Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-21

lU4. IUo "a ana IO014. COIunlDld SdIQ d
Gravel preferred was up to "a. Terminal
Refrigerating & Warehouse Corporation
came out at So on a 50-share turnover
Bonds were neglected. Georgetown Gas
SIS at 1922 being the only transaction
recorded,
Electricity Demand Increases.
In connection with the annual meet
ing of the Washington Railway & Flee
trio Co. the report of the Potomac Elec-
trio Power Co. was also presented by
President William T. Ham. The follow
ing summary shows the growth of the
electric power company business in the
past Is years:
Year. Meters. Kilowatt hours.
1919 ............... 22479 29,61I' SOS
l9l6 s.........'.... Sht5l oI,UO1,Izl
iy53 ..ss.'...'...., l5'SI5 d55,433,I4l
1870 's''.s'.'s'''. 't4o,off Souoou,Sto
THE demand for electricity is con-
tinually increasing" Mr.. Ham said
land, while indeed gratifying, requires
the expenditure Of large sums of money
for increased facilities to properly keep
pace with the growth of Washington
and its surrounding territory.
I'm 1928 there was expended for ex-
tensions and additions to plant and
equipment the sum of $2,816000 which
consisted mainly of new additions to
power plant building. additional substa-
ton equipment, extensive additions to
street lighting equipment, and the usual
general extensions for the proper render
ing of service to our customers.
The program of capital expenditures
to be made in 1929 aggregates $5,176.-
$50, of which approximately 100000
is needed to carry to completion the
addition to the Benning power plant
started in 1928.
The balance of capital expenditures
to be made in 1929, amounting to ap-
proximately 100000, will be used for
the acquisition of land for new sub
stations, subStation buildings and equip
ment, extensive additions to street
lighting equipment and the usual re-
quirements for extensions.
At the regular annual meeting of the
stockholders of the Mortgage Invest
ment Co. Of Washington, held on jan
uary IA, the following directors were
elected for the ensuing year: John N.
Auth, j. RoZier Biggs, Harry r. Car
roll, A. S. Gardiner, Harry S. Lewis
William Neuland, E. w. Petherbridge,
Ivan K. Strasburger and Ernest G.
Walker.
Following the stockholders meeting
the directors elected the following off,
SOAS AOi lIIc year. n. .. Gardner,
president; Harry r. Carroll and Will
liam Neuland, vice presidents; j. Rozier
Biggs, treasurer, and Frank A. Spicer,
secretary.
IhlS company was incorporated under
the laws Of Delaware in August, 1923,
and has since been most successful.
dealing exclusively in real estate and
mortgages. Since its inception it has
paid per cent per annum on the pre-
ferred stock of the company.
Baden Discusses Trust Needs.
William H. Baden, trust officer of the
Washington Loan & Trust Co., stressed
the needs of life insurance trusts at
the meeting of Virginia bankers in
Alexandria Saturday. He called at
tention to the fact that in 1923
approximately $1,700000 were paid
out to life insurance policy holders
and benefciaries, and that some $780,
100000 Of life insurance is now covered
by trust agreements held by American
banks and trust companies
The statistics of life insurance COM
panieS, said Mr.. Baker, appear to in
dictate that considerable OCrtion of the
proceeds of life insurance policies paid
TO beneticiarieS is spent within the brief
period OF seven years. Both trust COM
pan1eS and life insurance companies as
well as banks having trust departments
have adopted a trust agreement as a
means to conserve for longer period
the proceeds of life insurance paid to
individual beneficiaries.
The trust agreement affords one of
the most practical methods Of prol0ng-
ing the time for the benefit of life IN
Eurance to the beneficiary of it. Through
its use, the seven-year period should be
extended many years. When the vast
amount OF life insurance in force and
the small portion of it now held in trust
is considered the opportunities for an
increase Of funds for administration in
trust is quite obvious.
Every institution having a trust de-
partment has an opportunity TO greatly
increase its trust funds and, through
such an increase, to enlarge its profits.
Therefore it is to the interest of fl
duciaries to educate the public and it is
of vastly more interest to the public
to be SO educated because of the para
mount benefit to the public of the con-
servation of life insurance proceeds,
Mr.. Baden asserted.
Liberty Bank Officers Reelected.
Officers of the Liberty National Bank
were reelected at the annual organ
ization meeting of the directors, as
follows:
George o. Watson, president E. j.
McOuade, vice president and assistant
trust officer; NJ. F. Calnan. cashier;
j. B. Skinner. assistant cashier;T P.
Littlepage, general counsel and trust
officer.
Heard in Financial District.
The Treasury will stop issuing cur
rency Of the present size on April / III
preparation for bringing out the new
bills on July l. Printing of the new
paper has been under way for months
The first sheet of II bills will be pur-
chased by Secretary Mellon and the
next II sheets of ST. bills will be pur.
chased by other Government officials
A marked increase in shipments o.
coal has greatly helped business during
the past week in some parts Of thu
fifth district. Unreasonable weather ha!
been reflected in decreased department
store sales, but the open Winter Is a
the. same time helping the employment
situation materially.
Directors and officials of the Chew!
Chase Savings Bank are planning t.
tender DR.. Frederick E. Harrington, tn
president a dinner at the Columbi;
Country Club on Thursday evening
This bank has enjoyed steady growth
since its organization, 1928 having beef
its best year.
H. Parker Willis, authority on tn
Federal Reserve act, will find q YER
large turnout of Washington banker
to hear him on Wednesday evening a
the willard when he talks on money.
This is the January meeting of the Dis
trict Bankers Association. tn pro
cram is in charpa nf w w sid =