Evening star., 1943-09-16

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r. l.; graduate ''''' ''''''
and trustee of Randolph BURGESS.
Brown University, which gave him
an LII. D in 1887. He also has a
Phi. D. from Columbia. He joined
the Federal Reserve Bank in New
York in 1920 and took his present
position with National City in 1898.
Mr.. Burgess has been president
of the American Statistical Asso-
citation and the Academy of Politi-
cal Science, has written several
books, is chairman of the ABA
Economic Policy Commission, vice
chairman of the Research Council,
on the Executive Council and men,
Der of special committee on
Treasury war borrowing.
Virgins and Waller Elected.
AS already announced, A. L. M.
Virgins, South Carolina banker, was
elected president of the ABA and
Wilmer j. Waller of this city was
named ABA treasurer, this election
following by one day his elevation
to the presidency of the Hamilton
National Bank.
Washington bankers, back in the
financial district today, said one of
the high lights of the New York
convention was the bitter opposi-
tion to the Regional Agricultural
Credit Corp. and other Government
agencies which are actively seek
ing loans from farmers. The loss
of these loans threatens the liveli-
hood of country banks, it was
claimed.
Bankers were told that loans will
no longer be placed on their door,
steps, but in the future they will
have to go out after them vigorous
ly. In other words, bankers must
merchandise their loans.
G. B. Upham. deputy controller
Of the currency, stressed the i'm
portance of national banks in the
dual banking system. Another
speaker declared bankers should do
a great deal more to get depositors
to save money effectively for new
homes or other definite purposes.
"All banks should continue to
pay 2 per cent on deposits of $500
or less one speaker declared.
Otherwise they may lose patrons
permanently
The delegates were urged to do
everything in their power to help
win the war Later, however, they
expect to demand new national
budget controls and work unceas-
ingly for international currency
stabilization, the Capital delegates
indicated today.
$3.50, 900 Check Aids Drive.
Edward G. Baltz. secretary of the
Perpetual Building Association, gave
a big boost to the War Bond drive
by presenting a check for $3.50, 900
to the District War Finance Com
mittee for the purchase of War
bonds for his association.
This was the largest purchase
made SO far by any building and
lean association in the city. Gen.
erous purchases were reported today
among the other "a associations in
the Capital.
Mr.. Baltz is general chairman of
the committee representing all the
building and loan associations in the
present drive, the same position he
held in the Second War Loan drive.
Not only are the associations buying
bonds for their own accounts, but
they are urging patrons to do the
same on a big scale
Careful Stock Buying Urged.
One leading investment service
this week continues to favor reten-
ton and accumulation of selected
stocks. Another is mot particularly
optimistic over the near-term mar
ket but for the long pull considers
stocks preferable to cash"
Another market letter advises
careful accumulation of selected
stocks. Tax factors are cited as
having important bearing on present
New York Stock Exchange trading.
The September Is tax payment and
the Third War Loan drive are likely
to affect buying power for several
weeks, one writer points out.
Financial District Comment
The Metropolitan Life Insurance
Co. has bought s425 .000, 900 Govern
ment bonds of the Third War Loan
and the New York Life has SUBJ
scribed for s250,0o0ooO of these
bonds.
Washington members of the In
vestment Bankers Association, of
which ]. Clifford Folger is presi-
dent, and of the National Associa-
ton of Securities Dealers, see a
bitter contest over mandatory COM
petitive bidding for railroad issues,
in connection with the briefs Just
filed for and against the plan with
the I. c. C. More dealers here op-
pose the plan than favor it.
Lanston at New 1943 Peak.
Fifty shares of Lanston Mono-
type sold at 81 on the Washington
Stock Exchange today, a gain of
three full points and a new high
mark for i943.
Capital Transit was again strong,
so shares changing hands at 301.
ex-dividend.
Mergenthaler Linotype was strong
at Al, registered on transfer of 10
shares.