Evening star., 1938-02-18
OFFICIALS INVITED
T0A.L.B. BANQUET
Members of Reserve Board,
R. F. c. Directors and
Others to Attend.
By EDWARD C. STONE.

bankers will be hosts to many prom
inent Federal officials and bankers at
the annual dinner of the American
Institute of Banking, tomorrow night,
at the Willard Hotel Among those
who have accepted invitations are:
John K. Mckee, M. S. Szymczak
and Chester A. Davis, members of the
board of governors of the Federal Re-
serve System; Marshall r. Diggs, Act
ing Controller of the Currency; E. H.
Cough and G. j. Oppegaro, Deputy
Controllers of the Currency; Daniel
w. Bell, Acting Director of the
Budget; Charles B. Henderson, How
ard j. Klossner and Emil Schram.
directors of the Reconstruction FL
nance Corp; Hugh Leach. president
of the Federal Reserve Bank Of Rich
mond; L. E. Birdsell. general coun-
sci, Federal Deposit Insurance Corp;
Walter Wyatt. general counsel. Fed
eral Reserve System: c. B. Upham.
assistant to the Secretary of the
Treasury; Francis c. Brown. general
counsel, Reconstruction Finance
Corp: Chester Morrill,. secretary. Fed
eral Reserve Board: Frank r. Curda
of Chicago, president of the Ameri-
can Institute of Banking; Harold
Stonier of New York, executive man
ager and D. j. Needham, general
counsel. American Bankers Associa-
ton: Thomas j. Groom. president,
District of Columbia bankers Asso-
citation; H. H. Mckee, chairman, D. c.
Clearing House Association; Bolitha
j. Laws. president, District of Colum-
bia Bar Association; Edward F. COL
laday, president, Washington Board
of Trade; Frank J. Hogan, general
counsel, District of Columbia Bankers
Associa ton, and r. w. Nuckols of
Richmond, executive councilman of
the American Institute of Banking.
s991,000 Transit Loan Ready.
Final details were completed today
for the loan of 1891 900 to the Capital
Transit Co. for the purchase Of so
new streamined streetcars and %
buses, the buses to 60 into service
March Is and the first of the new
cars on July Approval of the loan
by the Public Utilities Commission is
held certain as that body has for a
long time urged the company officials
to make further purchases of new
equipment.
The Washington banks were glad
to make the loan of nearly $1,000 900
At per cent. the same rate at which
20 local banks loaned the Capital
Transit Co. ST 100000 last year The
same terms prevail in connection with
this loan, the money to be paid to the
National Savings & Trust Co. as
trustee which takes title to the new
equipment and holds title until the
loan has been paid off.
The new loan brings to Sl1,200,000
the sum that the transit company
has paid out for improving its facili-
ties since the merger went into ef-
feet late in 1888. The loan will ma
terially better the company's trans
portation service and give a large
amount of work to the men building
the buses and cars. Like the first
loan, the new one was arranged by
Y. E. Booker & Co.. investment firm.
Trust Conference Lauded.
Washington's large delegation of
bankers attending the midwinter trust
conference in New York we're back in
the financial district today. high in
their praise of the program.
Walter Wyatt. general counsel of the
Federal Reserve Board, was among the
speakers. his subject being an "Ex-
PLANTATION of the Common Trust Fund
Regulation" He warned that actual
operations of common trust funds will
involve many complications and con-
siderable expense as result of the
practical difficulties necessarily in
herent in the problem of handling COL
lectively the funds of many different
trusts
President Orvil w. Adams of the
American Bankers Association, said
the spirit of fidelity engendered in the
trust department generates spirit of
loyalty throughout the bank-in the
dealings of the staff with one another.
their dealings with customers and in
their dealings with the public.
Sir Willmott Lewis. Washington cor
respondent of the London Times. made
a brilliant address at the annual ban
quet last evening.
Lanston Declares Dividend.
Directors of the Lanston Monotype
Co. have declared a dividend of 81
per share on the outstanding stock
payable February "a to shareholders
of record at the close of business to-
day, February 18.
Daily average sales of general mer-
chandise in small towns and rural
areas for January were about per
cent below January, 1887, when they
were higher than for any like month
since 1880, according to estimates of
the Department of Commerce. based
on rural chain store and mail order
sales.
Total sales for the year 1887 were
about 6 per cent above those for 1886
and 2212 per cent above 1885, but
were still 212 per cent below 1929,
when the index figure was 1875 for the
year.
Heard in Financial District.
Elisha Jones has been admitted as
q general partner in the firm of Stein
Bros. g. Boyce, the firms WASHINGTON
Office announced today.
M. S. Szymczak. member of the
Federal Reserve Board, will be honor
guest at dinner given by the Man.
haitian Society at Baltimore next
Monday. Other Washington guests
will also be present.
The Safe Deposit Section of the
District Bankers Association will meet
this evening in the -oard room of
the American Security g. Trust Co..
many routine matters being listed for
discussion.
Yesterdays sale of 16 shares of
National Bank of Washington stock
at 1870 was the first time this issue has
appeared in the Washington Exchange
sales this year.
Edwin c. Graham, president of the