Evening star., 1950-06-28
D. {. Telephone Calls
During May Reflect
Business Activity
By Edword c. Stone


indicative of Washington's pres
ent business boom, officials of the
Chesapeake & Potomac Telephone
Co. today reported that average
daily calls in May numbered g.
3S0,753 in comparison with O.
239,190 in May a year ago, an up
turn of al ,563 calls.
Officials added that the number
of stations in use reached an
other all-time high of 473,2 as
compared with 459.687 at the end
of May, 1949, an increase Of 1882
phones.
The report also revealed that
1893 new telephones were in
stalled during April.
President Signs Loan Law.
President Truman has signed a
bill of vital importance to the
nations saving and loan associa-
tions which aroused a great deal
of interest in Congress.
The law calls for retirement of
500 million of United States
Treasury funds invested in the
capital of the Federal Savings
and Loan Insurance Corp. and
payment of $75 million of Govern
ment money invested in the capi-
tai stock of the Federal Home
Loan Banks.
The new law amends the Fed
eral Home Loan Bank Act of
1882 and the National Housing Act
of 1884 under which the corpora
ton was set up. The law directs
the corporation to retire annually
an amount of capital stock equal
to so per cent of its net income for
the year, a 12-year assignment.
The bill also reduces the pre-
MUM paid by building and loan
associations to the Federal Saw
ings and Loan Insurance Corp.
from one-eighth to one-twelfth of
l per cent. The law will benefit
1900 associations in the Home
Loan Bank System.
Southern Buys $50 Cars.
President Ernest E. Norris of
the Southern Railway System, an
nounces that the Georgia South
ern. New Orleans g. Northeastern,
and the Alabama Great Southern
nave ordered $50 all-steel hopper
cars to be built at BeSsemer, Ala,
delivery to start in the fall.
Two hundred of the cars will be
standard size and the other so
of 3,190-cubic-fe capacity. The
cost will be about $1,650,000.
The National Board of Fire
Underwriters reports that fires de-
stroyed an estimated $61 SOS, 900
in property in April. an II per
cent increase over the same month
year ago.
Business Rise Forecast.
Business conditions in the ter
ritory of the Atlantic States Ship
oers' Advisory Board, based on
:arloadings. will be considerably
better in July, August and Sep
tember than a year ago, according
10 Henry H. Pratt. president OF the
board.
The territory covered includes
Maryland, Virginia. District of Co.
tumbia, New York, New jersey and
Eastern Pennsylvania. The in
crease expected will be 81 per cent
which involves 57,259 more car
oads than a year ago, higher
shipments being looked for in Al
commodities.
Bank Plans Expansion.
The Controller of the Currency
has approved an increase of $7l
million in capital accounts of the
Bank of America which will now
AXE over % other California
banks.
Smiths Transfer g. Storage Co.
reports a 10 per cent gain in busi-
ness volume in the first five
months of the year over the like
l949 period.
Suburban National Bank of
Silver Spring has completed a
high fidelity system which will
furnish low, soft music for en-
ployes and patrons.
Washington Chapter, National
Association of Cost Accountants
won a 2-foot loving cup in a
contest with Hampton Roads
Chapter.
Lawyers Title Co. Expands.
The Lawyers Title Co. of Rich
nond, Va, has completed qualif1-
sations in Puerto Rico and in Illi-
nois, except Cook County. for
carrying on title insurance busi-
ness. The decision to enter
Puerto Rico was influenced by re-
quests from corporate investors in
5he United States.
Six members of the P. D. Sleeper
agency of the Aetna Life will at
tend regional conference at Dix
Ville Notch, N. H., June % to
July !.
The Washington Automotive
Trade Association will hold an
putting at the Manor Club on July
l3, $50 guests being expected.