Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-07-11
LOCAL FINANCIAL NEWS.

1t is presumed by some of the men inter.
ested in the street railways of this city
tina. the purpose OF the interstate COM
mercs commission in approving regula-
lions for the car service was to have
something in a concrete form that might
be taken up when the conference Ia held
between the Representatives Of the roads
and of the commission
Otherwise 1t Is thought that if such
rules were to be regarded as final The
companies would have been given an op-
portunity of seeing them before issued
In view Of the tentative nature of the
regulations. 1t is suggested by those who
are familiar with the practical operation
Of the street railways that the provis. on
requiring all cars to stop 20 TAXA up pas
sengers except when all the seats are oc-
cupied does not appear to take into ac-
count the situation when block occurs
and the entire running order is thrown
out.
AT present the practice is that in the
event of such an occurrence. when the
trave! is again resumed. the cars are
required to run without q stop except to
let off passengers until something like the
normal Roadway has been resumed. With
no exception allowing for the possibility
Of accidents it is said it would be impos-
sible to straighten out the schedule with
in reasonable time.
One of the effects of the recent depres-
sion is shown by a comparison Of the divi-
dends paid this year by twenty coffee
companies as compared with the amount
paid last year on this account. or this
number of dividend paving companies all
but six continued such disbursements dur
ing the present year.
What was paid this year on the account
in question was S29.OO0.O0O less than that
Of last year a reduction of 62 per cent.
Ay,lxy sfn 4 nfA lot In,
neither passed nor cut dividends.
According to the Wall Street Journal,
during the first six months of the pres.
ent year ten railway and thirty-seven
miscellaneous companies have reduced
or passed their dividends from those of
a year ago.
The reduction in the total of dividends
thus paid amounts to $40. 900 or about
30 per cent. The same authority states
there are many other companies whose
earnings have not justified the continu-
ance of the present dividend rate, but
their directors have held that since bust
ness conditions indicate an improve
ment during the next six months, that it
is better to maintain an unbroken divi-
dend record rather than to retrench.
In this latter class is the Baltimore
and Ohio Railroad Company, the directors
of which recently declared another COM
mon stock dividend at the per cent rate,
although that made the total disburse-
hicutS LII Ile past year III eS-
cess of the net income. This amount will
be drawn from the accumulated surplus,
which aggregates SIS 000,OO
The statement is made that the deter
minat ton to continue the dividend in spite
of the deficit in current receipts was due
in a measure to the change for the better
shown by the June earnings making the
best net result the road has made in any
month in the last seven. except March.
The current gossip credits the Union
Pacific, holding $32334 coo Of bonds and
common stock, as being the chief advo-
cate of maintaining the dividend, with
the Pennsylvania, having an interest OF
s21 219.OOO. in opposition
Lem Towers. jr., will depart today for
an extended trip through the west, to
include the Yellowstone Park and the
cities on the Pacific coast He expects to
Ire gone five or six weeks