Evening star., 1941-05-19
Telephone Stations
Show 3,771 Gain
During April
Average Daily Calls
Also Pushed Upward
By Defense Program
EDWARD c. STONE.


Washington are the latest reports
from the Chesapeake & Potomac
Telephone Co. on the number of
telephones in service and daily
average calls, both of which reveal
substantial advances.
Telephones in service at the end
Of April numbered 288919, a gain
of 3.771 over the total on the last
day of March. This was one of the
largest monthly upswings on record.
The total number of phones in use
was an all-time peak for any month
In the company's history.
The number of average daily calls
during April reached 1,366,520, as
compared with 1,222,119 average
daily calls in April, 1910, This, too,
was the highest peak yet reached
by the company. The previous rec
ord was registered in March. when
average calls per day numbered
1,358.782.
Telephone officials ascribe the
new records chiefly to the Capitals
rapid growth, due to the Govern
ment's defense program.
Bond Sales Holding Well.
While no total figures have peen
reported to the District Bankers
Association, bank officials said to-
day that sales of Defense savings
bonds and stamps are holding up
well. Last weeks results will COM
pare favorably with the previous
week. they said.
The New York State Savings
Bank Association has reported that
l21 mutual savings banks sold
S5,135,237 Defense bonds and stamps
in the first 10 days of May. The
series E bonds were in the best de-
mand, the report added.
The demand has been about equal
for the e" bonds in $25 and $100
denominations. Washington bank
ers say these two denominations
have proved especially popular here
At the same time they have received
many orders for the Fl" and &c"
bonds. Sales are making a dent in
savings deposits, but so far only a
dent bank officials added.
Easy Defense Credit Urged.
Henry H. Heimann, executive
manager of the National Associa-
ton of Credit Men, has sent a letter
to the Washington association urg-
hg executives to Hberalize credit
for the short term when applicants
are working on essentials for the
defense program.
: Credit for the longer term should
be very carefully appraised, but in
the case of defense orders the same
liberal policy should be pursued.
Loans on peacetime business require
more care, the manager says.
!, While not generally matter of
great concern, there have been a
number of instances in recent
months wherein credit executives
have had to pass upon applications
that originated from relatively in
experienced people who have OBJ
tained a Government contract.
These cases call for more careful
handling than normal credit appli-
cations, Mr.. Helman says.
Washington Tops Seven Cities.
Washington's II per cent gain in
new insurance in the first four
months of this year is outstanding
Detroit scored IA per cent advance,
but trailing the Capital were Bos-
Ton, Chicago, Cleveland. Los An
geles, New York. Philadelphia and
st. Louis.
:. Washington April gain of per
cent compares with national gain
of only per cent Sales in the
South Atlantic States in April to-
tailed 6O.599, 900. up 3 per cent from
April, 1910.
Insurance sales in the same terri
tory in the four months amounted
to S219.319 900, 4 per cent rise over
last year.
Williams Heads Reserve Bank.
Alfred H. Williams deputy gov
ernor and director in the Federal
Reserve Bank OF Philadelphia, has
been appointed president of the
bank, to succeed John S. Sinclair,
who resigned to become vice pres
ident of the New York Life Insur-
ance Co. and be associated with
George L. Harrison. the president
Mr.. Harrison formerly was president
of the New York Reserve Bank.
Nugent Fallon of Washington,
who has been closely allied with
the Federal Home Loan Bank Sys-
tenn for a number of years, has
been appointed president of the
Federal Home Loan Bank of New
York. The announcement was
made Saturday by George Nc
Donald. chairman of the banks
Board of Directors.
Financial District Comment.
George A. Garrett. president part
her in Merrill Lynch, E. A. Pierce
& Cassatt, is back at his Office after
an extended trip to South America.
The Federal Reserve Board gov
ernors have approved the appoint
ment of Hugh Leach as president
and ]. S. Walden, jr. as vice presi-
dent of the Federal Reserve Bank
of Richmond for terms of five years.
Variety store sales in the first
four months of this year were'8 per
cent higher than in the like 1910
period, the Comemrce Department
reports.
Reservations for the annual con-
vention of the District, Bankers
Association at Hot Springs in June
are far ahead of the same date a
year ago. it was announced today.
One of the largest conventions in
years is already assured.
Today's Trading on Exchange.
Capital Transit stock opened
trading on the Washington Stock
Exchange for the week, with a small
sale at l6, the price reached late last
week. The market closed with 16
bid and II asked
Anacostia & Potomac modified
Ss.s we're quoted today at 1914 bid
and 108S4 asked. City e. Suburban
modified 3s4 we're quoted at 107
bid and 109 asked
washington Railway g. Electric
common stock is now quoted ex-
dividend at $3.50 per share with $3.50
q share asked.