Evening star., 1943-06-25


secretary treasurer during the past
year, was advanced to vice chair
man and Jack H. Wild, Washington
Loan e. Trust Co., was elected Sec
retary and treasurer.
Mr.. Elgin. the new chairman, was
educated in the public schools of
Virginia and is graduate of
Draughon's Business College. He is
a member of the Washington Stock
Exchange, has been with Hibbs &
Co. since 1917 as auditor and became
a general partner in the firm in
1887. He is the only chairman of
the Auditors Section who has not
been directly connected with a bank.
Mr.. Elgin has been active in the
section ever since it was organized.
Special guests at the meeting in
cluded A. Scott Offutt, president of
the District Bankers Association;
Sidney F. Taliaferro, Bruce Baird,
Stanley D. Willis, vice presidents,
and Albert S. Galley, treasurer. All
extended greetings.
Chairman Whitcraft's annual re-
port revealed a very busy year
Probably the greatest service rem
dered the banks was in connection
with ration coupon banking, the
auditors doing a great deal of work
in preparing details for installation
of the new system.
Audley A. P. Savage, auditor of
fI1o Notinpo1 Covipoe Qy TNY,,ct 10
was elected member of the exec
utive council Mr.. Whitcraft, re-
tiring chairman, becomes a member
in place of Lewis E. Thomas of
the Liberty National.
Arthur j. Linn, former auditor of
the Hamilton National Bank, for
mer chairman of the section and
past president of the National As
sociation of Bank Auditors and Con-
trollers, was among those present.
Banks Get Tax Note Ruling.
Hugh Leach, president of the Fed
eral Reserve Bank of Richmond, has
notified all member banks in WASH
ington of the Treasury's action abol-
ishing the sale of all small denomi-
nation tax anticipation notes be-
cause of the new pay -as-you-go new
tax law.
The sales of these notes, which
started last September, was termi-
mated on Tuesday of this week. The
Richmond notice gives dates on
which the different tax note series
mature and warns that no interest
will accrue after maturity of the
notes.
The cash redemption value dur
ing any month is now the same as
the tax payment value for that
month. This is something new, as
cash redemption has not been al
lowed up to this time.
Washington banks have handled
q great many of these notes for
their larger depositorS.
Stock Trend Held Upward.
All the stock market service let
ters posted in the exchange officers
here this week have expressed the
opinion that the long pull outlook
for the market still remains up
ward"
One service advises the purchase
of selected stocks whenever there
are weak spots. Another favors So
called peace stocks which are ex-
pected to do we'll after the war. An
other thinks the market just now
is acting "topheavy" and suggests
profit-taking
Barrons Weekly expresses sur
prise at the markets failure to make
more response to the news that in
come tax increases would be post
poned to. January /, 1914. Low
yields on many high priced stocks
are called a retarding factor.
Gas Dividends Declared.
Directors Of the Washington Gas
Light Co. have declared the regular
quarterly dividend of $112h on the
$3.50 preferred stock, payable August
10 to stockholders of record July "a,
President Marcy L. Sperry an
nounced today.
They have also voted the usual
quarterly dividend of SIPS a share
on the SIS cumulative preferred
stock, payable on the same dates.
and the regular quarterly dividend
of 3711 cents per share on the COM
mon stock, payable August 2 to
shareholders of record July Is.