Evening star., 1943-10-08
18th Year Completed
By Liberty National,
Growth Cited
BY EDWARD C. STONE,

Liberty National Bank, 26 year.
old today, has just ended one of it.
best 12-month periods, according te
M. F. Calnan, president. The bank
was founded on October 8, 1917
with George o. Watson as presi.
dent, other succeeding chief eXecu.
tives including the late Edward j
McQuade and the late Rolfe E. Boil.
ling.
Liberty Nationals deposits or
June 30, date OF the last bank call
totaled s21,413,084 and have in.
creased since that time. The bank
has S500000 capital, surplus OF
s465,000 and undivided profits Of
100000. Officials received many
congratulations today on the insti.
tutions steady growth.
Officers, in addition to Mr.. Cal.
nan, include j. B. Skinner, vice
president; w. T. Vandoren, vice
president and cashier; William v
Simmons, trust officer; Lewis T
Thomas, Wales H. Jack, and R. P
Woodburn, assistant cashiers; anc
Norman B. Frost. counsel.
Present directors are Thomas P
Brown, M. F. Calnan, j. T. Gull, Jr.
DR.. l.. F. Davis, Howard p Foley
Norman B. Frost. Tracy L. Jetfords
Paul E. johnson, DR.. F. H. Nor
hart, E. L. Morris, Vernon G. Owen
Joseph A. Rafferty,, I. E. Shore
maker. F. N. Towers, and w. T
Vandoren.
Crowley FavOrS Bank Loans
Leo T. Crowley, chairman of the
Federal Deposit Insurance Corp, has
told the Senate Banking and Cur
rencv Committee that he favors the
purposes of the Wherry Bill to liqui-
date the Regional Agricultural
Credit Corp, stating that "Wher-
ever possible, financing of agricul-
ture, industry and trade should be
provided through existing non-gov-
ernmental channels" Under some
conditions, Government aid to agri-
culture may be necessary, he said,
adding by way of explanation:
I'VE believe that certain restric-
tionS and safeguards should be i'm
posed upon any governmental lend
ing activity. So long as funds are
available at reasonable rates and
terms from normal and usual pri-
vate sources, the Government should
not make the loans. Where these
conditions do not obtain, however,
or where the capital requirements
of agriculture are of character
which cannot be met properly or
safely by our private financial in
stitutions, it would appear to us to
be proper for the Government to
make loans at rates in line with the
determination of reasonable costs.
we are opposed both to the i'm
position of eXorbitant rates by pri-
vate lenders, including banks. and
to the granting of unjustifable low
rates through Government subsidy
Of cost.
Consideration might we'll be given
also to provision requiring any
governmental agency to offer for
public sale without recourse, any
loan made by it for which a bona
flde offer has been made by a pri-
vate source
Few Bond Issues Voted.
Voters in six States authorized
S6,230500 in State and municipal
bond elections in September, the
Daily Bond Buyer announced today
While the figure is larger than in
the two preceding months. one item
accounted for s6,000,000 of the total
the money to go for an irrigation
project in California.
The total for September, 1912, was
81 36l 400 and for August of this
year only S406,500
During September voters turned
down projects involving S2,656.50O in
new bonds.
Garfinckel Stock Redeemed.
Announcement was made on the
Washington Stock Exchange today
that the Juliua Garfinckel 6 per cent
cumulative preferred stock will no
longer be quoted on the board as the
$4,000 shares of this issue have been
redeemed.
When authority is received from
the Securities and Exchange Com
mission, the stock will be taken off
the board. The last sale in the issue
took place at 2712.
Application will be made shortly
for the listing of the issue of $4,000
shares of Julius Gardnckel g. Co.
5'a preferred stock. which was
placed on the market this week and
quickly oversubscribed This stock
came out at S25 a share and has
S25 par value. The shares were
largely distributed among Washing
ton investors.
Railway Preferred at Peak.
Washington Railway g. Electric
preferred registered a new l943 high
mark on the Washington Stock Ex-
change today when so and 20 share
lots changed hands at Ill.,, up from
yesterdays sales at 1T.
Capital Transit was firm, IS
shares moving at 30"~. practically
unchanged. Potomac Electric Power
per cent preferred came out at III.
Mergenthaler Linotype was strong,
with a 25-share sale at Asa. Wash
1ngton Gas s5 preferred appeared on
the board in two sales at 1861.
Activity in exchange issues has
shown marked improvement during
the present week. with demand
much larger than supply.