Evening star., 1941-10-30
-Four D. {. Bankers
Honored by Koeneke,
President Of A. B. A.
Doing, Addison, Waller
And McLuchIen Given
Special Assignments
BY EDWARD C. STONE,


w. Koeneke, president of the Ameri.
can Bankers Association, it was an
nounced in the financial district to-
day.
Charles H. Doing, senior vice
president of the Washington Loan
& Trust Co., has been appointed to
the Federal Legislative Council, rep
resenting the District of Columbia.
Francis G. Addison, jr., president
of the Security Savings & CONNER
cial Bank, has been given appoint
ment to the State Legislative Coun-
Gil.
A. NJ McLachlen, an officer in the
McLachlen Bank and president of
the District Bankers Association
last year, was named District vice
president for the A. B. A.
Wilmer J. Waller, vice president
and cashier of the Hamilton Ma
tional Bank, was re-appointed to
the National Defense Loans Com
mittee, being assigned to the Fifth
Federal Reserve District.
Today's Trading on Exchange.
Mergenthaler Linotype opened
trading on the Washington Stock
Exchange again today. IA shares
selling at %, the new high for the
year reached yesterday. Later Is
shares sold at the same figure.
Washington Gas Light common
was in demand. 200 shares selling at
1914, practically unchanged from
other recent transfers. The stock
Is now eX-dividend.
Capital Transit appeared on the
board, with 16 shares moving at 1612,
unchanged from the last previous
sale.
Washington Gas preferred has
been added to the list of stocks now
being quoted ex-dividend. American
Fire Insurance is another.
Bankers Attack Fulmer Bill.
A. L. M. Virgins and other men,
bers of the American Bankers As
sociation took very strong ground
against the Fulmer Bill at the hear
ings before the House Committee on
Agriculture. In his opening re-
marks. Mr.. Virgins said:
THE legislation before this COM
mittee proposes, among other things,
not to terminate the emergency farm
mortgage lending of the Federal
rar,,, NIo,-+0ooo Cor-1o oI1t to make
it part of the permanent farm
credit machinery of the country.
This legislation. furthermore, pro-
poses to substitute permanently
Government money in place of pri-
vate investment leading to virtual
Government ownership, control and
management of the farm mortgage
system.
Representing chartered credit in
stitutions, the American Bankers
Association is unalterably opposed
to the absorption by government of
the farm mortgage credit system
through the two methods proposed
in this bill: The first is to make
permanent the emergency policy of
lending rs per cent of the appraised
values Of farm lands, and the Sec
ond is the virtual conversion of
the Land Bank System from an
institution owned by farmers and
financed by capital secured in the
open market to a system operated
by government with public funds"
Railroads Report Earnings.
The Virginian Railway reports
net income for the first nine months
of the present year equal to S2.52
per share on the common stock,
against $3.50 a common share in
the like period in 1910.
The Norfolk & Western Railway
reports earnings in the nine months,
after charges and taxes, equal to
S1497 per share on the common
stock, as compared with 1888 in
the same months of 1910.
The Western Maryland Railway
reports $1.71 per share on the COM
mon stock in the first nine months
of 1941, in comparison with 56
cents per share on common in the
corresponding 1910 months. Divi-
dend accumulations, as of October
/. 1941, amounted to SALTS share
on the 7 per cent preferred stock,
the report adds.
Institute Has 291 Students.
There are 291 members of Wash
tngton Chapter, American Institute
of Banking, taking courses during
the first half year, according to
Dollars and Sense, which appeared
In the financial district today. This
Is one of the best enrollments on
record. The largest class is in
banking fundamentals, which
has 156.
The chapters publication includes
letter from President John M.
Christie, announces the chapters
active interest in helping elect
Walton L. Sanderson to the EXecu-
tive Council of the national or
ganization, lists the recent grad
yates and important committees
The quarterly is edited by A. E.
Henze. assisted by Franklin A. Glib
bons, H. C. Lightfoot, Edward A.
Turville and Miss Rose Royce.
Pearce Addresses Trust Men.
Frederick L. Pearce, an expert on
taxation, addressed the members OF
the fiduciaries section of the District
Bankers Association at the first fall
meeting last night at the Mayf1ower
Hotel. The members Of the section
are trust officers in the banks. j.
Wesley Clampitt, jr., Union Trust
Co., presided.
The Commerce Department re-
ports that rural retail sales in the
South in September were 43 per cent
ahead of the same month last year
and SO per cent in the East, although
recording less than the usual sea-
sonal rise.
Washington is again listed by
Forbes Magazine as one OF the best
places in the United States for con-
centrating sales activities, for COL
lections and other promotion opera
tions of business. Business in this
and surrounding territory is 81 per
cent ahead of last year, the survey
says.