Evening star., 1934-12-07
L.B.A. ESTABLISHES
NEW DEPARTMENT.
James D. MaGee to Head
important Work on
Municipal Finance.
BY EDWARD c. STONE.


vestors and dealers in municipal Sc
curitieS and as an aid to further
progress in municipal finance. was
announced today from Chicago with
the appointment of James D MaGee
as municipal secretary and active
head of the department. Mr. MaGee
was for some years an officer in the
investment division of the Boatmen'S
National Bank of ST Louis
The new department. with a full
time executive, was made necessary,
1t was explained, for four principal
reasons: !. State and municipal
bonds outstanding constitute one Of
the largest classes of investments in
the United States. totaling S18,500.-
100000. the Municipal Finance Off
GERS Association estimates. .. A sub
stantial movement for increased eff
cheney and economy in local govern
ment is now going forward through
out the country, with an attendant
need for still further progress in
methods and principles of municipal
finance. 3. A central. national Office
for assembling ard transmitting in
formation is needed by security deal
erS. as well as investors. and likewise
as a cooperative aid to municipal Of
flcers and civic associations. 4. 1t is
impossible for volunteer workers
amCng the members of the Invest
ment Bankers Association to give all
the time demanded by the Municipal
Securities Committee work.
Taxpayers throughout the United
States, as we'll as investors and Sc
Curity dealers, will benefit by the new
department" said d T Richardson.
Chicago. chairman of the Municipal
Securities Committee. Its scope and
aims can be better appreciated when
it is realized that there are 1872 $50
American governmental units that
have power to levy taxes or incur
debts, according to census reports.
There are 127lO8 school districts, g.
053 counties. 1886 incorporated COM
munities. 20062 towns and townships
and more than 5000 of miscellaneous
types of local governmental units"
Riggs Bank Stock Higher.
Ten shares Of Riggs National Bank
common stock sold at 2l2 on the
Washington Stock Exchange today
an advance of a point over the last
previous sale.
Mergenthaler Linotype was the most
active stock on the board 1t opened
with two l0-Share lots selling at 3234
After call 10 more moved at the same
figure. while ? other lots Of 10 shares
each advanced to 80
Potomac Electric Power 5la per
cent preferred was strong at ll2 and
Capital Transit held its own at 26la
on very small sale. Only one bond
sale was recorded, $1,000 Anacostia
d Potomac Railroad IS changing
ownership at 10.
washington banks report steady
gains III the number of new members
in the 1885 Christmas savings clubs
and also III the amounts being sub
sCrlbed by the members. People who
were short on money for taxes this
year are adopting this method as a
good way to be sure and have funds
for that purpose when the emergency
arises next year.
Harris Takes New Position.
Herbert c. Harris. who has been
manager of the Fidelity Investment
Association in Washington territory
for The past eight years, has resigned
his position and become vice presi-
dent and director of Income Estates
OF America, which has local head
quarters in the Shoreham Building
He will direct the sales activities
of this company in Washington and
Virginia today'S announcement said.
During the time Mr.. Harris was head
of the Fidelity Investment AsSocia-
tons Office here, the firm enjoyed
substantial business expansion. In
the eight years he made many friends
In the financial district
The sixteenth annual MidWinter
trust conference of the trust division,
American Bankers Association, will
be neld February 10. l3 and IA at
the Hotel WaldOrf-Astorla New York
City, it is announced by Leon NJ
Little, president of the division.
Washington bankers always attend
this conference
New Bond Approvals Soar.
New municipal bend issues ap-
proved by voters of l09 munlCipali-
ties IN 81 States during November
totaled Sl68 1926 $50 as compared with
S4369,800 approved IN October. No
vember totals for previous years:
1924, ,586 ,032 in 1898, S88 1928, 900 in
1892, S9306,35l in 1881 and s4O5,-
976. .45O III 1880.
State and municipal financing dur
ing November totaled 5,345 $50,
including So 900 of P. w. A. loans
as compared With S7O,792 O45 during
October, including S5,l38,l3 P. w. A.
loans according to the Daily Bond
Buyer. The total for November,
1888. vas sl24, $40, 1893, including $685.
804651 P w. A loans.
The total for the first II months
of this year is Sl,070, ,568, 1873 as COM
pared with 1925 l02 POS during the
same period of 1893. These figures
include all R. F. c. and P. W. A.
loans
Treasury AIlots New Issues.
Large bidders for the recent Treas
ury offering of 5000 600 900 bonds and
notes will receive only IA per cent of
their subscriptions to the notes and
only Is per cent of their bond tenders.
Bids exceeded $500, 100000 for the
two issues.
Subscriptions to the offering of
S450,000,000 3is per cent bonds of
l949-52 tOtaled more than $780,
600 600, the Treasury announced, on
the basis of reports from the Federal
Reserve banks. Subscriptions for
amounts over $4,000 were allotted 18
per cent, but not less than $4,000 on
any one subscription, while tenders
tor $4,000 or less we're allotted in full.
Subscriptions for the cash offering
of s45o,O0o,o0O Us per cent notes
amounted to more than S3,000,000,O00.
Those for more than $4,000 were
allotted ID per cent and those tor
$4,000 or less were allotted in full.
Peters to Attend Conference.
Roderic Peters of this city, assist
ant sales manager of the Electrolux
division of Servel. Inc. will attend
the annual sales and advertising con-
ference in Evansville, Ind, next week,
opening on Monday. Sales and ad-
vertising policies for 1885 will be dis
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