Evening star., 1949-08-21

UullulllS WILL bo
completed for
Il use early next
#1 spring.
u s=1 ~ The new Of
Thomas J. Groom. flee will be
modern in every way. similar to
the Brightwood Branch in most
features. A glass front will give
exceptional light. The branch
will have ample parking space in
the rear. with easy access to the
lobby. Also featured will be a
circular driveway and a drive-in
teller's window, night depository
and safe deposit facilities.
The building will have two
stories, and will be air conditioned.
A. Hamilton Wilson is the archi-
tect. George E. Cole, assistant
cashier, with the bank since 1926.
will be in charge, Mr.. Groom said.
Mutual Funds in Limelight.
Victor M. Birely and his son.
William c. Birely, both associated
with Folger, Nolan, Inc. together
with Bernard j. NeeS, partner in
Johnston, Lemon & Co.. have re-
turned from the First Annual
Mutual Fund Conference, held in
New York.
For four days 800 investment
dealers from all over the country
listened to the latest developments
in investment trusts or mutual
funds, as they are also called.
the meeting being sponsored by
the Security Dealers Digest. One
of the leading speakers was Harry
A. Mcdonald, of the Securities
and Exchange Commission.
Nation wide interest has de-
veloped rapidly in this type OF in
vestment or speculation. Dealers
say 10000 or more Washing
tonians hold shares in these In
vesting companies.
d. C. Store Sales Tumble.
Department store sales in the
Capital for the week ended AL
gust 13 took a Is percent tumble
from the comparable week a year
|ago. compared wit a II per cent
drop in the fifth district and
|20 per cent in Baltimore.
The severe declines we're in line
with sales decreases all over the
country and were laid to the ex.
cessive heat. The Richmond Re-
serve Bank reported a drop Of
only per cent in sales in the
district from the preceding week
and gain of 8 per cent in the
four weeks ending August 13.
From January to mid-August
sales in the fifth district were
only 1 per cent under 1948. '
Final Committee Announced.
Final committee appointments
for the administrative year 1949-
so were announced yesterday by
George M. Fisher, president Of
the District Bankers Association,
as follows:
Eudes sn as,sR'a soSsTs E.
iii Ss1Fsf + s,sses s5s1m.n
Ssat Mat'Gs 8. & Gatisy Sisndefs0n vice chairman; Al
Personnel and operations-John c. Nc
IedTa koonts' ..so 4 SCOT oaustD oaD''l,'n' W.
h pues ehsirman frsde pers1 Ssahsu ns.
Ssy asorse % 4. bidden. 0tGn in: sniss isniss +:
Speakers, ,unit-Richard A.. Norris.
chairman; Roland T. Carr. vice chairman;
Thomas Groom: Linwood HaTrel
Vandoran.
d. C. Associations Top List
In a list of 1O2 building and
loan associations rs years old or
more, the United States Savings
and Loan League heads the role
with three Washington institu-
tions. They are the Oriental
Building Association. founded in
1861; Metropolis in 1866 and
American in 1874. record Of
which they are very proud.
Robert c. Baker. vice president
of the American Security & Trust
Co., has been elected a director of
the State Loan & Finance Corp.
which has six Offices in this area.
John E. Slater, executive vice
president of American Export
Lines, Inc. has been elected presi-
dent to succeed the late William
H. Coverdale. He has been di-
rector since 1884. n
Henry Eby has been promoted to
assistant treasurer of Southern
Oxygen Co., Inc. -
Financial District Notes. Z
The Security and Industry Sur
vey. put out quarterly by Merrill
Lynch. Pierce. Fenner 81 Beane. is
being distributed in the financial
district. It is more complete than
ever.
Insurance men are working hard
for the election of John D. Marsh
as a trustee of the National Asso-
citation of Life Underwriters. The
election is next month in Gin
cinnati.
Capital Transit at 213s, Poto-
mac Electric Power common at
14k and Virginia Electric & Power
common at 1734. closed the week
at peak prices for the year on the
Washington Stock Exchange.