Evening star., 1941-09-28
Big Delegation
Leaves Here for
ABA. Conc|ave
Tex Proposal Stirs
Interest in Address
BY Morgenthou
BY EDWARD c. STONE.

Association in Chicago, which opens
officially tomorrow. The others, in
Guiding Government officials, start
today, the delegation being one of
the largest in several years.
Bankers yesterday expressed keen
interest in the address to be made
by Secretary of the Treasury Nor
genthau, especially in view of his
proposal that Congress limit earn
ings of corporations to 6 per cent
of invested capital during the
emergency. The idea has already
caused much criticism among finan-
ciers.
Brig. Gen. Leonard P. Ayres,
Cleveland banker who is now dlrec-
tor and co-ordinator of War Depart
ment statistics, is another head
line speaker on the program. One
of the best known economists in the
country. he is always one of the
convention leaders. A host of re-
ports will contain vital information
bearing on defense and other sub
jects.
The Federal Reserve Boards in
stallment credit control rules will
come in for a good deal OF dis
cussion. it was said yesterday, while
roundtable conferences are to con-
slider bank management, including
growing banking costs.
P. D. Houston Of Nashville, preSl-
dent of the A. B. A., will preside
at the general sessions. Slated to
succeed him at the end of the con-
vention is First Vice President H.
w. Koeneke. The opinion was ex-
pressed here yesterday that A. L. NJ.
Virgins, HartSville, S. c., for years
chairman of the Federal Legislative
Committee, will be named second
vice president, an Office which leads
to the presidency. The selection Is
often the talk of the convention.
c. & r. to Spend s2,1770oO.
Directors of the Chesapeake &
Potomac Telephone Co authorized
expenditures of S2177.000 at the
August meeting for plant conStruc-
ton and installation of equipment
in the District of Columbia, Charles
A. Robinson, vice president and
general manager, announced yester-
Gay.
This brings the total authorized
expenditures for the first nine
months of 1941 to Sl185l 900. an in
crease of 40 per cent over the same
period in 1910, the increase being
due almost entirely to telephone
expansion resulting from national
defense activities, he added.
About s1.422000 of the amount
authorized will be spent for INSTALL
ing and moving telephone facilities
and sl54O00 for new cable require
ments.
Imitation Study Distributed.
The investment firm of T. E.
Fiker & Co. is distributing bulletin
in the financial district on the pos
sibilitv of imitation. While an eX-
plosive imitation does not appear
Imminent at this time, the firm be-
lieves there is ample JuStltlcatlon
for every investor to examine MS
investment position carefully and
assure himself that he Is properly
protected" the survey says.
In previous inflations, the re-
view adds, only a small minority OF
investors have benefited. EXpe-
rience teaches that a much greater
majority are losers, either being
unable to recognize imitation IN ltS
early stages or following some gen.
ersl investment rule that proved in
snficient. In times of initiation each
investment should be selected on Its
own basic characteristic, the Dul-
letin asserts.
Riggs Bank Stock Strong.
Seventeen shares Of Riggs Ma
tional Bank common stock sold at
275 on the Washington Stock Ex-
change Yesterday. The stock has re-
Gently shown about a 5-polnt gam
over sales earlier in the year. III
closed with 27212 bid and 285 asked
Mereenthaler Linotype also was
strong, 30, 20 and 10 share lots
changing hands at 26, eX-dlVloeno
Columbia Title Insurance co. stoch
eppeared on the board in 5O-share
sale at 1424, closing with IA DID,
offered at 16.
While the New York Stock Ex-
change goes on standard tlme
tomorrow and opens at 10 O'CLOCK
+he washington Exchange Will meet
at Ills as usual.
New Official Elected.
Howard E. Thompson has peen
elected an assistant secretary OF the
Columbia Federal Savings q Loan
Association. it was announced
YESTERDAY by Clarence E. KetauVer'
executive vice president. Mr.. Thomp-
son. who has been connected "lVIl
the District Title Insurance Co. for
more than 20 years, VIII assume
charge of the loan department
The association has just rounoeo
ont I'd wears service and mas IN
creased resources by nearly 81 Ooo, 900
during the past year, the directors
were told.
Institute Officers Confer.
John NJ. Christie, president OF
washington Chapter, American IN
stitute of Banking, and other oIllcers
attended Middle Atlantic states
Chauter officers conference, at the
BELLEVUE -Stratford in Philadelphia
yesterday. Problems of the different
chapters were discussed. Present
from here we're:
]. Earl McGeary and Walton L.
sanderson, Hamilton National; Ed
ward M. Blaiklock, Washington
loan & Trust: George M. RoWzee,
ir. Lincoln National; Kenneth Blrg-
field. American Security IL Trust
and Neal w. Wells, National SaV-
tngs & Trust.
Financial District Comment.
Directors of the Lanston Mono
type Co. have declared the regular
quarterly dividend of Is cents a
share, payable November % to stock
of record November 10.
Donald w. Larson, secretary OF
the District Bankers Association
will attend the Chicago A. B. A.
nG