected first vic.
president.
Another Mail Convention"
Eliot H. Thomson, WASHINGTON
Loan q Trust Co., and Robert L
Flather, American Security & Trust
Co., who are high in the councils o1
the Financial Advertisers Associa
ton, were notified today that ar
eight-week convention by mail
will be substituted for the 9th an.
nual meeting in Chicago.
Trust advertising, banking, saw.
lngs, use OF radio, public relations
investments and consumer credit will
be among the subjects discussed
L. E. Townsend, first vice president
is slated to succeed Victor Cullin a.