Evening star. [volume] (Washington, D.C.) 1854-1972, 1955-05-15
Store Securities
Watched Here
AS Profits Rise

The earnings outlook for most
Washington department stores
appears to be improving and in 4
vestors are expected to give in
creasing attention to their Sc
curities in coming months.
One particularly bright spot
seems to be Garflnckel's with in
creasing volume from its New
York subsidiaries playing a ma
jor part.
Informed guesses in the finan--
cial district are that Garflnckel's
net income for the fiscal year
ended July 81 may go above 81
a share.
This would be a gain of around
$3.50 q share from the $2.58 a
share earned in the preceding
year.
officials Of both Woodward g.
Lothrop and the Hecht Co. have
indicated favorable profit trends
with expansion programs ex-
pected to add substantially to
volumes.
Appointment Is Surprise
Selection of William j. Hal
lahan, counsel for the House
Banking and Currency Commit
tee. to fill a vacancy on the
Home Loan Bank Board came
as a surprise to the savings and
loan industry Friday, but the
reaction was favorable.
Mr.. Hallahan, a Montgomery
County. Md, Democrat, has
many savings and loan friends.
Some Of them chuckled to re-
call that Ira Dixon. Republican
member Of the HLBB, is a for
mer clerk Of the Senate Banking
and Currency Committee.
About q month ago, there were
indications that John Randolph,
head Of a Richmond, Va, saw
ings and loan association, would
be appointed, but opposition to
having a second industry man on
the board developed. Chairman
Walter McAllister was a savings
and loan executive in San An
tonic.
Bank Debts Decrease
Washington bank debts de-
clined to 1921, 1885,, 900 in April
after reaching an all-time
monthly peak of $l,450.916,oo0
In March. but remained z per
cent ahead Of 1882, $780, 900 in
April last year, data from the
Federal Reserve Board disclosed
yesterday.
Excluding interbank and gov
eminent accounts, debts in four
months this year aggregated
$5,235, 347, 900 in the same 1854
period.
Asks Independent FILA
The Federal Housing Admin
istration should be separated
from any governmental activi-
ties designed to provide social
lied housing and should be freed
from political influences, John
A. Reilly, president of the Sec
ond National Bank, proposed
yesterday.
In letter to Albert M. Cole.
administrator of the Housing
and Home finance Agency, Mr..
Reilly responded to a PROPOSAL
from the agency that FILA be
mutualized. He is chairman of
the Real Estate Mortgage Com
mittee Of the Savings and Mort
gage Division, American Bank
ers Association.
There is unanimous agree
ment that if there is to be a
transition Of the FILA from
Government controlled to a pri-
vate enterprise, it should be
gradual" he wrote.
Ad Club Will Elect
H. Kenneth Brown, vice presi-
dent Of the Progressive Compost
ton Co., has been nominated for
presidency of the Washington
Advertising Club and will be I'M
opposed in the annual election at
Hotel Statler Tuesday noon.
Stuart M. Armstrong, advertising
director Of the National Radio
Institute, is outgoing president.
Robert H. Lewis, advertising
manager of the Washington Gas
Light Co., is the unopposed nomi-
nee for first vice president.
Arnold Fine and Raoul Blumberg
are opposing nominees for second
vice president.
Guest speaker at the luncheon
will be John B. Andersen, sales
promotion manager of Capital
Airlines, who will discuss the pro-
motion buildup for the start Of
Viscount service on the airline.
Nominated by Underwriters
j. Hicks Baldwin Of the New
England Mutual Life Insurance
Co.. has been nominated for
presidency of the District Life
Underwriters Association. The
annual election will be held at
the Willard Hotel Thursday noon.
Other nominees: Howard J.
Riorden of johnson & Adams,
first vice president; Vernon r.
Zimmerman, Acacia Mutual Life
Insurance Co., second vice presi-
dent.
Michael P. Coyle of the Man
haitian agency Of Phoenix Mutual
Life Insurance Co., will be guest
speaker.
128th Dividend Voted
Directors of the National
Capital Bank have declared a
regular semiannual dividend of
S per cent or so cents a Share,
President George A. Didden. jr.,
announced yesterday.
1t will be the banks l28th
consecutive dividend and will
be payable June 80 to holders of
record June 20.
Local Firm Makes Good
The American Research BrIrrau.