Evening star., 1940-09-10
Educational Dinner
OLA. |. B. Chapter
kArranged
Annual Event Planned
At Columbia Country
Club Thursday
BY EDWARD c. STONE.

Nearly 100 members of Washing
ton Chapter. American Institute of
Banking, will attend the annual
educational dinner at the Columbia
Country Club Thursday evening at
$50, it was announced today, when
complete plans for the coming years
banking courses will be outlined.
Officers of the institute, commit
tee Chairmen, consuls. members of
the faculty and officers of the Dis
trict Bankers Association will be
present John NJ Christie, chair
man OF the Educational Committee,
will preside.
The program calls for short ad-
dresses by Edward M. Blaiklock,
president of the Washington chap
ter; A. M. McLachlen, president of
the District of Columbia Bankers
Associa ton; Eliot H. Thomson, new
dean OF the institute faculty; Ray
moud L. Jones, chairman of the
Membership Committee, and Neal
Wells, chief consul.
AS already announced, DR.. Harold
Stonier, executive manager of the
American Bankers Association, will
be the principal speaker. He is
former national director of the in
stitute and knows the answers to
all the problems faced by young
bankers.
S1,636,000 Loan Approved.
The Public Utilities Commission
has approved the application of the
Capital Transit Co. for the right TO
borrow S1,63600O from Washington
banks, the funds to be used for the
purchase of ll2 motor buses and 35
new streamlined streetcars.
The money is to be borrowed from
some 18 Washington banks which
have already figured in other SINH
lar loans. A total of S750000 will
be made available on November /,
as 81 of the new buses have already
been ordered The 35 additional
streetcars and 55 more buses will be
delivered in 194l.
Capital Transit officials made
plans for the purchase Of equipment
for 194l earlier than usual because |
of the possibility that factory ca
pacity might later be occupied by
work under the Governments de-
fense program. Y. E. Booker & Co. !
carried on the negotiations between |
the transit company and the loaning
banks. The interest rate varies
from IL per cent for short-term
money to 3 per cent for amounts
payable after July l. 1943.
Connely Scores Credit Plan.
= Emmett F. Connely, president of |
the Investment Bankers Association, |
today attacked the proposal of the
Temporary National Economics !!
Committee that additional facilities |
bet set up by the Government for |
the financing of business.
- The plan is in direct competition /.
with private savings" Mr.. Connely |
said adding that there is an
abundance of private capital seeking |
employment in sound industry. |
Furthermore, the Government has |
two agencies set up to make loans |
to business, namely, the Federal Re-
serve System and the Reconstruct
ton Finance Corporation.
Last year." Mr.. Connely said, "a
bill was. introduced in Congress
which would have created new
agencies for making loans to small |
business. Extensive hearings we're |
held and Congress declined to en- |
act the legislation. There was a |
preponderence of testimony that |
such governmental agencies in the
field of business credit we're not
only unnecessary, but unwise."
Wins High Insurance HOnOrS.
Warren S. Stone, connected with
the Washington Office of the New
York Life Insurance Co., has quail
fed for membership in the COM
pany's Top 200 Club, based on pro-
duction for the past year, Earl D.
Krewson, agency director, an
nounced today. The club is made
up of the 200 leading insurance
salesman out of 1000 representa-
tives in the United States and Can
ada, which makes membership a |
distinct honor, and one which few |
attain, Mr.. KreWson points out.
ShipyardS and airplane plants oper- !
eted at capacity in the fifth district !
in July and the first half of August, |
the Reserve Bank of Richmond an
rounceS, and in some plants prepa-
rationS for expansion OF facilities |
were pushed. Miscellaneous manu-
facturers, the August review says, |
are in general operating more nearly |
on full time than in many months |
Textile mill activity declined
slightly in July and production eX-
exceeded sales of textile products On
the other hand, rayon manufacturers |
shipped more yarn than they made |
and further reduced already small |
reserve stocks. Coal mines increased
output further and July production
was % per cent higher than in the
same month year ago.
Improvement in many lines up to
the middle of August was directly
or indirectly due to the national de-
fense program, the Richmond report
asserts
Britain Has Prosperity Key.
With shipments to the continent
vi GulOpC NuG Ol1 anu DIlIloIl Duy -llS
vastly extended during the past few
months, almost one-half of United
States exports now go to Great |
Britain and the British Empire
They are heavily concentrated, says
the National City Bank, in the metal
products and war supplies, and if
they were interrupted the industries
concerned would feel the loss
severely. The steel industry is one
of these, for steel exports have
mounted to the highest levels on
record
Naturally, the American people
have been anxious as to the British
position. If Great Britain, aided
by the change in weather conditions
within the next few weeks, attains
a position of greater security, the
future will seem much clearer and
the domestic prospect less qualifi I'd.
Meanwhile the confidence of the