Evening star., 1949-10-07
New 1949 Highs SET
By Shares Of Area
Power Companies
By sdword G. Stone

By Edword c. Stone
Potomac Electric Power common
and Virginia Electric & Power
common have reached new 1949
high marks on the Washington
Stock Exchange.
Potomac Power common, at 15A
Is at the high for the year which
was tounched in one session In
September. It has been the most
active issue on the Exchange all
year.
Virginia Electric has climbed to
1871 from a low for the year of
15h. Potomac Power sold early
In the year at 1874.
Brokers point to the strength in
utility stocks on the New York
Exchange. These issues are keep
ing close 10 the national trend.
Sears Store Opens Tuesday.
The new Silver Spring store of
Sears. Roebuck & Co., just west
Of Georgia avenue on Colesville
road. will open for business next
Tuesday. it was announced today.
The new store, situated in a
territory which is making a re-
markable record in business ex-
pansion, has all the latest type of
fixtures and display techniques,
and is equipped with year around
air-oonditioning. There will be a
separate service station of one
stop service on automobiles.
The store will offer free parking
facilities for 600 cars. Outside
selling facilities for shrubbery and
garden needs. fencing and farm
machinery will be a special
feature.
Mergenthaler Adds Expert.
The Mergenthaler Linotype Co.
today announced appointment Of
Jackson Burke, former assistant
manager Of the Stanford Univer-
sity Press. as the new director
Of typographical development. He
succeeds c. H. Griffith who is
retiring after 43 years service, a
vice president since 1896.
At Stanford. Mr.. Burke was in
charge Of design and production.
his work appearing In many i'm
portaut books. He was in the
Navy during the war. is a former
teacher Of the history of printing
and lecturer on the Gutenberg
Bible.
Bank Deposits Decline.
Maple T. Harl, chairman OF the
Federal Deposit Insurance Corp,
has reported that deposits of all
banks In the United States on
June 80 totaled $157 900 900 900,
OF $4,000. 600, 900 in the half year
but unchanged from June a year
ago. Most of the drop was in
checking accounts, as savings and
time deposits were up 1000, ,000,-
600 in the six months.
Assets of all banks totaled
$172.000, ,000, 900. down $4,000. .000,-
900, mainly due to banks cash
position at the end Of June. Earn
ing assets showed little change. A
drop in commercial and industrial
loans exceeded Increases in real
estate, farm and consumer loans.
Association AZ Years Old.
The Columbia Federal Savings
& Loan Association is AZ years old
today, having been opened for
business by the late John B.
Harrell on October 7, 1907. It
was first known as the Colum-
bia Building Association and the
first one of these groups to fedora
lie. Assets are in excess Of $16,-
oo0, 900, Clearance E. Kefauver,
president, reported. -
The House Banking Committee
has approved measure to reduce
from u of l per cent to 1/i2 Of
l per cent the assessment paid
by building and loan associations
to the Federal Savings & Loan In
surance Corp. The higher fee Is
not considered needed.
Max w. Shoup, president, Wash
ington Chapter, National Associa-
ton Of Cost Accountants, is meet
ing national directors in New York
today in an effort to bring the
1850 regional conference to Wash
ington.
Industrial Loans Mount.
In the nine months ending Sep
tember 80, the Lincoln Service
Corp, industrial bankers, loaned
$7,792,615 against $6,250,653 in the
like period in 1948, an increase Of
$1,541 ,961. This was a new record,
Charles Delmar, president, an
nounced today. September loans
showed a gain of $297 ,054 or 44.3
per cent. Collections were slightly
better than a year ago.
Richard A. Chappell, Washing
ton authority on probation. will
be a speaker at Tuesdays meeting
Of the American Institute of Elec-
trical Engineers, in the Potomac
Power auditorium.
More than ESQ bankers and
other business leaders attended
the Potomac Electric Power Cos.
Luncheon at the new generating