Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-02-21
PHONE REVENUES
S7,247,S(2 IN 1927
,209,986 Available for
Dividends-Refunds Total
S210,177, Report Shows.
BY EDWARD c. STONE.

| toLS VI Tic StteSdpedke a fOtOu1aC Iele
phone Co. 1t was reported that operatin
revenues during 1927 amounted I
s7,247,so2. Operating expenses. includ
ing depreciation. uncollectible. take.
rent and miscellaneous deduction
| amounted to $5,856.864. Net telephon
revenues were $l.390,938. Other ne
revenues amounted to $44.670. givin
the total net earnings available for in
terest and dividends of S1.435.609. In
tereSt deductions were $225, 623. leavin
| $l.209 1886 for dividends.
The operating revenues for the yea
reflected the settlement of the rate cas-
Refunds including interest to tn
amount Of s2l0.I77 were involved ant
at the end of the year 98 per cen
Of this amount had been returned t
subscribers.
viii Spend S4,3S4.00o.
At yesterdays meeting provision va
made for gross expenditures III 1928 o
about S4.3S4,o0o. covering plant extern
sions and renewals in the District o
Columbia. with net additions amountin!
to about S3.165.000. The estimated ne
gain in telephones for the current yea
was placed at 600.
Two new telephone exchanges, Geor'
gia and Decatur, were placed in service
at total cost of S815,000. Thrift
among the employees continued, 2.26{
employees subscribing for 9.470 shares o
American Telephone g. Telegraph stocl
on the partial-paylnent plan.
The officers reelected we're: Alber
E. Berry, president: Burdett Stryker
vice president; Philip O. Coffin. vice
president and general auditor; John G
Rooms, vice president: Marshall D. Sc.
dam. general manager: Dozier A, d.
Vane. general counsel: Deruelle S. Por.
ter. secretary. and Thomas B. Clark.
son, treasurer.
Old Dutch Stores Change Hands.
The American Stores Co. of Phila.
delphia took over the management },
the IS Old Dutch Market stores tr
Washington today, following yesterday;
action of the Old Dutch Market stock.
holders in ratifying the recommends
ton OF the directors that the sale be
consummated. The purchasing COM
pany. which operates 2.400 stores in
several States, already has stores in
Frederick and Annapolis. The concer:1
has 1850 stores in PHILADELPHIA alone
The price paid for the WASHINGTON
stores is not stated. but was considered
by the Old Dutch stockholders to bc
highly favorable. 1t was also considered
as favorable an arrangement for tbs
creditors as could possibly be made.
Following the Old Dutch reorganiza
ton about two years ago the stores hac
been doing good business. A loca
banker who has taken special Interest
in the affairs of Old Dutch is HilIear,
g. Hoskinson Of Riggs. Mr. Hoskinsor
was one OF the receivers. and after thi.
was lifted continued to work in the in.
terest OF the company and the creditors
Convention Decision Put on.
The District Bankers Associatio.
council OF administration, which me,
Yesterday afternoon, decided to dela,
the selection Of location for the mex
annual convention. President w. w
Spaid reported. There is plenty of tins
ior choosing a meeting place for tn.
June conclave. and 1t was decided I,
give the matter further consideration.
The convention chairman, E. J
McQuade, supplied all the information
which he has SO far obtained regard.
ing the hotel at Montauk Point, Lons
Island. which Is one of the resorts
being given most favorable considera.
ton. Other places which have beer
mentioned are Hot Springs, White Sui.
phur Springs. the new Vanderbilt.
Chamberlin at Old Point Comfort anc
the Cavalier at Virginia Beach.
Bank Elects Vice President.
Fernando Cuniberti was elected vice
president Of the International Exchange
Bank at meeting of the board lat.
yesterday. President Joseph Schiavons
announces Mr.. Cuniberti held tn,
same Office In the bank several year.
and resigned TO take an extended triy
abroad. In connection with his return
TO the banks Official staff 1t is reported
that he has obtained substantial hold.
ings in the institution and will be ac'
tive in the management. In addition
to his Washington Affiliations. the new
official has extensive business interest
In New York.
In addition to President Schiayont
and the new vice president the officer
| are: Francis L. Neuback, vice president
Hugh w. Barr. executive vice president
! F. j. Kaufman, IT,. cashier. and w. E
Birch. assistant cashier.
Another Honor For Institute.
Another honor has come TO tn
Washington Chapter American Insti
| tute Of Banking, through two OF IL
| faculty members. The national or
ganization of the A. l. B., it Is under
stood, thinks SO highly of the work o
| Raymond p. Dickey. instructor In com
| merciai law, and r. J. Donohue, in
| structor in economies and STANDARD
banking. that it Is proposed TO hav
thes gentlemen prepare text books OF
their respective subjects for the use o
the entire student body OF the insti
tute.
Bankers Planning Southern Trip.
w. w. Spaid, Frank Stetson, p. A
CialIeher and T. g. Wolfe, a formc
Washington banker who lis nov presi
dent of the First National Bank Il
Bridgeport, Conn, will leave here 70
morrow for Bcll-Air. Fla. on a two-.ec
golfing expedition
z. z. Mounijoy, representative of tn
American Bankers Association i
Washington. has gone 10 Pittsburgh I
attend an important bankers meetin
70 be held In that city.
!. J. Roberts. Charles D. Boyer, "
= Waller. Miss Mabel " Royce an
Miss Lois A. White attended the an
nual banquet Of the Richmond Chaptt
Of the American Institute OF Eankini
Eliot II. Thomson Of the Washingto
Loan ~ Trust CO. LIS taking shol
vacation.
Local Securities Steady Today.
| Securities we're firm on the local Etof
Exchange today. with trading rath'
quiet Capital Traction Wac of poii
70 ia; Peoples Drug was up ~ IL
Mergenttaler. 1867. Federal Amerir.
National Bank, 34i. and Washingtl
Railway IL Electric preferred, 1903. Eont
maintained their recent levels.
IL was announced that the exchani
Will be closed tomorrow on account
the Washington birthday holiday. II
Washington banks and the New Yol
stock Exchange also viii be closed.
| D
GIVES RAIL ORDERS.
NEW YORK, February II Wj.-~~Ti