Evening star., 1950-07-25
Commerce & Savings
Holds Open House
Al New Branch
By Edword c. Stone

By Edword c. Stone
The new branch of the Bank of
Commerce & Savings at 410 Rhode
Island avenue NE, opened for
business and public inspection at
8 o'clock this morning.
George E. Cole, assistant vice
president and manager of the Of
flee, was assisted in greeting pa
irons and others by Thomas j.
Groom. president. and other off,
GERS and directors Of the institu-
ton.
The bank presented a handsome
appearance with many floral
pieces from business associates
adding much to the general at
mosphere. The branch offers every
banking facility, including an au-
tomobile drivein-window. open
House" will continue until 8
o'clock this evening.
With the opening of this Office,
Washington has 80 branch banks
in addition to the 10 main offices.
Glenn Martin Orders Rise.
The Glenn L. Martin Co.'s un-
delivered orders at the end of the
second quarter increased to $94,-
422,000 from $92, lib, 900 at the end
of the first quarter and $71, ,655 900
at the beginning of the year, Presi-
dent c. C. Pearson announced to-
day. The backlog does not in
clude some $27. 900 in orders
received since June 80.
New sales contracts executed
and orders received exceeded $780,
100000 in the first half year, ex-
elusive of July military orders.
The company earned n cents per
share in the six months.
American Trucking Associations
Inc, reports the volume of freight
transported by motor carriers in
May increased II per cent over
April and 81 per cent over May,
1949.
New Insurance Firm Formed.
Roscoe Hereford, George Nc
Daniel, jr., and George Hereford
have opened a life insurance office
in the old Prince Georges Bank
building in Mount Rainier and
now are connected with the Bank
ers' National Life Insurance Co.
OF Montclair. N. j. They already
have written a lot of insurance
business in this territory with
other companies.
M. G. Dan) Beard, one of avia-
tion's outstanding, research and
aviation pilots, has been named
chief engineer of American Air
lines. With the company and its
predecessors for % years, he has
been director of flight engineering
since October, 1943.
The Hotels Statler Co. has OBJ
tanned options for the erection of
an 800-room hotel in the down.
town section of Dallas, Tex.
Resource Committee Named.
The Chamber of Commerce of
the United States has announced
its Natural Resources Committee
for the coming year, Ralph Carr
of Denver. former Governor of
Colorado, being made chairman.
He is an authority in the field of
water resource problems of the
Western States. The committee
has 80 members who will hold
their first meeting in November.
The Massachusetts, Mutual Life
Insurance Co. announced today
that June was the second largest
month in its 90 years. Leopold
v. Freudberg of Washington, an
associate of the John F. Cremen
Agency, led the entire Nation for
the month. He has been a mem
ber of the Million Dollar Round
Table for years.
SEC Approves New Issue.
National Securities & Research
Corp. reports that its recent regis
tration statement filed with the
Securities and Exchange Commis-
sion for 100000 National Sc
curities Series shares valued at
73,500,000 has now become ef-
fective.
Morton Bodfsh, executive man
ager of the United States Savings
and Loan League, is just COM
pleting 20 years service with the
organization. His Office is in Chi
cago but he has spent much time
in Washington on legislative
matters. He was appointed by
President Hoover as a member of
the original Home Loan Bank
Board.
Bank Stocks Remain Firm.
Washington bank stocks have
held firm during the recent erratic
markets, with comparatively few
changes in bids on the Washing
ton Stock Exchange or overtime
counter. Sales have been light.
Riggs National sold at 3651z on
the exchange yesterday, under the
last previous sale.
New York bank stocks, which
are widely held here, rallied sub
stantially last week in a broad
market stimulated by wide scale
investment buying. They recov-
cred more than half of the losses
since the Korean warfare started.
Bank shares were helped by the
House passage of the bill to rebate
part of the Federal Deposit Insur-
ance assessment.
American Security q Trust Co.
stock sold on the Washington Ex-
change today at 80. unchanged.
Potomac Electric Power common
was very active at 1917. A single
share sold at 1871. Virginia Elec-
trio Power common moved at 17A.
TLs s.~GI