Evening star., 1942-02-19
Federal Officials
To Attend Annual
Institute Dinner
Over 800 Finunciers
To Hear Address
By Dean Kuyser
BY EDWARD c. STONE.

Clple speaker at Jne 4UJn annlVer'
sary banquet of Washington Chap,
ter, American Institute of Banking
Saturday night at the Willard Ho.
tel, it was announced today.
DR.. Kayser, an authority or
European history, has recently COM
pleted a series of lectures at the
institute, on current events. He is q
member of the faculty and every
other year conducts a course ir
public speaking.
1t was also announced today that
many high Government officials
have accepted invitations to the
dinner, which is the biggest event
of the year on the Institutes cal
endar. Many out-of-town guests
will also be present, making an
attendance of between 800 and 900
Federal officials who have &C
cepted invitations include Marri-
mer S. Eccles, chairman of the
Federal Reserve Board of Govern
ors: M. S. ScymcZak and Ernest
S. Draper. members of the Federal
Reserve Board, c. B Upham. dep
uty controller of the currency; r.
B. McCandless, deputy controller
of the currency, and Claude E
Hamilton, general counsel, R. F. c.
Parker Committee Chairman.
John E. Parker of Auchincloss
Parker & Redpath was recently
named chairman of a special COM
mittee from the Board of Gov
ernors of the Association of Stock
Exchange Firms to study the ad-
visibility of having an association
representative in Washington. Mr..
Parker is one of the governors and
the other two members are Herbert
F. Boynton and Gilbert U. Berdett.
A host of other organizations
maintain representatives in the Cap
ital in order to be closely in touch
with the various bureaus in which
they come in contact.
If the Association of Stock Ex-
changes is to be truly trade Or
ganization. 1t should certainly be
represented here, in Mr.. Parker's
opinion.
1t will be recalled that the asso-
citation was recently reorganized
with a view to making it of far
greater service to the New York
Stock Exchange than it has been
for many years. Numerous other
steps are under way to increase its
prestige.
Market Needs War Victory.
Washington stock brokers say
that the New York stock market
needs some kind of a war victory
before stocks are likely to witness
much of an upward swing. Recent
foreign news has largely Offset very
favorable financial reports from
several important domestic corpora
tions.
Wall Street advices differ greatly.
selective accumulation is suggested
in one quarter Another writer
thinks the market may drift lower
and would confine buying to periods
of weakness. Another service IA
vors stocks regarded as imitation
hedges"
Sentiment must change some day,
says a market analyst, and will
probably do so with characteristic
volatility.
Flanagan Confirmation Hailed.
Confirmation by the Senate of
James H. Flanagan as a member
of the District Public Utilities Com
mission caused much satisfaction in
the financial district today. He is
at present a public utilities analyst
with the Securities e. Exchange
Commission, and his appointment
gives the Utilities Board three
members for the first time in more
than year.
Several vital matters have been
pending for a long time before the
Utilities Commission. About year
ago the Washington Gas Light Co.
asked authority to raise 100000
by the sale of preferred stock. For
a time there was no commission to
give the matter consideration.
Later Chairman Hankin held
hearings on the request and took
it under advisement. A highly i'm
portant matter to the gas company,
as well as to investment circles, it
Is now hoped that the full board
will render a decision at once.
The Potomac Electric Power Co.
also has 100000 petition before
the board on which early action
Is greatly desired.
Bond Club Plans Luncheon,
Meeting for the first time since
the annual election last June, the
Bond Club Of Washington will hold
midwinter luncheon at the Carl
ton Hotel next Thursday, when
N. D. Jay. partner of Morgan &
Co., will be the guest speaker, Pres
ident j. Clifford Folger announced
today.
Mr.. Jay will speak on Banking
Under War Conditions" a subject
with which he is unusually familiar.
Since 1920 he has been senior part
ner OF Morgan & Co. in Paris. He
was In France at the time of the
fall of Paris and for 81 years has
not only served his banking firm
abroad but has done a great deal
of Red Cross work and has met a
host of the war leaders of Europe.
Myles H. Quail, vice president of
the club, is chairman of the Ar
rangements Committee. Assisting
him are other officers, Harold C.
Patterson, secretary treasurer: Har-
vey B. Gram and G. Fenton Cramer.
Heads of S. E. c., r. F. c., con-
troller's Office and other Govern
ment departments have accepted
invitations. while reservations from
regular members we're coming in
very rapidly today.
Today's Trading on Exchange.
Capital Transit figured in a small
sale on the Washington Stock Ex-
change today at 21A.
Potomac Electric Power 5s per
cent preferred appeared on the
board in very small transactions at
113 and 112, ex-dividend.
The bid for Mergenthaler Limo
type now stands at 80 with IS asked.
No sales today.
The Seaboard Air Line Railroad
today reported net income of 81, ,1S1,-
o70 for the full year 1941, against a