Evening star., 1949-11-23
District Banks Report
Demand Deposits Gain
S17,157,000 in Week
By Edword G. Stone

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Bank of Richmond. reported q
gain of $17,157.000 in demand de-
posts for the week ending Novem-
ber 16. This advance followed q
sharp rise In the week ended
November 8 and places deposits
well ahead of the total announced
after the controllers recent con-
dition call.
The Richmond Bank reported
a gain of about 81 ,000.0 in COM
mercial loans. Real estate loans
were quiet. The Washington in
stitutions raised their reserves at
Richmond from $121, $4,000 to
$138.183, 900. Total assets stepped
up $17,355, 900 for the week.
Time deposits again showed
practically no change, the review
revealed.
Investment Drive Started.
The Investment Bankers Asso-
citation is out to teach the average
citizen the significance of the
saving-investing process, which
has been made the more serious
because of the changed pattern OF
income distribution, according to
Hal H. Dewar, president.
The aim is to improve the pub
lie understanding of the necessity
of saving and investing. The
campaign. led by go leading in
vestment bankers. will be given a
big boost just before the IBA con-
vention in Florida next month. A
forum is set for December 3 and 4
at Hollywood.
Among those specially inter-
ested in the program are Emil
Schram, president, New York
Stock Exchange. and E. M. Kassa-
low, Congress of Industrial Organ
izations, Washington. Lectures,
school films, radio and television,
mail, window displays and news
paper advertising have been
adopted as top ways of spreading
the investment gospel.
Bank Women's Club Meets.
The Bank Women's Club held a
dinner meeting at Hotel Congress
sional last evening. with Mrs.
Sallie Muchmore, assistant di-
rector of the Better Business Bu-
reau, as the guest speaker. She
discussed some of the difficult
problems constantly facing the
bureau. Miss Edna Oney, club
president, was in the chair and
Miss Eleanor Dankmyer, Secre-
tary of the Security Savings &
Commercial Bank, arranged the
program.
DR.. Edwin G. Nourse, former
chairman of the Council of Eco
nomic Advisers to the President,
will address the New York Secur-
ity Dealers Association at the an
nual dinner December 9.
District Of Columbia families re-
ceived $10,507 900 in life insurance
death benefit payments in the first
nine months of this year, COM
pared with $8.484,00 a year ago,
the Institute of Life Insurance re-
ported today. The number Of pol
icies becoming claims in the nine
months was 10,245, compared with
1920 in 1948.
Bank to Distribute $375,000. So
The Prince Georges Bank &
Trust Co. will distribute $375,000
next Monday to more than 1000
Christmas Club members.
Julius Garfinckel & Co., Inc,
has declared the regular quar-
terly dividend of 343s cents a
share on the 51a% convertible
preferred, 2S1s cents on the
4h9o convertible preferred and
the quarterly dividend of 371a
cents on the common, all payable
December 81 to stockholders OF
record December Is.
The North American Co. has
declared a cash dividend of 25
cents a share on the common
stock, payable January 3 to
stock of record December g.
Bush On Merck Directorate
DR.. Vannevar Bush has been
elected a director of Merck &
Co., manufacturing chemists. He
is president of the Carnegie In
stitution of Washington and a
director of the American Tele-
phone & Telegraph Co.
Wade H. Cooper. former Wash
ington banker, who owns more
than 1000 shares of Central Pub
lie Utility Corp. common stock
has notified the Security g. Ex-
change Commission that he op-
poses the company's reorgani-
cation plan as unfair to preferred
and common stockholders" He
will appear at the hearing on
December 13. t-
Ben o. Howard has been ap-
pointed general manager of the
Aircraft Division of the Fairchild
Engine g. Airplane Corp. He is a
noted pilot, a Vultee director and
consultant and has been con-
nected with many other airplane
concerns.
Trust Council Opens Year.
Merrill Anderson of New York
addressed the first fall meeting of
the D. c. Life Insurance Trust
Council at the Mayhower Hotel
last night. Speaking on "Pro-
crastination," he declared that
making wills. taking insurance and
action on trust matters should not
be delayed. j. Wesley Clampitt,
chairman, presided.
Walter P. Good. jr., has been
appointed assistant treasurer of
the Washington Institute of Tech
nology. He is a member of the
National Association of Cost Ac-
countants.
J. r. Halsted, Export Engineer
ing Co. partner, has been made
Washington representative of the
Central Scientific Co.
Chicago Livestock
rrJYra1o N.u 90 I'M <r,crAN CO.,