Evening star., 1940-05-15
Capital Controllers
To Attend Session
Al New York
Annual Midyeur
Conference to Be Held
Next Monday
BY EDWARD c. STONE.

BY EDWARD C. STONE.
Controllers of the larger business
concerns in Washington, including
Humphrey Lloyd, president of the
District of Columbia Control, and
controller Of Washington Properties,
Inc, and w. r. Little, controller of
the Evening Star Newspaper Co.,
will attend the midyear conference
Of the Controllers Institute Of
America, at the Waldorf
New York, next Monday. Several
hundred controllers will be present,
and all the latest and most puzzling
problems in accounting will be dis
cussed. Oscar N. Lindahl, head Of
the Institute, will preside.
Philip B. Fleming, Wage and Hour
administrator, will speak on who
Profits From the Wage and Hour
Law?' and DR.. James w. Young,
director of the Bureau of Foreign
and Domestic Commerce. will speak
on "A Clearing House For Business" ;"
The subject of Walter T. Fuller,
president of the Curtis Publishing
Co., is Where Budget Balancing
Begins"
One Of the largest conferences will
be that on merit rating and unem-
ployment compensation. This will
be under the Craftsmanship of Her
bert A. Ehrmann, of the Con-
solidated Edison Co. of New York,
during which possible changes in
State laws will be reviewed, also the
schedules in effect in various States,
and the methods of wage reporting
prescribed.
Other Subjects on Program.
Foreign exchange and accounting
problems will be studied in a con-
ference to be presided over by F. C.
Elstob of International Business
Machines Corp.
The "last-in, first-out" method of
inventory pricing, permission to use
which was written into the Federal
Revenue Act of 1889, will be dis
cusseo in group conference over
which Verl L. Elliott, controller of
Atlantic Refining Co., will preside.
The method to follow in obtaining
consent of the Bureau of Internal
Revenue for individual companies
to introduce this principle into their
accounting will be reviewed, also the
accounting procedure to be followed
In setting it up on the books.
Precautions against defalcations
will be discussed under the chair
inanship of Lewis D. Parmelee of
Atlantic Gulf g. West Indies Steam
ship Lines Speakers on other sub
jects will also be heard, the pro-
gram discloses
Dooley Takes New Position.
j. Warren Dooley, one of the Gus
toners men connected with the
Washington Office of Fenner &
Beane, New York Stock Exchange
firm, has been appointed resident
manager of the Fenner & Beane
Office in Rockford, ILL.,, and will
assume his new duties shortly, 1t
was learned in the financial dis
trict today.
Mr.. Dooley has been associated
with George A. Garrett in the bro
kerage business here for the last 10
years, being with other exchange
firms before Mr.. Garrett became y
Fenner & Beane partner.
Born in Bloomington, ILL.,, he at
tended the Illinois Wesleyan Uni
versity and obtained his first ex-
perience in the brokerage business
in Chicago. He is an unusually
capable statistician.
Market Interest Grows.
Interest is becoming more intense
In New York Stock Exchange move
ments, judging by the rush to the
Offices in Washington. Today's OPEN
ing saw more people in the board
rooms here than has been the case
In many months. Yesterdays SELL
ing waves were the cause.
Market interest was at an ex-
tremely high pitch this morning
Yesterdays exchange session saw
687 issues hit new 1910 low marks,
against AS on Monday and only 88
on Saturday. Heavy selling at to-
days opening was followed by a
sharp runup, panic buying follow
ing panic selling" as one broker ex-
pressed it.
No one dares predict what the
market will do from hour to hour
amid the war excitement.
Storage Dividend Voted.
Directors of the Fidelity Storage
Co. have declared a So dividend on
the stock of the company, payable
June Is, President B. Karrick an
nounced today. This is the second
dividend of this amount declared on
Fidelity stock this year.
An agreement on investment trust
regulation legislation is understood
to have been reached between off,
cials Of the industry and members
of the Securities and Exchange
Commission, says the Wall Street
Journal.
Some minor details are yet to
be worked out. but as to major prin-
ciples the industry and the Govern
ment appear to be in accord. An an
nouncement that both the S. E. c.
and industry Representatives are
prepared to go before Congress with
an agreement on legislation is ex-
pected to be made before the end
of this week.
Today's Trading on Exchange.
Prices again edged of on the
Washington Stock Exchange today
The first sale was in Capital Transit
at 14A, the stock closing at II
against yesterdays close at 14h.
Ten shares of Terminal Refriger-
ating & Warehousing Corp. stock
sold today at So, the first transfer on
the Exchange this year.
Riggs National Bank preferred
figured in a sale Of three shares at
102, this also being the first sale In