Evening star., 1923-12-31
RALEIGH COMPANY
TAKES NEW NAME
Incorporates Under District Laws
in Place of Virginia
Regulations.
TWO LOCAL BANKS UNITE
Continental Trust Buys Assets of
Guaranty Savings.

| The Columbia Hotel Compsny.
Virginia corporation, today became
the Raleigh Hotel Company of the
District of Columbia. papers OF in
corporation having been filed at the
courthouse this morning. At the Same
time, officials of the corporation
unanimously voted to reduce the par
value from $1,000 per share to s1oo
the capitalization Of s2,500,000 to re
main intact. New stocks viii be IS
tsued proportionately.
| The. Columbia Hotel Company was
organized many years ago Def 2rc
there were any District laws permit
ting interpretations here. As suitable
laws have now been adopted, it VIZ
decided by officials OF the compan.
4 to bring the corporation back home.
The principal local possession of
| the Raleigh Hotel Company is the
/ Raleigh Hotel
| Officers of the new company elected
Burch, president; +. c. Henry, vice
president; Edward l.. Hillyer, secre-
tary, and William j. Flather. treas
urer The old stock is traded in on
| the local curb market" the unlisted
department of the Washington Stock
Exchange, the last quotation being
| $500 bid" with none for sale.
Continental Takes Over Guaranty.
The Continental Trust Company has
purchased the assets of the Guaranty
Savings Bank and assumed deposit
liabilities of that institution. The
change went into effect with the
opening hour this morning, and de-
posts of the Guaranty Savings are
now available on the books Of the
Continental Trust. The action met
with the high approval of the Office
of controller of the currency.
The Guaranty Savings opened its
Il IN mr. f1d q O.
sets of 100000. The Continental
Trust has a capitalization of $1,000.
600 and surplus of $4,000 The
home of the Guaranty Savings will
be sbld, it is understood, while dis
position of the official family of the
institution has not as yet been de
cided.
Predict Normal Business.
In the opinion of Walter w. Head
president of the American. Bankers
Association, restoration of a normal
foreign market is the big problem OF
1924 and on it's accomplishment de-
pends the measure OF increased pros
perity that may come to America next
year.
The history of 1923 is encouraging
as precendent upon which the bust
nesS of the New Year must be built
he, said This is true despite the rise
in domestic labor and material costs
and the continued uncertainty
abroad
In looking forward to the new
year we have no reason to fear an
interruption to the normal processes
of production. nor of the normal con-
sumption OF our various products
within our own country" he declared.
The real problem which impels
caution in making a forecast of 1924
is the restoration of a normal foreign
market"
Mr.. Head expressed the opinion
that while it is true that the sur
plus sold abroad is but a fraction of
Americas total production. restora-
ton OF foreign trade relations is
essential to the restoration OF
higher tide of prosperity
Coal Demand Declines.
A marked lack of demand for bi-
luminous coal and hesitancy on the
part or buyers to pay replacement
prices for manufactured dry goods
We're weak spots in the trade of the
nifty federal seserve districts during
November, the Richmond Reserve
Bank says.
More signs of a slackenfne in busi-
ness activities in this district Were
visible during November than. during
any recent month, the bank stated.
put 70 considerable degree these
manifestations We're seasonal in char
acter and probably did not indicate
any real slump in trade
New 31,5IO.OOO stock Issue.
The New York Central railroad was
authorized today by the Interstate
Commerce Commission to increase its
common capital stock issue by sal
$4,000. Old stockholders will be al
lowed to subscribe to the new issue
at par in amounts proportionate TO
their present holdings.
Local Banks to- Close.
Tomorrow being New Year day. all
hnanclal markets of the country will
stand suspended, as will all banking
institutions in the city.
Quiet ON Local Exchange.
The Washington Stock Exchange
closed the current calendar year aus
piciously but ingloriously this morn
ing with but a single stock transac-
tion. marking the dullest session in
the last twelve months.
The favored issue was Lanston
Monotype, which was firm, five shares
selling at -.