Evening star., 1952-08-05

the previous
high of $780, '' ''An'1'
157, 1852. last midyear. Substantial,
increases in real estate loans and
share accounts bear out the steady
growth of the institution in re-
cent years.
A total Of $2s, ,093, 1882 had been
loaned on. real estate at the end
of business on June 30. This was
an increase Of $548. .999 from the
$27,544, 1888 in such loans out
standing at midyear of 1851
Share accounts had reached $685.
844,475,s or $1,987, ass above the
previous report of $24,857,020.
Located at 800 Pennsylvania
avenue S.E., the American Build
ing Association has played a prom
inents part in the development OF
Southeast Washington. Its ac-
tivities, especially in the last few
decades, has spread citywide and
the savings institution has con-
tributed largely to home owner
ship in other communities. Like
other institutions Of its kind, its
share accounts and real estate
loans have kept steady pace with
Washington's growth.
In addition to Mr.. Blanz, Amer
ican directors include Frederick
A. Blumer, John j. Carmody, Ber-
nard j. Coyle, S. Wilson Earnshaw,
DR.. william C. Farmer. Albert w.
Howard, Charles H. Kindle, How
ard B. Kramer, John E. Mergner,
Charles A. Rossiter and w. Dud-
ley Spicknall.
Mutuadl Fund Offering.
Johnston, Lemon & Co.. as
principal underwater, Is Offering
a new issue of $4,000 shares of
the capital stock of the new Wash
ington Mutual Investors Fund at
q price of $10.72 per share. This
is the first public offering of a
locally sponsored and directed
mutual investment fund in Wash
Mgton. >,,ss+ .. .aa. .-s g.
Incorporated, in Delaware, the
Washington Mutual Investors
Fund Is described as an open-end
diversified investment company
required by its charter to hold
only common stocks eligible for
the investment Of trust funds in
the District of Columbia and to
maintain a fully invested portfolio
Of such legal issues. It is the first
to limit its investments to an ex-
clusively "all legal" portfolio.
The announcement from the
underwriters said the initial pol
ICY of the Washington Fund is to
hold not less than 40 nor more
than 80 different issues in not less
than Is industries. This is to in
sure guarded diversif1cation.
The Riggs National Bank is GUS
todian and the American Security
& Trust Co. is the funds transfer
agent. Capital Research & Man
agement Co. will serve as invest
ment adviser. Under another
contract, the investment banking
firm, of Johnston, Lemon & Co
will act as business manager, rem
derinR various services, including
the~furnishing Of the funds exec
utiye personnel.
Officers and Directors.
Onicers and directors were an
nounced as follows: James M
Johnston, chairman of the board
president and director; James H
Lemon, vice president and dl-
rector: Bernard ]. Nees. execu-
tive secretary; Harvey B. Gram
ir,. treasurer. Other directors are
George E. Allen, James F. Cum
Minis, Jonathan B. Lovelace, 10 "
Morgan, and. Davis Weir.
THE advisory. board consists OF
Robert c. Baker. Barnum L. Col
ton. Leo Goodwin, Robert r
smith, Frederick N. Towers, VIII
liam F. Vandoren, DR.. Charles -
white, and Roger J. Whiteford.
Mobile Power Plant.
"a "power plant on wheels,
dedicated to public service, went
on display today at the Aloan
Tractor Co. in Arlington. Va.
THE big mobile electric set is the
same one that rescued the little
New Jersey community OF South
River 10 days ago when its mu-
ntcipaI power plant was disrupted
by breakdowns. It was developed
recently by Caterpillar Tractor
Co. Peoria, ILL.,, and includes 9
50O-horsepower Diesel engine anc
a 315-kilowatt generator, mounted
hi q van-type tractor trailer
Alban Tractor Co. is located on the
Jefferson Davis highway. The uni
VIII be on display from 9 am. tt
S pm. through Thursday. Jerry
smith, with Offices in the Worle
Center Building, is local represen'
tatives for the Caterpillar Tractor
Go.
Promotions at WMAL.
I; Kenneth H. Berkeley. genera
manager of The Evening Sta
Broadcasting Co.. today an
nounced two new appointments
George L. Griesbauer has beer
named head Of television sale
for WMAL-Tv, while Harvey I
Glascock, jr., is radio sales man
ager for WMAL AM and FM.
A native Washingt gtonian. MI
Griesbauer has been radio sale
manager Of WMAL since las
March. Before his affiliation will
this station he was TV accoun
executive with WNBW. He is
member Of the Advertising Clu'
and the Washington Board o
Trade. He served overseas witt
the Army Air Force in Worl'
War II.
Mr.. Glascock also Is q nativ
Of this city and comes to WNGAl
AM and FM from the Unite
Broadcasting Co.. where he wa