Evening star., 1944-04-02

W GIlS
Garfincke1 COM James p. Nolan.
mon leading all other issues with a
turnover of 1919 shares against only
220 a year ago. Washington Gas
common stood second in activity
with 1888 changing hands COM
pared with SGT in the 1943 first
quarter. Third in the active list
was Capital Transit, 1,051 shares ap-
pearing on the board against 1913 a
year ago.
Garfinckel preferred registered a
turnover of 923 shares, followed by
Mergenthaler Linotype, with 587
shares moving. Other issues in
which there was wide interest and
considerable trading included Riggs
National, Washington Gas pre-
ferreds and Potomac Electric 51z per
cent preferred. Prices on March 81
were at or near the years high
marks.
Bonds were very quiet, volume be-
ing exactly the same in the two
periods, $19,500. All issues sold far
above par.
Convention Committee Named.
Francis E. Robey, cashier, Bank
Of Commerce & Savings, has been
appointed chairman Il the Publicity
Committee for the 1914 convention
of the District Bankers Association
to be held at the Mayhower Hotel
on June q and 3. q. Elmer Flather,
treasurer, Union Trust Co., is vice
chairman.
Other members include David
Bornet, vice president, National
Savings & Trust Co.; Walton L.
Sanderson, assistant cashier, Ham
ilton National; Robert H. Lacey,
cashier, Columbia National, and
Eliot H. Thomson, publicity man
ager, Washington Loan g. Trust Co.
Mr.. Robey is an alulnnus of the
graduate school of banking, Rutgers
University, class of 1912, and has
been very active in the American
Institute of Banking, being presi-
dent of Washington Chapter in 1899.
He was elected to his present posi-
ton in September, 1910.
The convention, according to
President A. Scott Offutt, will be
limited to serious banking problems
created by the war.
Business at New High Level.
With bank clearings in the Capt.
tai reaching $500, ,336,715 in the first
quarter. an upswing of $53,980, ,493
over 1943, bankers yesterday ex-
pressed the belief that business in
the first three months of 1914 was
the best ever experienced here, due
chiefly to wartime conditions.
Heavy income tax payments, very
active Easter trade and a great
many checks in connection with
the Red Cross drive were additional
reasons advanced for the all-time
first quarter record in clearings. The
Fourth War Bond drive also boost
ed check totals tremendously bank
officers said
AS already noted, clearings in
Washington in March totaled $780,
803,37l, up s7,679,166, and an all
time top for the month.
War Bond Goals Exceeded.
Attainment during the Fourth
War Loan of 10 per cent of their
full years self imposed quota of
Government bond purchases is re-
ported by the country's building and
loan associations. The United States
Savings and Loan League says that
18 States have already gone over
their full 1914 goal set at the last
war conference.
Roy w. Larsen, chairman of the
leagues Government Bond Pur-
chase Committee, indicated that
$500 100000 was added to the build
ing and loan Government Bond
portfolios in January and February
and that it took their holdings up
to approximately s1,l90,0 900, or
18 per cent of total assets. This is
new high in both percentage of
assets and of dollar volume of bonds
held.
Postal Savings at New Peak.
Postal savings deposits reached
q record high of $1,867 100000 at
the end of February, a gain of
$400000,000 over a year ago. Over
5000, 900 people now have postal
savings accounts, ranging from 81
to the limit of $2,500
This makes the Post Office De-
partment the biggest savings bank
in the country, with the Bank of
America holding second place, COM
ments the Wall Street Journal. The
Bowery Savings Bank is the largest
mutual savings bank.
The Postal Service pays depositors
2 per cent, the income coming from
money loaned TO the Treasury
The system is now 33 years old
Financial District Comment.
Several leaders in the ABA viii
testify at congressional hearings
set for this week, among them
being President A. L, M. Virgins
A G.. Brown, w. Randolph Burgess
Robert M, Haines, Robert V. Flem-
ing and DR.. Harold Stonier. They
will appear before banking COM
mitteeS.
In the last session of the Wash
ington Stock Exchange for March
Peoples Drug Stores common stock
sold at 25 on 75-share turnover
another new 1914 high mark and q
gain Of full point.