Evening star., 1951-12-05


maker was sta k
toned here at
various tim e S aIal71
in his career
with the Army Gen. wanamaker.
Engineers and from 1885 to 1885
was assistant to chief of engi-
neers, War Department. His wife
is the former Ruth Elizabeth
Kimball of Washington.
In 1943 he accompanied Rear
Admiral Richard Byrd on a secret
presidential mission to the South
Pacific as chief engineer and
served in 1914 with the 9Th
Army in New Guinea. Later he
became chief transportation Off
Ger in the Southwest Pacific. He
retired in 1949 to become the first
executive director of the New
Jersey Turnpike Authority.
Exchange Volume Expands.
Trading on the Washington
Stock Exchange expanded in No.
vember as sales totaled 29,399
shares VS.. 2S,262 in the previous
month and 24,255 in November.
1850, exchange officials reported
Sales in II months this year ag-
gregated 272,698 shares VS.. $780,
120 in the same 1850 period.
Potomac Electric Power COM
mon again led activity with a
turnover of 19,609 shares. Closing
at Is, it was up 5s of point for
the month. Washington Gas Light
Co. common was next with 1929
shares traded. It closed at 255s
up u point. Third was Southern
Co. shares which closed at IL, up
u, on sales totaling 1894 shares.
Other volumes, closing prices
and changes included: Garflnckel
common, LAO shares, 1924, up "a;
Garf1nckel Az per cent preferred,
1923 shares, 20, up ~; Washington
Gas $425 preferred, SOB shares, 95.
up 1l2; Woodward & Lothrop
common, 491 shares. 1873, up "a;
Virginia Electric, 480 shares, 223s,
up 5s: Hecht common. $50 shares,
33, up u.
Hotel Men in Florida.
Frank E. Weakly, president of
Washington Properties. Inc. and
this years president of the Hotel
Association of Washington, heads
a delegation of Washington hotel
executives attending the annual
convention of the American Hotel
Association at Miami Beach, Fla.
Other members of the group in
clude: Bourbon A. Dawes, execu-
tive secretary of the Hotel Associ-
alton of Washington; Douglas A.
Stalker, manager of the Willard
Hotel: Herbert C. Blunck, mana
ger of Hotel Statler; c. J. Mack.
vice president and general man
ager of the Mayflower Hotel.
The convention opened Monday
and will close with the annual
election tomorrow morning.
Calls Credit Buying Vital.
"Our entire economy is predi-
Gated on installment buying" de-
clared Paul w. Welch, chairman
of the American Bankers Asso-
cations Committee on Consumer
Credit, in an address before the
National Credit Conference of the
ABA at Chicago today.
"As nation we have achieved
heights of production which make
it absolutely impossible for us to
absorb that which We can produce
unless commodities are purchased
In the greatest measure on an
nstallment buying plan, he
added.
"Our highly vaunted standard
Of living, the highest in the world,
is made possible only through the
ability of the wage Garner to buy,
use and enjoy while paying.
"Installment lending is now
recognized as an important bank
ing function on national basis;
yet there seems to be little rec
ognition of the social significance
attached to this class of banking
at the senior level of thinking in
q great many banks" he said.
Tax Panels Scheduled.
Tax problems involved in buy
ing, selling and owning real
estate will be discussed at the
third session of American Uni
yersity's Institute on Federal
Taxes at Brookings Institution
tomorrow morning.
Martin Atlas sof the Cafritz
organization will be chairman
Speakers: Mr.. Atlas, James p
Driscoll, Office of Tax Legislative
Counsel; Louis Oberdorfer of Cox
Langford. Stoddard & Cutler.
Tax problems of small business
and those of the, family will be
discussed at the afternoon anG
evening sessions Of the institute