Evening star., 1916-03-09
Buys Block of Bank Stock.


OF the bank that he has purchased
II shares as an investment
r.o Anacostia Bank was organ11eo IN IN
has capital authorized o. o.
> 0. with $4,000 issIeG' 81 ner aep cent. cent
e O. Watson is the present head
bank and Maurice OtterDacK Is
IN cashier and manager OF the instito-
zion.
Directors Are Chosen.
At regular meeting Of the board OF
directors of the Merchants Bank, held
yesterday afternoon. Samuel A. Kimber-
ley and Thomas ]. Molloy were chosen
directors Both are prominent business
men and neither is connected with any
other financial institution.
p. A. Drury. president of the Mer-
chants Bank. made a statement to the
directors, giving the result OF the nrst
months operations Of the company and
showing satisfactory growth in deposits
and promising outlook for the future.
May Be Another Bank.
II there Is one line Of endeavor in
Washington that is crowded it is the
banking business, and yet it is a business
line in which there always seems to be
room for one more. 1t is within the
pfOD6DultieS, perhaps, tndt tHc pIOpOScd
German-American Bank may materialize.
subscriptions are being solicited, with
proposed capital of 100000. Of which
s50, 900 is to be issued when subscribed
for
Location has not been decided upon
Rs yet, but a site near Center Market
is desired with a view of obtaining the
business formerly held by the branch of
the Merchants Bank, recently closed.
Georgetown Gas Co. Bonds.
The Georgetown Gas Light Company
was today given permission by the
public utilities commission to issue and
sell $125.000 5 per cent gold bonds. the
proceeds to be expended in meeting
certain Indebtedness and on improve
ments. Application had been made by
the company for permission to issue
bonds to the amount of S150.0O0.
The commissions action directs that
100000 of the proceeds shall be used
for the payment of notes. acquisition of
property and construction and exten-
sion Of the companys plant
The remaining s25.ooo. it is directed:
shall be used for the construction of
a supply main to serve the territory in
the vicinity of Woodley Park.
The commission yesterday afternoon
heard arguments by Charles A. Doug
las and Hugh H. ObeSr. attorneys for
the Washington Interurban Railroad
Company, for the authorization of the
purchase of the stock and bonds of
the company by the Rock
willie Railway Company.
Expect Call Soon.
Forms for the next call of the con-
trouer of the currency were mailed
earlier in the week to the Pacific coast
states, and Washington bankers expect
to receive them this week.
This means that a call is near at
hand. and il will find the banks in the
District with larger deposits than on
December 81 last. the date of the lat
est call. Some banks have larger de-
posts than ever before In their records.
Greene Cananea Production.
The recent advance in Greene-Can-
anea was attributed to the highly fav-
orable statement of production for Feb
ruary, which showed an output Of A.
$4,000 pounds of copper from the COM
:pany's own ores. compared with $685.
600 pounds in January, and 1.730.000
pounds from December IL to December
81. The plant was shut down from Oc-
tober 22 to December IL.
The February output was at the rate
OF over 5o,000.000 pounds of copper
yearly. and if maintained throughout
1915 will exceed Greene-Cananea's best
previous showing Success Of the man
asement in bringing production up to
capacity within less than two and one
half months after resunling operations
indicates high standard Of operating
efficiency. 1t also proves the wisdom Of
the policy that has been followed for
several years of applying liberal por-
tion OF tn profits to new construction,
with the result that today Greene Can
snea ls one OF the best equipped copper
mines in the world.
While GreeneCananea was compell-
ed 70 cease operations because of the
activities of Villa and his troops in the
vicinity of Cananea. the property dam
age suffered by the plant was slight
Under normal conditions the COM
pany can produce copper at az cents a
pound. Based on production OF 20
100000 pounds year, and a selling
price OF 25 cents a pound. Greene-Can-
anea could earn over SIG a share In this
connection. operations were resumed
by the company just when copper
say that a large portion of it's produc-
tion since December IL has been sold a,
an average price of well over 20 cents
pound.
dividends at the rate Of 81 quarterly.
Condition Of the Treasury.
The condition of the United State.
Treasury yesterday was:
Net Balance in general fund, SIls.
4e7.s73
Total receipts. $1.43s.35S.
Total payments. $3,660.1o3.
The deficit this fiscal year is $52
S13,35o. against a deficit of 377.709.
BOT last year, exclusive of Panama
canal and public debt transactions.