The Washington herald., 1911-12-22


the common stock firm at 46 3-S, with the
preferred at 65. United States Trust was
unchanged at 121.
Ham Succeeds Harries.
William F. Ham, treasurer and comp
troller of the Washington Railway and
Electric Company. was Yesterday elected
first vice president and a member of the
BOARD of directors. succeeding Gen. George
! Fl. HarrieS. resigned. Mr.. Hams election
! to the vice presidency of the railway COR
aoration was made at meeting Of the
'uard of directors. He assumed his new
duties Immediately after notification.
! The position of general manager. held
Until a few weeks ago by H. W. Fuller,
| will probably not be filled. 1t is under
stood that the directors plan to eliminate
this office. and the plan will at least be
given trial. Should the idea prove sue
cessful, the office will be formally aban-
/ doned.
Mr.. Ham is a New Yorker by birth,
and has been connected with the Wash
ington Railway and Electric Company for
eleven years. c. (. Brown, cashier and
paymaster Of the corporation for ten
years. was elected to fill the position of
! treasurer to succeed Mr. Ham. who will
retain the position of comptroller.
Will Restore Bay Ridge.
! A plan to rehabilitate Bay Ridge, Md,
once a popular summer resort for Wash
! ington and Baltimore people, but which
has fallen into decay for the past five
| years, is understood to be on foot,
| backed by the Rennert Hotel interests
| of Baltimore.
The plan includes the erection of
100000 summer hotel, repair and re-
storation of the amusement features, and
| the installation of through car service
! from Washington and Baltimore to An
napolis and thence to Bay Ridge, several
miles beyond.
Thomas w. Smith, E. c. Graham, and
n. H. Shea are among Washington bust
ness men who have purchased property
at Arundel-on-the-Bay, nearby re-
sort, but the suspension of railway ia
cilities has necessitated a five-mile over
land drive from Annapolis. The restora-
ton of car service will be beneficial to
property owners at Bay.
When plans are completed, through
car service will be installed from the
Treasury to Bay Ridge.
II. & o. Revenue Statement.
The net operatiosg revenue of the Bal
timore and Ohio Railroad for the month
of November S2.227,S74, or an in
crease of $4O3, 1894 over the net revenue
Of November, 1910. according to a state
ment issued by the company. The net
operating revenue of the company for
the first five months of the fiscal year,
beginning July l. was s12,77S,S91, or an in
crease of S941, ,397 over the figures for the
same time last year.
The gross operating revenue for the five
months is stated as $39, ,734,13O and for
the month of November, $7,5S3, ,S35. The
total operating expense for the five
n
month of November they were s., 355 961.
An increase is noted in the expenditures
for maintenance of way. The statement
shows a generally promising financial
condition of the road
Corporation Tax Increased.
The. corporation tax division of the
Treasury yesterday increased the taxa
BILE assets of insurance corporations by
several million dollars by requiring that
dividends paid annually by the companies
to policyholders be hereafter classified
as income instead of surplus.
The change will result in the payment
of nearly $1,000000 a year on these
amounts as a corporation tax. The Mu-
tual Life Insurance Company will suffer
heaviest, Its annual corporation tax be-
ing increased by 100000. The Treasury
Department holds these annual dividends
are made possible by the imposition of
too heavy premiums upon the policyhold-
crs and should be classed as rebates in
stead of dividends.
Royal E. Cabell, Commissioner of Inter-
nal Revenue, in instructions to his agents
under the ruling says:
The various agents will, therefore,
continue to make up the returns from the
ledger accounts of the insurance COM
panies recommend disallowance OF any
deduction claimed on account OF divi-
dends, and report as items Of income all
panies and repaid to the insurance COM
panies by direction Of the owner thereof
even though the physical possession of
such dividends shall have continued with
the company"
Civil Action Suggested.
Commissioner Cabell, of the Internal
Revenue Division of the Treasury Depart |
ment, yesterday, in a statement to United |
States attorneys, suggested that proceed |
ings Instituted against delinquent cor |
porations for failure to make returns OF |
income statements as a basis for the |
fixing OF corporation tax, be prosecuted |
under a civil action rather than by in |
dictment in a criminal action. !
He sets forth that the statutory pen |
atty under the civil law fixes a penalty |
Of from $1,000 to $4,000 for such failure, |
whereas the criminal action, though sue |
cessful from the prosecutors standpoint, |
is lighter in punishment. The period fixed |
10. tAa rVoolripO oF &c