Evening star., 1941-05-15

H, r. Baukhage, radio commentator,
will be among the speakers at Hot
Springs, and that Charles F. Palmer,
head of defense housing, will be an
other. He announced that several
other particularly good speakers
have been obtained by the Program
Committee, of which Ord Preston is
chairman and Wilmer J. Waller vice
chairman.
Chairman Taliaferro added that
the committee chairmen have ar
ranged every detail for the four-day
session. The chairmen are Willard
G. Barker, entertainment; w. T..
Vandoren, transportation; William
B. Willard, hotel; Stanley D. Willis,
sports, and George M. Fisher, pub
licity. The bankers will leave the
Capital on the afternoon of June 4
aboard a special train over the
Chesapeake & Ohio Railroad.
Many Guests introduced.
During the evening A. M. Nc
Lachlen, president of the District
Bankers Association, introduced
more than 40 special guests, includ-
ing many officials high in the
financial departments of the Gov
efnment. ...
The guest speaker was Charles M.
Newcomb of Gambler, N. c., already
known here through an address he
made before Washington Chapter,
American Institute of Banking.
Frank M. Perley was chairman OF
the Committee of Arrangements.
Previous to the dinner reception
was rendered the invited guests.
William B. Willard, vice president
of the National Savings & Trust
Co, won the Robert V. Fleming
Golf Trophy in the afternoon tour
nament. He captured the same cup
q year ago. Mr.. Fleming was asked
to present the cup, which he did
after finding out who won it. This
had been kept dark secret up to
that time.
Mr.. Fleming gave the cup to the
association back in 1929, he said
last night. 1t has been the cause
of much lively competition among
association members. Other golf
prizes were also awarded at the
dinner by Frank M. Perley.
A. B. A. Candidate Present.
An unexpected guest was A. l.. M,
Virgins, chairman of the National
legislative Committee of the Amer1-
can Bankers Association, from
Hartsville, S. c. At the A. B. A.
Spring Council meeting at Hot
Springs recently he was favored as
the leading candidate for second
vice president, to be elected next
fall. This means he will be presi-
dent of the American Bankers AS
sociation three years hence. He was
vigorously applauded.
Another visitor was DR.. Harold
Stonier, executive manager of the
A. B. A., who happened to be in
Washington last evening.
p Bank Joins Federal Reserve.
The Planters Bank & Trust Co.
of Chatham, Va, has been admitted
to membership in the Federal Re-
serve System, Hugh Leach, presi-
dent of the Federal Reserve Bank
of Richmond, states. This adds one
more to the steadily increasing list
of Virginia banking institutions
which have joined the Federal
Reserve in the recent past.
! President Leach also announced
that the Bank of Dinwiddie, Inc,
at McKenney, Va, has also been
admitted to membership in the Fed
eral Reserve System.
J Sanitary Bonds Offered.
: The largest loan in the municipal
field awarded yesterday consisted
of s1,00O,0OO Washington Suburban
Sanitary District CMarylanO water
and sewer bonds, series wv, dated |
June l, 1941, and due June l, 1912
to 1881.
The issue was awarded to syndi-
cate headed by R. S. Dickson & Co. |
The securities were offered the pub
lie today at prices to yield 0.30 per
cent to 2.30 per cent.
Other firms in the selling group
are Paine, Webber & Co., First of |
Corp, Stein Bros. g. Boyce |
and Edward L. Stokes & Co.
Governors Meeting Ends.
J. Clifford Folger and James |
Parker Nolan were back in the city |
today after attending the spring
meeting of the Board of Governors |
of the Investment Bankers Associa-
ton at White Sulphur Springs, |
w. Va.
The S. E. C. rule requiring COM
petitive bidding in connection with
utility issues drew lot Of attention
and discussion at the meeting. One
of the biggest issues decided was
the vote to continue for another
year the associations present cam
paign of information on investment
matters. The results during the last
year are considered to, warrant fur
ther action in spite of the heavy
involved.
1t was reported in the financial
district here today that no joint
recommendations will be made to
Congress on changes in the Sc
curitieS Acts by the S. E. c. and
the Investment Bankers Associa-
ton. Whatever suggestions are Of
fered will be presented by each Or
ganization acting independently.
Today's Trading on Exchange.
First trading in the newly listed
g. Potomac modified 3&s
took place on the Washington Stock
today when a ST 600 bond
changed ownership at 107%. Final
bid was 10712, with 10824 asked.
City 85 Suburban modified 3%s,
which were also listed yesterday,
were quoted today far above par, at
107% bid and 109 asked, same as
yesterdays quotations. No sales
were recorded.
Potomac Electric Power 51a per
cent preferred stock sold today at
114f, a small sale of Washington
Gas preferred took place at 1031a
and $500 Washington Gas SIS, 1860,
a. tha ht0Je y,,ire ~ 100