Evening star., 1938-03-28
LEADERS TO HONOR
0'CONNOR TONIGHT
More Than 1000 Will Pay
Tribute to Retiring
u. S. Controller.

More than 1000 persons prominent
both national and local, will gather
at the Mayflower Hotel tonight for
the testimonial dinner to Controller
Of the Currency J. F. T. O'Connor.
who has resigned, effective April l.
Robert H. Jackson. Solicitor Cen
eral of the United States. will be
toastmaster. There will be several
distinguished speakers Robert "
Fleming. president of Riggs National
Bank. former president of the Amer
ican Bankers Association, will speak
for both the District Bankers Asso-
ciation and the A. B. A.
Virtually all Washington banks will
be represented at the gathering.
About ls5 officials from local insti-
tutions are understood to be plan
ming to attend.
Among the speakers will be Secre-
tary of Agriculture Wallace, Fostmas-
ter General Farley. Secretary of Com
nerce Roper, Assistant Secretary of
War Louis Johnson. Senator Frazier,
North Dakota. of the Senate Banking
snd Currency Committee: Senator
Minton of Indiana, Senator Bailey
of North Carolina. Chairman Steagall
of the House Banking and Currency
Committee. Representative Lemke.
North Dakota; Representative Lea,
California; Ronald Ransom, member
of the Board of Governors of the
Federal Reserve System. Assistant
Secretary of the Treasury Stephen
Gibbons. Jesse Jones. chairman of
the r. F. c.. Phillips Lee Godsboro.
director of the Federal Deposit In
surance Corp; George P. Barse. coun-
sci to the office of Controller of the
Currency. and Cary A. Hardee. re-
ceiver for several closed hanaks here
Capt. Chester Wells is chairman
of the committee in charge. with
Bruce Clagett vice chairman The
District Bankers Association was rep
resented on the committee by Hill
leary G. Hoskinson vice president of
Riggs Bank.
New Firm Planned
Following the consolidation Of VIM
throp, Mitchell & Co. and Hartman
&, keech. with liquidation of the lat
ter, it was learned today there will be
brokerage firm with general broker
age and general investment business
located in the present quarters of Har-
riman e. Keech, at BIS Fifteenth
street. George A. Garrett, one of the
resident partners of Hartman &;
Keech. will announce his future plans
Thursday.
Mai. Ferry X Heath. . resident
partner of Hartman & keech. is relia-
bly, reported to be resident partner OF
Winthrop, Mitchell & Co, while JOS
eph F. Dowdall. resident manager Of
Winthrop. Mitchell & Co. is to con-
tinue in the same capacity.
Judge Nathan Cayton OF Municipal
Court will address the Washington As
sociation of Credit Men at their 1890
luncheon at the Raleigh Hote! tomor-
row on the new small claims court.
Marks 49th Year.
The Lincoln National Bank this
record showing that it has made
substantial growth along with the
progress of the National Capital.
Headed by President Floyd E, Davis.
the institution has deposits of sl0.-
10000. which are s400o0Oo above the
1888 figure, Its total resources now
ere s1l392,oo0
Albert S. Galley. executive vice
president, and W. NICK. StoWell. board
members. were members Of the orig
inal board when the bank started 43
years ago.
Officers Of the bank in addition to
Davis and Galley. are: James A.
Soper, vice president and cashier; H.
T. Ofterdinger, vice president; George
Francis Williams. general counsel and
trust officer: j. Frank Rice. assistant
cashier and assistant trust officer;
Helena D. Reed. assistant trust Off
Ger; Robert E. Lee. assistant cashier;
Richard A. Norris, assistant cashier;
D. Hammond Wetzel, assistant CASH
Ter; Nelson M. Stokes. assistant CASH
ier Edward H. Story, assistant CASH
Ter. and William M. Harris, auditor.
The directorate is composed of
Charles w. Bolgiano, George /. Berger,
William w. Brawner. Floyd Z. Davis,
Albert S. Galley. w W. Griffith,
Franklin w. Harper. Melvin C. Hazen.
Leroy w. Heron, H. B. Leary. Howard
r. Norton, Henry T. Offterdinger,
George C. Pumphrey John Saul. Fred
A. Smith. James A. Soper. w. Mex.
Stowell, Claiming S. Walker and
Howard L. wilkins.
Bankers Urged TO Compete
Members of Washington Chapter,
American Institute of Banking, are
urged in the April edition of Dollars
and Sense to take part in the annual
essay contest or the public-speaking
contest. The essay contest has been
divided into two classes. the winner
In each to get free trip to the bank
ers' convention at Hot Springs.
The winner in the public-spea king
contest will 60 to the regional meet
ing and if he wins there will 60 to the
National Institute Convention at
Louisville.
The April issue reports that 200
students passed the first semester ex-
sminations and 229 students are TAX
ing the last half years work.
Inc national convention this year
Is little nearer home than usual.
an extra large delegation already being
forecast for the Louisville trip.
Problem in Rating Changes.
Many bankers in Washington and
all over the country have worried a
good deal over the present methods
BY which the controller of the cur
rency regulates the purchases of in
vestment securities" by banks for their
own accounts, the rules requiring that
such purchases must be supported by
not less than two rating manuals.
The present regulations give rating
agencies too much power, bankers be-
lieve.
For example. if a bond is rated
IA and kept at that rating, everything
Is fine. But If the rating is lowered,
bank which NAV have hlocL of