Evening star., 1943-06-16

illB lCCtllI SltC- y. L. hopeS'
ton of w. A. Roper, Richmond
banker, as president of the Virginia
association, Charles T. O'Neil of
Charlottesville was named first vice
president; w. P. Anderson of Marsh
all, second vice president; Thomas
D. Neal. Richmond secretary and
treasurer, and Mrs. Elizabeth K.
Lammie, assistant secretary.
The associations Executive Coun-
Gil for the coming year includes H.
w. B. Williams. Colonial Beach,
cashier. Bank of Westmorland; J. H.
Wamsley, jr., cashier, National VAL
ley Bank. Staunton; L. r. Dunn,
vice president and cashier, Union
Bank & Trust Co, Bowling Green,
and several others.
At the annual convention. Virginia
bankers adopted a resolution in
dorSing the work of the Byrd SEN
ate Committee in its efforts to elm
mate unnecessary agencies and bu-
reaus within the Federal Govern
ment, and another resolution in
dorSing the work of the Legislation
Committee of the American Bank
socialiZed and subsidized credit.
Semi Annual Dividend Voted.
Directors of the Second National
Bank today declared the semi
annual dividend Of per cent on the
outstanding stock. payable June 30
to stockholders of record June 81,
President John A. Reilly announced
%
Transit, Garfnckel common and
preferred, Peoples Drug. Real Estate
Mortgage & Guaranty preferred
and Woodward & LothrOp issues are
being quoted eX-dividend on the
Washington Stock Exchange.
The Atlantic Coast Line r. R.
earned $8.47 per share on the COM
mon. stock in the first four months
of this year, against $3.50 4 year ago.
New Tax Law Summarized.
The American Bankers AsSocia-
ton has sent bulletin to the Sec
retarles of all State associations,
signed by D. J. Needham, general
counsel, giving a most complete
summary of the current Tax Pay
ment Act of 1943
Of particular interest to banks is
the permission given the Secretary
of the Treasury to designate banks
which are Government repositories
or financial agents to act virtually
as tax collectors of Federal taxes on
payrolls which are required to be
withheld at source. the bulletin
saws. It is anticipated that the
~. ..
the near future covering this sub
ject.
Another provision of the act.
which is of particular interest to
trust institutions. is the extension
of time from July /. 1943, to March
!. 1914, FOR release of powers Of ap-
pointment for estate and gift tax
purposes. The bulletin goes into
other phases of the bill in great
detail.
Honors for Loan Students.
William E. Poulton, retiring presi-
dent of Washington Chapter Amer
lean Savings and Loan Institute, will
present the new chapter officers and
directors at the graduation eXer-
cises Monday evening at the May
flower Hotel
Ten institute members who have
passed rigid tests on building and
loan operations. will be presented
diplomas by Wilfred H Blanz, presi-
dent of the District of Columbia
Building and Loan League.
The new officers to be inducted
after the dinner meeting are Dom
B. Thomas. president: Preston w.
Hunt, first vice president; Ray
mond c. Williams. second vice presi
dent Walter C. Doe, treasurer; Mil
dred Baron, secretary.
Directors who will take Office in
clude Richard Sinclair, R. H. Glib
son. Joseph Burke, jr., and William
E. PoultOn.
Auditors to Elect Officers.
D D. Whitcraft. retiring chairman
of the auditors section Of the Dis
trict Bankers Association. an
nounced today that the annual cleo
ton and dinner meeting will take
place at the Wardman Park Hotel on
Thursday. June "a. James f. Elgin.
partner in w. B. HibbS & Co. who
has been vice chairman this year, is
slated to be moved into the presi-
dents chair.
The other officers this year have
been William F. Orrison. jr.. secre-
tarv and treasurer; Jack H. Wild and
Lewis E. Thomas, members of the
Executive Council. officers of the
District Bankers Association will be
present at the meeting.
Views on Market Differ.
Boardrooms in New York Exchange
Offices were crowded again today as
traders and investors watched the
latest market moves. One of the
market services, which is bullish on
the long-term trend. believes the
next moves depend largely on war
developments.
Another service favorS concentra-
ton on stocks of companies which
are expected to prosper after the
war, while a third looks for the
market 20 become more and more
Selective and advises caution. Tax
proposals in Congress are considered
an active market factor. but present
taxes will remain unchanged until
1914
Victory Tax Collections Up.
Collections of the Victory tax from
January l through June totaled
1852 1892 ,523 20, according to Com
missioner Guy T. Helvering The
total is considerably more than had
been expected, some 1000 900
than the figure set for the first half
year.
Washington members have re-
ceived word of the addition of four
new members to the Financial Ad-
vertisers Association, bringing the
membership to 655, highest in a
long time.
You can place result-getting &
"Want Ad" in The Star as late as
ii pm. on weekdays or 4 pm. Sat-
urdays. At the business counter or,
for all but few classifications, II