Evening star., 1947-07-11
Second National Bank
Prepares 10 Mark lis
18th Year July "a
by Edword c. Stone

The Second National Bank will
note its 18th anniversary Thursday,
July "a, having been organized on
that date in 1872. The bank was
first located at 63l F st. NV, mov-
ing the following year to SOC Sew
enth street into its own building.
An early picture shows that the
Union Savings Bank shared space in
the same quarters.
The G street Office was completed
and opened on April 30, 1928. A
comparative statement shows that
the bank has made great progress
in the last five years. In 1912 re-
sources amounted to s13.786, ,766 and
by June 80 of this year had jumped
to S32.404,224, Total capital funds of
s1.121,1 1888 in 1912 now stand at $2,-
332,908. Deposits have moved from
sl2,601 ,252 to $29, 9,925,571.
Pepco Files Stock Plan.
The Potomac Electric Co. has
filed a plan with the Securities and
Exchange Commission and the Pub
lie Utilities Commission to increase
capital from $50 900 900 to $75. ZOO. .000
The plan calls for the authorize
ton of 100000 shares of $50 par
preferred and 5.500,000 shares of
$40 par common stock. Only 100000
shares Of the new cumulative pre-
ferred stock would be marketed at
this time.
The company will offer to holders
its old 500 par preferred the right
to exchange their holdings for new
preferred on the basis of two shares
of new $50 par for one share of
the old 500 par preferred, with a
cash adjustment.
Proceeds received from the sale
of unexchanged new preferred will
be used to redeem the unexchanged
old preferred at SLOT share.
Washington brokers are already
dealing in the proposed new COM
mon on when issued" basis, with
1914 bid and TN asked.
Institute Chairmen Named.
Theodore P Cowgirl, new presi-
dent OF Washington Chapter, Amer
ican Institute of Banking, his COM
mittee chairmen for the coming
wear. including Herbert D. Lawson.
ir.. as head of the educational COM
mittee and Thomas J. Norris In
charge of the annual banquet. The
complete list follows:
Advisory committee-Robert v. Flem-
ms, Risss National; FRED l. LuteS; Edurs wee
saneiahefPros Naaionai: ProsramEstephen an O. Porter
Mtsndorf ebist consul American sssurity
Nicholson. National MetropoIitan. Athletic
Ross Totten. washinston Loan y Trust Trust:
Audit-Frederik Daum' Security Savings
Banauet-Thomas J.; Norris. Bank Of
Commerce saynss Dollars R;sss anG Nsfiona
EntertainmentMMiss tersiai Eleanor omohundro'
Union Trust EnanceKennsts .as G s.minss Hqlss.
Public Speaking and Debate-will!am
smith Vse Rfss kIess Naons Wsm
iasS National womens9Miss Helen :. DVysr.
embership-Lioyd Carey. washington
Loan 4, Trust; James B. Ahalt, vice chair
Crowell Names His Aides.
Rusco II. Crowell. president of the
D. c. Institute of Certified Public
Accountants, today announced the
following committee chairmen for
the year.
chaoiton. som,ia''at William H Danne, Frederick
Standing Committee chairmen,--Meet-
ings. Tull Ryal!; publicity and public rcia.
lions, James Malone: natural business 1ia.
Wish, af1a, other oase1l organisa Tons. SAMUEL Il
Cohen certified public accountant eduea-
la5on IaqRal snesroS syron j. h aarr? menoership
Kenneth Rouse; publications Martin T.
Special Committee chairmen-Taxation,
julius Sinker: professional ethics, Henry
A. O'Neill; accounting principles, Simon
W Leytan: auditing procedures ROBERT
Seven lettings have been
planned, starting September Is and
inclRding formal dinner in jan
uary. The institute is deeply inter-
ested in accounting legislation now
before Congress, Mr.. Crowell said.
New Bank officials Named.
Joseph T. Howard, assistant
cashier of the Suburban National
Bank. will be manager of the new
branch Office to be opened in
Bethesda next Monday. Wilson w.
Rich will be assistant manager, both
having long service with the institu-
ton. Mrs. Katherine Bradley Bell,
lifelong resident of Bethesda. will
be in charge of new accounts and
other customer relations.
Net income of the Western Mary
land Railway in the first five
months Of 1947 was equal to
s1203 on the If preferred stock
against s314 a year ago. Gross
revenues of s20.S52 900 in the first