Evening star., 1950-08-07
Bank Check Volume
Highest Since 1941
In Fifth District
By Edword c. Stone

Turnover in bank checks in
late July and the first half OF
August in the fifth district was
at the highest point since 194l,
the Richmond Reserve Bank re-
ported today in the Monthly Re
view. The report includes Wash
ington banks.
The upsurge in consumer goods
buying since the outbreak OF the
war in Korea has increased spend
ing in many lines and naturally
has sharply expanded the draw
ing of checks.
At the average rate of turnover
at present the average checKlng
account would be withdrawn and
replenished 1873 times in a year,
the review said.
The bank added that production
is near record levels in factories
and farms which means an ample
supply of most commodities ana
manufactured products.
C, g. p. Plans Expansion.
The Chesapeake & Potomac
Telephone Co., of Baltimore City,
has announced plans for expendi-
ture of $32 million in plant expan-
sion to meet the demand for more
telephones in communities all over
Maryland.
This expansion is already under
way, expenditures thus far author
lied in 1850 amounting to 81 mil
lion. The Baltimore company has
spent over $22 million since l945
on additional service.
Completion of the present pro-
gram will require several years
and depend on maintenance OF
earnings high enough to attract
the required capital.
InstalIment Accounts Rise.
Installment accounts in depart
ment stores in June were 43 per
cent larger than on the cores
ponding date a year ago, the Fed
eral Reserve Board announced.
charge accounts were 4 per cent
above last year. Collections in
creased slightly.
The Washington office of Amer
ican Trucking Associations re-
ports the volume of freight trans
ported by motor carriers in June
was IS per cent over June OF last
year.
Southern Co. common is among
the stocks now being quoted ex-
dividend on the Washington Stock
Exchange. Liberty National Bank
is another stock to pay dividend
in a few days.
Bankers Make Reservations.
Washington will send a large
delegation to the 18th annual con-
vention Of the American Bankers
Association in New York, Septem-
Der 24-27. Because of the near
ness to New York, more wives will
attend than last year, officials said
today. Many reservations already
have been made.
In addition to the regular con-
vention program, a four-day en-
tertainment program has been
arranged. 1t includes tours Of the
city, harbor, beaches, the U. N.
and many special New York land
marks. There also will be radio
and television shows, plane rides
and other features.
Counter Stocks Steady.
Doctors Hospital stock, quoted
over the counter, has recently
been one of the most active stocks
in the list and now is selling
around 140.
Columbia Medical Building, at
100, also has been favored in re-
cent trading. Columbia Operat-
ing Co. now selling at 130, has
been among the more active is
sues recently.
Most of the other issues in the
list, including the bank stocks,
have changed but little in recent
weeks. Dealers report a moder-
ate demand for these shares.
Washington baseball stock re-
mains at 95.
President Signs Bill.
President Truman today signed
the bill to permit banks and trust
companies here to delay for "a
hours the posting of checks.
Trading on the Washington
Stock Exchange early today was
limited to two 100-share sales of
Potomac Electric Power common,
at 1917, unchanged.