Evening star., 1942-04-22
DC. Bankers Oppose
Compulsory Sale
0fWar Bonds
Proise Moreenthou's
Efforts in Favor OF
Voluntary Bosis
By EDWARD c. STONE.

These nnsnciers today gave high
praise 10 Secretary MoTgenthau s
vigorous efforts TO keep sales on a
voluntary basis, the present test 70
be continued at least until after
July l.
The Treasury's bond sales drive Is
about TO reach every county and
every town In the country. the Sec
retary has announced, with special
efforts to bring sales up to an aver
age Of billion a month TO be started
on May !. when every income re-
ceiyer in the Nation will be asked to
invest a minimum OF 10 per cent Of
his income In War bends. The in
come payroll allotment method is
blso TO be expanded. the system to
be set up in 81 900 plants employing
10000 600 people.
One Capital fnancier today point
ed to the psychological angle which
be said would be significant in con-
nection with any forced saving"
plan Switching from voluntary to
mandatory methods would seriously
program is about to become the most
burdensome ever known in the
United States
Public Glad to Buy Bonds.
Another bank official expressed the
opinion that very few citizens are
buying War bonds to help prevent
Initiation. Patriotism and invest
rnent soundneSs have been the chief
Incentives so far, he added. IF
these people were told they must buy
o certain number of bonds and have
the payments taken from their pay
envelopes, they would lose their en-
thusiasm," he said.
{ Conversation heard at the War
bond windows in the banks indicates
that Washingtonians are buying
bonds TO do their. bit in the war
effort" The tellers say they have
heard no objections to the 10 per
cent idea. Many buyers say they
will be glad to use 10 per cent of
their income for War bonds If they
can pay their taxes and other bills
with what they have left. Bank
officials said today that many pa
irons have been putting more than
10 per cent Of income into War
bonds. Others have been unable
10 invest nearly that amount.
Building and loan officials and
investment bankers also expressed
opposition to any compulsory saving
law. All these flnancierS have been
putting their own interests in the
background and patriotically urging
patrons to buy War bonds until it
hurts. Any new high-pressure law
would change the picture entirely,
they feel sure.
Facts Cover 80 Corporations.
The 10th edition of Facts and
Figures on Washington Securities"
published by the investment firm
of Y. E. Booker e. Co, made its
appearance in the financial district
today. 1t is one of the most COM
plete booklets of the long series.
The publication contains facts OF
vital importance on about 30 WASH
ington corporations, as well as sta
tistical data on Is Capital and
nearby banks. Dividends, capital,
surplus. deposits, book values and
price ranges are included.
The back cover, which has always
been devoted to advertising boosting
the investment firm, is given over
TO very strong and most generous
appeal to investors to buy United
INffFlN so ffVc NflUp
interest plus a market guaranteed
by the Government, they are bet
ter than money in the bank" the
plea states.
The information in the booklet
was compiled by MyleS H. Quail,
partner and member Of the Wash
ington Stock Exchange.
u. C. Loan Leaders HonOred.
Members OF the executive council,
District of Columbia Building and
Loan League, meeting at the Raleigh
Hotel yesterday, heard Chaplin B.
Bauman. delegate to the convention
of the Southeastern Conference OF
building and loan groups in Atlanta,
report on the conclaves highlights.
Qualification was expressed by the
council IN the reelection of Clar-
ence E. Kefauver, Columbia Federal
vice president, to the dictatorship
of the conference and the selection
OF Wilfred H. BlanZ. American
Building Association. as treasurer.
Martin A. Cook, chairman of the
Entertainment Committee of the
league, told the board June had
been selected as the date of the
annual outing at the Washington
Golf and Country Club.
Guests included Lewis B. Fox.
president of the Tarrant County
Building and Loan Association of
Fort Worth. Tex; B. H. Wooten,
president of the Federal Home Loan
Bank Of Little Rock. Ark. and Nor
ton Bodhsh, executive vice presi-
dent of the United States Savings
and Loan League, Chicago.
p. L. c. Approves Gas Issue.
The Public Utilities Commission
today gave final approval to the
issue and sale by the Washington
Gas Light Co. of 10000 shares of
IS cumulative preferred stock. which
had already been given general
approval a few days ago when waiv-
ing Of the competitive bidding rule
was announced.
Final approval provides that any
OF the stock sold to present common
stockholders will not net any COM
mission to the dealers. These
holders have the first rights TO sub
scribe for the stock. Dealers are to
get $3.50 for share on all other
sales.
The underwriters. all Washington
firms, must take $4,000 share Of
the stock over the amount bought
by the common holders. The agree
ment also includes the customary
market-out' provision, Today
announcement states that the
stock will be sold at sl00 share.
French Added to Trust staff.
William S. French, tr,. was elected
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