Evening star., 1942-05-26
Accountants 10 Hear
0. P. A. Official al
Annual Meeting
Three Boord Members
And New Officers
To Be Elected
By HAROLD ROGERS.

To Be Elected
BY HAROLD ROGERS.
Harold Menken of the Office OF
Price Administration will address
the annual meeting Of the District
Chapter, American Institute of Ger
titled Public Accountants, tonight at
the Hay-Adams House.
Simon w. Levitan, president Of
the chapter, will preside. Elections
will be held for three members of
the board, which in turn will elect
officers for the ensuing year. Other
retiring officers are: Maurice Mar
tin, vice president; Millard, T.
Charlton, secretary-treasurer, and
Mayer Weinstein, auditor.
Fifth District Leads.
Department store sales in the
Richmond Federal Reserve District,
including this city showed gain of
13 per cent in April, as compared
to April, 1941, according to the Fed
eral Reserve System monthly report.
This percentage led the whole
country while the average gain for
the United States was only per
cent.
This area showed gain of 35 per
cent in March over March, 1941, and
a gain of % per cent for the 1912
first four months, as compared to
the similar period last year.
Stores in Washington showed a
gain of 81 per cent in April; 38 per
cent in March, and 35 per cent for
the first four months, as compared
With similar periods last year.
Irving c. Bland, formerly of the
Cherner Motor Co., has joined the
sales department of Smiths Trans
fer and Storage Co.. it was an
nounced today.
Virginia Bankers to Meet.
The Virginia Bankers Association
plans to hold its annual convention
at the Hotel Roanoke, Richmond,
Va. June and 6, with the theme
BE a Wartime Victory Banker"
In keeping with this slogan 1t
was announced today, speeches and
panel discussions will deal princi-
pally with wartime fiscal problems
Major features of the program
for Friday. June 5, comprise an ad-
dress on Financing the War-the
Trend of War Finance" by DR.. E. A.
Kincaid, economist, the Federal Re-
serve Bank of Richmond; panel dis
cussion on Taxation, Government
Bonds and War Savings: an Amor
tization Discount Group Luncheon" :"
Trust Luncheon" and bridge
luncheon for women at the Roanoke
Country Club; food for freedom
panel discussion of banking and
farming relationships; meeting of
Virginia members of the American
Bankers Association, and dinner
and dance.
Saturday Events Listed.
For Saturday, June 6-"Produc-
ton and Consumer Finance" a
panel discussion of wartime prob
lens; Wartime Banking" panel
discussion of defense financing, ETC.;
Information Please" program, a
discussion of operating problems:
Inaugural Luncheon" election and
installation OF officers, resolutions;
preparing for Tomorrow" ad-
dresses on The Value of State
Banking Board" and The Future
Services and Functions of Banks, =
and meeting of the incoming Execu-
tive Council.
G. Franklin Lenz, president, Citi-
zens' Jefferson Marine Bank, New
port News, is president of the asso-
citation, and G.. C. Mccall, executive
vice president and cashier, First Ma
tional Bank, Norton, is first vice
president.
Meantime the District of Colum-
bia Bankers Association continued
its oath annual convention today at
the Columbia Country Club. Prin-
cipal speakers scheduled were Con-
stantine Brown Of The Star and
Ellsworth c. Alvord of the Chamber
Of Commerce of the United States.
Reports on this convention by E.
C. Stone, financial editor of The
Star appear elsewhere in this issue.
Debt Reductions Urged.
Talmage L. Watkins, secretary
treasurer of the Montgomery County
National Farm Loan Association,
who attended a recent Baltimore
conference of Federal Land Bank
appraisers and officials. announced
today that as result of the con-
ference extra effort is TO be exerted
to encourage borrowers TO make use
of the higher incomes of today for
payment of existing DEBTS"
Emphasis was placed at the con-
ference, he said. on the benefit Of
keeping a normal value as primary
factor in all appraisals OF farms for
loans, since experience has shown
this to be the sound basis of ap-
praisal in the situation faced by the
world today,
Borrowers will be encouraged, he
said, to build reserves out of these
higher farm prices to bridge the
period when farm incomes may be
lower.
In urging this the Federal Land
Bank system has established a "fu-
ture payment fund.-" it was ex-
planned, in which farmers can put
extra income to be used when
money might not be as plentiful
as it is today.
Secretary -treasurers OF farm loan
association, it was said, will con-
tinue to refuse loans for speculative
land purchases, but credit will be
extended to any eligible farmer for
making sound and necessary shifts
or developing complete farm unit
to meet the needs of the "food-for-
freedom" program.
Postwar Spending Foreseen.
A postwar economy in which the
Federal Government will spend IS
to 20 billion dollars every year is
seen by w. M. Kiplinger, well-known
Washington author of the Kiplinger
Washington letter.
In a book Washington Is Like
rrp,of to bo ,,,,h1jcloJ by uornor