Evening star., 1952-06-29

Ill lululeuScly important economic
role. and all of us are affected by
it," he added. "You are the people
who gather together the savings
of countless individuals and chan
mel them into productive uses"
The annual summer session of
the banking school was attended
by 1858 bank officers from across
the Nation.
Perpetual Branch to Open.
Formal opening of the new Sill
yer Spring Branch of Perpetual
Building Association will be to-
morrow, starting at 9 am, Presi-
dent Edward G. Baltz announced.
The new Office will be the first
branch of Perpetual. which ranks
as the largest savings and loan in
stitution in the Nation. Resources
listed in the associations mid-year
statement will exceed $134 million,
Mr.. Baltz said.
Located on the ground floor Of
the Masonic Building at Georgia
and Wayne avenues, the new
quarters have been completely re-
modelled and air-conditioned.
Taxes Cut Phone Earnings.
With taxes and higher expenses
more than offsetting increased
revenues, net income of the
Chesapeake & Potomac Telephone
Co. was reduced to $2.378,351 in
the first five months of this year,
compared with $2.55s,716 a year
earlier.
The company reported May net
income totaled $460.851. about
even with $460,s21 in the same
1851 month.
Five months operating revenues
Of $19,885. .294 were 1914. .992 above
a year earlier, while operating
expenses of $13,804,805 were up
$893,714. Operating taxes reached
$3,623,535, Jump of $220,024.
May operating revenues Of $4,-
OPT ,507 were $151,331 above May,
1851, while operating expenses OF
$2,847, ,082 were up $120.572. OPP
Grating taxes of $713,49 were up
$26,86
ID. c. Store Sales Recover.
Washington department store
sales in the first half of this year
will come close to the record for
the period set last year. reports
from the Federal Reserve Bank OF
Richmond indicated yesterday.
The bank reported May sales
were AZ per cent above May, 1851,
and that five months sales were
only 25 per cent behind q year
earlier.
Sales for four weeks ended June
81 were z per cent above the like
1851 period, indicating that sales
for June will show another year.
to-year increase. Sales in the week
ended June 21 were II per cent
below the preceding busy week,
but II per cent above q year
earlier.
Committee Heads Appointed.
William A. d'Espard. president
Of the District Association OF In
surance Agents, has named these
committee chairmen to direct
association activities in the COM
ing season:
A. L. Jagoe, jr., publicity and
joint newspaper ad campaign;
Victor o. Schinnerer, agents ad-
visory committee for property in
surance: George E. Bond, pro-
gram; Samuel s. Kaufman, legis-
lative: E. K. Bachschmid, casual
ty; Charles r. Barker. jr., and
Louis p. Crowley, co-chairman,
George S. Denton,
audit; j. Douglass Wallop, with
Joseph L. B. Murphy, vice chair
man. membership; John H.
Pumphrey, grievance: Huntington
T. Block. safety and accident pre-
v. Manning Hoffman,
catastrophe.
Frisco Promotes Huggins.
William L. Higgins, jr.. Wash
ington traffic manager for the
frisco Railway. has been appointed
TO the new post Of executive rep
here. T. r. Mappes,
assistant traffic manager, has been
named traffic manager.
Directors Of the Air Transport
Association here elected j. D. Du-
rand secretary to succeed the late
Merrill F.. Redfern. Mr.. Durand
also will continue as assistant
general counsel.
Banks Asked to Help.
Washington bankers have re.
'eived a letter from Hugh Leach.
president of the Federal Reserve
Bank of Richmond. asking them
% intensity efforts to promote sale
of new and improved savings