Evening star. [volume] (Washington, D.C.) 1854-1972, 1949-11-01
New Vault Completed
Al National Bank
OF Washington
By Edward G. Stone


By Edword c. Stone
The National Bank of Washing
tons new vault in the lobby has
been installed after As days of
work and all other renovations
now are finished. The changes
have added a third more space
and greatly increased service ef-.
ficiency.
The safe deposit boxes and the
trust department are located in
the rear Of the main floor. as are
all other departments having con-
tact with the public. The oldtime
cages are gone and the bookkeep-
ing is done on the second floor.
Barnum L. Cotton, president
since last April, and the staff are
proud Of the improvements. Flow
ers in the lobby today added much
to the general appearance.
Gas Earnings Under 1913.
In the first nine months of this
year, net earnings of the WASH
ington Gas Light Co. amounted to
$820.3s8 against $877,303 in the
like period a year ago, decrease
OF $56.615, today's report to the
Public Utilities Commission re-
vealed.
officials reported a deficit of
$l13,739 for September, an i'm
provement of 1923 over last year.
Operating results disclosed a gain
Of more than $4,000, but ex-
penses were up $45,000.
An interim report for the ~
months ended September 80 for
the company and subsidiaries
showed a net income Of $1,1I3,-
6o4 compared with $1,696,541.
President Edward j. Boothby said
the decline in earnings was due
to steadily increasing costs and
the unusually mild weather last
winter.
The report states that 10000
new dwelling units will be served
with gas during the current year.
officials now are awaiting a PUG
decision on higher rates.
Committee Head Resigns.
James F. Fogarty has resigned
as chairman Of the Executive and
Finance Committee and as q di-
rector Of the North American Co.
He will continue as chairman of
the board of the West Kentucky
Coal Co.
Herbert c. Freeman, North
American president, said the res
ignation was due to SEC rules.
The company has just distributed
to its stockholders the entire COM
mon stock Of the coal company
which 1t has owned since 1905.
The SEC had ruled that no per-
son shall continue to be an officer
or director of both companies.
Dudley Moved to Paris.
The World Bank today an
nounced appointment of Drew
Dudley as director Of public rela-
tions in Europe, with headquar-
tiers in Paris. He has held the
same position in Washington since
1916. He will be succeeded here
by William L. Ayers, who has been
assistant director.
Clarence M. Woolley, formerly
with the New York Reserve Bank
and later chairman of the board
of the American Radiator Co.,
who is now So years old. is visit
ing friends In Washington. He re-
sides in Palm Springs, Calf.
ABA Membership Jumps.
The American Bankers Associa-
ton enrolled 300 new members
during the year, bringing total
membership to 16.443, according
to dispatches from the San Fran
cisco convention.
Throughout history, nations
have always fallen when they
listened to unsound economic
theorists and 'tinkered' with eco
nomic laws" William A. Marcus,
president of the Savings and
Mortgage Division, said in an adj
dress. I'VE watch with grave con-
Germ the present course of Eng
land under socialistic experiments
and hope and pray that she may
survive"
Economic Progress Noted.
H. M. Bardt, president of the
ABA Trust Division, declared to-
days uncertainties should not
stop progress. These problems are
no more perplexing than some we
have had to face in the past. He
added:
Industrial production is slight
~ louar than it was at its high
point IN history just a few months
ago. but it is still on a very high
plane. Employment continues at
record levels. Retail sales, while
lower than at the all-time high of
q few months ago, due in part to
slightly lower prices, are still at a
very high rate. Savings deposits
continue to grow all over the
country. thus increasing the accu-
INFLATED consumer demand for the |