Evening star., 1946-06-23
WEEKLY SUMMARY Of THE NEW YORK STOCK kph
D. {. Telephones SET
New AII-Time Record
At End Of May
By Edword c. Stone

lIiOIltll tlIIc JCdl, OluCAdo VI biio
Chesapeake g. Potomac Telephone
Co. yesterday reported another all
time high mark in May in the
number of stations in service, while
average daily calls remained close
tosthe record.
Telephones in use at the end Of
May had climbed to 372, 2,294, in COM
parison with 367 ,922 year earlier
and 369 ,232 on April 80 Of this year
which was the previous station peak.
Average calls per day reached
1,823,316 which was close to the
new record established in the pre-
ceding month when calls numbered
1927, ,992. Average daily calls in
May of last year totaled 1,554,718.
Capital Store Sales Soar.
Keeping up recent sharp advances,
department store sales in the Cap
ital for the week ending June Is
rose % per cent above a year ago,
the Richmond Reserve Bank report
ed yesterday. The gain for the 5th
district was Is per cent, with %
per cent pickup in Baltimore.
Washington store sales were 8 per
cent ahead of the preceding week
this year while cumulative sales for
the four weeks ending on June Is
were 26 per cent higher than
year ago. The four weeks gain in
the 5th district was % per cent.
Churchill Named Director.
William H. Churchill, treasurer Of
Peoples Drug Stores, Inc, was
elected to the board of directors
of the National Association of Cost
Accountants at the annual meeting
In New York. r.
He will serve one year. A charter
member of Washington Chapter, he
was president in 1934-35. Mr..
Churchill was among 80 members
who attended the meeting at the
Waldorf Astoria during the past
week when William j. Carter, of
Atlanta, Ga, was elected national
president.
Olds Veteran in Finance.
Edison B. Olds, elected president
of the Bond Club of Washington
at Fridays annual meeting, was
vice president last year. For years
he has been a partner in the in
vestment firm Of Goodwin & Olds.
He was very active in all the War
Bond drives and has taken an in
terest in many civic activities. He
was born and educated in Wash
1ngton.
The other new Bond Club officers
are Harvey B. Gram, vice president;
G. Fenton Cramer, secretary-treas-
urer; Austin B. Rohrbaugh and
William G. Coe, governors.
Five-Day Week May Be Near.
Bankers hope the House District
Committee will take favorable action
on the bill proposing Saturday
closing the year-around for the
Capitals banks and building and
loan associations. Following FRI
| days hearing, the committee post
poned action until this week. Bank
officials belieYe Congress may pass
the bill in time for the new plan
to go into effect in July.
Banks in New York City, New
Jersey and New England are already
closing on Saturdays for the summer
| months.
New Director Elected.
Stockton M. Hotze was elected q
director of the American Fire In
surance Co. of the District of Co.
lumbia, at the annual meeting Of
the stockholders Thursday. Carl j.
Bergman was reelected president;
Victor B. Deyber, vice president;
Chaplin B. Bauman, treasurer; Mr..
! Hotze, was advanced from assistant
secretary to secretary, Miss Selma
E. Allen being appointed assistant.
Directors include Carl j. Berg
mann, George NJ Emmerich, Victor
B. Deyber, Max Walten, Chaplin B.
Bauman, w. H. Blanz, Edward L..
McAleer and Clarence E. Kefauver.
Controllers Plan Outing.
| The annual outing of District Of
| Columbia Control, Controllers Insti-
! tute of America, will take place next
Tuesday and Wednesday at the
Pennington Club, near Charlottes-
vile, Va. Among special guests will
be Alfred G. Neal, president, Po-
tomac Electric Power Co.; Frank
E. Weekly, president, Washington
Properties, and E. K. Norris, presi-
dent, Federal Storage Co.
The annual outing of the Dis
trict Building and Loan League is
set for next Friday afternoon and
evening at the Washington Golf
and Country Club, President Ru-
dolph w. Santelmann announced
yesterday. Hawley Smith is again
general chairman.
Navy Officer Becomes Broker.
/ Alexander Brown g. Sons, MEM
bers New York, Baltimore and
| Washington Stock Exchanges, an
nounce that Alexander r. Middle
ton, formerly a lieutenant COM
! mander in the Navy, is now asso-
ciated with the Washington Office.
4 George M. Ferris, head of Ferris
& Co., investment firm, and a grad
uate of Trinity College, Hartford,
! Conn, has been elected to the
] 4llIl1ty bOdIU Oi TcllOWS.
4 Commissioners j. Russell Young
and Guy Mason were among the
guests at the testimonial dinner
given E. c. Graham, chairman OF
the board of the Hamilton National
Bank, in connection with his 18th
birthday anniversary and approach
ing retirement from business activ-
tiles.
i Educational Loans Urged.
i Virginia bankers were urged to
lend money to young Virginians for
college educations. by former Gov.
Colgate w. Darden, .jr., at Virginia
Beach yesterday.
Pick out boy here and there
who has the equipment but not the
money to go to college and lend him
the funds, take a chance on getting
your money back" he told the
4 closing session of the Virginia Bank
ers' Association at the Cavelier
Hotel He believes the State should
! have fund of several millions for
worthy students.
The association adopted a resolu-
ton requesting the United States
Government to balance the budget
!, Immediately as a means of fighting