Evening star., 1951-02-16

listing on July /, 1850. and onl,
preferred stocks that have beer
called have been eliminated.
No railroad bonds were dropped
except those which have beer
called. A number of municipa
bonds were eliminated, but larg'
number of new issues were added
In addition to many Govern
ment, municipal, railroad and pub
lie utility bonds, the new list in
cludes around $50 preferred ane
common stocks which are recog-
nized as legal investments by the
District Court.
The courts investment rule also
authorizes investments OF not eX-
ceeding $4,000 in any one Fed
orally insured District building and
loan association, provided the total
amount of such investments shall
not exceed $4,000. Copies of the
list are available at the Office OF
the Register of Wills in the Dis
trict Court House.
Deposits Turn Up Here.
Demand deposits of II reserve
member banks in the District in
creased $17,157,000 the week ended
February 7, after drop OF $780,
O96,O00 in the last two weeks OF
January, the Federal Reserve Bank
of Richmond reported.
The $828,349, 900 total on Feb
ruary 7 was $57, $4,000 above the
like 1850 date. Debts or deposit
Withdrawals of the same bank
totaled $216.672 900 in the latest
week. a drop of 1912 per cent from
the high mark of the previous
week, but remained 361 per cent
above the like 1850 week. In the
previous week they were o4.l per
cent above a year earlier.
Outstanding loans of the banks
continued to decline, totaling
1924 020, 900 on February 7, drop
of s2,4S5, 900 from week earlier
but were $50, 2,665, GOO above yeal
earlier. Business loans were down
$438,000 for the week, brokers
loans off S708,00O, real estate were
down S438,0O0 for the week, brok-
ers loans off $708,0O0, real estate
loans S418,000 lower and other
loans, mostly consumer loans, were
down s732,0O0.
Investments totaled 5l5,716,000
a gain of $5,922,o00 for the week,
but 81 ,287 900 below year earlier.
Holdings of Government bonds in
creased S4.017,000 for the week,
while Treasury bills increased ST.
$50, 1000. Other securities decreased
$664,000.
Indirect Controls Favored.
The United States Chamber of
Commerce proposed today that in
direct price controls be employed
to their utmost as a means Of
averting ruinous imitation. ....
The chamber statement was
based on recommendations OF it's
Committee on Distribution, which
declared that although direct con-
trolls are now in force, experience
shows they are of doubtful value.
There should be the fullest
use" said the chamber. "of such
indirect controls as credit, none
tary and fiscal policies. AS a
practical matter, direct controls
are largely Ineffective. They cause
black markets, distort price struc-
lures and cause public unrest"
In employing price controls un-
der the Presidents order, the
chamber asked that they be exer-
cised through a method of hold
ing constant the percentage of
markup margins between costs
and retail prices. Rationipg, if
undertaken, said the chamber,
should be restricted to a limited
number of commodities.
Heads Pepsi Cola Firm.
w. Ledru Koontz, who recently
retired as president of the Ana
costa National Bank, has been
elected president of the Pepsi
Cola Bottling Co, of Washington,
1t was learned today. He sue
ceeds Sam Swartzman, who has
been elected chairman of the
Board of Directors.
Under the savings and profit
sharing pension fund of Sears,
Roebuck g. Co., 952 employees in
the Washington area have accu-
mulated $2,116,829, H. K. Duffield,
general manager, announced yes
terday at a meeting of fund men,
bers.
Mr.. Dufheld said the Washing
ton group has to it's credit in the
fund 32,521 shares of Sears stock
with a market value at the year
end of $3.50 share; also a cash
balance of 460,940. ~
Total current assets of the CON-
pany fund have reached $349 mil
lion and only $55 million repre-
sents deposits from wages and
salaries of the 104,104 employee
members, Mr.. Duffield said. Stock
holdings of the fund now approx
mate % per cent of the company's
outstanding stock.
Insurance Man Honored.
Paul H. Primm. a Washington
representative of the Mutual Life
Insurance Co. of New York, has
earned membership in his COM
pany's National Field Club, which
includes outstanding compan
representatives.
T. M. Linton has been named
district manager here for the Ma
tional Electric Products Corp. tc
succeed J. S. Cowan, who has
become manager of Government
business. Mr.. Linton is native
of Washington and graduate Of
George Washington University.
Robert Isley, linen buyer fo1
The Hecht Co. of Washington, has
sailed for Europe for two-week
tour of. continental markets. He
will visit Ireland, Belgium, SWitz-
erland and France.
Fidelity Mutual Life Insurance
Co. of Philadelphia has named
Robert M. Galloway as representa-