Evening star., 1950-02-21
Big Phone Increase
In Rural Districts
Cited byA. 7. 81.
By Edword c. Stone

~ A -
By Edword c. Stone
The American Telephone &
Telegraph Co. today reported that
295.000 telephones were installed
by the Bell System in rural areas
during 1949, bringing the total to
1.3 million added in rural sections
since the war. The system now
has 1888 million phones in
service.
There were $500 stockholders
at the end of 1949, the number
having increased so far this year
to 100000. One out of every so
families in the United States owns
stock in the company and 175,000
employees are also stockholders.
For the third successive year
the company expended more than
a billion dollars for construction.
bringing the total to $4.525 billion
since the war Consolidated net
earnings during 1949 amounted to
1886 per share compared with
$986 in 1948.
The company has paid an an
nual dividend of So per share for
26 years, President Leroy A. Will
son commented.
Further telephone rate increases
are necessary to meet rising costs
and are being requested all over
the country. he added.
Furniture Outlook Bright.
With American Furniture Mart's
January sales running double
those of a year ago, the stage is
set for an expansion in the VOL
ume of production of wooden fur
niture in the Fifth Federal Re-
serve District-at least for the
first six months of 1850.
Furniture production in the dis
trict suffered substantial contrac-
ton in the first half of 1949. but
by year-end it had recovered most
of the ground lost in the previous
drop.
This strong undertone hints
that manufacturers prices will
rise slightly in the near future.
since lumber costs have risen and
labor costs will be raised by the
new 75-cent minimum wage.
In the fifth district net sales Of
reporting furniture stores in 1949
probably exceeded all previous
years except 1948. A notable part
of the increase in the latter part
of the year was due to an increase
in credit sales, the Richmond
bank review says.
Council Officers Elected.
At a meeting of the Federal
Advisory Council to the Board Of
Governors of the Federal Reserve
System for the year 1850, just
held here, Edward E. Brown,
chairman of the board of the
First National Bank of Chicago,
was reelected president. Robert
V. Fleming, president and chair
man of the board Of the Riggs
National Bank of this city, was
elected vice president.
These directors. who together
with the president and vice presi-
dent. constitute the Executive
Committee of the council, were
also reelected; N. Baxter Jack
son, New York; Frederic A. Potts,
Philadelphia. and Sidney B. Cong
don. Cleveland. H. v. Prochnow,
vice president. First National, Chi
cago, was reelected secretary.
Peoples Life Holds ConcIave.
The annual agency convention
Of the Peoples Life Insurance Co.,
of Washington, is being held at the
Statler Hotel. Samuel w. Hauser
will preside at tomorrow's ses-
sions and w. w. White, secretary,
Is in charge of Thursdays meet
ings. o. r. Hoover, head of agen-
cies. will be toastmaster at Friday
nights banquet. crowning social
event Of the meeting.
George R. Sommers has been
appointed assistant general sales
manager, Radio Tube Division, Of
Sylvania Electric Products, Inc.
He was in the Washington Office
In 1943 and is now in New York.
w. A. Horstman has been ap-
pointed regional service manager
in the Washington Office of the
Underwood Corp. With the COM
pany since 1925, he has been assis-
tant manager here.
Financial District To Close.
The Washington Stock Ex-
change, all banks and building
and loan associations. as we'll as
investment houses, will suspend
operations tomorrow for the
national holiday.
The Sheriff Motor Co. has been
appointed dealer for GMC
trucks, parts and service in this
area. Henry E. Sheriff will have
L. M. Thompson, Walter A. Ander-
son as associates.
The Suburban National Bank
reports that the new Friday night
service is highly pleasing to
patrons.
The Chemical Bank & Trust
Company has released its six
teenth annual comparison of
prices and yields of state municipal
bonds covering the period from
December 1888 to December 1949.
Capital Transit caused another
surprise On the Washington Stock
Exchange today by jumping to
30As, after closing yesterday at
2824. The new 1949 high was
reached on a sale of only 19 shares.
The stock closed with 80 bid and
33 asked.