Evening star., 1942-11-17
Perpetual Building
Reflects Officers
And Directors
Association DiscIoses
Large Refinoneine
Volume for Year
BY EDWARD C. STONE,


Arthur G. Bishop, chairman OF
the board; Marvin A. Gusts, presi-
dent; Edward C.. Baltz, secretary
Franklin w. Harper, treasurer; Will
liam H. Dyer, assistant secretary:
w. S. Martindill, assistant treasurer
and William H. Rippard, auditor.
The board of directors is composed
of John c. Scofleld, Samuel SERVE
ner. William G. Schafirt, Thornton
w. Owen and Messrs. Bishop, Custis
Baltz Harper and Vernon G. Owen
Secretary Baltz reported that de-
spite the halt fl building activities
due to priorities, the association
handled large volume of refinanc-
ing during the year, as well as COM
pleting the financing of numerous
small homes for persons engaged In
war work here.
He added that Perpetuals re-
sources now total $56 1000, 900, high
est IN 81 years of operation. Ten
years ago, he said, the association
ranked 9th among the largest build
Ing associations in the Nation. To-
day it is the largest association of
the. kind in the United States, 500
600, 900 ahead of its nearest rival in
resources.
Seven Bank Holidays Dropped.
Banks OF Richmond, Va, have
voted to eliminate seven holidays
for the duration of the war and to
close only on holidays which are
observed by other pes of business,
Harry F. Augustine, president State
Planters, Bank 81 Trust Co. and
president of the Richmond Clear
ing House Association, has an
nounced
Holidays eliminated for the dura-
ton include Robert e. Lees birth
day. January 19; George Washing
tons birthday, February %; Thomas
Jefferson's birthday, April 49, JEFF
ferson Davis birthday, June 8; Co.
lumbus Day, October IL; election
day, first Tuesday after first Mon
day in November, and Armistice
Day, November IL.
Holidays which will continue to
be observed by the Richmond banks
are New Year Day, Memorial Day,
Independence Day, Labor Day,
Thanksgiving and Christmas. The
dropping of the holidays was recon-
menoed by the Virginia Bankers
Association after extended discus
sion. ..
The Maryland Bankers Associa-
ton has a similar plan under con-
sideration. The District Bankers
Association has given the matter
no serious thought, as Washington
banks do not have nearly as many
holidays as are observed in these
nearby States.
In the two States financiers have
felt that the banks were closed on
too many days when other lines of
business were running at full speed
and needed banking service.
National Officer to Speak.
James E. Rutherford, executive
vice president of the National AS
sociation of Life Underwriters, will
address specially arranged lunch
con meeting of the District Life Un-
derwriters' Association at the Will
lard Hotel next Friday on Life In
surance Goes to War" He will out
line the national organizations
plans for an all-out participation
In the war effort.
His present position was created
at the recent Chicago convention.
He was previously general agent of
the Penn Mutual in Seattle. He
is past president of the Little Rock
Association, Des Moines General
Agents and Manager; Club and the
Iowa State Association and is now
one of the IL trustees of the ma
tional association.
Officers of the District association
report sharp revival of interest in
this years luncheons.
Guaranteed War Loans. Rise.
From March g. date of the order
empowering the War and Navy De-
partments and Maritime Commis-
sion to guarantee loans for war
production purposes. to September
30, loans aggregating 1896 .000, 900
were authorized through the Fed
eral Reserve Banks.
During october 3lO applications
for guarantees were approved for
Sl.259 900, 900, including one revolv-
ing credit in the amount of 81 ,0O0,-
100000. The majority of guaran-
tees authorized have covered loans
to relatively small business enter
prises.
OF the total number of loans au-
thorized % per cent were in amounts
ranging up to s25,000 and SO per
cent for amounts of 100000 and
less, according to the November
Federal Reserve Review.
Washington banks have been
keenly interested in these loans and
report having obtained fair num-
ber
Lowered Assessments Opposed.
Leo T. Crowley, chairman of the
Federal Deposit Insurance Corp,
told State Bank Supervisors in Phil
dQCIpIAd yCSUcIudy tIldG IL WOulQ De
unwise to reduce assessments paid
by insured banks to the association.
Revenues should be allowed to con-
tinue to grow at the present rate
until the war ends, he said.
Washington building and loan as
sociations have completed the quota
purchase of $4,000, 900 war bonds for
their own accounts in connection
with the drive by the United States
Savings and Loan League to get
member associations to buy $780,
100000 of these bonds. 1t was re-
ported in Chicago yesterday that
more than $4,000, 900 of the bonds
already have been bought.
Washington Office Opened.
The advertising agency of Ander-
son, Davis & Plate, Inc, of New
York, is opening Washington Office
at 82l Fifteenth street NV, it was
announced today by T. Hart Ander-
son. jr,, president, who will divide
his time between Washington and
New York. The staff will include
persons familiar with the Capital.