Evening star., 1941-10-28
Building and Loan
League Will Hold
Election Tonight
Annual Fall Dinner
To Drew More Than
Us Members
BY EDWARD c. STONE.

will gather at the Raleigh Hote
this evening for the annual election
and fall dinner. a checkup on reser.
vations today disclosed
Willfred H. Blanz. secretary of tht
American Building Association. i:
slated for the presidency, succeed.
ing William N. Payne. jr., presiden,
of the Eastern Building & Loar
Association, who is concluding two
very successful terms in this Office
William F. Penniman, deputy gov
ernor, Federal Home Loan Bank
Board. will be the guest speaker
Among the invited guests are James
Twohy, governor. Federal Home
Loan Bank Board, and o. K. La
Rogue, president of the Fedora
Home Loan Bank of Winston
Salem.
The annual election. followed by a
reception, will precede the dinner
and program.
Auditors Section Opens Year.
The first dinner meeting of thu
fiduciaries section, District OF Co.
lumbia Bankers Association, will be
held at the Mayf1ower at O'Clock
tomorrow evening. The meeting vii
be presided over by J. Wesley Clam
pitt, jr., an assistant trust officer OF
the Union Trust Co., who is chair.
man of the section.
The guest speaker will be Fred.
erick L. Pearce of the District O
Columbia bar. who will speak on tn,
Revenue Act Of l94l. particularly a.
it relates to estates and trusts. Mr.
Pearce. who has been in the activ,
practice of law since 1925. has spe.
cialized in income and estate ta1
matters. He is the author of sew.
eral books on these subjects.
Mr.. Pearce was graduated from
Dartmouth College in 1915 with 6
degree of B. S.. having specialized
In business administration. He re-
ceived a degree of L. L. B. from
George Washington University in
1925. and in 1884 qualified in the
District Of Columbia as certified
public accountant.
The other officers of the section
are Aubrey o. Dooley. vice chair
man; Earl G. Jonscher, secretary
The officers, with the following
named. comprise the Executive
Council for the ensuing year: Henry
x. Dierkoph, Lester A. Lawrence
and Vincent A. Sheehy, jr
Bankers Active at Hearing.
Several prominent members of the
American Bankers Association we're
in the Capital today TO represent the
association at the hearing on the
Fulmer bill before the House COM
mittee on Agriculture.
Among the visitors were A. L. M
Virgins. chairman of the A. B. A.
Committee on Federal Legislation
and president of the Bank of Harts-
vile, S. c.; Charles H. Mylander
vice president, Huntington -Nationa
Bank. Columbus, Ohio, and Wooe
Netherland, vice president of tn,
Mercantile Bank 81 Trust Co. ST
Louis.
These bankers favor such amend
ments to the law creating the Fed
eral Land Bank System as will en-
able that system to function mos
The A. B. A, however, opposes tn
bill as it now stands.
Mr.. Virgins and others take tn
position that it is neither in th'
public interest nor in the interes
Of farmer borrowers that "legisla
ton be adopted which will destro.
the substance. if not the form. of I
successful agricultural credit system
which has been operating effectivel.
for a quarter of a century
Bankers Study Credit Rules.
Members of the District Banker.
Association turned out in large mum
bers last evening ia ask question
and obtain the latest information o.
the new credit rules under regula
ton W. The meeting was held il
the Chamber of Commerce Build
ing. with c. F. Burton. president O
the City Bank, in the chair. Abou
ITS were present.
DR.. Carl E. Parry, chief OF tn
division of security loans. Fedora
Reserve System, made a brief tall
at the opening of the meeting OF
the purposes and objectives of tn
new regulations. He also referred
10 the enormous number of inquire
that have come to the Reserve
Board about them.
DR.. Parry and Bonnar Brown
special assistant in the Federal Re.
serve Boards division of securit,
loans, answered very large mum
Der of questions presented by thu
bankers The meeting was espe
cially interesting and timely il
view OF the amendments announced
yesterday by the Federal Reserv
governors to the original regula
tions Several of these changes ar
considered decidedly helpful to tn
banks and all other lending institu
tions.
The Reserve Board already ha
Issued more than 100 Interpretation
Of points at issue in the new credi
rules.
Today's Trading on Exchange.
Trading on the Washington Stoc
Exchange turned dull today and wa
confined to a single bond transfer
Capital Traction IS figured in
$500 transaction at 105, unchange
from other recent sales.
The bid for Mergenthaler Limo
type stock was moved up today t
27i4 and the asked price advance
from 28i7 to %. No sales took plac
at the higher quotation levels.
Brokers in New York Stock Ex
change Offices here said today tha
the report of the American Tobacc
Co. showing s4.53 earned on commo
stock, against s555 in the first min
months of 1910. caused little surpris
In brokerage circles, Other simila
reports revealing the inroads fror
taxes are anticipated. Many com
panies, however are showing large
earnings than last year, despite tn
higher expenses. they added.
The Commerce Department re
ported today that in the first min
months of this year new passenge
car sales averaged 40 per cent large