Evening star., 1952-05-11

other store income rose TO $2O3,-
078 VS.. $179,377. Expenses rose to
$12, ,690.705 VS.. $11. .452,081.
Net profit before provision for
Federal taxes on income amounted
to $483.112 VS.. $591,272. Federal
taxes on income totaled $261 las
VS.. $317,346.
Current assets on March 81
totaled $12,398,366 VS.. $11,6lO,399
a year earlier and current liabil-
tiles were $4.782. .903 VS.. $4.065. .S57.
The ratio of current assets to liza
bilities was $3.50 to $1.00 VS.. $2.86
to $1.00 a year earlier.
Merchandise inventories, at lower
of cost or market, amounted to
$8.585.706 VS.. $7.877.362. Earned
surplus was $780, 1888 vs.. $685.
724.
| Clearing Service to Start.
Starting tomorrow, four WASH
ington banks will clear securities
transactions with members of the
Philadelphia Baltimore Stock Ex-
change through facilities of tho
Stock Clearing Corp. Of Phila-
delphia.
The clearing house corporation
recently established Offices here in
the Southern Building. It is a
subsidiary of the exchange. The
four banks which have become
members are the National Bank Of
Washington, Hamilton National,
City Bank and Liberty National.
The service extended to WASH
ington banks will be similar to
that used in Philadelphia and
New York for many years. James
M. Johnston Of Johnston, Lemon
& Co. is a member of the ex-
changes board Of governors. and
Harold c. Patterson of Auchin-
Gloss, Parker & Redpath, is a di.
rector Of the clearing corporation.
PassbO0k to Be Eliminated.
The depositor's passbook, a fix
ture in banking for many years.
will be eliminated by new system
of taking deposits at American
Security & Trust Co., starting
Wednesday. President Daniel w.
Bell announced.
A teller machine at each win
dow of the company will issue a
receipt for a deposit and at the
same time insert the identical
data into company records.
It is expected to speed window
service and eliminate the possibil-
ity OF, entries in the passbook and
the company's records differing.
The company provides a handy
leather folder for receipts.
Bankers Committees Named.
Walton L. Sanderson. president
Of the District Bankers Associa-
ton, yesterday announced the ap-
pointment Of transportation and
hotel committees for the associa-
tion's 34th annual meeting at The
Homestead, Hot Springs. Va, June
Ills.
Daniel j. Callahan, jr.. vice
president Of the Riggs National
Bank. will head the transportation
unit, with Frank A. Gunther, exec
utive vice president Of the Secur-
ity Bank, as vice chairman.
Joseph r. Fitzpatrick, senior
vice president and cashier of the
Second National. will be chairman
of the hotel unit. and Warren r.
Forster, senior vice president Of
the Hamilton National will be vice
chairman.
League Delegates Due Today.
Delegates of the National Saw
ings and Loan League will register
at the Mayflower Hotel today for
the opening of their ninth annual
convention. Sessions will continue
through Thursday.
Registration, exhibits and COM
mittee meetings are scheduled 1or
today. The annual reception will
be tonight.
Three Washington men will serve
on a panel for a tax clinic tomor-
row morning. They are: Milton I.
Baldinger. attorney for the First
Federal Savings and Loan Associ-
alton here; j. Milton Cooper. at
torney and league consultant;
Leonard L. Silverstein, attorney.
Bureau of Internal Revenue.
First general session is sched-
uled Tuesday morning.
Ad Club to Hold Election.
Clayton r. Sanders. advertising
manager for Peoples Drug Stores.
Inc, is scheduled to become presi-
dent Of the Washington Advertis-
ing Club at the annual election at
Hotel Statler Tuesday. Now first
vice president, he is unopposed.
and will succeed Tom Griffin Of
the Washington Daily News.
Suburban Trust Co. will form.
ally open its 18th Office at 6842
New Hampshire avenue, Takoma
Park. Md. from Z to 9 pm. to-
morrow. The new Office has a
drive-in window and other mod
ern facilities. Thomas F. Rosewag,
assistant treasurer, Is in charge Of
the Office.
The Citizens Bank Of Maryland
will open its remodeled office at
Bladensburg, Md, on Thursday.
Alfred H. Smith an
The formal opening is
from Z to 8 pm.
Two d. C. Firms Honored.
Two Washington firms. Bertram
5hrier, Ltd, and the Game Room,
have been awarded first place
plaques by the magazine Gift and
Art Buyer in its 1852 competition.
The former led in store design and
he latter in direct mail advertis-
ng.
Joseph Cordova has been named
Of public relations here
or Trans World Airlines. He has
)een assistant public relations
in the Los Angeles Offica.
The Greater National Capital
Committee Of the Washington
Board Of Trade has retained athe
)uhlic relations firm of Ludwig