The Washington times., 1931-02-10
D: c. EXCHANGE
To Be CLOSED
LINCOLN DAY
Local Trading Is Sluggish
Though Big Board Action
In New York Has Effect

IN New York Has Effect
The Washington Stock Ex-
change will close Thursday. Feb
ruary IL, in observance of Lin
coins birthday anniversary. Ac-
ton taken this noon by the mem
berS of the executive committee
Of the board of governors of the
exchange is in accordance with
similar action by the New York
Exchange.
Although the rising market re-
corded on the "big board" at New
York yesterday had a visible psy-
Geological effect on the Washing
ton traders and holders of stocks
and bonds, local trading today
maintained the somewhat slug
gish pace which has character
lied recent weeks.
Upward Movement
Slight upward movement was
attained bv some of the local
offerings. but the offerings or
the whole held firm. Most of
today's trading was accomplished
after call
The Chesapeake and Potomac
Telephone Company will spend
approximately $11,85000O in the
District of Columbia in the next
three years on plant additions,
improvements and replacements.
1t was announced at the annual
stockholders meeting in New
York yesterday.
Expenditures in 1881 are ex-
pected to reach $3.550,000 and
the expansion program provides
for a net gain of 26.900 tele-
phones by the end of 1898. This
will give the National Capital
10000 phones.
2O5,OOO,OOO Calls
The Company's construction
program in 1880 included gross
expenditures of $3,413,403. Wash
ington telephones were increased
last year by 9,567 or per cent.
Users made approximately 205,-
100000 calls in 1880, an increase
Of per cent over the previous
year.
The average time for handling
out of town calls was reduced
in 1880 from IL minutes to one
minute and the conversion of
10000 telephones or 35 per cent
OF the total in service to dial
instruments was recorded in the
annual statement. Work was
started on the new dial plant in
1928 and the project involves the
gross expenditures of $4,150,000.
Everett Elected
Directors reelected yesterday
included William w. Everett,
Robert V. Fleming, Edwin C.
Graham. DR.. Gilbert Grosvenor,
John Poole, Merle Thorpe, Lloyd
B. Wilson, Philip o. Coffin and
Marshal D. Sedan, of Washing
ton, and Walter S. Clifford and
Eugene S. Wilson, of New York.
An unusual practice for a stock
exchange firm is being carried on
by the firm of McKubbin. Good,
rich & Co., investment bankers
with offices in Washington. They
have secured reprints of the
speech of Richard Whitney, presi-
dent of the New York stock ex-
change, at a meeting of the Bos-
ton chamber of commerce last
January 20. and are sending them
to those who are interested.
Mr.. Whitney's speech is de-
cidedly optimistic and explains
the cause of the crash of market
values last year. It is considered
one of the best treatises on the
future of the market that has
been written in some time.
Many Want Speech
Many persons have already
availed themselves of the oppor-
tunity and others are expected to
follow.
The bankers are following the
policy of Mr.. Whitney and believe
that his speech will be interesting
to those who have any connection
with the market. This is de-
parture from the usual practice of
many exchange firms and is de-
clared to be an innovation il
Washington.
All directors of the Chesapeake
and Potomac Telephone Company
Of Baltimore City were reelected
at the meeting of the company
held today, dispatches declare.
Additional plant work and better
ments were authorized at the
meeting also.
Gross expenditures for the next
three years, amounting to ap-
proximately $20,000.00O, are ex-
pected to be authorized, it is said.
A "