Evening star., 1941-05-13
Savings and Loan
Leaders 10 Discuss
Vital Problems
Housing, Bond Drive
And Reserve Policies
Among Subjects
BY EDWARD c. STONE.

cies In a period of uncertainty will
feature discussions at the South
eastern Group Conference of the
United States Savings and Loan
League in Baltimore Thursday and
Friday william N. Payne, jr., presi-
dent of the District Building and
Loan League. announced today.
At the same time William H. Dyer,
In charge of the Washington group,
stated that more than so building
and loan executives from the Capt.
tai will attend the regional sessions.
In addition to Maryland and the
District of Columbia, members will
attend from Virginia and West Vir-
ginia, Kentucky, the Carolinas, Ten
r1eSsee, Alabama, Georgia, Florida
and Delaware.
Henry P Irr, Baltimore, will pre-
side, and one of the leading speak
ers will be Morton Bodfsh, execu-
tive vice president of the national
association, who will talk on THE
Washington Scene Today" Mr..
Bodfish is a frequent Washington
visitor and keeps in very close touch
with matters pertaining to the build
Ing and loan associations.
! Banks Must Pay Security Tax.
D. j. Needham, general counsel of
the American Bankers Association,
has sent a letter from the WASH
ington Office to the A B. A. Office
m New York and to State associa-
tion secretaries notifying them that
banks will be required to pay Fed,
eral social security and unemploy-
ment taxes on the salaries of their
directors who serve as members of
committees created by their boards.
I Both the A. B. A and the New
York State Bankers Associations |
had protested against the Internal |
Revenue Bureau ruling, but Guy T. |
Eelvering, commissioner of internal |
revenue, announced that the ruling |
Is to stand.
The bureau holds that directors |
serving on committees of banks are |
employees for the purpose of the |
Social Security Act, Federal Insur-
ance Contributions Act and Federal
unemployment Tax Act.
In his letter to all State associa-
lions Mr. Needham says he believes
any further efforts to obtain re-
Sersal of the ruling would be futile.
Electric Sales Climb.
! Sales of electricity by the Potomac
Electric Power Co. scored another
sharp advance during April, Off
eials reported today.
Sales in April in the District of
Columbia totaled 77,422,857 kiloWatt
hours. in comparison with 67,228,-
230 kiloWatt hours in April, 1910, an
increase of 10, las, ,627 kilowatt hours,
or 1916 per cent.
Today's report follows other sharp
advances in the first three months
of this year as com pared with the
corresponding months year ago.
Brown Given National Honor.
Col. Wrisley Brown, president of
the Terminal Refrigeration & Ware
housing Corp. of this city, yester-
day was elected president of the
American Institute of Refrigeration,
at the annual convention now being
held at the Mayflower Hotel.
The other officers elected include
A. H. Baer, New York, vice presi-
dent; Ralph C. Stokell, New York,
treasurer, and j. F. Nickerson, Chi
cago, general secretary.
Mr.. Brown has been at the head |
of the refrigeration corporation for
many years and has been director
in several other companies.
Six Win Colorado Trip.
Six members of the Washington |
staff of the Mutual Life Insurance
Co. of New York have won trips to
the annual national convention at
Colorado Springs, June 26-27, it was
announced today, following lunch
con yesterday at the University
Club.
Maurice Solomon qualified for
membership in the Presidents
Luncheon Club. Edgar R. Baturin,
Robert Goldstein, and Paul H
Primm, qualified for the Quarter of
q Million Dollar Club. j. A. Kane
row and George A. Anadale qualified
as delegates. All are associated
with the Thomas P. Morgan, jr.,
agency.
S. e. c. Hearings to Reopen.
The Securities and Exchange |
Commission will resume hearings
tomorrow on the proposed refinanc-
ing of the Virginia Public Service
Co., the proposed dissolution of |
three Of its subsidiaries, the altera-
tion of the voting rights of the pre-
ferred stocks and other matters in
volving the recapitalization of the
company. The company's proposals
are quite involved, and long public
hearing is anticipated.
The fifth Federal Reserve dis
trict continues to lead the IL dis
tricts in department store trade
gains so far this year. From Janu-
ary through May 3 the Richmond
district gain was 20 per cent, Phila-
delphia coming next with an 18 per
cent rise. The average gain for
the II Reserve districts is Is per
cent, the Reserve Board says.
E. A. Pierce of Merrill Lynch, E.
A. Pierce & Cassatt asserts that a
third of the people of this country |
have a direct stake in the security |
markets. He adds that the Securi- |
ties Acts and the S. E. C. have pro-
tected investors but believes that |
some parts of the Securities Acts |
should and will be revised.
The Chesapeake & Potomac Tele- |
phone Co. has arranged a payroll |
allotment plan for the purchase by |
employees of the Defense savings |
bonds. The plan is similar to that |
used in connection with the United |
States baby bonds"
Today's Trading on Exchange.
Capital Traction 5s, the most |
active bonds on the Washington |
Stock Exchange, figured in another
$1,000 transaction again today, at
l041a. unchanged.
Both type stocks appeared on the
board. Mergenthaler Linotype reg
istered a 20-share sale at 1894 and
10 shares of LanSton Monotype