Evening star., 1949-07-10

bus University. and are now lead
ing officials In the Wilson Memorial
Methodist Church. Eldridge Is
manager Of the Credit Bureau Of
the District Bankers Association
and his brother Is a member Of tho
auditors section. Robert entered
banking as a runner IL years ago;
Eldridge took his position In 1942.
Capital Store Sales on.
Washington department store
store sales in the week ended July
2 were 2 per cent under the like
l948 week and 4 per cent behind
the previous week this year, the
Richmond Reserve Bank reported.
The weeks sales were of 4 per
cent in the Fifth District and 7 in
Baltimore. The national drop was
II per cent.
Stockholders Of the Industrial
Bank of Washington, Eleventh
and U streets NV, have voted to
increase the capital stock from
100000 to $150,oo0. The move
was taken to meet the needs
Of steadily expanding business.
President Jesse H. Mitchell stated.
Deposits on June 80 totaled S..
497,150.
The Washington Suburban San
itary District awarded an issue Of
$2.500.000 Washington Suburban
Sanitary Water and Sewer bonds
to Phelps Fem & Co., Ferris &
Co. being in the selling group.
The maturities are from 1850 to
1889, the interest cost to the COM
mission being 3.1135 per cent.
Six New Bills Analysed.
Six bills of special interest to
bankers have been passed by the
present Congress, including ex-
tension of rent control to June 80.
1850; dissolution Of Regional
Agricultural Credit Corp, with
functions transferred to Agricul-
ture Department; amending Of
Commodity Credit Corp. charter:
Government Reorganization Act:
extension Of time for release Of
powers Of appointment, and per-
mission to national banks to un-
derwrite or deal in World Bank
bonds.
D. j. Needham, general counsel
Of the ABA, has made a digest Of
these bills in detail for State as
ISOLATION secretaries.
Hecht's Growth Impressive.
Tide, advertising and marketing
recently devoted two
pages to a study of the Hecht Co.
and the reasons for its growth.
On March 20, 1896, the Washing
ton Evening Star carried an adj
vertisement about a new store be.
ing opened that day in Washing.
ton by Alexander Hecht of Balti-
more.
Sales of $4,000 that year
reached $32,000,000 by the time
of the 50th anniversary. Two
thirds of last years sales Of $73,-
900, 1000 were in the Washington
store. the magazine comments.
Charles B. Dulcan, ST., vice presi-
dent and general manager, says
teamwork has been the secret Of
the stores success.
New Committees Named.
w. j. McCausland, president Of
the District Life Underwriters As
has appointed two new
committees. Mary E. Fort, Pa
cific Mutual, heads an integration
group which will present the aims
of the association to new members.
A speakers bureau, with B. r.
Reliance Life, chairman,
will supply speakers on insurance
matters to any civic groups inter-
ested. The new bureau will work
closely with the Education Com
mittee.
Heard in Financial District.
John c. Mccormack, vice presi-
dent and cashier Of the Riggs Ma
,ional Bank. is enjoying q vaca-
ion near Asheville, N. c.
Cyrus Eaton. Cleveland, has pro-
ested against the Washington
Jas Light request to the PUG to
ell bonds to insurance companies
Without competitive bidding.
Potomac Electric Power COM
non closed the week at 1881 on
he Washington Stock Exchange.
trong and active.