Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-09-22
Capital Bankers Leave
Today for Annual
4. B. A. ConcIave
Sixty-Sixth Meeting
To Open Tomorrow
At Atlantic City
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Wave upon wave of the Nations
leading bankers will converge on
Atlantic City late today and early
tomorrow for the opening of the
Seth annual convention of the Amer
lean Bankers Association. While
today's program calls for many i'm
portant meetings of commissions and
committees, the real work of the
conclave starts tomorrow with OPEN
ing meetings of the various divi-
sions.
Most of the members of Washing
tons unusually large delegation will
leave the Capital late today. The
delegation Is headed by A. NJ Nc
Lachlen, president of the District
Bankers Association; First Vice
President T. Stanley Holland and
Second Vice President John A.
Reilly Robert v. Fleming, for many
years high in the councils of the A.
B. A. and former association presi-
dent, already is at Atlantic City.
Along with the District banks,
many Government financial agencies
will be we'll represented at the meet
ing. Preston Delano. controller of
the currency, will attend the ses-
sions, it was learned yesterday, and
two members of the Board of Gov
errors of the Federal System, John
X. Mckee and M. S. Szymczak will
be present Walter B. Wyatt, gen.
eral counsel, also is on the list.
Broad Program Announced.
D. B. Griffin, assistant secretary of
the Reconstruction Finance Corp;
Thomas H. Davis and Charles N.
Griffin, administrative assistants;
and w. E. Stroud, assistant chief OF
the examining division, are among
other Government officials slated for
; the convention. Julian T. Faber,
agent, United States Secret Service,
is on the list, his department hav-
ing worked closely with the A. B. A.
during the past year in the Know
Your Money" campaign which has
saved the banks great many dol
lars.
President Robert M. Hanes has
announced one of the best programs
in years. Every topic bearing on
banking problems at this time will
be discussed In addition to the
country's best banking minds, a host
of other speakers are listed. includ-
ing Paul F. Cadman, economist: DR..
Marcus Nader, New York Univer-
sitv finance professor; William A.
Irwin. Banking Institute director
Robertson Griswold Maryland Trust
Co.: Frederick M. Babcock, Federal
Housing Administration; Walter B.
French, expert on consumer credit:
Gilbert T. Stephenson, trust expert,
and many more. The report of the
Economic Policy Commission will in
clude most important forecasts on
the banking and business outlooks.
&C. Exchange Trading Light.
The weeks trading on the Wash
ington Stock Exchange closed
yesterday with Washington Gas &
Light preferred stock figuring in a
small sale at 103s4. The final bid
for the stock was 1884, with 1852
asked. During the week National
Capital Bank stock appeared on the
board at SITS a share compared with
the last previous sale at sl55.50 a
share.
An unusually large number of
dividends are to be paid soon on
stocks listed on the exchange, in
GLIDING American Telephone, Car
pei Corp. Garfinckel preferred;
Mergenthaler Linotype, Peoples
Drug Stores common, and Wood
ward e. Lothrop preferred and COM
mon.
Reilly Urges Red Cross Aid.
John A. Reilly, president of the
Second National Bank, and chair
man of the banks and trust COM
panies group of the 1910 Red Cross
Roll Call, has sent letter to all the
District banks asking for reports at
once on all membership subscrip-
tons.
He also states that the War Relief
Drive, a sparate undertaking, should
not be confused with the annual
Red Cross Roll Call.
. Funds from roll call memberships
are to be used for the regular pro-
gram of the local chapter and the
national organization, Mr.. Reilly
points out.
Livermore Bull on Market
Jesse L. Livermore, noted stock
market trader, is bullish on the out
look according to his latest COM
ments on conditions. He points to
the tremendous backlog of indus
trial orders. growing pay rolls, in
creased spending power, and
better demand for practically every
thing manufactured in this country.
eff earnings of various companies
are increased from 100 to 200 per
cent of that increase does not have
to be paid out in increased taxes?"
he asks.
eff any one thinks Germany is
going to be able to subdue England
in a comparatively short space of
time. he should not own any stocks
at all" Mr.. Livermore says. II have
never seen anybody make profits in
the stock market who allows him
self to be swayed by fear. Only
those who have courage and COM
mon sense judgment make money in
the market.
For those who think that Eng
land is going to stay in this war
until Germany admits defeat, I be-
lieve the market holds opportunities
the same as existed one year after
the World War had been in prog
Sess," Mr.. Livermore concludes.
Financial District Comment.
William N. Payne. jr,, president
Of the District Building and Loan
League, will call the first session