Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-03
BANK INVESTORS
FAVOR EXPANSION
285 FederaI-American Prox-
les Are Received-Other
Financial Notes.
By CHAS. r. SHAEFFER.

II.
stockholders of the Federal-Amer-
lcan National Bank have voiced I'M
quailhed approval of directors sug-
gest1on that the capital stock of the
institution be increa sed from 81 200
900 to 81 800 900. proxies thus far re
turned incident to the special meeting
on February II to discuss the aues.
uon would indicate. Already 2S5 Of
the bank total of 4Os stockholders
nave been heard from, all loud In
their praise Of the expansion.
The Increase Will be in the form OF
9,ooo additional shares with q. par
value Of $500, 600. to be distributed as
follows:
First. Two thousand shares az =
stock dividend at the rate of 2O-12Oth
OF a share for each share now owned
in other words, one new share for
every six now held.
Second. Eighteen hundred shares to
be sold to stockholders at 5000 per
snare, each stakeholder to have the
rlght to subscribe to 18-i20th Of a
snare for each share now owned,
Ihird. 200 shares 10 be sold tn on.
GERS and employees at 5000 per share.
IN recognition Of their contribution TO
the success Of the bank
After giving effect TO this increase
the capitalization of the institution
would be $1,000 900 of stock, surplus
account Of 100000 and undivided
profits In excess of 100000.
Leave +. III. Smith Co.
O. Bryan Pitts and Samuel j. Henry
nave acquired the interests of J. Eris,
Powell and William II. West in the
r. II Smith Co. and the latter have
retired as officers and directors Of the
iSt
company.
The present official lineup Of the
mortsaeors is q. Bryan Pitts. chair
man OF the board: Samuel J. Henry
president; c. Ebert Anadale. vice
president and secretary, and Sidney
Roche, assistant treasurer.
Bank Stock Up to 39s.
Stock of the Federal-American IA
tonal Bank rose 9 points to 3e9 on the
Washington Stock Exchange this
morning, new all-time peak. This
level could not be held, however, as
concluding sale of 10 shares lowered
the market to 39S with 400 asked
The upturn was shared in by Liberty
National Bank also. which rose
points to 2l2, primarily on the heart
response meeting announcement Of q
thousand dollar club"
DiiiLlOll SlOth Oh l06 w 9SnlnEtOf
Railway and Electric Co. was active
for the first time in weeks, 80 shares
selling at 200 and 2o1. The preferred
was strong a 9112, with Capital Trac-
ton gaining to 106. Potomac Electric
Power preferred was ffrmer at 1921
with Gas unchanged AT 1919.
New Office Opened Here
Announcement of the opening of /.
Office in Washington for the sale al
first mortgage bonds was made todaT
by the American Bond and Mortgage
Co. of New York and Chicago.
The new Office will be located in tie
Transportation Building at Seven
teenth and II streets northwest, w
der the management of William /
Browning.
This company IS best known by its
participation in financing of the MAY
flower Hotel and "1eo the Earle Thea
ter and office BY ~.
Insurance NJ Eager Wanted.
The Mutual Fire Insurance Co. held
its seventy-first annual meeting yes
terday and Frank A. Johnson wa :
named manager 10 fill the vacancl
caused by the death OF former Com
missioner James +. Oyster OtheI
managers reelected included William
4. II. Church. 4. T. Saul. James T
Petty. c. kattelmann, l.. Pierce Bur
ley and Edwin c. Brandenburg.
c. & p. Telephone Earnings.
Monthly report of the Chesapeake
and Potomac Telephone Co. for De
cember showed a net of s110.330 &
decrease of more than So, 900 over
the preceding month.
Washington now has 1925 tele
phones in service. The net gain for
1925, according 10 a statement of y
| l.. Berry, president of the COMPANY
was 1851. To make this increase
however, It was necessary for the teIe
phone company to install 25.6I7 tele
phone stations, 1866 disconnectionS
having been made during the year
Washington now has SO, 097 more tele-
phones than there were in service
January l. 1915, or a net increase IN
telephones in the District during the
past ten years of 1913 per cent. while
the population in the same period has
only increased PA per cent Wash
| ington, with an estimated population
! of $4,000, then had one telephone To
every seven people. Today, with n
population estimated to be 40. 900,
there is one telephone for every four
people. The present-dav average of
telephone calls number $50 900. which
( is an increase of l65 per cent since
| 1916.
The gross capital expenditures OF
the company during 1925 amounted 70
! s2.773.912, and as plant retirements
we're charged against this. the net ad
ditions to the property during the
year amounted to S1.S73.596
| Revenue Freight Report.
Revenue freight loading on the
| railroads for the week ended January
% aggregated l,734 cars. the
American Railway Association declar
| ing today that this was a decrease of
| 2.551 cars under the corresponding
| week in 1925. Loading of grain
| products amounted to 1850 cars, n
| drop of SSH cars under the week
| previous, while coal loading totaled
| lS0.S23 cars, n decrease of 1887 cars
| under the previous week