Evening star., 1952-09-25

Government c0ntlnueS TO operate
at a deficit, despite the highest
taxes in history, and warned: I'm
til determined and positive meas
ureS are taken to reduce the cost
of Government the tax burden
will remain a serious threat to oul
national economy"
Absorbed by Costs, Taxes
Operating earnings were sub.
stantially higher during the year
but most of the gain was absorbed
by higher operating expenses anc
taxes.
Earnings after miscellaneou:
taxes, but before Federal income
taxes. amounted to $38.03 a share
Deposits reached a new record o1
$22, ,442 on September Is. 9
gain of $3,665, ,606 for the year
The gain was about double the
increase for the previous year.
Loan volume was of slightly
due in part to the banks co-opera-
ton in the voluntary credit re-
straint program, Mr.. Groom said
Holdings of securities, which in
clude no corporate securities, in
creased around $3.1 million in the
year.
Capital funds increased in the
year and book value of the banks
stock was $349.14 a share on Au-
gust 81 VS.. $342.82 a share yeal
earlier.
Stockholders reelected the fol-
lowing directors: William L. Bush
Leon Chatelain, jr.; Theodore
Cogswell, James E. Collifiower
Harry Davidow. A. E. Giegengack
Mr.. Groom, Harry j. Kane, jr.;
Frank Owings, Charles E. Phillips
George M. Quirk. Donald F. Rob,
ertS, Leo A. Rover, Joseph Sander!
and Carita Sander.
ABA Convention List Grows.
An additional bank and si1
more bank executives have beer
added to the Washington group
who will attend the opening o1
the 18th annual convention o1
the American Bankers Associa-
ton at Atlantic City, N. j.. Sun
day. = s
The National Bank Of Wash
ington, represented by President
Barnum L. Cotton and Executive
Vice President Rutherford j
Dooley. was not in the list of IL
banks published yesterday. Both
have attended ABA conventions
for years and do not plan to miss
this years excellent program.
American Security & Trust Co
will be represented by President
Daniel w. Bell and Executive Vice
President Robert c. Baker, both
ABA veterans; also Frank M
Perley and William E. Schooley
vice presidents. Vice President
Frederick P. H. Siddons was isteC
yesterday.
ALB Bill Paid by Bankers.
Bankers Of Washington, as il
other cities, are paying a "whop
ping big bill'' to train their em
ployes through the American In
stitute of Banking, declared AL
bert c. Bartlett, vice president o
the Bank Of Virginia, here las
night. =
Addressing the annual educa
tional dinner of the Washington
Alb chapter at Kenwood Countr.
Club, Mr.. Bartlett said it Is goo,
business for bankers to train per
sonnel, but also it strengthens de
fenses against advocates Of q so
cialized banking system.
''It is important that principle
and advantages of our presen
dual banking system should b
better understood. especially b
bank employees" he said. "The ex
perience Of England with social
lied banking should be warnin
to this country"
William II. Smith, Riggs Ma
tional Bank, first vice president Q
the chapter, presided. For wor
completed last year, certificate
were awarded to the following:
Pre-standard. Charles P. Barger. Ru
sell M. Butler, Harry L. Dearwester. Ale,
ander 9. Fenwiek. ir., Edward Presto
James N. Pittman third prizej. .Frsems
G. Prior; william 3. Reading. J. Robe
HF n,,4I I
r.. Robert I. Hilemsn. Norman D: Ma
third t wsp Vras raeemsn g. pIor Hsrfs
Schoenly. J. Robert Sellers and James
Simmons.
Graduate: August Terneak.
Hecht Dividends Voted.
Directors of the Hecht Co., or
Grating department stores i
nearby Maryland and Virgini
and in Washington, yesterday de
clared quarterly dividend Of 4
cents a common share and q div
dend of 9334 cents a share on tt
334 per cent cumulative preferre
stock. both payable October 81
holders of record October 8.
Stockholders Of Virginia Ele'
trio and Power Co. at a Speci
meeting yesterday at Richmon
approved new liberalized retirv
ment plan for employees.
j. A. c. Blair, district passeng
representative Of the Canada
Pacific Railway at Pittsburgh, P,
for the last five years, has be,
named general agent for the cor
pany here.
Kerley Renamed Chairman.
C. p. Kerley has been re-elect
chairman Of the Limited Pri
Variety Stores Division of t
Merchants and Manufacturers
ISOLATION. Mr.. Kerley is distri
manager for the G. c. Murp
Co.
The District Building and Lo
League will hold its first f
luncheon meeting at the Ma
flower Hotel next Tuesday. stal
ing at 1880 pm. IF, Wills
Camp, league secretary, announc
the executive council win me
preceding the luncheon.