Evening star., 1948-09-26

The new presi- A. ]. Linn.
dent formerly was controller of
Hamilton National Bank. He had
been with that bank since its forma-
ton in 1888 until he resigned several
wears ago to devote attention to his
farm in Sykesville. He is a certified
public accountant of the District
and Maryland.
Vice president and secretary OF the
company is John w. Fisher, engaged
for years here in banking and real
estate. He was secretary and treas
urer of the old American Co. and at
one time associated with the Hamll-
ton Bank.
William M. Seay, formerly state
manager of the District of Columbia
Office of the Home Owners Loan
Corp. is vice president and treasurer.
In early years he had been con-
nected with the Federal American
Bank and the Federal American Co.
until joining the Home Owners Or
ganization in 1888. Since 1899 he
has been engaging in real estate.
A Washington attorney, Martin
j. Quigley is general counsel OF the
company. Incorporated under the
laws of Delaware, the new invest
ment company has authorized capl-
tahzation of $5O0,000 in 5 per cent
cumulative preferred stock with
par value of s10O per share and 5000
shares of common stock OF no par
value. An initial offering is being
made of 5000 shares of the pre-
ferred capital stock at par. Because
these securities are believed to be
exempt from registration, the COM
pany explained, they have not been
registered with the Securities q
Exchange Commission.
Pepco Earnings Gain.
Net income of Potomac Electric
Power Co. for August was S287,775.
after taxes, an increase OF Sl0l IVY
over July earnings and sl42, ,485
above earnings for August, 1947.
Last month was the first full month
during which the company bene-
fitted from it's rate increase.
For the first eight months this
wear Pepco earned 1,782,S01, COM
pared with $2O2O,4S3 year earlier,
drop of lit per cent.
The company sold l77,726,0OO Kllo-
watt-hours in August, an increase
of 1909 per cent from August, 1947.
For the eight months sales were
1907 per cent above year earlier.
August operating expenses OF
s1,757,954 exceeded comparable ex-
penses of year ago by 1898 ,2O6, but
this and other higher charges were
overcome by a pickup OF 30.33 per
cent in operating revenue. Augusts
revenues totaled $2,8Q7 200, an IN
crease of S653,259 over tn e same
month last year.
ID. c. Store Sales Rise.
Department store sales here Tor
the week ended September 18 were
IN per cent above the previous week
and 3 per cent above the comparable
week of 1947. They were l per cent
higher in the four weeks ended
September 18, compared with the
like period a year ago.
The Federal Reserve Bank OF
Richmond also reported sales IN the
entire Fifth Reserve District were
10 per cent higher in the reporting
week than a year ago and % per
cent above sales of the previous week
of this month. For the four-WeeK
period ended September ID the sales
were 3 per cent higher.
For the entire country. the Fed
eral Reserve Board reported de-
partment stores sales for the week
ended September 18 were 7 per cent
above the l947 week and 4 per cent
higher for four weeks period.
Heads Cherner Division.
The Cherner Motor Co. yesterday
announced the appointment OF
Jerome Fanciulli, widely known
transportation authority, as man
ager of its truck division. He brings
to the Ford agency years OF news
paper experience as well as years OF
activity with business and Govern
ment in foreign and domestic trans
portation problems.
Mr.. Fanciulli handled the dlstri-
button of General Motors and
Brockway trucks in Washington for
Is years. He was at one time on
the Capitol staff of the Associated
Press and was automobile and avla-
ton editor of the Washington Post.
After serving in North Africa as
transportation co ordlnator IN
charge of all civilian transportation
matters for the Joint North African
Economic Board. he was made chief
of the surplus property disposal di-
vision of the Foreign Economic Ad-
ministration.
More recently. Mr.. Fanciulli was
chief of the surplus property and
claims division of the United States
Commercial Co., subsidiary of the
RFC.
In earlier years Mr.. Fanciulli was
active in the old Washington Cham
ber of Commerce and later assisted
the Board of Trade in transporta-
ton matters.
The regular monthly meeting of
the District of Columbia Building
and Loan Association will be held
Tuesday at the Mayflower Hotel,
starting with luncheon at 1890
O'Clock. Edward L. McAleer presi-
dent. will preside.
Henry A. Hirsh. member of the
Baldwin Agency in Washington for
the New England Mutual Life In
surance Co. of Boston. it was re-
ported yesterday, has met the half
million or better" production re-
quirements for membership in the
Leaders Association for 1948. A
consistent leader of the Washington
agency, Mr. Hirsh was the recipient
for the third consecutive year of