Evening star., 1942-10-08
War Bond and Stamp
Sales al Post Office
Off in September
Payroll Deduction PIon
Switches Some Buying
To Reserve Bunk
BY EDWARD c. STONE

BY EDWARD c. STONE
Sales Of War savings bonds IN,
War stamps through the post offic @
here were lower III September tho,
in August. it was learned from posta
officials today, owing to the fac
that so many Government oft1ce
and business concerns have adonte,
the 10 per cent payroll deduction
plan and now obtain their BOND
through the Federal Reserve Ran
of Richmond. This cuts into tn,
post Office total but makes n,
change in the fifth district results
During September the post oft,c,
and its branches sold 22.855 Wa
bonds against 26,399 in the preced.
ing month, and 8.7O7 in September
l941. today's report showed Jun,
continues to hold the record for thu
number of bonds sold, 29.Oe3.
The value of September bond sale,
at the selling price and not at ma.
turity was 1902, 1880 compared
with s842 so in August and s365,
$3.50 in September a year ago. Tht
value of the bond sales reached the
years high point in June with 3
total of $S44,775.
War stamp sales in Septembe,
amounted to s4s9,e3O.2O and were
nearly up to the total of $500, ,278 AZ
in August. These sales in September
194l, totaled 1926, 6,859.75. Both bono
and stamp sales through posta
channels are entirely separate from
those OF banks, building and loan as
soclations and other financial insti-
tutlons, officials explained.
Liberty Bank rs Years Old.
The Liberty National Bank, Fiji
teenth and 1 streets, M. F.. Calnan
president, is Is years old today. The
bank opened for business October 8
1917, at 1410 New York avenue. Of
ficials said today that the present
year has been one of the best the
bank has experienced.
Deposits reached SIT ,581, 1854 Just
before the anniversary date. The
banks present capital is $50O,0OO
surplus $4,000, undivided profits
100000. Last year the bank COM
pleted extensive alterations and the
addition of third floor to the pres
ent quarters, nearly doubling the
floor space.
In addition to MIR. Calnan, the
officers include j. B. Skinner, vice
president; w. T. Vandoren, vice
president and cashier; w. v. Sim
mons, trust officer Lewis E. Thomas
Wales H. Jack and L. S. Bradley
assistant cashiers. and Norman B
Frost, counsel. The directors in
clude:
Thomas P. Brown, NJ F. Calnan
j. T. Gull, jr.; DR.. L. F. Davis, How
ard P. Foley, Norman B. Frost,
Tracy L. Jeffords, Paul E. Johnson,
T. P. Littlepage, DR.. F. H. Morhart,
E. K. Morris, Vernon G. Owen,
Joseph A. Rafferty,. I. E. Shoemaker,
F. N. Towers and w. T. Vondoren.
New Official in Capital.
Ottmar Waldow, controller of the
National Bank of Detroit, who is
slated for election in New York
today as president of the National
Association of Bank Auditors and
Controllers, visited the financial
district and several Government
Offices here yesterday.
He was the guest of Raymond G..
Marx, controller of the Riggs Ma
tional Bank, who is representing the
auditors section of the District
Bankers Association at the meeting
in New York today. The conven-
ton was omitted this year pending
business to be transacted at one
day council meeting.
Visiting the financial district to-
day was Homer Orvis, partner in
the New York Stock Exchange firm
of Orvis Brothers & Co., which
maintains an Office in the Woodward
Building. 1t was his first visit to
the Capital since the office was
opened several months ago.
Trust Company Votes Dividend.
Directors of the Washington Loan
Il Trust Co. have declared a quar-
terly dividend of 2 per cent. payable
November 2 to stockholders of rec
ord September %, President Harry
G.. Meem announced today.
Mr.. Meem added that total re-
sources had increased almost ST.
100000 since June 30 last. While
loans were less in volume. securi-
ties. principally Government, we're
81 100000 in excess of previous fig
ures, thereby reducing the volume
Of idle cash. The bank is vigorously
pressing the sale of War bonds and
Treasury notes.
ID. c. Electricity Sales Soar.
During the first nine months of
this year production of electricity
by the Potomac Electric Power Co.
averaged II per cent ahead of last
year, and more recently has been
running better than 81 per cent
ahead Of year ago, the North
American Co. states in reporting
sharp increase in the demand for
electricity among all the subsidiary
companies. The Capital is using
electricity at sensational rate" the
report comments.
Insurance Luncheons Start.
Members of the District Life Un-
Gerwriters' Association held their
first luncheon of the season at the
Willard this noon, with Ralph G..
Englesman of New York as the
guest speaker. George A. Hatzes,
new president, was in the chair and
IL new members were introduced.
There was a very large attendance.
Hemingway Names State Aides.
President w. Linn Hemingway of
the American Bankers Association
has appointed 10 new State vice
presidents to serve for the coming
wear. The representative of the Dis
triot Bankers Association, who was
elected in June by the Washington
bankers. is Archibald McLachlen,
vice president and treasurer of the
McLachlen Banking Corp, and asso-
citation president last year.
The vice president for Maryland
is Thomas E. Mcconnell, Maryland
Trust Co., Baltimore. and for Vir-
ginia, C. Francis Cooke, First Ma
tional Exchange Bank, Roanoke,
both being among the 80 vice presi-
l. - i H.,