Evening star., 1949-09-30
f949 Savings Increase
Reported by Building
And Loan Associations
By Edword G. Stone

Total savings received by the
Nations building and loan aSSo-
Citations in the first seven months
Of 1949 topped last year by 1875
percent, the United Savings and
Loan League announced today.
Savings placed with these in
stitutions amounted to $685.
100000, compared with $2,356. 6.000.-
600 in the like 1948 period.
Individual savings were higher
in relation to incomes than at any
time since the war, Morton Bod
fish, Chicago, chairman OF the
leagues Executive Committee
stated.
He reported "a gradual decline
In consumer spending that is
always ahead of a similar down.
ward drift in consumer income. "
The result was, he added. that
people were able to set aside a
substantial margin for savings"
Bank Clearings Again Rise.
Bank clearings in Washington
In September set a new all-time
peak for the month, total OF
1892, 1922, 1851 comparing with $298,
873,990 in September a year ago,
a gain of 11.4 per cent.
In the first nine months Of the
year, clearings amounted to ST.
854,009,906 compared with ST.
86,273,752 in the like 1948 period,
an upturn of 63 per cent, George
H. Bright, clearing house man
ager, reported. This, too, was a
new record.
The new tax increased check
activity, but the present business
boom was the main reason for the
continued rise, bankers said.
Men Invited This Time.
Francis c. Hunter, Washington
Partner of Merrill Lynch, Pierce,
Fenner & Beane, has announced
that due to the wide interest and
large number of requests received,
his firm will conduct a second
course on investments.
Glasses held here in May were
exclusively for women, but both
men and women may attend the
new classes in Central High Audi
torium October 10, II and "a at
8 pm. The course will be free
and admittance cards will not be
required.
Financial experts will lecture on
various types of investments. how
invested money can earn interest
and dividends, the functions Of
the Stock Exchange and the safe
guarding of personal and f1duciary
funds.
The purpose of the course is to
give factual information in money
management and to call attention
to signs which should be observed
before investing ones hard-earned
dollars.
New Law Firm Announced.
Thomas Hewes of Hartford, for
iner Assistant Secretary of the
Treasury and one-time special
assistant to Secretary of State
Cordel Hull, and Blackwell Smith
of New York City. former NRA
general counsel and head of the
lend-lease mission to New Zea-
land, announced today that they
have united in a new law firm for
tax and antitrust work and inter-
national law and finance. The
firm, to be known as Hewes, Smith,
Mitchell & Shepherd, will main
tain Offices in New York. Washing
ton and Hartford. ~ Sst
Other members of the firm in
clude Harold E. Mitchell, mem
ber from Connecticut of the Re
publican National Committee and
it's Executive Committee; Henry
L. Shepherd. former economist
with the Treasury and Commerce
Departments: John S. Murtha,
Hartford County assistant States
attorney, and Maxwell M. Merritt
of the faculty of the University of
Connecticut School Of Law. Mr..
Hewes will take charge of the
Washington Office.
Expansion Funds Voted.
Directors of the Chesapeake &
Potomac Telephone Co. have au-
thorized expenditure of $1,957 400
for further expansion of telephone
facilities in Washington. Most OF
the funds will be spent in great
number of small projects, includ-
ing $162. 600 for equipment in the
city's central Offices. Funds will
soon be needed for the new dial
toll switching system
Mrs. Gladys P. Jones. acting
chief, Forms Control and Stand
ardization, Veterans Administra-
ton. will address Washington
Chapter, National Association of
Cost Accountants. on "Organizing
Report Content" Monday night
at 1880 in the La Sale Building.
Chester D. Leslie, former audi
tor with the United States Ship
ping BOARD, mas Deen appointed
general auditor of American Ex-
port Lines, Inc.
C. r. Jacobsen Honored.
Election of C. F. Jacobsen,
president of the National Metro
politan Bank, to the Board of
Trustees of the Bliss Electrical
School, is tribute to one of the
city's ablest bankers. AS noted
elsewhere in The Star, he succeeds
the late w. w. Everett, for years
president of Woodward & Lothrop.
Thomas j. Groom, president of
the Bank of Commerce 81 Savings,
and all other officers were re-
elected following the stockholders
annual meeting yesterday.
Elmer r. Oliver, traffic vice
president of the Southern Railway
System, is being congratulated
by friends on completing Is years
of service.
Chicago Livestock
TruIrhcn Gent IN f1S fJISn1 -so1s