Evening star., 1950-07-09

only three hours in Honolulu and
a short scheduled stop in Guam
before reaching Manila, probably
tomorrow. which would be Tues
day in the Philippines.
The purpose of the mission is
to survey the Philippine economic
situation and make recommends
tions on measures of self-help
which might be undertaken by the
Philippine government. 1t will
report also on methods by which
the United States might be help
full to the young republic. Mr..
Truman appointed the Bell-Mar-
shall mission soon after fighting
broke out in Korea.
Before leaving Washington, Mr..
Bell said the mission is expected
to file its report with the Presi-
dent by September l. While as
sociated with the economic survey
the Washington banker has the
diplomatic rank of ambassador
and Gen. Marshall. being deputy
chief, has the rank of minister.
Recapitalization Completed.
National Bank of Washingtons
recent recapitulation plan, involv-
ing an offering of 10000 addi-
tional shares of SO par stock, was
completed within the Friday dead
line. Johnston, Lemon & Co., un-
derwriters, announced.
Common-share holders Of the
bank, through rights that expired
Friday at 2 pm, subscribed to
104,680 shares at $40 per share.
The remaining 800 shares were
placed privately.
The stockholders recently voted
to split the stock 10 for i. Par
value was changed to SO a share
and outstanding stock was in
creased 100 per cent. Stockhold-
ers' rights were mailed to holders
of stock of record on June IL.
National Bank now has capital Of
$2.1 million and surplus of $2.1
million. -
d. c. Store Sales Up.
Washington department store
sales scored l per cent gain in
the week ended July l, this city
being the only one in the Fifth
Federal Reserve District to report
an improvement in such sales
over the comparable week year
ago.
Washington's stores showed a
4 per cent gain in sales volume
in the four weeks ended July /,
compared with the like period Of
1949.
Baltimore's reporting stores re-
corded no gain in the week ended
July l, but maintained a 2 per
cent gain in the four weeks.
Express Official to Retire.
Edward M. Jacoby will retire
Wednesday as assistant chief clerk
and Statistician of the Washing
ton division of the Railway Ex.
press Agency.
He completed 33 years Of serv-
ice with the Railway Express
Agency and its predecessor COM
panies on April II. On that date
in 1917 he started as a clerk in
the Washington Office Of the old
Adams Express Co.
In 1920 he became agent at
Goldsboro, N. c., and in 1928 be-
came agent at Charleston, s. c,
He returned to the Washington
office in 1925. During World War
I he served as joint agent for
four express companies at Fort
Myer, Va.
Mr.. Jacoby plans to live On
his property in the Pennsylvania
Accountants to Hear Expert.
The Washington Chapter Of the
National Association of Cost Ac-
countants yesterday announced
that Thomas w. Phelps, well
known Wall Street security analy-
1st has accepted an invitation to
speak at one of the technical ses-
sions this year.
The date of the session will be
announced later. The chapter now
Is arranging its participation in
the Regional Conference for which
committees will be chosen soon.
At the end of the first half of
the year Roy C. McGuiness of the
washington agency was still hold
ing his lead as top underwater for
the Home Life Insurance Co. of
New York. Vernon w. Holleman.
manager Of the local agency, an
nounced that Mr.. McGuiness
again had led the company in
paid production for June, thereby
his lead so far in
1850.
G. p. A. Chairmen Named.
Eighteen committee chairmen
for the District of Columbia In
stitute of Certified Public Ac-
countants were announced for the
fiscal year ending May 81. 1851,
by Joseph G. Motyka, recently
elected president.
Standing committee chairmen:
John A. Bard, meetings; Paul
Matthews, public relations; Ralph
Cole, natural business year; Rusco
Fl. CroWell. cooperation with
bankers and investors; Simon w.
-evitan, c. P. A. educational stand
ards; Mark Richardson, legisla-
ion; Berthold D. Tiedemann.
membership, and B. w. Cochran.
publications. ...-
Special committee chairmen:
William Herbert Dame, taxation:
Maurice A. Martin, professional
ethics; Arthur C. Dechene, ac-
counting and auditing proceduress
Robert S. Brumagin, govern
mental budgeting and accounting:
Ninifred D. Owens, year book:
Frederick H. Blum, bylaws:
Henry A. O'Neill, finance; John
VI. Stoy, ways and means for
establishing Office Of executive