Evening star., 1941-10-21
New Telephones Set
Record in Capital
During September
4,737 Increase Largest
For Any Month in
Company History
By EDWARD c. STONE.

apartment houses, the number o.
telephone stations installed by the
Chesapeake e. Potomac Telephone
Co. in September was the largest
in any single month in the history
of the company, officials announced
today. The number of telephones
In use also reached an all-time
peak.
On the last day of September
there we're 3O5,449 telephones In
service, an increase of 4.737 over
the total at the end OF August, ac-
cording to officials. The number OF
phones in use in September this
year compares with 266,109 in the
corresponding period last year, a
gain of 39,34O in u months.
The previous high mark in the
number of c. e. P. stations in this
territory was in August of this year
when the installation Of the
30o00oth phone was given special
notice by the company. The figure
passed 3O1 900 before the month
ended.
Average calls per day in Septem-
her reached 1,432.2O5, against 1,183,-
971 a year ago. the highest daily
average yet recorded for any
month.
Today's Trading on Exchange.
Capital Transit opened trading on
the Washington Stock Exchange to-
day with 100 shares selling at l64,
of l. from the last sale last week.
Washington Railway & Electric
preferred registered a small sale
at III. up half point from the last
previous transfer.
Mergenthaler Linotype recorded
a sale of 20 shares today at 26ls
following yesterdays sales of 220
shares at 26
American Telephone & Telegraph
3 per cent convertible debentures
failed to appear on the board follow
ing yesterdays active market The
market closed with Ill bid and 112
asked.
More than s5,0OO,o0O of these
bonds were sold in New York yes
terday, indicating that the supply
OF s1O.0OO.0OO now being offered is
not going to last long.
Mergenthaler Earnings Rise.
Several hundred holders of Mer-
eenthaler Linotype stock in the
Capital are eagerly awaiting the an
nual meeting and report on earn
ings for the fiscal year, which ended
September 80.
Company officials are silent on
the years results, However, they
are known to have been vastly bet
ter than a year ago, when only a
small profit was reported. A New
York paper said a few days ago it
was understood in Wall Street that
Mergenthaler's earnings would run
between So and 81 per share after
all taxes.
In addition to the companys or
ders for linotype machines the firm
has received from time to time
large orders for defense materials.
The expectation of much better
earnings this past year is based on
the filling of these orders. The
stock is now selling on the Wash
ington Stock Exchange around 26,
the high for the year being 26l2.
The president Of the company
Is J. T. Mackey. Frederick D. Nc
Kenney, George H. Myers and Will
liam J. Flather, jr., all of Washing
ton, are on the directorate.
2 Penniman Chief Loan Speaker.
William F. Penniman, deputy gov
ernor of the Federal Home Loan
Bank Board will be the principal
speaker at the annual meeting of
the District of Columbia Building
and Loan League on October 28
Prior to the dinner officers and di-
rectors will be elected for the en-
suing year.
= Wilfred H. Blanz of the American
Building Association is slated to
become the new leader of the build
ing and loan men. Mr.. Blanz has
served as vice president of the
league for the past two years.
The Raleigh Hotel will be the
scene of the affair, with number
of United Statest Treasury, Federal
Home Loan and other Government
leaders as invited guests.
Gold Imports Less Important.
In the IS months preceding the
Federal Reserve Boards action in
creasing member bank reserve re-
ouirements the volume of deposits
in the banks of the country had
increased by about S6,500.000 900, or
over 10 per cent. corresponding ap-
proximately to expansion in bank
loans and investments. 1t may be
said. therefore, that the continued
growth in deposits in this period was
due to expanding bank credit.
Gold imports, which previously
had been an important factor in
bank deposit growth, have been in
smaller volume during the past year
and have been more than offset in
their effect on deposits by substan-
tial currency Withdrawals, the Re
serve Board States.
Strecker Assigned to Navy.
Hayward w. Strecker, veteran
broker. who has been connected with
Merrill Lynch, Pierce, Fenner &
Beane and predecessor firms for a
long time, has been named assistant
to Rear Admiral Charles Conard
and Comdr. Gerald Eubank, who are
in charge of the Nays Defense saw
ings bond campaign. The campaign
covers the entire Navy, including all
the navy yards and other shore &C
tivities.
Lieut.. Strecker came to Washing
ton from New York, where he was
connected with Harris. Forbes &
Co.. In Wall Street. He is graduate
of the University of Pennsylvania
and member of the District of Co.
lumbia bar. He has been one Of the
assistant managers of the Washing
ton Office of Merrill Lynch.
Concern Increases CapitaI.