Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-22
LOCAL FINANCIAL NEWS.

The action Of the board Of directors Of
the Washington Railway and Electric
Company at meeting yesterday in de-
claring the first dividend yet paid on the
common stock Of the company vas an
nounced officially to the members Of the
Stock Exchange at the session today. FolI
lowing the usual rule in regard to all dfv-
idend payments by the corporations Whose
securities are listed on the exchange, a let
ter, signed by Clarence F. Norment, presi-
dent of the company, was read, stating
that "a dividend of 1 per cent on the
common stock has been declared out of
the net profits of the company for the
half year ending June 30. 1909, payab BILE
December L. 1t was stated further that
the books for the transfer of stock would
be closed on the 18th Of November.
This declaration of dividend at the
rate of per cent year, or 81 per share,
was in line with the general understand
ing OF the street for some time past.
which. 1t Is believed. caused the stock to
advance of late months. So thoroughly
had the information been discounted that
hardly apparent in the market for the Sc
curities OF the company. Three fifty-share
lots OF the common stock sold at Al and
1914 and the bid rose to 46A. The stock
was to be had at 49,. but there was no
further trading Yesterday the asking
price was 4619. and the bid price slipped
down about point from that OF the pre-
ceding day. when 1t was &C.
1t Is noted that nothing was said about
this dividend payment being a semi-ah-
nual occurrence. but as it was stated
that the dollar a share to be paid the
LIST of December next on the six and q
half millions Of common stock is to come
from the net profits of the company
fin fhn hall
1t Is thought the prospects are favorable
for having enough money at the close OF
the current six mon, his, ending December
81 to enable the company to pay another
dollar per share, thus making two dol
lars per share for the year.
Some of the brokers were discussing the
situation of the common stock just before
the exchange was called TO order today.
The idea was advanced that 1t would be
an excellent plan to merge the two stock
issues of the company into one In such
an event the common stock would be ex-
changed for the preferred on the basis
of two Of the common for one OF the pre-
ferred, thus making the total issue twelve
millions instead of fifteen millions, as at
present.
The call was not productive Of much
business. The only feature OF conse-
quence outside of the interest in the
Washington railways was the sale OF
from 50 to IS. with the stock offered at
the close at 6s14. both levels being low as
compared with the record for some days
past
Another item was the sale of several
lots of Lanston at 10. but the supply of
stock at that price proved to be greater
than the demand. SO that 1t was still to
be had at that figure when the trading
closed.
The announcement that the Stock Ex
change desires to have a meeting place.
with a somewhat stronger claim to 1t
than a monthly lease. has brought to the
attention of Mr.. Mearns. the chairman Of
the governing committee. a proposition to
erect building In the central portion Of
the city. the entire top floor Of which is
to be for the use of the exchange. The
building. it is suggested. is to be known
as the Washington Exchange building. AL
that would be asked from the exchange
Is the payment of a yearly rental. such
as 1t would pay for similar accommoda
tions elsewhere. The scheme appears to
Mr. Mearns to be good one.