Evening star., 1950-02-07
Leaders Of EXCHANGE
Firms Association
Call on Legislators
By Edword G. Stone

IOVeTlOrS OF CQe ASSOCIATION OF
Stock Exchange Firms, meeting
at the Shoreham, opened their
second days program with per-
sonal calls on many Senators and
Representatives for talks on mat
ters bearing on investment bank
ing.
In off-the-record discussions at
the Shoreham, the investment
dealers have been considering the
lack of equity capital, trading
commissions charged by the New
York Stock Exchange, SEC regu-
lations and ways of increasing
business volume. Handling of
new issues also had attracted at
tention.
About 35 association governors
were guests of Chairman H. A.
Mcdonald of the Securities and
Exchange Commission at a lunch
con this noon. They saw the SEC
in action and were told how the
big agency operates. '.
The association officers, headed
by Benjamin Griswold Sd, were
luncheon guests yesterday of
Chairman Thomas B. McCabe
and other members of the Federal
Reserve Board.
This afternoons session of the
entire membership called for ad-
dresses by Chairman Mcdonald
of the SEC. Frank Pave, jr., di-
rector of the budget, and Bert
Andrews of the New York Herald
Tribune. -Four brief speeches are
billed for tonight's dinner.
City Bank Reports Gains.
In reporting for the year 1949,
President c. F. Burton of the City
Bank says deposits increased from
s28,6o0,o 900 to $500, 900 largely
because of the addition of the
new Benning Branch. Curtailed
operations in the Naval Gun Fac
tory hurt deposits in the South
east Branch.
The directors increased the div
idend from $1.20 to $1.50 during
the year. The new building at 919
Pennsylvania avenue NV. was
opened in March, giving the
branch five times more space than
in the old Office.
Net earnings in 1e49 amounted
to $243,413, equal to 1912 per
share. a slight increase over 1948.
Moulton Most Cheerful.
DR.. Harold B. Moulton, president
OF Brookings Institution, sees an
almost limitless economic expan-
sion in the next 100 years, accord
ing to his views appearing in the
American Magazine.
Our resources are abundant
enough to permit us to double our
population in the next century
and have plane of living eight
times as high as we have today.
he says. This is what we can have
but not necessarily what we will
have, the economist adds.
Resources should permit sthe
expansion Of shelter and home
maintenance 16 times, attire and
personal care about 20 times.
health and education, 80 times
recreation and travel SO times.
All this depends on free enter
prise. saving of natural resources.
more progress in science, sounderl
financial basis for the Government
and an increase in the spending
power OF the average American.
Prettyman Bank Speaker.
Judge E. Barrett Prettyman will
address the monthly dinner meet
ing OF the Auditors Section of the
District Bankers Association, at
the Burlington Hotel, Thursday
evening. His subject will be
Things Are Not as Bad as They
Seem"
Washington Chapter, National
Association of Cost Accountants.
will present Federal income tax
program over radio station VOL,
at 10:30 Thursday night. Chapter
President Max w. Shoup will take
part.
L. 8. Julien, Inc, 1443 P street
NV, has been appointed repre-
sentative in this area for Harnisch-
1eger Corp, Milwaukee, dealers in
welding and other electrical equip
ment.
Gilbert T. Stephenson of the
ABA, Austin w. Scott, Harvard
Law School, and Marcus Nader
Of New York University were
among the speakers at the mid
winter trust conference in New
York which is being attended by
Washington bankers.
Garfinckel common sold at 20
on the Washington Stock Ex-
change today, a new high mark
for this year and 1949.
Chicago Livestock