Evening star., 1951-03-13

CdSO bl1dU CIlC
voluntary scheme is no substitute
for additional authority the FRB
needs to curb private credit.
He did not say what new powers
the board desires, but it is known
that officials have been working
on plans that would give them
more authority over bank reserves.
William G. F. Price, vice preSi-
dent of the Bank of Manhattan
Co., told the conference that COM
mercial bank loans have jumped
more than SO billion since the
start of the Korean war and that
this has undoubtedly increased
other inflational pressures."
Branch Can Be Moved.
The Cherrydale Branch of the
Old Dominion Bank in Arlington
can get out of the middle of the
road, the Virginia State Corpora
ton Commission ruled today. The
bank asked permission for the
move because the branch is on
q small island between eastbound
and westbound lanes on Lee high
way. It has acquired lot on the
north side of the highway about
$50 feet west of the present
branch. The sec approval clears
the way for possible construction
later.
The present site allows no room
for expansion and heavy traffic
has made it difficult for customers
to get to the branch.
NIP Plans Spring Meeting.
The spring meeting of National
Business Publications. Inc. will
be held at the Homestead, Hot
Springs, Va, June 1-3.
Member-publishers will meet in
Washington on May 81 for top
level conferences with congress
sional leaders and Government
officials preceding the conference.
The NBP's Business Publishers
Advisory Committee, organized
here last October. also will meet
here May 81. Following an off
the-record" dinner discussion, the
NIP group will leave for Hot
Springs on special train late
that night.
Heads National Air Council.
c. S., Casey Jones. president
of the Academy of Aeronautics
and one of the best known figures
In aviation since World War I,
has been elected president of the
National Air Council, which has
headquarters here.
E. r. Boots, United States Steel
Corp, was named treasurer and a
member of the Board of Mana
gers.
Camille Quit, managing direc-
tor and chairman of the executive
board of the International None
tary Fund. has declined a 3-year
extension of his contract, and
plans to return to Belgium on
expiration of the present con-
tract. it was learned today.
Norman Johnston Promoted.
Norman D. Johnston of Wash
ington has been named a member
of the Agency Department of the
Provident Mutual Life Insurance
Co., Agency Vice President James
H. Cowles announced at Philadel-
pf1ia.
Mr.. Johnston will assist Nelson
A. White, director of education
and training in the development
and expansion of that section.
After graduation from George
Washington University in 1899.
Mr.. Johnston had several years
of trust company experience, and
later went overseas as a first
lieutenant in the Army.
In 1947 he became associated
with the Washington Office of the
company'S Baltimore Washington
agency, where he served as per-
sonal producer and later as a su-
pervisor under General Agent j.
Henry Hooper. In the latter ca
pacity he made an excellent rec
ord in the selection and training
Of new men.
Insurance Agent Named.
Romeo j. Fagiolo of Washing
ton has been appointed agent for
the Farm Bureau insurance COM
panies, it was announced by How
ard Hutchinson, agency vice presi-
dent of the three companies. Mr..
Fagiolo will work under William
G. Russell, district manager.
Robert N. Greenberg and Will
liam G. Jedd. representatives of
the Mutual Life Insurance Co. of
New York here, have earned men,
bership in the company's National
Field Club. Charles P. Rice, man
ager of the Washington agency
reported.
District residents received $670.-
431 in policy payments from John
Hancock Mutual Life Insurance
Co. in 1850. the company dis
closed. Investments of the COM
pany here at the close of the
year totaled $15,159.206.