Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-03-16
WASH. AND SOUTHERN
INCREASES CAPITAL
Bank Decides to Raise Amount
From 100000 to
100000.

Stockholders of the Washington and
Southern Bank have voted to increase the
capital stock of the bank from 100000
to $4,000.
The price of the new stock. as in the
case of the original issue. has been
fixed at 1925. 500 to be applied to capital
and $25 to surplus. This new issue is
said to be rendered necessary on ac
count OF the banks growing business
It was typical blue Monday on
the local stock exchange today. There
was no trading during the regular call
and only three sales afterward. Quota
tons remained practically unchanged for
the most part.
An advance of one point. TO 2oo. was
made in the bid for Metropolitan Ma
tional Bank stock. but there were no Of
feringS under 2OJ.
After call Railway and ric prefer
red sold odd lots at S7lsaS9 An effort
was made to trade in Railway and Elec-
trio common and the bid was advanced to
IS. 1t was offered at Ss1a The per cent
bonds of the company sold $500 at S;s4.
Announcement has been made OF the
declaration of the regular quparterly divi-
dend Of ~ per cent on the stock of the
Union Trust Company. payable April 10,
to stockholders of record April L.
The continued growth of the Bell sys-
ten. its earnings and expenses and gen.
eral financial prosperity, its attitude as
TO government ownership. its agreement
with the Department of Justice. the sale
of its Western Union holdings and its re-
lation with the general public are all set
forth in detail in the annual report of
the American Telephone and Telegraph
Company just issued.
Presiden, Theodore \. Vail mas some
thing definite to say in regard to the gov
eminent ownership of telephones. In
summing up the attitude of the company
toward this subject Mr.. Val, says:
Our opposition to government opera
ton and ownership is not based on pc
cunfary. partisan. prejudiced or personal
reasons. 1t is because of our interest
in the upbuilding of great public util-
ity and its preservation.
we are opposed to government owner
ment-owned telephone system in the
world is giving as cheap and efficient
service as the American public is getting
from all its telephone companies. We do
not believe that our government would
be any exception to the rule
He states that the common impression
that the Postmaster General has made
report favoring the acquisition of the
wire lines is erroneous. 1t is not a de-
partmental report. he says. but merely
Post Office Department. transmitted with
out comment by the Postmaster General.
During the past year subscribers tele-
phone stations have increased until now
there are s.1S3.O11, a gain of 67694S.
These stations reach 10000 localities, or
10000 more than the number of post
offices. The total wire mileage is 16,111,-
oil. of which % per cent is copper
More than half the wire mileage is I'M
derground. the total underground plant
representing cost of $1S1, 100000
The number Of daily telephone connec-
tons showed a growth of nearly 100000,
reaching an average of 27,237.o0O a day.
Europe has only two-fifrhs of the tele-
phone traffic of the United States.
The report says:
The gross revenue in 1913 of the Bell
system-not including the connected in
dependent companies-was $215. 600. 900:
an Increase of over $16O0O.O0O over last
year. OF this. operation consumed S75,-
on the outstanding capital obligations:
current maintenance, S32.5JO,0O. and
provision for depreciation. $37.7Go.0OO.
The surplus availage for charges. etc.
was $5S. 100000. Of which s167O0.oNO was
paid in interest and over $50, 3oo,OO0 was
paid in dividends.
THE total capitalization. including in
ter-company items and Implications, but
excluding reacquired securities OF the
companies of the Bell system. is $780,,
242. 40 OF this $500. 127 Os6 is owned and
in the treasury of the companies of the
Bell system. The capital stock, bonds and
notes payable outstanding in the hands
of the public at the close of the year
were $770, 115, 1874. If to this be added the
current accounts payable. s26.411 .6s1, the
total outstanding obligations of every
kind were $796, Js7 G65. as against which
there were liquid assets cash and cur
rent accounts receivable, of 81. 237 49,
leaving $724. $40. 1870 as the net permanent
capital obligations of the whole system
in the hands of the public"
Taken by itself the American Telephone
and Telegraph Company shows net earn
ings of S4O.576. 746.1a, an increase of
So $50, 1O1 Gs over 1912. The total out
standing capital stock SRnd bonds were
$50. 2OG 800. which ref1esent payments
into the treasury of over $24. 900 more
than the par value of the capital obliga-
tons