Evening star., 1943-03-15
Banks 10 Push Sales
To Patrons in New
War Bond Drive
Press, Radio and Movies
To Be Employed
In Expanded Program
BY EDWARD c. STONE.

BY EDWARD c. STONE.
In the new Treasury War bond
drive in April the Nations banks
will play major role, put forth still
greater efforts than in the Decem-
Der campaign. work harder for in
dividual subscriptions as a means
of fighting initiation and seek wide
spread publicity through the press.
radio and movies
These assertions are made bv the
Economic Policy Commission of the
American Bankers Association in a
report made public here today, map
ping the bond sales program for the
banks The President startled the
country with budget of gigantic
proportions - s24 900 100000 larger
than the current fiscal years prob
able expenditures and six times as
large as the biggest year of World
War I. the commission points out.
To prevent inflationary results,
the ABA report urges taxes to the
maximum that can be borne with
out checking the war effort heavier
bond sales to individuals and VOL
untary savings. The report recog-
nizeS that even after the best pos
Sible efforts to sell securities TO Gus
tcmers have been made. the banks
themselves will be called upon to
absorb a substantial amount of Gov
eminent securities.
"A first principle. ." the report adds,
lis that banks should now be fully
invested. With the large amount Of
/ Treasury bills and certificates avail
able there is no longer any reason
for a bank to carry more than a
minimum of excess reserves. The
bank carrying large excess reserves
IS not doing its share in the pro-
gram and is losing earnings un-
necessarily
In promoting the current sale OF
War savings bonds, the banks
should welcome temporary loss Of
| deposits caused by customers pur-
chases of Government securities.
the report adds.
Postwar Planning Pressed
The radically altered attitude
with respect to women on the pro-
| duction line and the consequent
shift and increase in employables
Will have tremendous influence
In the postwar years. Henry H.
| Heimann, executive manager of the
National Association of Credit Men.
/ declares in the Monthly Business
! Review released today.
Present and postwar business
/ planning must also take into con-
sideration, he says, current tax
trends and the war-stimulated
population shifts from rural to in
dustrial areas and from regions Of
lowered industrial activity to those
Of high war production levels.
While the future cannot be blue
printed in exact detail. it is en-
couraglng to note that many busi-
ness organizations have already
commissioned individuals or entire
departments to analyze the possible
consequences of the wartime infiu-
ences on normal activities engaged
in by these firms.
1,250,000 Dep0sitors Helped.
In his report to President Roose-
welt, Chairman Leo T. Crowley
stated that the Federal Deposit In
Surance Corp, since it was estab-
lished in 1888, has saved from loss
more than 1,250,000 depositors, or
99.8 per cent. in 800 insured banks
which have closed since that year.
Depositors with balances in excess
Of the $4,000 maximum will lose less
than 100000.
This record contrasts with that Of
the 10 years preceding the bank
holiday during which depositors in
1880 closed banks lost 100000
and stockholders another S2,000,O00.
Notwithstanding of assumption by
the corporation of S50,000.O0O Of
losses which otherwise would have
fallen on the depoSitors in the 800
banks, the corporation has accu-
mulated a surplus of 1925 100000.
Federal deposit insurance today
provides full protection for more
than 65,000000 bank accounts, Mr.,
Crowley added.
War Bond Sales Concluded.
Bankers reported that there were
practically no redemptions today Of
United States savings bonds for
payment Of taxes, the peak of the
sales having been passed last Thurs
day Holders have been asking the
banks to certify their signatures so
they could take the bonds to the
Treasury and collect their money.
With tonight as the tax filing dead
| limo
1t takes few days after the bonds
are turned in at the Treasury be-
fore the cash is available.
Wall Street predicted some weeks
I ago that there would be heavy SELL
| ing in stocks just before income tax
| payments were due. This selling
never developed.
| New Pennies on Display.
The Second National Bank was
| giving away money today. The new
| pennies, which are made without,
| copper, were on display in the lobby
and each customer was allowed to
take one cent without replacing it
! with one OF the old style. Patrons
we're put on their honor not to raid
the till" President John A. Reilly
reported a very lively demand for
the new coins.
A Scott Offutt, vice president of
| the City Bank and first vice presi-
| dent Of the District Bankers Associa-
| ton, observed his 42d birthday an
| niVeTsary today, receiving a shower
Of congratulations from associates.
Riggs Bank Common Jumps.
Riggs National Bank common
| jumped AZ points on the Washing
ton Stock Exchange today. A small
lot sold at 25612. against the last
/ previous sale at 252, and a new high
for the year.
Lanston Monotype also sold at a
new 1943 high today, changing hands
at 301i, up a.
Garfnckel common and preferred
and American Telephone have been
added to the eX-dividend list.