Evening star., 1950-08-18

made chairman (a
of the State -.
legislative Mr. Emmart'
Committee. =.
Bernard F. Armstrong. assistant
cashier, Federal Reserve Branch
Bank, Baltimore, was appointed
head of the Educational Commit
tee; Hubert P. Burdette, president
First National, Mount Airy, Agri-
cultural Committee. and Thomas
E. Mcconnell, vice president,
Maryland Trust Co., Baltimore,
Convention Committee.
Harper r. Clark, vice president,
First National Bank of Baltimore,
heads a newly formed committee
on bank management, aimed at
helping small banks.
Another committee just estab-
lished to study the proposed uni
form commercial code, is headed
by T. Leonard Reeder, vice presi-
dent, Union Trust, Baltimore.
Other members Of these commit
tees represent every section OF
the State, Mr.. Emmart said.
Pennsy Redeems Debentures.
The Pennsylvania Railroad will
redeem on October / its outstand-
ing $52,667, 800 15-year 3A per
cent convertible debentures, due
April l, 1852, at 10024 and &C
crued interest.
Debentures of American Tele-
phone & Telegraph Co. 3lss, due
1859, in the amount of $1,759,OO0
were rendered for conversion into
stock during the week ending Au-
gust is. The amount of the is
sue now outstanding is under
S93 million. The debentureS are
convertible into stock at $3.50 a
share.
The 25-cent dividend declared
on common stock by American
AirlineS is payable Sept. Is to
stockholders of record August %.
Southern Co. common and Lam
ston Monotype are among stocks
on the Washington Exchange now
quoted ex-dividend.
Suburban Bank Adds Branch.
The Suburban National Bank,
Silver Spring, plans to open a
branch on Flower avenue, near
Piney Branch road, by Janu-
ary !.
A new two-story building will
have a drive-in teller's window,
night depository and safe deposit
boxes. The second floor will con-
tain Offices.
The bank now has branches in
Bethesda, Takoma Park, Wheaton
and in the Naval Ordnance Lab
oratory, White Oak.
Richmond Bank to Expand.
The Federal Reserve Bank OF
Richmond has announced plans
to build a 50 million addition to
the present Office building.
The addition, to be six stories
high, will add about 1900 square
feet of working space and will be
ready for occupancy late next
year. 1t will have footings and
columns to accommodate erection
of several more floors later, if |
needed, Hugh Leach, president, |
announced.
The Richmond Reserve Bank
serves Washington, Maryland, the
VirginiaS and Carolinas. 1t has
large branch in Baltimore.
July Auto Sales Gain.
Sales of new automobiles and
trucks in the District in July to-
tailed 2.730 compared with 2,477
in June, the 253 increase being due
to war scare buying" the Wash
ington Automotive Trade ASSocia-
ton announced today. July sales
q year ago amounted to 1902, this
high figure being due to the buy
ing rush before the new District
sales tax became effective on Au-
gust l.
Hilton Hotels Corp, which con-
trols the Mayflower, expects to-
earn $1.30 a share on common in
the first six months against $1.16I
q year ago.
Southern Promotes BrOdie.
o. w. Brodie, chief credit clerk
of the Southern Railway in
Washington, has been made as
sistant to the treasurer and as
signed to freight credits. Born
and educated in Maine, he has
been with the Southern since
1945.
The Washington Office reports
that Helene Curtis Industries,
Chicago, has named George M.
Factor vice president in charge
of advertising. He was formerly
with Brunswick Bake -Collender
Co.
The new downstairs store of
the Hecht Co. in Silver Spring
will be specially featured at
reception late this afternoon at
the Statler given by store Off
cialS.
Tomorrow will be the big day at
the home Of j. P. johnson, gen.
eral manager Of the Terminal
Refrigerating & Warehouse Corp.
In Brentwood, Md, when the an
nual barbecue takes place on the
lawn. around 800 guests being
expected.
United States corporations paid
& Der cent more in cash dividends |
in June and July than in 1949.