Evening star., 1941-08-22
Business Expansion
Indicated by Phone
Records Here
Coils and Stations.
Both at New Highs
During July
By EDWARD c. STONE.


peake & Potomac Telephone Co.'S
July report, which shows a new
all-time high mark in the number
OF phones in service and sensa-
tional record in the average number
OF calls per day.
i At the end of July, the company
had 2e7 300 stations. or telephones;
In use, compared with 26l,Ol7 IN
July, 1910, a gain this year OF &c.
1873. the latest report reveals. The
report also discloses a gain OF 2,79l
telephones during July over June.
In every month this year the num-
her of telephones has exceeded the
number in use in the corresponding
months a year ago.
The average number OF daily calls
In July reached 1.36464 the highest
average on record with the single
exception of June. The usual sum-
ner lull being completely ignored.
This compares with average daily
calls in July, 1910. of 1,120,3o7, or
gain this year of 244,337 calls per
day.
RCompany officials, including Presl-
dent Lloyd B. Wilson, ascribe the
recent frequent new records in sta
tions and calls to the great business
and national defense activity in the
Capital. as we'll as to the constant
growth in population. Only the
other day the company installed its
800 0O00th telephone in the District.
!. Capital Trade Again Scars.
tContinuing their recent sensational
gains, department store sales in the
Capital in the week ended August
fs scared 43 per cent above the
corresponding week year ago, the
Federal Reserve Bank of Richmond
reported today. The volume was
the same as in the previous week
this year, the report said.
The Washington gain compared
with as per cent advance In the
fifth district. 49 per cent rise in
baltimore and 35 per cent pickup
II a group of other cities.
Cumulative sales in Washington
In the four weeks ended August Is,
showed q Al per cent jump over the
Ike period year ago.
Oddly, the four months average
for the fifth district was also up Al
Der cent and Baltimore reported
exactly the same improvement.
! Sales in the group of other cities
~as up 80 per cent over last year.
the review concluded.
Women Plan Convention.
! Washington members of the Ma
Eonal Association of Bank Women
fire greatly interested in the COM
ing annual convention which will
take place in Chicago, September
e6 to 90.
Miss Emma E. Claus, association
president. says that much of the
prgram will be given to trends in
banking" from the. standpoint of
meeting the needs of banks, GUS
toners and communities. Miss Ag-
mes M. Kenny. First Wisconsin Ma
tional Bank, Milwaukee, has been
named general convention chair
man. All other chairmen have also
been named.
q All members of the association
are officers in banks. Among the
Washington members are Mrs
Elizabeth M. Brotherhood, NC
lachlen Banking Corp; Mrs. Maude
H. Buckingham. cashier and secre-
tary, City Bank; Miss S. Winifred
Burwell, assistant trust officer, Ma
tional Metropolitan, member of
General Convention and Revisions
Committees; Mrs. Helena D. Reed,
assistant trust officer, Lincoln Ma
tional; Mrs. Vera w. Rhine, assis-
tant vice president. Morris Plan
Bank. member Editorial Commit
tee; Miss Helen R. Sharpe, secretary,
Bank Of Commerce & Savings, en-
tertainment Committee, and Miss
Alice H. Whitton, assistant trust
officer, First National Bank of Alex
andria.
Defense Bonds VS.. Deposits.
Purchases of Defense savings
bonds do not increase or decrease
total bank deposits. This is. true
regardless of whether paymnt is
made by Withdrawals from savings
accounts or from checking accounts,
says the latest Federal Reserve
bulletin.
Since commercial banks are not
permitted to buy Defense savings
bonds for their own account, no new
deposits are established. Purchases
are made solely with existing de-
posits and currency by investors
other than commercial banks. Funds
drawn from existing deposit ac-
counts are Immediately credited to
the Governments account. There
fore, the deposits of the public and
of the Government are not changed
in aggregate.
What occurs is merely transfer
of funds from private accounts to
the Governments account. AS the
Government spends its borrowed
funds, its deposits are diminished
and the public's deposits are re-
plenished. In the end, there is no
net change in the public's deposits
Financial District Gossip.
James D. Barrett, auditor of the
American Security & Trust Co., was
back at the bank today after vaca-
tion passed on Chesapeake Bay.
J. o. Brott, assistant general
counsel of the American Bankers
Association, is spending his vacation
in New England.
D. J. Callahan. one of the direc-
tors in. the Riggs National Bank
was reelected treasurer of the
knights of Columbus at the ma
tional convention few days ago.
Leo T. Crowley, chairman OF the
Federal Deposit Insurance Corp.
and Ronald Ransom. vice chairman
of the Federal Reserve Board, vii
address the 40th annual meeting Of
the National Association of Super
visors of State Banks at Minneapolis
next month. John D. Hospelhorn
deputy bank commissioner of Mary
land, is president of the organiza-
ton.