Evening star., 1943-06-15

year. ~ #
esident,
Henry K. DER
koph, assistant - S"&
trust officer H. X. Dierkoph.
Riggs National Bank
Vice president, Leopold v. Freud
berg, Massachusetts, Life Insurance
Co.
Secretary, John L. McElfresh,
Connecticut Mutual Life Insurance
Co.
Treasurer. Earl G.. Jonscher, as
sistant trust officer, American Sc
curity g. Trust Co.
Pentagon Bank Officers Named.
w. Waring Jett. acting manager
of the Pentagon Office of the First
& Merchants National Bank of
Richmond, has been appointed man
ager and Waring L. Christian assist
ant manager, President H. H. Har-
ris announced today. The appoint
ments became effective today.
Mr.. Jett is 80 years old, has been
with the bank since 1924 and at the
Pentagon Office since November,
1912. He is a native of Reedsville,
Va. Mr.. Christian, also 80, received
his early banking training with
the Citizens & Farmers Bank, West
Point, where he was assistant cash.
Ter, and with the Bank Of Hampton
Roads. He has been at the Penta-
gon Office since January.
This Office, located in the largest
Office building in the world, has now
been open nearly a year and has
cashed more than 100000 checks,
totaling about s24,500,0O0 Mr.. Har-
ris stated The Office, which opened
with six employees, now has 81, who
cash checks, handle War savings
stamps and bonds and render much
other banking service to thousands
Of officers and employees stationed in
the building.
SchoOley Advances in Army.
William E. Schooley, assistant vice
president of the American Security
81 Trust Co., now on leave in mill
tary service, has been made a lieu
tenant colonel, it was learned in the
financial district today He has been
stationed in Washington ever since
entering the service and is chief Of
the banking facilities branch, spe-
cial financial services division of the
War Department.
Hugh Leach, president of the Fed
eral Reserve Bank of Richmond,
recently reported great interest
among bankers as to whether there
will be severe drop in bank de-
posts at the end of the war. Mr.
Leach believes deposits will hold up
for long time after the war ends,
basing his opinion largely on the
expectation that there will be an
active demand for bank loans.
Gen. Leonard P. Ayres in his June
review predicts that industrial pro-
duction will remain high and at ad-
vancing levels and that corporate
earnings will continue to be large
even after taxes. For these reasons
he does not look for drastic or pro-
tracted declines in security markets.
Buyingq Restrictions Opposed.
Proposals to regulate consumer
huying after the war were strongly
opposed by William j. Cheyney, Of
Washington, executive director of
the Retail Credit Institute of Amer
lea, who addressed the National Re-
tail Credit Association in st. Louis
yesterday.
He declared that such regulations
as regulation w will be illegal in
peacetime and the regulation of
credit is American in peacetimes.
He called attention of the conference
to the fact that many credit men
want to continue credit regulation
after the war, but insisted all such
plans are most unWise.
Two Speakers From District.
A forum discussion will fes ture the
monthly meeting Thursday in Balti-
more Of the Maryland Association of
Insured Building and Loan Organi-
cations. Appearing on the panel will
be two District loan leaders, F. Will
son Camp, secretary of the District
Building and Loan Association, and
Clarence E. Kefauver, executive vice
president of the Columbia Federal
Savings and Loan Association.
Many Washington bankers are in
terested in the War Law Institute
being conducted at National Univer-
sity Law School under direction of
DR. Milton I. Baldinger The Soldiers
and Sailors Civilian Relief Act of
1910. as amended. will be the subject
given special consideration tomorrow
evening.
New Highs on Exchange.
Washington Gas Light $3.50 pre-
ferred sold at 100 and 1o01s on tie
Washington Stock Exchange, a new
l943 high mark. Mergenthaler Limo
type sold at 46, for the first time in
many years.
Several other stocks sold at their
best prices of the year made recent
ly, including American Security g.
Trust, Lanston Monotype and Cap
atal Transit. 1t was one of the best
trading sessions in weeks.