Evening star., 1944-03-19
Phone Increase
Recorded Here
In February
Guin Of 66l Stations
Reverses Trend of
Preceding Month
BY EDWARD c. STONE

In the second month of 1914 the
Chesapeake e. Potomac Telephone
Co. showed a gain of Col stations
over January, company officials re-
ported yesterday, notable improve
ment from the January results,
which disclosed drop of $50 phones
- from December.
During February there were 364,-
PIT telephone stations in service, in
comparison with 360,972 in Febru-
ary, l943, a modest gain of 3245.
The company still has thousands of
applications for phones which can
not be filled because of lack of
materials.
Average daily calls per day in
February numbered ,504 ,03l. against
1,547,781 in February a year ago
officials announced.
individuals Pile Up Savings.
The Securities and Exchange
Commission reported yesterday that
the rate of saving by individuals
during 1943 was the highest on rec
ord, amounting to 37,700 900 900,
compared with S29, 500, 100000 in
1912, $4,000, 900 600 in 194l, and only
$4,000 1000 in 194O
The large increase in public saw
ing last year was mainly ref1ec-
ton of the higher income of indi-
vidusls after payment of taxes, the
report said. Individuals did not show
any disposition to curtail the pro-
portion of income spent on goods |
and services in spite of patriotic |
appeals. In fact, spending increased |
in the last half of 1943
During 1943 individuals added |
s15,800, 100000 to their currency and
bank deposits, $4,000 900 to
holdings of United States Govern
ment bonds, $3.100,000,000 to insur-
ance and 100000 900 to investments
In building and loan associations.
They also paid off $800,000,000 in
consumer Indebtedness and $780,
600 900 in mortgages.
Cash on hand and in banks was
again the largest component of in
dividuals' saving, with United States
bOnQS close Sec0nQ.
Storage Dividend Declared.
Directors of the Security Storage !
Co. have declared the usual quar-
terly dividend of 81 per share, pay
able April 10 to stockholders of rec
ord April 5.
Bids for two bank stocks listed on
the Washington exchange are now
at 1914 peaks. Bank of Commerce &
Savings carries bid of $3.50 share,
ex-dividend, while the bid for Riggs
National common stands at S345
share, the stock having sold recently
at that figure. These are the high
est priced bank stocks on the board.
Peoples Drug Store stock sold at
23l2 on the exchange during the
week. the 1914 high here and in
New York.
Belts to Address Shippers.
L. NJ Belts, manager. car service
division, Association of American
Railroads, will be the chief speaker
before the Trans S-Missourl-KanS
Shippers Board, in st. Louis,
Wednesday, when presidents of 36
railroads will be honored. William
M. Jeffers, Union Pacific head, also
will speak.
R. V. Fletcher. vice president. law
department, and c. R. Magee, man.
ager, open car section of the same
organization, will speak in Toledo
Wednesday at another big meeting
Of shippers. |
Bodfish Notes Thrift Gains.
Morton Bodfish, executive vice
president of the United States Saw
ings and Loan League. reported yes
terday that building and loan de- |
positors are accumulatng record |
sums which will be available for
home owners loans and down pay
ments on homes after the war. For
every 81 paid out by the associations |
during 1913, s167 was newly in
vested, the largest percentage OF
new money in three years.
Dillman Quits Association.
j. Clifford Folger, president of the
Investment Bankers Association, re-
ported Yesterday that David Dill !
man. educational director since 1886, |
has resigned to become managing |
editor of the Chicago Journal OF |
Commerce. He was with the Journal
for eight years right after gradua-
ton from Northwestern, and later
was economist for Business Week .
magazine.
Taft Would Insure Loans.
Senator Taft, Republican, Ohio, !
has introduced a bill which would
set up an insurance fund for long |
term loans and protect banks
against 80 per cent loss on extern
sion of such credit to manufacture !
ing companies, the loans not to eX-
ceed so per cent of the equity capi-
tai invested. Adequate premiums
would be charged and he thinks the
fund would be self-supporting. He
believes the Government should get
out of the loan business as soon as
possible after the war.
Six Directors Nominated.
Members of the District Life I'm
derwrlters' Association have nomi-
mated six insurance leaders for di-
rectors. three to be elected at the
MAY meeting to serve three-year
terms They include Hiram S Hart.
Travellers, Vernon w Honeman.
Home Life; Leon Katz, State Mu-
tuai, w, j McCausIand, Acacia; w
Neal McCord, Atlantic Life, and
William b Rumple Metropolitan.
Market Averages