Evening star., 1924-02-09
AUDITORIUM STOCK
WELL SUBSCRIBED
Col. Harper Reports $780,.
600 Taken-Other Local
Financial News.

Edward r. Colladay. president of
the Board of Trade, last night lauded
the Washington Auditorium project
as medium In bringing about suf-
frage for the District of Columbia
in an address before stockholders of
the auditorium at the Willard Hotel
Mr.. Colladay said that great masses,
coming here for conventions. will
learn of the local voting ban and it
will provide a rallying site for suf-
frage meetings.
Col. Robert y. Harper, sponsor of
the corporation, declared that $780,
600 of the total 100000 needed had
already been subscribed.
Christian Heurich, already holding
$4,000 of the corporations indebted
ness, subscribed an additional $4,000
at the meeting, while a subscription l.
or $500 from the National Electrical
supply Company was also recorded
by Edward c. Graham, president of
the company
The structure, which will seat 5000
people, viii be completed in June, it
was said.
Federal Reserve Ratio.
The combined federal reserve ratio
| 'o'hho3 dl OIL per cent, Ln6 nlSneSt
| point since August "a, 1917, when it
was S2.6 per cent. However, the pres
ent strength of the system far exceeds
! that Of 1917, although the ratio was A
| half point higher then. For instance
| on August "a, 1917, regional banks held
cash in excess of legal requirement.
amounting to S771 zoo 900. The excess
now amounts to s1,767, 900, 900 Stated
Inherently. the reserve banks at pres
ent have appreciably more than twice
as much free reserve on which to base
credit expansion than they had in 1917
Regional banks could now lose as much
gold as the entire amount held in 1917
and still have more than s350.000, 900
| III excess of legal requirements.
Six members have ratio of more
than so per cent, Chicago having the
highest with SS.S per cent and New
York second with S6.4 per cent. Dali
| las has ratio of only 4s.4 per cent.
the lowest in the system. The low
ratio of the Texas bank is a matter
of choice and not necessity, it is unI
derstood.
Business Failures Decrease.
This weeks report of failures to
| r. q. Dun & Co, more favorable
| than that of last week, there being a
! decrease of CO, against an increase of
/ 81 last week. The defaults in the
! United States this week number 426.
which compares with 4S9 last week
and 81 year ago. Aside from the
/ south, where slight increase occur
red, there were fewer insolvencies this
week than last week in each of the
/ geographical groups into which the
statement is separated.
| Canadian failures this week num-
| ber 65, which is a small increase over
| the 80 defaults of last week. A de-
| crease appears, however, in compari-
| son with Il insolvencies in Canada a
| year ago.
Railway Common Higher.
/ \ possible early decision, favor
| able to the company, in the case of
/ the Potomac Electric Power valua-
! tion suit now being carried on in
| Washington Stock Exchange this
morning, when Railway common sold
! upward to II on sales involving 230
| shares. The issue opened at 70R,
its prevailing level, and closed half
Union Trust Company stock brought
| 166, with Washington Mechanics
Savings Bank selling at 80. Capital
Traction was off slightly to 95A.
Washington Market Cold Storage
T, 5s sold at 93 and Washington Gas is
of 1888 brought 101 Il.
! Phone Earnings Increase.
! Net operating income of the Chesa-
! peake and Potomac Telephone Com
pany for 1923 amounted to s1,2S6,6lS,
according to revised figures. This Is
an increase of S17S.377 over the pre-
! vious year and almost three times
/ the net corporate income for 1920.
| Total operating revenues in 1928,
! amounting to S5,566,164, were ap-
| proximately the same as the previous
year, but a pairing of more than
| 100000 in expenses was responsible
J for the huge gain in net.
/; Plant and general equipment added
p, last year amounted to S2,390,027 in
| value, while plant and equipment re-
! tirements totaled s646,211. These ad-
| ditions bring the total property value
as of December 81, 1928, to s17, ,460,05s.