Evening star., 1940-11-18
Houston Pushes Loan Efforts.

September - 1852 45O 603143
October -, 1,005,5l6 850,460
Houston Pushes Loan Efforts.
That the banks OF the country viii
play an extensive part in the finanC-
ing of the national defense pro-
gram was indicated here today by
P D. Houston, president Of the
American Bankers Association.
Mr.. Houston stated that the A
B. A has had a committee at work
studying the recently enacted law to
permit the assignment OF Govern
ment defense contracts as security
for loans and that this committee
will issue a bulletin shortly which
Will explain in detail the process Of
handling loans made under such as
signments This bulletin IS expected
to be Of considerable help to banks
in initiating loans for defense, he
said.
The A. B. A. president asserted
that this Is but one step the as
socIation is taking to stimulate the
use Of bank credit in the financing
Of the defense program He viii
soon announce the appointment of
a Nationwide committee with mem
bers IN each Of the II Federal Re
serve districts whose duty il VII
be 10 promote the increased par
ticipaton Of banks in tho defense .
program and to assist banks in the
development Of ways in which to
obtain loans to be used IN the manu-
faCture of defense goods.
The committee preparing the bull
letIn on the assignment Of contracts
includes J. HaryIe Wilkinson. IT,. .
Of Richmond. chairman. and Will
mer J. Waller, vice president and
cashier of the Hamilton National
Bank, this city. Mr.. Wilkinson and
A. L. NJ. Higgins, chairman OF the
A. B. A Committee on Federal
Legislation, have been consulting
with Government officials on Wavs
by which the banks may be more
active in the defense program.
Many banks have been making de-
fenSe loans right along, Mr.. H0us-
ton added.
Cudahy Customers Greeted.
In connection with the 5Oth an
nlversary Of the Cudahv Packing
CO W. NJ. Nielsen. Washfrcton
branch manager, and the staff of
50 employees entertained hos, Of
customers aand friends at the Office. .
a. 431 Twelfth street S.W.. YES
terdav. From am. to 3 pm Mr..
Nielsen received many cOugratula-
tons on the Companys long and
successful career. The Washington
branch was started IN 1909. the
manager having been connected
with the company IS years. The
Cudahy firm was founded in South
Omaha. Nebr.
Smith Transfer Officers Named.
Stockholders of Smiths Transfer
& Storage Co at the recent annual
meeting elected these officers for
the coming year. Arthur Claren-
don Smith, president and treasurer;
Mrs. Julia Burchfeld. vice president
and secretary; Mrs. Buell. Miller,
director; Mrs Donald Lathrom. di-
rector; J. G. Gaszner. general man
ager, and w f. Dent. sales manager.
MergenthaIer Gets Big Order.
Latest reports from the Ordnance
Division Of the War Department
state that a contract has been
awarded to the Mergenthaler Limo
type Co. for 5000 1854 for the man
ufaCture of fre-cOntrOI equipment
The large ORDER follows many other
contracts awarded by the Govern
ment to the same company, which
Government records indicate amount
to about S6OOO.OOO They VIII be
filed at the cOmpany's plant in
Brooklyn,
Heard in Financial District.
Edward L. MCAleer. secretary of
the Equitable Cooperative Building
Association. is receiving COngratula-
tlons from his friends in rounding
out 25 years of consecutive service
with the organization. MI McAleer
Joined the staff of Equitable as
junior bOokeeper November l6, 1915,
and has won several promotions dur
ing his quarter century of service.
Frederic L. PearCe addressed the
November meeting of the auditors
section of the District Bankers As
soCiatlon on The 1910 Excess Prof
its Tax from the Banks Point of
View" a lively discussion following
Chairman William B. Mehler pre-
sided, and J. O. Brott, assistant
general counsel of the American
Bankers Association, was among
the guests present.
David M Stephens, Washington
manager, reports that Reliance Life
Insurance Co. of Pittsburgh eX-
ceeded 100000 insurance in force
on November IA. The company is 81
years old.
c. E. Bartlett, general superin-
tendent Of the Southern division
Of the Pennsylvania Railroad for IL
years at Wilmington, assumed his
new duties today as assistant to
the general manager of the Eastern
region, in Philadelphia.
Exchange HOnOrs Member.
Members of the Washington Stock
Exchange after a short session to-
day, adjourned out Of respect to the
memory Of R. A. Casilear, who died
Yesterday He was a resident OF
Falls Church and had been men,
Der Of the exchange for many years.
During today'S trading session a
single share Of American Security q
Trust Co stock sold at 236. Wash
lngton Gas Light preferred appeared
on the board in a tiny sale at 1867,
While a small transfer of Potomac
Electric Power per cent preferred
stock registered ll6, up "a.