Evening star. [volume] (Washington, D.C.) 1854-1972, 1951-09-30

with the. tie-lineS
from member Offices here to the
central Washington office. 1t also
will provide clearing facilities Of
the Stock Clearing Corp. of Phila-
delphia.
The exchange yesterday an
nounced the election of James M.
Johnston, partner of Johnston.
Lemon & Co., as a member of its
Board of Governors. Harold C.
Patterson, general partner of Au-
chincloss, Parker & Redpath, has
been elected a director of the
Stock Clearing Corp. of Philadel-
phia.
Costly Delays Reduced.
In addition to transmitting or
ders and obtaining quotations for
members, the new Office will be
able to conduct clearing opera
tons locally to avoid costly delays
and mailing procedures. This rep
reSents an advance in the tech
nique of handling securities trans
actions developed in connection
with the merger of the Baltimore
and Philadelphia Stock Exchanges
and thee establishment of Balti-
more Office similar to the one to
be opened here.
Four Washington firms recently
acquired seats on the exchange.
They include: Robert C. Jones u
&C.,, Mackall & Coe. Robinson &
Lukens and Rouse, Brewer &
Becker. Already members were:
Auchincloss. Parker & Redpath,
Bache & Co., Alex Brown & Sons,
H. NJ. Byllesby & Co., Johnston,
Lemon & Co.. Merrill Lynch, Pierce
Fenner & Beane and Stein Bros.
& Boyce.
The new Office is expected to
broaden the market for securi-
ties here considerably, but will not
affect operation of the Washing
ton Stock Exchange. A committee
named to supervise operations of
1.-THE new Office consists of Mr.. Pat
terson and Bernard J. Nees, patti
ner of Johnston, Lemon & Co.
Phone Net Above 1850.
Chesapeake & Potomac Tele.
phone Co. yesterday reported ALL
gust net income of $451, 673, a rise
of Is per cent above $399,633 in
August, 1850. Net for eight months
of this year reached $4,089 728, a
gain of 1919 per cent from ST.
4ll,178 a year earlier.
August operating revenues to-
tailed $3,851.47 VS.. $3,406,317 in
August. 1850. Eight months OPP
Grating revenues reached $30,463,-
$50 VS.. $25, 681,921 year earlier.
August net income represented
a 5.25 per cent return on average
plant in IL months ended August
81, compared with a 3.99 per cent
return in August, 1850. The COM
pany had 511,638 telephones in
service in ne District on August
81 VS.. 477,206 a year earlier. Au-
gust calls totaled 60,33s.424 VS..
Il 9,546,249.
I Directors have approved ex-
penditure of another $2,59O,OO
for District improvements and ex-
pansion, raising authorizations so
far this year aove $10,800,00O.
ABA Convention Opens.
Committee meetings and social
activities will hold the stage at
the opening of the 77th annual
convention of the American Bank
ers' Association at Chicago today.
| A Washington delegation of % is
attending.
| Monday will be devoted to ses-
sions of the various divisions of
the association and additional
committee meetings. The first
general session is scheduled Tues
day morning.
Much interest will center in the
Tuesday afternoon meeting of the
Nominating Committee, of which
Thomas j. Groom, president of
the Bank of Commerce & Savings,
in the Washington member. A
three-Way race of nomination of
a vice president will be decided
then. The new vice president will
become president of the ABA next
year.
Other Washington members Of
various committees include:
Bruce Baird, president, National Savings
1 & Trust. Executive Council and Federal
president and chairman, Riggs National
} Bank, member of Advisory Committee on
Activities and chaTmsn Of the
lincoln National. member Of the board o.
National Bank. member Of the Federal
LEGISLATION Ezecgtiyes Committee and the
i and Fiscal Procedures.
Institute to Hear Wilson.
Charles E. Wilson, director of
the Office of Defense Mobiliza-
ton, will address the opening ses-
sion Of American University's IN
stitute of Economics of Defense
Mobilization at the Department
iof Commerce Auditorium Tuesday
might.
The first of Is Tuesday night
sessions will be held from Z to
I9:20 pm. Mr.. Wilson will out
line the broad problems of defense
mobilization.
The list Of other speakers for
the institute reads like a Who's
Who of Government. 1t includes:
Oscar L. Chapman, Secretary Of Inte-
psas SIrecto c0~% ss Mchae
ton; Nathan P. Feinsinger Manly File seq
mann National Production Administrator;
RAYMOND M; Foley. Housing and Home
Finance Administrator; Jack Gorrie, execu-
sources, Board; Leon H. Keyserling. chair
man, the Presidents Council Of Economic
Advisers; James K. Knudson. member
Interstate Commerce Commission; Fred
ertck j. Lawton, liaison ofilcer for per-
Attorney General; Sumner Pike, member
Small. chairman, Munitions Board: willard
~. Thorp Assistant Secretary OF State:
Maurice j., Tobin, Secretary Of Labor;
Tighte Z. Woods. Federal Housing Exep-
otter.
Sanford Friedman, veteran
Hecht Co. buyer, was honored at
a farewell luncheon at the Golden
Parrot Restaurant Friday by
members of the stores homewareS