Evening star., 1949-07-31
I. & ?. Ie1epn0ne Net
Laqs Behind 1948 as
Costs Rise Sharply
By Edword c. Stone

SS0S NsSS ~'NsrI
By Edward c. Stone
Net income of the Chesapeake
& Potomac Telephone Co. for June
amounted to $279,412, a drop of
S44,696 from June. 1948. according
to the statement just filed with the
Public Utilities Commission.
Operating expenses, including
taxes, were S212.157 more than in
the same month last year. reaching
81, ,709,735. Operating expenses were
moderately higher, S2,983 ,226 COM
pairing with S2,823,6 ,643. At the end
.of June there were 456,124 tel
ephones in service, a gain of 24,912
over June, 1913, and 1884 in the
last six months.
Net income in the first half year
totaled S1,830,110, a decrease Of
S82,945 from S1,913,O55 reported
a year ago. Operating expenses in
creased more rapidly than operat-
ing revenues.
>"phbaA StOlC
Department store sales in the
Capital for the week ended July "a
scared Is per cent above the same
week last year, ran 12 per cent
ahead of the preceding week this
year and were up 8 per cent in the
four weeks ending on the same
date, the Richmond Reserve Bank
reported.
The Is per cent advance COM
pared with 7 per cent in the Fifth
Reserve District and a national
decline of II per cent. The WASH
ington gain in the previous week
was only s per cent, but both
figures indicate that hot weather
was ignored by shoppers.
Bank Starts Savings Club.
The Security Savings & Com
mercial Bank has a new savings
plan to include $40 and $40
monthly savings club accounts.
much the same idea as Christmas
Savings Club accounts, Francis G.
Addison, jr., president, announced
yesterday.
Deposits are to be made for a
period of SO months. thereby ac-
cumlating for the deposition $500
or $1,000 plus interest at 2 per
cent, a higher rate than on regu-
lar savings. Deposits may be
Withdrawn at any time, but no
interest will be allowed unless
deposits are made regularly for at
least two years. Another 2 per
cent plan involves deposits of
81 900 to $4,000 for not less than
two years. The plan starts to-
morrow.
Bankers Hit Sparkman Bill.
Evans Woollen, jr.. president Of
the American Bankers Associ-
alton, is strongly opposed to the
direct loan features of the Spark
man Home Finance Bill. Testi-
mony at the Senate committee
hearing showed he is supported by
Harry Held of the National Asso-
citation of Mutual Savings Banks;
William Green, AF.L.; Oscar R.
Kreutz, executive manager of the
National Savings and Loan
League; and Rodney M. Lock-
wood, president, National Asso-
citation of Home Builders.
James M. Green has resigned
from the directorate of the Amer
lean Security & Trust Co. after
AZ years service. He joined the
board in 1907 and has been chair
man Of the Trust Investment
Committee. Mr.. Green was form
erly active in both banking and
real estate.
J. H. Carmichael. president of
Capital Airlines, has been ap-
pointed member of the Trans
portation and Communication
Committee of the United States
Chamber of Commerce.
Institute Chairmen Named.
Stephen o. Porter, president Of
Washington Chapter, American
Institute of Banking. yesterday
announced these committee chair
men appointments for the coming
year:
Entertainment. John F Graf. Suburban
National: Womens. Committee. Mrs. Htael
fssncis a - E Rooey y. commerce CO. s'. savinss
ARCHIVES, Walter Clements, Fringe Georses;
theic Essa9 WashRton Riss
National: Dollars and Sense, Olen Thomp.
son: Riggs National.
Lincoln National; finance. Herbert D. Law:
son, jr., Suburban Nationals forum, Carl
Dunnington, Security Savings; house, Nil-
bership, Grant Simmonds, American. Sc.
curity; program, Ralph H. Mittendorff.
American Security; publicity. Miss Pitbiado
ing. William Bryarly. jr., Riggs National;
public relations. George N. Rowzee jr..
The Advisory Committee includes John
NJ. Christie, Francis E. Robey, Walter l.
sanderson. Robert H; Lacey, Richard A.
Norris and Paul j. Seltzer
Home Repairing Active.
The United States Savings and
Loan League reports that build
ing and loan associations lent
S1OO,OO0,0O0 in the first half year
lOl lCpdli Oll llOA-Co. 4llC yCoi ~
figure is expected to exceed last
years peak total of 100000.
Available materials and labor are
assigned as vital factors in the
improvement loans.
The August issue of the Kip
linger Magazine, Changing Times,
says August business will still be
on the down side, with lower pro-
'duction. lower prices and more
people out of work. The main
question now is whether the fall
pickup this year will check the
slide, slow it down or level it off,
the magazine says.
Smiths Transfer & Storage Co.
reports 10 per cent increase in
furniture sales in the first half
year.
Heard in Financial District.
Senator Pepper, Florida Demo-
crat, would have the Federal De-
posit Insurance Corp. protect de-
posits of any size in the banks.
Hy,1u ooon,,,,fc fN cS nm