Evening star., 1950-09-25
cap. Telephone Co.
Reports 1898 Phones
Added During August
By Edword c. Stone

BY Edword c. Stone
To meet steadily expanding de-
mands. the Chesapeake & Poto-
mac Telephone Co. installed 1898
new telephones in the Capital in
August to bring the total number
of phones in use to 477,206. Off
cials reported today.
This was gain of 1917 phones
installed in the last u months as
the number stood at 458,029 at the
end of August a year ago. 1t is
another aH-time high mark.
Rejecting the present business
boom in the Nations Capital, it
was stated that average daily tele-
phone calls in Washington during
August reached 2,135 ,381 in COM
parison with 2,009,621 in August a
year ago, a notable increase OF
125,760.
Exchange Opens Saturday.
The Washington Stock EX-
change, along with the New York
Exchange, will resume trading
next Saturday, following the sum-
mer closing. The Saturday mar
ket is only a two-hour session.
Paul j. Seltzer, an official of
the American Security 81 Trust
Co., writes friends from Lucerne
that he is having delightful
European tour.
Life insurance written in the
District in the first eight months
of the year totaled $92, 900, up
II per cent from 1949.
WI. Porte of Washington, with
the Mutual Life of New York, won
second place among all the Ma
tion's agents in August produc-
ton.
William H. Husband, general
manager of the Federal Savings
and Loan Insurance Corp, be-
lieves the lift from $1,000 to $10,-
600 in account protection will
cause an important increase in
thrift. More than SO per cent OF
the money in building and loan
associations now is protected, he
said.
Insurance Law Analysed.
D. j. Needham, general counsel
of the American Bankers Associa-
ton, has sent a complete analysis
of the Federal Deposit Insurance
Act" to State Secretaries for dis
tribution to members. He covers
in detail technical changes in the
law and additions. 1t is the most
complete review Of the new law
that has yet appeared.
Reporting to Chesapeake &
Ohio Railroad stockholders, Presi-
dent Walter j. Touhy said total
revenues of the Pere Marquette
division were the highest in Au-
gust in the hundred-year history
of that part of the road.
Henry E. Eby. assistant treas
urer and chief accountant of the
Southern Oxygen Co.. will address
the first fall meeting of the Ma
tional Association of Cost Ac-
countants, this evening at the
Willard Hotel.
Millard K. Neptune. foreign de-
partment manager of the Cont
mental Oil Co., has been named
special representative in Wash
ington. s..
Miss Bowers to Speak.
Miss Kathryn E. Bowers. Ham
ilton National Bank. will address
the Bank Women's Club of Wash
ington at the monthly meeting
tomorrow evening in Alexandra.
She will discuss her recent three
month tour of Europe.
Treasury Secretary Snyder has
set aside a week in October, No.
vember and December when insti-
tutional investors will be allowed
greatly to expand purchases of F
and G savings bonds. making
amounts as high as a million
dollars for the full year.
Fleet Admiral Chester w. Nim-
4bA, SO1s Z du4 W odGUC1O VI Wv dOIl~
ington and Willis S. Macleod,
also of Washington, will address
the National Institute of Govern
mental Purchasing, in Milwaukee,
early in October.
The Federal Reserve Board re-
ports that department store sales
in Washington on September 16
were % per cent ahead of the cor
responding date a year ago. Bal
timore sales were off 3 per cent.
Loan Status Held Sound.
Virginia bankers are maintain
ing a sound loan position, ac-
cording to an ABA report. The
banks lent $37, ,221 900 during 1949
to 34,099 farmers for operating
and production purposes. The
average loan was only $1,O92.
Virginia banks made farm real
estate mortgage loans to 6,183
farmers for a total of 1858, 900
during 1949, for the purchase of
farms. refinancing and improve
ments. The loans averaged $4,000
each.