Evening star., 1949-10-06
cap. Telephone Mel
Sharply Below 194S
During August
bv Edward G. Stone

Net income of the Chesapeake
g. Potomac Telephone CO. for Au-
gust amounted to $220,999. a de-
crease of $115.253 from August.
1s4s, the report filed with the
Public Utilities Commission re-
vealed today.
Operating expenses reached
$2,696, ,224, an increase OF $685. .702.
Operating revenues Of $2,9ll. .436
registered a gain of $2.9l1.436. At
the end of August there were 458.-
O29 telephones in service in Wash
ington, a gain Of 21,3S4 over Au-
gust, 1948.
Net income in the first eight
months of this year amounted to
s2,314,o77. a decrease OF $751;
88l from the like 1948 period, the
review said.
Peoples Drug Sales on.
Net sales Of Peoples Drug Stores,
Inc, in September totaled $685.
5l4 as compared with S3,829, ,578
in the same 1948 month, de-
crease of $143.064 or 3.7 per cent,
w. H. Churchill, treasurer, an
nounced today.
Sales in the first nine months
of this year were up IA per cent,
a total of $33,9S2,169 comparing
with $33, ,504, ,420 in the like period
a year ago. This was an increase
of $477.749.
During September the company
operated 142 stores. compared with
139 in September. 1948.
Munsey Loses Director.
The Munsey Trust Co. lost a
valued director today in the death
of Walter G. Distler, who had
been on the board since 1899. He
was vice president of the George
A. Fuller Co. and very prominent
in the building field.
Directors and officers Of the Po-
tomac Electric Power Co. and the
Braddock Light & Power Co. will
hold a dedication luncheon and
inspection of the Potomac River
Generating Station, in Alexandria,
Va, tomorrow noon. Many f1nan-
cial district leaders will be present.
The Richmond Reserve Bank
reported today that Washington
department stores had 81 per cent
fewer orders for merchandise on
August 81 than on the same date
a year ago.
Miss Stella Bryant, for 10 years
with Smiths Transfer & Storage
Co., has been appointed manager
of the firms furniture store at
Wisconsin avenue and N streets
NV. She was the first manager
of the U street store, is a native
of Illinois and attended Evansville
College in Indiana.
Bank Offices Being Moved.
For the greater convenience OF
it's member associations in South
eastern States. offices Of the Fed
eral Home Loan Bank of Winston
Salem, N. c.. soon will be removed
to Greensboro, N. c., it was an
nounced by the Home Loan Bank
Board here. The Winston-S Salem
Bank serves 430 member associa-
tions. including Washington'S
building and loan organizations.
Edward c. Baltz, Washington;
H. S. Haworth, High Point. NC,
and James G. Luttrell, Baltimore.
handled the removal details. Mr..
Baltz is on the banks board.
The Federation of Business
Mems Associations will observe
it's 25th anniversary with a din
ner at the Mayflower on October
26. Arthur Clarendon Smith, ST.,
was the founder and first presi-
dent.
New State and municipal f.
nancing In September totaled
s326. .o65 POT, compared with $1l9,-
039, 1853 in the same month in 1948.
the Daily Bond Buyer announced.
Banking Bills Delayed.
The bill to place national banks
on an equality with State banks
is not expected to be taken up by
the Senate Banking and Currency
Committee until the next session
of Congress, D. j. Needham, gen.
eral counsel of the American
Bankers Association, says in a
summary sent to State secretaries.
The bill relating to the taxation
of national banks is also facing
delay to the next session.
American Airlines will receive
special honors for the "best an
nual report" from the Financial
World. at a banquet at the Statler
on October 81.
Capital Airlines has just re-
ceived special honors from the
Direct Mailing Advertising Asso-
ciation. Postal cards won the
award.
Metropolitan Votes Extra.
Directors of the National Metro
politan Bank have declared the
usual per cent semiannual divi-
dend, payable October Is to stock
of record October S, President c.
F. Jacobsen announced today.
The board also voted an extra
dividend of per cent per share.
payable December 19 to stockhold-
ers of record December 9. This
is the same amount as declared
q year ago.