Evening star. [volume] (Washington, D.C.) 1854-1972, 1942-11-30
Capital Bankers Join
In Huge December
War Fund Drive
Treasury Offerings
Planned for Every
Type Of Investor
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Washington bankers are planning
full participation in the Treasury's
So, 900 900 900 Victory Fund war f.
nancing drive which opens today to
run through December, officers hav-
ing just received booklet from the
American Bankers Association out
lining the campaign and naming the
securities to be offered.
The drive is to be carried directly
to the doorsteps of individual in
vestors, officials handling municipal
and county funds. educational. social
and religious institutions, fraternal
organizations, and to large and small
corporation bank depositors De-
cember offerings are to appeal to
every type of investor from those
who buy United States Savings
bonds to others who make heavy
purchases of single issues.
The December issues, the ABA
statement says. will include Treas
ury bills, certificates of Indebtedness.
tax savings notes, the familiar War
Savings bonds and other Treasury
bonds. Bankers know the sale of
these securities is vital to the pros
ecution of the war and will Use their
experience and all the facilities at
their command to make the distribu-
ton as wide as possible, bank Off
Gals said today.
The Victory Fund Committee for
the District of Columbia, Winslow
B. Vandevanter, chairman, has been
working very hard in preparing for
the special drive. Investment deal
ers and building and loan officials
also are lending their full support.
AuchincIoss in New Offices.
AuchincloSS, Parker a. Redpath,
New York Stock Exchange firm with
their home Offices in Washington,
opened for business today in new
quarters in the Securities Building
at 729 Fifteenth street NV. having
moved to ground-floor Offices from
the National Savings g. Trust Co.
Building. where the investment
| house had been located since it was
founded 10 years ago.
The new Offices have been ar
ranged to unusually good advantage,
with the electric quotation board,
customers men and the cashiers de-
partment in the front of the build
ing. Just off the main entrance. The,
bond department is just to the rear
OF the boardroom.
| Offices for the members of the
! flrm are next to the bond depart
ment and large Office in the rear
Is given over to the statistical de-
partment and information on COM
modltles. All the facilities are most
conveniently arranged for conduct
ing both the brokerage and invest
ment business.
Members of the firm said TODAY
they believed many of their patrons
would be especially pleased with
ground-floor offices.
Lively Day on Exchange.
In one of the most lively DAYS OF
the year on the Washington Stock
Exchange. Washington Gas common
opened with four 100-share sales and
two others totaling 100 shares. at IS.
unchanged
capital Transit opened with 30
shares selling at 267s. followed by 10
more at 81. highest price in several
years. The market closed with $50,
bid and 271a asked.
Potomac Electric Power 81, per
cent preferred moved eX-dividend
at ia, fractionally off from last
weeks close, while the per cent
preferred sold ex-dividend at ISL,
new high for the year.
In the bond division Capital Trac-
ton SIS figured in a $500 transfer
at 1855, unchanged.
Common Dividends Hold Well.
or IS common stock issues listed
on the New York Stock Exchange.
Whlch dlsbursed dividends to their
holders without a lapse from IS
TO 40 years, none failed to make
payments during the first nine
months of this year.
forty-SlX per cent of the IS paid
the same amounts as they disbursed
IN the same months in l941. % per
cent increased their payments over
the l94l rate and 81 per cent paid
less than last year.
dividends were paid on their conn
mon stocks by SOL listed CORPORA
tons, out of listed total of 837
ISSUES. as compared with 578 isslles
10 make payments in the same l941
period, and with 533 in 1910, accord
10 the Exchange Magazine.
conversion of plants to war work
caused some heavy dividend reduce
ions In some instances, General
Motors being an example. Tobacco
companies were hit especially hard
by rising taxes. BY contrast, some
dividends were raised.
New Rules Protect Banks.
Fifteen important provisions or
sections have been added to the
guarantee agreement under which
the War and Navy departments of
the Maritime Commission agree
TO guarantee specified portions of
loans made by banks or other
financing institutions to war con-
tractors under Regulation v.
Other accords with the War De-
partment also are reported which
afford added safeguards to the orig
lnal guarantees. The rights of the
lending banks and the borrowers
have been more clearly defined.
Suburban Banks Push Bonds.
All suburban banks were pushing
the $4,000 100000 bond drive TODAY
and such cities as Richmond. Balti-
more and others in the Fifth Reserve
District were getting behind the
campaign, Hugh Leach, president of
the Reserve Bank of Richmond, said.
Senator Carter Glass. former Sec
rotary of the Treasury and father of
the Federal Reserve system, has
urged public support of the drive as
the best way to raise funds to meet