Evening star. [volume] (Washington, D.C.) 1854-1972, 1951-02-25

Il rates are Jagged
far behind the
Mr. MaoooA' general costs
rise. he said. Since 1899. company
wage rates have gone up SO per
cent and the consumers price in
dex here has risen about II per
cent, but average phone rates Of
the company have increased less
than 20 per cent, he declared.
Operating revenues in 1850 to-
tailed $39 1923 900. rise OF 1871 per
cent from 1949. and operating ex-
penses including taxes. reached
s34, 309,0 900, a gain of $2.329. 900.
Taxes of $5,917,000 were up 64.3
per cent. About half OF the
increased revenues came from
higher rates and the other half
from an increase in telephones
and toll messages, he said.
Return Improves Sharply.
Net income of $5.303, 400 COM
pared with $3,09o,233 in 1949 and
represented a SIS per cent return
on invested capital against 4.25
per cent in 1949. Return for four
years of unprecedented growth.
1946-1949, averaged only 4.92 per
cent, but the average for 1921
1910. covering both prosperity and
cycles, was 7.35 per
cent. Mr.. Maddox pointed out.
The company spent $10,856.0 900
for construction in 1850. Total
plant investment at the year end
amounted to $118,987 900, gain
of $5,622,000 from a year earlier
and more than SO percent above
the end of 1945. he declared. Aver
age investment for each phone
was $244 at the end of 1850 VS..
$215 at the end of 1945.
Telephones in service at the
end of 1850 set a record of 49,
472. The company installed 1885,
988 new telephones in the year
for net gain of %, 324. Customers
placed 0.720.500 calls in the
year, a gain of around 80 million
from l949.
Fleming Named Director.
Robert v. Fleming. president
and chairman of the board Of
Riggs National Bank has been
elected a director Of Pan Ameri-
can World Arrays, it was an-
nounced Y .sr1rday
Mr., Fleming with other direc-
tors and executives departed i'm
mediately after his election for
an inspection tour of the air.
lines installations in Europe. The
officials were accompanied by their
wives.
Earlier in the week Mr.. Flen1-
ing was reelected vice president
of the Federal Advisory Council
of the Federal Reserve System
at a meeting here. Edward E.
Brown, chairman of the First
National Bank of Chicago was re-
elected president.
d. C. Store Sales Expand.
Washington department store
sales in the week ended February
II jumped "a per cent above the
previous week and were Is per cent
above the like 1850 week. the Fed
eral Reserve Bank of Richmond
announced.
Sales in four weeks ended Feb
ruary II were per cent above q
year earlier.
Sales of ordinary life insurance
in the District of Columbia totaled
50, 002, 900 in January, almost un-
changed from the same 1850
the Life Insurance Agency
Management Association reported.
Program for Taxpayers.
A discussion of individual re-
turns for the 1850 Federal income
tax will be sponsored by Washing
ton Chapter, National Association
of Cost Accountants in program
over Station WRC on Wednesday
at 7 pm.
Mckinley Kriegh, chief, tax
payers ruling section of the Bu-
reau of Internal Revenue, and
Doren D. Vest, chapter president,
will speak.
Dean Dinwoodey. president Of
the Bureau of National Affairs,
Inc, of Washington. will speak on
the new excess profits tax law at
a meeting of District Control. Con-
trollers Institute of America, at
the Carlton Hotel Tuesday night.
F. Wilson Camp. secretary Of
the District Building and Loan
League, has notified the % mem
Der associations of the February
meeting to be held at 1890 pm.
at the Mayflower Hotel.
Our apology to the Montgomery
County National Bank of Rock
Vile, which has had a trust de-
partment for many years. In a
recent story in The Star, 1t was
reported that the Farmers Bank
ing g. Trust Co. was the only in
stitution offering trust services in
Montgomery County.
Manack Joins Berens.
Gerard Manack has resigned as
attorney-advisor for the large
scale housing division of FILA to
take full charge of production of
mortgages for Frederick w. Ber-
ems, Inc, Washington mortgage
bankers. George w. DeFranceaux.
vice president, announced. Mr..
is a graduate of George
town University and joined the
FILA staff after practicing law in
Ohio for nine years.
william w. Shoaf, formerly vice
president and general sales man
ager for the Overseas Service
Corp. of Washington, has been
appointed vice president of Stowe
Mills. Inc, and Pharr Worsted
Mills, Inc, of McAdenville, N. c.
Frederick P. Wilcox of Wash
ngton has been named vice pres
dent and director of research for
Eairchild Camera & Instrument
Corp. Mr.. Wilcox has served as
\ consultant to the Government
Is we'll as to Fairchild for the last
;wo years.