Evening star., 1943-11-05

of Harris, Hall & Co. Chicago Re-
elected to vice presidencies were
Albert T Armitage of Coffin e. Burr,
Boston; Albert H Gordon Of kidder,
Peabody & Co, New York, and Ed
ward Hopkinson, il, Of DreXel & Co.,
Philadelphia.
ForeseeS Investment Era.
Mr. Folger told the convention he
believes the decade following the
war should be the greatest invest
ment era we have ever known"
There is more liquid capital
pressing for investment than ever
before" Mr. Folger declared in his
inaugural address.
Announcing appointment Of a
committee to deal primarily with
postwar finance, he said:
Il think we have been inclined to
sit back and he unhappy about
plans made by others. Frankly, I
believe we should Systematically
seek out opportunities to sit around
the conference table and present our
views
He suggested much American zap
ital would move into foreign invest
ment fields, While at home recon-
versions of war plants would call for
considerable financing.
Mr.. Folger proposed also recon-
version of our own thinking" of the
value of the dollar, commenting:
Too many businessmen are say
ing, Why worry about this or that
expense? 1t will go for taxes any
way. That attitude Will never save
us. If we don't get back to low-cost
production we are licked" "
Urges SEC Changes.
Discussing banker relationships
with the Government Folger said,
Fear of regulation is usually worse
than regulation itself" but sug-
geSted:
I'VE do think the Securities Act
needs some practical sueamlining
The little fellow With.the big ideas
needs easier access to the capital
markets, There are some restric-
tons and bottlenecks which should
be removed"
He opposed compulsory Competi-
tive bidding for securities with the
comment: All the jewelry you buy
at the auction sale isn't 18-karat
gold
Folser Active in District.
Mr, F'Olger is a director Of the
Chesapeake & Potomac Telephone
Co., secretary treasurer of the May
flower Hotel Corp. chairman of the
board of the Piedmont Mortgage
Co. president of the Cumberland
Trust Co., Knoxville, Tenn; direc-
tor of the Appalachian Mills in
Knoxville, and a director of the
Empire Trust Co. in New York.
A native of Washington State. he
Is graduate Of the State Univer-
sity, coming to the Capital many
years ago. He is a partner in the
firm Of Folger. Nolan & Co. former
president of the Washington Bond
Club and has done an unlimited
amount of work as an official in
Red Cross, Community Chest and
War Loan drives, also serving as a
trustee Of Garfield Hospital and
member of the Central Committee
Of Washington Cathedral.
Capital Store Sales Slump.
Department store sales in Wash
ingtsn for the week ended last Sat-
uroay were down ! per cent from
the corresponding week a year ago,
the Federal Reserve Bank of Rich
mond reported today, This was the
same as the fifth district average.
Sales in Baltimore we're off 2 per
cent, but in group of other cities
revealed Is per cent gain, the re-
view said. Two weeks ago sales in
the Capital we're up per cent and
three weeks back scored a II per
cent pickup over last year
Capital sales were down u per
cent from the preceding week this
year, were off II per cent in the
fifth district and 10 in Baltimore
and the other cities
Cumulative sales for the four
weeks ended October 80 we're 8 per
cent better than last year and
showed the same gain in the fifth
district, the survey said.
Four Dividends Declared.
Directors of the Washington Rail-
vey & Electric Co. have declared a
quarterly dividend of Sl3 per share
on the common stock, payable No
vember 30 to stockholders of record
November Is. OF the Sl3 voted, SO
is the regular dividend and 81 an
extra.
The directors have also declared
the regular quarterly dividend Sl25
per share on Washington Railway
preferred stock, payable December |
to stockholders of record Novem-
ber Is.
The usual quarterly dividend of
$3.50 per share has been declared on
Potomac Electric Power 6 per cent
preferred stock. payable December
to stock Of record November IS.
The regular dividend also has been
voted on Potomac Electric 5la per
cent preferred stock, payable De-
Cember l to stockholders of record
November IS.
New Peaks on ID. c. Exchange.
American Security & Trust Co.
stock sold at 232 on the WASHINGTON
Stock Exchange today, up 2 points
and another new 1943 high mark.
Garfinckel common stock also
scored new high for the year when
small lot changed hands at 16
against the last previous sale at 1514
Mergenthaler Linotype was strong
today, moving up to 4814, not far
from the high for the year. Capital
Transit sold at 28, unchanged.
State Financing Declines.
State and municipal financing
during October totaled only S33.-
2)5,290, as compared with S36,035 1892
spr the corresponding month in
1912, the Daily Bond Buyer re-
ported today.
For the first 10 months of this
year new financing amounted tc
436,554,718, compared with S516.-
9l4434 in the same period a year
ago.
The largest October bond sale was
a S4790,000 issue of City of Nashville