Evening star., 1950-09-22

ital seven years and is a graduate
of Transylvania College, Lexing-
ton, KY. Prior to joining the air.
line he was chief of placement
for the Office of Defense Trans
portation.
Regular and Extra Declared.
Directors of the Security Stor-
age Co. have declared the regu-
lar quarterly dividend of $1.25 per
share and an extra dividend of
rs cents, both payable October 10
to stockholders of record October S.
Bruce Baird, president of the
National Savings g. Trust Co., is
enjoying a vacation at Mountain
View Inn, Whitefield. N. H. He
will return to his desk early in
October. .
Paul P. Logan, research director
of the National Restaurant Asso-
citation, and Elston Ireland, presi-
dent, will address the Washing
ton group this evening in the
Washington Gas Light audito-
rum. Mrs. Virginia Conway will
report on studies of the labor mar
ket. A new hospitality film will
be shown.
The Washington Board of Trade
will launch a new business pro-
gram Tuesday when members of
the World Trade Committee will
entertain 200 ambassadors and
ministers at a National Press Club
luncheon. Herbert E. CASTOR. Ex-
port-Import Bank chairman, will
speak, with James L. Oliver pre-
siding.
Deposit Protection Raised.
President Truman has signed
the bill passed by Congress in
creasing protection of accounts in
banks and building and loan aSSo-
Citations from $4,000 to $4,000.
This is considered the most i'm
portant financial legislation passed
by Congress in this session. 1t is
expected to cause a steady in
crease in savings in these institu-
tions. The new law will give
complete protection to a majority
OF individual savings accounts.
Beverley Gets Promotion.
Marshall j. Beverley, assistant
cashier of the Alexandria First
National Bank, has been promoted
to vice president. He is a member
of the Alexandria City Council
and started his career as a runner
for the Riggs National Bank in
1929. In 1885 he became an
assistant national bank examiner
under the controller of the cur
rency.
Merrill Lynch, Pierce, Fenner &
Beane are offering 10000 shares
of 4 per cent preferred stock and
257,064 shares Of S. par value
common stock of Safeway Stores,
Inc.
Bank Loans at New Peak.
Loans by II Washington banks
in the Federal Reserve System
reached $3.50, ,924, 900 in the week
ending Sept. 13. a new all-time
peak, the Richmond Reserve Bank
announced today. This was a gain
of $3,229,000 over the preceding
week.
Demand deposits totaling $780,
100000 jumped $12, 100000 during
the week, the report showed. Total
assets were proportionately higher
Washington Chapter, American
Marketing Association, will resume
luncheons, Tuesday, at the Willard
Hotel, with Don White as guest
speaker.
William Mullock, controller oi
Smiths Transfer 81 Storage Co.
was given a testimonial luncheon
today on his retirement to enter
business for himself. Marshall j
Summerlin has been promoted
from assistant controller to take
his place.
Lauton Names Committees.
Herman G.. Lauton, this years
chairman of the Fiduciaries Sec
ton of the District Bankers AS
sociation, has appointed these
committees as his assistants:
Program-Frederick L. Church, jr
chairman; Joseph L. Whyte, Warren Nuss-
a oa1mi Charles W. Fitzgerald; Trust Law
man; Aubrey, Q; Dooley. Lester A; Law
renee, willard G. McGraw, J. L. Sheldon
Mary Chadwick. Anthony J. Byrne. Trust
Investment@aWilbur G: Dieter, chairman;
Max E. Quigley. William C. Palmer
Charles Thomas Rafter. James P. Benfer
jr.. Jessie s. Cheyney, Henry P. Hoffman
Standardization. Fontaine Hall
chairman; Melville w. Stuart, Ralph w
Howard. jr.. George M. McLearen, Kar
Marco. chairman; John E. Sumter, Mi.
dred c. Marshall, Mildred E. Foy. Pred.
erick j. Rice, jr., Richard A. Gibbs Pub.
licity-Bernard L. Amiss, chairman; Doug.
las r; Smith. Bulletin-James z. Con.
nor. chairman; August E. Henze.