Evening star., 1951-12-18

' "'''' IS4Z, served at
Philadelphia and Moline, H.,
and in 1945 became station man
ager at Hartford, Conn.
Before joining United Mr..
Northrop was with the Office of
Inter-American Affairs here. He
is a native of Boston, attended
Groton School and was graduated
from Harvard University in 1888.
Hecht Co. Changes Accounting.
The Hecht Co. has decided not
to adopt the last-in- -first-out
GIFO) method of inventory val
uation for the fiscal year ended
January 81, it was revealed yes
terday when the company filed
an amendment with the Securi-
ties and Exchange Commission
adopting the first-in- -first-out
(FIFO) inventory basis again.
On the FIFO basis. Hecht's net
earnings for the year ended jan
uary 81, 1851, were $3,987 ,508 or
$5.07. This contrasts with the
published figures of $3.627 ,607 or
$4.59 a share on the LIFO basis.
Earnings for six months ended
July 81, 1851, were $621, ,794 or 10
cents a share on the FIFO basis
VS.. $685. or 81 cents a share on
the LIFO basis.
With the company expected to
enter the market for new f1nanc-
ing in the spring, it was pointed
out in brokerage circles that earn
ings on the FIFO basis would ap-
pear more favorable and might
enable the company to arrange
financing on a cheaper basis.
More Bonuses Distributed.
The Hechinger Co. will divide
o Christmas bonus of nearly
$4,000 among its BAT employees.
it was announced today. Indi-
vidual amounts will be based on
salaries and length of service.
Lewis Edwin Ryan, owner of
the advertising agency bearing
his name, has distributed Christ
mas checks to 40 employees and
will give them a Christmas party
Friday at the agency Offices. The
agency will be closed Monday,
December "a.
Alvin j. Steinberg. manager,
Capital Credit Corp, was on the
faculty of the three-day school
conducted by the Seaboard Col
lectors Association, a unit of the
American Collectors Association,
at Winston-Salem, N. c. He taught
a class in collection techniques.
Some 80 students from seven
States attended the school.
Yule Savings Total S625,000.
Old Dominion Bank in Airing
ton County had one of the largest
Christmas Savings Clubs in the
Washington area again this year,
with $625,00 paid out to more
than 5000 savers. President Edwin
T. Holland announced.
The 1852 Christmas Savings
Club of the bank started Novem-
! ber 19 and is expected to exceed
the 1851 totals. The Old Domin-
ions club was third largest in the
area in 1851.
Maryland Banks to Close.
Seven nearby Maryland banks
announced today they would COM
ply with the Maryland Governor
proclamation and remain CLOSED
on Monday, December "a, as vel
as Tuesday, December 25.
The institutions include the
Bank of Silver Spring, Bank OF
Bethesda, Bank of Bowie, Sub
urban Trust Co., Citizens Bank OF
Takoma Park, Citizens Bank OF
Riverdale and the Seat Pleasant
Bank.
1t is the banks hope that this
will not too seriously inconveni-
ence customers. Customers are
advised that preliminary arrange
ments can be made for meeting
any emergencies through night
repositories, etc.
District and Virginia banks will
be open on Monday, although
some of them will maintain skele.
ton Staffs to permit some EN-.
ployes to take a holiday. Similar
arrangements have been made fol
Monday, December 81.
Sales Winners Announced.
Leo F. I.isee, regional sales man
ager for Admiral Corporation, wa
host December IA at Woodmon
Country Club to winners of tn
recent Admiral refrigeration sale
contest.
Winners of national prize
were: Hal Kellar, Howard L. Rem
delman and Floyd Tyson Duva
Distributing Co. of Richmond.
Mid-Atlantic Appliances. Inc
announced $500 in Christina
bonuses will be distributed to EN-
ployes at the annual Christina
, party to be held at the firms of
EreS SATURDAY.