Evening star., 1923-12-05
TEL. & TEL. EARNS
S1l.14 PER SHARE
Company Has Best Year in
HIstory-LocaI Stock
Market Quiet.

ne American Telephone andTTeie-
'ph company will reach the peal
y US greatness i'll 1923, when esti
+iaa' 'eo earnings of $Il.42 on S715454,-
~ rage STOCK outstanding will b.
| reailzed. This rate will compare with
Sll.l4 share on 1884, 1908. 500 averaca
stock for 1922. There will he . s1igI,,
increase in outstanding stock as nc
december 81. but this is held not sum
cdsnt 70 materially alter the aboy.
/ earnings estimate
In the first eight months NJ III.
s;tehr me company invested NOR.
| than $3.50, 900, 900 in plant additioi't
record IeS9 total; This Indicates that II.
iii; a9LI ;approxima $20o,0o0,oOO plaur
ADDITIONS will be put into the Bal
| system, comparing with $IS5.3j4 0Gr
$4,000, 900
There are 27S,oOo shareholders Of
record today, exclusive OF abour
10000 employees. who have purchase
! tne stock on the partial-payrncur
pan. OF the entire capital but 81
per cent is in brokers' hands. whici.
toll.. toiliLdIed with 4-5 per cent at tl.
ialr amount Of this stock i'm
D.9kelS hads is held on account Or
| i.hhdiNldgals II is estimated that b.
| the end Of the year approyimatei%.
2s2. 900 shareholders viii h. list46
| Which indicates an addition of 30 0nu
10 the stockholders roster during th..
year. e -
! OF the American Telephone and ,reTe.
! graph per cent cOnvcrtibln hondu
ddted August !. 1919 and Davahta
/ seven years from that date, $3S5i4S0a
| nave been converted. lea wing Ssn62 iUn
outstanding, compared with SI4n-0 20.
outstanding December 81 iaSt Gf ~.
lcompany'S convertible Is, dated Marc
! !; 1915. and payable twenty years from
that date. SCI $4,000 have been cor
E; Etrted, leaving but S6.32g .0a0 con-
pared with $7,191,SV0 outstanding D.
! cember 81, 1922.
| Mellon Issues Bank Call.
! Secretary Mellon has again called ~.
national banks of the country f0l.
| IuhdS. These institutions We're, this
morning, ordered to pay into theil
reeloJal @ ma members not lates. than tomor-
row ~ per cent Of the proceeds OF tht.
september 10 sale of Treasury III p.l
! cent certificates remaining on demos.
! Win the various institutions.
me call will aggregate S1l.27G. .3Ou.
/ leaving with the banks of the conn
! try $45.105,i0O or 24i, per canf nr
] the original amount
| Inc September - issue rcpresert.
the most drawn-out obligation r.
| G@vernment has fioated this yea.
+! payments of small amounts on III
principal have been made wnile ther,.
/ VIII be at least two more before th,.
! Original sum is wiped out
On december - an apnroxiruar.
! total Of s350."00, 600 of Urea sury i,
! uebtedness falls due. To meet this
| Secretary Mellon is expected to an
! nounce shortly the fotation of 4 n.l.=
| ioan. either in the form Of certificates
| gi indebtedness or short-term notes
| ms new financing is expected prior
| TO December 10.
Local stocks Ouief
Trading on the Washington stool,
Exchange was dull and uninterestina
| today. with transactions spread IN
small lots over the entire popular.
list. Prices were firm to unchanged.
i. . Capital Traction ) per cent bond.
! held unchanged at "a and Wardmar
! Park Hotel 6s brought 9924 Gas b.
| We're pegged at par and an eight.
with the IS OF the company steady
| at S3i4. Potomac Electric conSoIit
dated 5s changed hands at 971a. with
| the IS firm at 107 and fractionaIly
aDove.
The stock list was quiet Gas light
sold at 4Si2. and Norfolk and Wash
lngton Steamboat was again traded
| IN at 2l6. lanSton sold al IL ana
Mersenthaler at 152
Banking Students TO Dance.
The class of % OF the WasIinciau
Chapter. American Institu:. OF Bans
| ing, VIII hold New Year t.aucp ~
! the chapters room from 3 pm. uu;.l
| ; ain.