Evening star., 1924-03-03
AIM. TEL. & TEL. CO!
EARNINGS $11.S
1923 Report Out Today.
Local Bank Reviews Busi-
ness-Exchange Trading.

The financial statements Of the
American Telephone and Telegraph
Company show that the company In
1923, after meeting all operating
charges and making adequate proyi-
sion for depreciation and obsolescence
and for federal and other taxes, had
available for interest and dividends
s9o,3S9.91S, according to a statement
made public this morning by II =
Thayer, president of the company
Interest charges during the period
amounted TO s13,6s7.736.66, a rcduc-
tion Of s1,s00,275 from 1929, and diy!-
dends paid to stockholders at the rate
of 50 per share per year amounted te,
1888, an increase Of sI0,3o3,13s
over the previous year. OF the result
ing balance there was appropriated
for contingencies 100000 and the
remainder, s15417.793, was carried to
surplus.
Not including it's equity in the un
divided profits of it's associated COM
panies. the American Company earned
ll.3o per cent on it's average out
lila for 1922.
The number of stockholders OF re
cord on December 81 was 2sI,14s, ar
increase of 32.224 during the year
per stockholder in 1900 was seventy
six, today 1t is twenty-six. or an
average holding of $500 at par.
Bank Survey Reviews Business.
February has been a month OF
marked contrasts says the Federal
american Survey for March. Build
ing activity, industrial output and
wholesale and retail trade have beer
entirely satisfactory. with nearIy
every line showing improvement over
the preceding months. On the other
witnessed the sharpest collapse Ii
the stock market in long time
collapse that has not been over
come despite the. implication that il
was largely physiological, with the
lesser trades merely taking thei,
cue from one or two big operators
who had suddenly turned bearish
Equally striking has been the Sc
ries of declines in foreign exchange
jof the Dawes investigation of the
Preparations problem have thus far
apparently not been in the direction
Iof restoration of confidence. Tho
uneasiness of the markets has beer
greatly increased by the political
scandals in Washington.
The most encouraging develop
ments Of the new year are to be found
in the heavy industries. There has
been continued increase in the metal
trades, including steel. iron, copper.
lead and zinc. Production of steel
Itngots is now nearly % per cent above
the rate of December. although 1t is
still considered below that Of the
spring months of 1929.
can interesting feature OF the cop
per situation Is the influx of foreign
| mined and cheaply produced copper.
development which is leading to
II
Nevertheless. it's price has recently
been rising"
Check LAW Favored for ID. c.
The Ohio supreme court put teeti
into the worthless check law re.
, rently when by unanimous opinion it
held that issuing a check against in
sufficient funds was prima facie eyi-
dence of intent to defraud, the Of
fense carrying q maximum penalty OF
$500 fine and three years in prison.
Some of Washington'S ablest bank
ers are known to be advocates Of
similar stringent measures for this
city.
February business Coed.
The Federal Reserve Board, In its re-
view of February business, declares thai
the increased industrial and trade ac-
tivlty with which the current year start
ed continues to be well maintained.
It Is reported that financial and CON-
mercial interests generally view the fu
i ture with confidence, and are shaping
| their policies accordingly.
| With the increased business activity
there was a larger volume Of bank
credit, the statement said. The volume
| of commercial loans. which decrea seq
/ continuously after October, began early
| in January to increase, and the trend
was marked in the first half of Febru-
airy. when these loans were about s37a.-
| 600, 900. or approximately per cent
] above the level of 1928.
[ The growth in loans, however, was.
| largely offset by a decrease In In
vestment holdings. with the conse-
quence that total loans and invest
! ments Of banks in the larger centers
was only about SIZE, 100000 larger
than year ago.
During the last half of 1923 pro-
duction declined, and even after the
sharp recovery of January and early
February the rate still was about :,
per cent below the high point of iast
May. but board officials said there was
no reason to believe ii would continue
lower.
The distribution of commodities at
wholesale and the shipments Of mer-
chandise increased in January. as did
the output of manufacturers. This in
crease was sufficient to place the gen
eral level for the two months Of
1924 above the average for 1923. and
taken with the changes in production
from late 1929 and the movements OF
prices, reflected the extent and char
acter of the recent business read
juStmentS.
Trading on Local Exchange.
A decline TO 737s on sale of sixty
shares of Washington Railway and
Electric preferred stock was the only
conspicuous occurrence on the local
board this morning. The issue was
unchanged at the markets opening
fifteen shares selling at ~.
Trading was confined solely to tho
utilities. Gas stock sold at 49L
while the per cent bonds OF the
company brought par and three
quarters. Railway fours changed
hands at 72, and Potomac Electric
consolidated fves sold at 81. Gas
f1ves sold at 94ss. and Pepco genera
and refunding sevens brought 107i@
BUILDING AT STANDSTILL.
SAN FRANCISCO. March (Spc-
cial).-Long continued drought has
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