Evening star., 1923-10-21
Washington Savings Bank adds
T,UO Ne,u Directors to Board
President FARRELL Pushing Betterment
Plans--Better Business Bureau to Pro-
tect InvestOrs--Securities Prices.

The first material step In The re-
juvenation OF the Washington Saw
ings Bank since Thomas e. FARRELL
took the presidency. several weeks
ago. has been taken in the addition
of two new directors, r. NJ. Hicks.
and Miss Gizelle GoodwilIig. The di-
rectorate now numbers seventeen.
Mr. Hicks has been in charge of the
washington office of the International
Mercantile Marine Company for the
past twenty years, and takes a prom
inent interest in all local and civic
affairs. He holds membership In the
Board of Trade. Chamber of Com
merce and Rotary Club.
Miss Goodwillig Is assistant to the
president of the Acacia Mutual Life
Association. In this capacity she
had had supervision of the securities
of that institution, and has thps ac.
| quired an extensive knowledge of
The progress of the Washington
Savings Bank since Mr.. farrell took
| the presiding reins has been note
| worthy. Deposits have increased ap-
proximately 100000, due primarily
to the new heads personal business
acquaintance, while an entirely new
air of initiative pervades the banks
atmosphere. The offices of the insti-
tuition have been rearranged and new
furniture and equipment installed.
The personnel of the bank has also
been enlarged to care for the in
creased business.
Phone Earnings Very High.
A striking example of the economic
and financial development of this
country's premier utility is shown In
| the estimated report of the American
Telephone and Telegraph Company
| for the first nine months Of 1928.
wi >p
and charges is reported for nine
| months ended September 80, equival-
| ent to 1856 "a share on Silo, 40 ,3oo
average amount OF stock outstanding,
share on s570,36S,400 stock for the
1882 period New capital put into the
property has fully earned its keep,
| inasmuch as the earnings TINS year
are applicable to S145,0S5,90V more
stock than year ago.
1t has always been the contention
of the management that the COM
pany speedily earns additional cash
| for dividends on any stock issues
which are utilized in adding to the
plant The company earned the
whole years 50 a share dividend In
| the first nine months except for ~
cents a share. This means that the
final quarters earnings Will prac-
tically be velvet to the corporation.
| These figures do not take into con-
sideration undivided equities in asso-
ciated companies profits.
The nine months figures Indicate
| that the company will earn for 1923
| s11.42 a share on the average $715,-
| 454,3O0 capital stock outstanding.
compared with sf1.14 a share on
| 1894 ,009,50o capital for 1922.
The company invested in net ad-
| ditions to the Bell systems plant in
! the first eight months of the cur
rent year over S15c,000,0O0. a record
total This will mean that in 1873
about s200,000,000 plant additions VIII
be put into the Bell system. This
compared with S1S5,354, 900 in 1922,
! record year by over S5,000,OcO.
There is no immediate prospect Tor
Iparent-company financing, as IL t.
Thayer pointed out some time ago
that no offer of new American Tele-
phone and Telegraph stock would be
made in 1928 At the same time
system of the financial size and COM
plexities as that of the Bell system is
always prepared to take advantage OF
bond market conditions to look atter
growing financial needs OF associated
companies. At the moment the BOND
market Is rather stagnant, but should
conditions improve ii would not be
surprising If one or the other OF the
associated companies indulged in
some new financing, although 1t is not
contemplated at the moment.
Unlisted Securities Prices.
The following prices rule on the
unlisted department of the Washing
tnp Stock Exchanges: