Evening star., 1937-10-23

the service of Harry Rr;nlm.r
what is now the
Harris Trust & Savings Bank, Chi
cago; became assistant cashier in 1912
cashier in 1927 and vice president in
1884. the position he now holds.
Like the other new officers in the
A. B. A.. he has been very active IN
association work; has served on the
Executive Council and on the ESecu-
tive Committee of the State Bank Di-
vision, being chairman during the
past year. He was vice president OF
the Illinois Bankers Association in
1888 and president in 1884. Mr
Brinkman is married. Republican,
member of several Chicago clubs and
is fond of golf
Taxation Speakers Listed.
7. jefferson Coolidge, vice president
of the First National Bank of Boston
and chairman of the board of Old
Colony Trust Co, formerly Under
secretary of the Treasury, and ELS
worth C. Alvord OF Alvord a. Alvord.
Washington attorneys, who was special
assistant to the Secretary of the
Treasury from 1926 to 1880, will
address the forum on Federal taxation
at the twenty-sixth annual conven-
tjon of the Investment Bankers AS
sociation of America, it was an
= nounced today by Edward B. Hall OF
Chicago, president of the association.
"A time when Federal taxation Is OF
more vital importance could scarcely
have been chosen for this forum,
which is the first one that our aSso-
citation has devoted exclusively to the
subject" Mr.. Hall said. I'VE expect
the discussion to deal primarily with
the taxes on undistributed corporation
profits and on capital gains, both OF
which bear directly upon current in
vestment problems and are of para
mount concern to all business men at
the moment.
THE capital gains tax has direct
relation to the type of securities mar
kets that we are having. because, ridic-
ulo,ls as it would appear on the sur
face. the tax literally makes some Sc
curitjes holders anxious to sell when
thev have loss staring them in the
face. and unwilling to sell when a
profit is in prospect"
Keener Competition Favored.
Washington f1nanciers are much in
terested in the convention of New
York bankers at White Sulphur
Springs. The New Workers are stress
ing the desirability of making more
strenuous efforts TO get business by
meeting competition Of the savings
and loan associations, insurance COM
panv annuity policies, investment trust
installment contracts and United
States Government baby bonds.
The mutual savings bank leaders
believe they can, under their present
set-up. sell their customers a savings
program instead of merely keeping
open To receive spasmodic deposits,
and in this way meet growing compe-
titlon. just how the new program
should be developed is the problem.
While many banks say they have all
the money they want" Empire State
bankers take a different view.
Norris Sees Bright Spots.
Ernest E. Norris, new president of
the Southern Railway. says that con-
ditions in the roads territory are
reasonably favorable. considering the
general down in business. South
ern's traffic is running slightly under
year ago. but there are bright
spots" including little improvement
in the textile trade after several
months of extreme quiet. There is
also continued activity in the steel
making district at Birmingham. Ala.
The Unexpectedly large increase in
the seasons cotton crop will help to
boost the Southern's traffic, he said.
although adding that the recent sharp
decline in the price of cotton had
probably had some adverse effect on
general trade conditions in the South.
In his first interview he praised
Fairfax Harrison. his "illustrious"
predecessor, who is retiring at the age
of 66 years When asked about the
effect of the n cents per mile pas
senger rates, he said this had arrested
the fall in passenger traffic The
4
a mile, he asserted, because of in
creased operating costs.
The 55-year-old veteran railroader
has always been connected with the
Southern except for a short time in his
youth when he worked for the Chicago
81 Northwestern. He has son,
Frank. who is managing editor OF
Time Magazine.
Heard in Fnancial District.
Henry H. Flather. for many years
connected with the brokerage firm OF
w. B. Hibbs e. Co and previously
with the Riggs National Ban@. is re-
covering steadily from an attack OF
pneumonia He is at his estate in
Maryland known as Tulip Hill
Former First Deputy Controller Of
the Currency F G. Await is in Emer-
gency Hospital suffering from frac-
tured leg Mr. Await. who was con-
nected with the Treasury Department
and is now engaged in law practice
slipped on highly polished floor
The latest address Of President
Charles r. Gay Of the New York Stock
Exchange was read with great interest
here In it he stated that prices Of
securities ARE not determined in Wal
Street. but by thousand Main street:
all over the country"
Bank clearings in Washington fo
the week ended October 90 were aheac
of the like week a year ago and l0'
per cent above the total for the pre-
yious week this year.
Engineering construction awards 70
the week ended October i9 totale'
x43, ,a46 900, 2 per cent gain owe
the corresponding 1886 week as re
ported by Engineering News Record.
Factory sales of automobiles manu-
featured in the United States totale'
7l,203 vehicles in September. com
pared with 135.l65 in September las
year. the Department of Commerc
reports
---~-----s s---~-~-----