Evening star., 1949-01-20
Waller Renamed Head
Of Capital Clearing
House Association
By Edword c. Stone

Wilmer j. Waller. president OF the
Hamilton National Bank, was re-
elected chairman Of the Washing
ton Clearing House Association at
the annual meeting late yesterday.
John A. Reilly, president of the
Second National Bank, was named
vice chairman.
Victor B. Deyber, chairman sof
the board of the Second National,
was elected secretary for the 26th
time. Two new members were
named to the Clearing House Com
mittee, Robert v. Fleming, president
of Riggs National, and Richard A..
Norris, head of the Lincoln National.
George H. Bright was reappointed
manager and w. N. Cradlin, as
sistant manager. Both are aficers
of the National Metropolitan.
Excess Profits Tax Favored.
Randolph Paul, former general
counsel of the Treasury, told Dis
trict cost accountants at the La
fayette Hotel last night that he
favors a moderate limited excess
profits tax with top rates not ex-
ceeding 65-70 per cent. as COM
pared with a corporate increase
which, to procure the necessary rev.
enues, would have to reach rate
of so per cent.
Such a tax, he said, could be re-
stricted to about $4,000 corpora
tions as against 100000 which would
be hit by an increase in the regular
corporation tax. Mr.. Paul recon-
mended increased rates and lowered
exemptions for the estate tax. Pres
ident Truman's budget program for
the fiscal year 1850 is not "eXtrava-
CANT" but exceedingly tight" he
concluded.
Economic Needs Increasing.
"One reason for the tremendous
INCREASE in the ownership OF life
insurance is the fact that most
people are less self-sufficient eco
nomically today than at any time
In our history Clifford H. Orr, pres
ident of the National Association
of Life Underwriters, said yesterday
ut the Shoreham.
Guests introduced by Charles F..
Suter at luncheon IN his honor
included L. N. Coe, president, Dis
trict Bar Association Albert F. Jor-
dan, superintendent of insurance,
and Robert H. Lacey. president, Dis
trict Bankers Association,
Riggs Greets 450 Guests.
The lobby of the Riggs National
Bank was the scene of a brilliant
Inauguration party today when $50
guests, including officials OF many
other banks. were greeted by Presi-
dent Robert v. Fleming and his
associates.
The inaugural ceremonies at the
Capitol were shown on a huge tele-
vision screen. An elaborate buffet
lunch followed, after which the
guests were invited to view the his
toric parade from seats directly IN
front of the bank.
Resources Gain 81 ,299, 900.
At a new all-time high of $15,-
s34,457, resources of the Columbia
Federal Savings & Loan Association
gained 81 ,299, 900 during 1948, Presi-
dent Clarence E. Kefauver told the
stockholders at the annual meeting
last night. The association has
s730,722 cash on hand and $715,00o
in series G Government bonds, with
reserves of s1,155.541.
G. Gay Harrell, G. c. Wentzel and
Mr.. KefauYer were reelected di-
rectors. All officers were retained.
The Real Estate Mortgage &
Guaranty Corp. has declared divi-
dend of 60 cents per share, payable
February IA to stockholders of rec
ord February@4.
The banks and building associa-
tions will be open tomorrow regard
less of the holiday for Government
employees.