Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-24
C. &P TELEPHONE
COMPANY EXPANDS
Additional Facilities Are A.
thorized in District-To
: Cost $734,655.
BY EDWARD C. o


Washington involving expenditures OF
S734, 655 have just been authorized by
the board of directors of the CheSa-
peake & Potomac Telephone Co. The
placing of these facilities will bring the
total amount authorized for similar
work in the District of Columbia so far
this year to $2,419, 885.
The facilities to be provided include
the installation and modification OF
telephone equipment on the subscribers
premises for dial operation in the
Metropolitan, District and National CEN
trail office areas and the installation OF
Is toll Switchboards equipped for 100
outward lines and 300 inward lines, to-
gether with associated equipment. These
switchboards will require the services
Of 80 additional operators. The install
lation of these Switchboards is made
necessary to take care of the increased
number of toll calls now being made
between Washington and various cities
throughout the country.
Outside plant facilities authorized by
the board of directors include under
ground conduit extensions in the Georgia
central office district, and cable con-
nectionS in the new bridges now being
erected across the Chesapeake & Ohio
Canal at TWenty-ninth and Thirty-firSt
streets northwest in the West central
Office area.
The board of directors of the Chesa-
peake & Potomac Telephone Co. In
clude: Charles J. Bell, E. c. Graham,
John Poole. B.. F. Saul, Lloyd 3. Will
son., Marshal D. Sedan, Philip o. Cof-
fin and D. S. Porter, Washington, and
Walter S.. Clifford and Eugene S. VII
son., New York.
Increase in Bank Loans.
The Federal Reserve Boards condi-
kiAn cfoforaonf nf rrtaaEl,, ran0rfinv Voaax,a
Der banks in 101 leading cities on Sep
TENDER 18 shows increases for the week
of S170, 900, 900 in loans and invest
ments, 1927, 000, 900 in Government de-
posts and Sc, 900, 900 in time deposits,
and decreases of $104, 000, 900 in net de-
mand deposits and $29, 900, 900 in bor-
rowings from Federal Reserve banks.
Loans on securities increased $56.-
600, 900 in the New York district, $16,-
OO0,o 900 in the Boston district, $4,000
600 in the Cleveland district, and $104,-
000,0 900 at all reporting banks.
Insurance Lectures Arranged.
Aubrey j. Voorhees,. chairman of the
educational committee of the Insurance
Club of Washington, presided at a meet
ing held today at the University Club
Attending were William N. Paine, jr.;
Henry L. Latimer, Edward S. BraShearS
and Edgar K. Legg, jr, the other men,
berS of the committee.
DR.. Edward r.. Hardy, secretary
treasurer of the Insurance Institute of
America, with whom the Insurance
Club of Washington has affiliated, and
H. E. C. Rainey, assistant manager of
the Fire Underwriters Association OF
the District of Columbia, were also
present. Chairman Voorhees, has ar
ranged for a series of Is lectures On
fire insurance, to be given during the
Winter.
The students will be recruited from
the Offices of the Insurance CLUB #
Washington's members and others in
terested in the subject. The Insurance
Club hopes to rival the American IN
ard Of its educational work.
In and Out of the Local Banks.
Howard Moran. vice president Of the
American Security & Trust Co, has
returned from a short vacation at Vir-
ginia Beach. He reports a fine outing.
except that there was a downpour OF
rain almost every day he was there.
George L. Starkey. president OF the
National Bank of Washignton, has re-
turned from a motor trip through New
England, New York and Pennsylvania.
Ralph r. De PreE,, manager OF tne
Dupont circle branch of the Riggs
4NdONOlloA VI 1891
desk from his vacation.
Eliot H. Thomson has returned TO
the Washington Loan & Trust Co. after
a short vacation. .
Edward L. Hillyer, vice president Of
the Union Trust Co., will be back at
the bank October /. He is now motor
ing in Canada.
Riggs Bank Stock Sells at Gig.
Trading in small lots featured the
session of the Washington Stock Ex-
change today. A single share OF Riggs
National Bank stock appeared on the
board. selling at 612, following its re-
cent sensational rise to 62l. 1t closed
with 6lO bid and $50 asked.
Capital Traction sold ex-dlviden1 no
dropped to e14 on sales of Is shares
and then to 9112 on a 10-share sale.
Potomac Electric Power 6 per cent pre-
ferred registered 112, while the 5H2 per
cent preferred moved at 1864 n
1865.
Three shares Of Federal american
Bank stock sold at 327A. Lanston came
out on the board-at 100 on a 15-snare
turnover and 10 shares Oh Mercnan Is
Transfer g. Storage common SOLD az
116. Forty shares of Mergenthaler sold,
ex-dividend, at 104 and 10 at 103A.
There was a sale Of 100 shares OF
National Mortgage g. Investment pre-
ferred' at asa and $40 shares Of Real
Estate Mortgage & Guaranty preferred
sold at 73s. Sales were recorded IN
the bond division in Georgetown Gas
SIS, Washington Gas SIS, Potomac Elec-
trio Consolidated SIS and Capital Trac-
ton SIS around recent levels.
Chicago Ticker Service Here.
The Chicago Stock Exchange Is to
install complete ticker service In sew
eral local broker Offices in the near fu-
ture. The matter has been under con-
sideration for several months, two prom
Exchange having conferred with Wash
ington brokers on the subject. Business
on the Chicago board has grown by
leaps and bounds during the past year
resulting in the extension of wire Serv-
ice to many other cities. The number
Of Middle Western people living ir
Washington is believed by the Chicago
Exchange officials to make their quota
tions of particular interest In, the Ma
tional Capital. .
Prices of commodities during the weel
ended September 81 registered an ad
vance of one-twentieth Of n per cen
III the weekly wholesale price index o
the National Fertilizer Association here
During the past week 20 items decline'
n ID doSS anu DuCtcE az
vanced most. Prices have held frm o
have advanced slightly for four sue
cessive weeks.
The index shows that wholesale price
this year are running lower than Il
1928. the index since the middle o
August being about 1I2 per cent lowe
than during the same weeks OF 1928
Heard in Financial District.
Delegates to the annual convention 0
h National Association OF Life Under
writers, now meeting in Washington
hove heen invited to use the facilities o