The Washington herald., 1912-10-23
Local Financial Matters


ginia directors to accept an offer ffom
the Maryland Virginia for their stock
and the submission of the matter to q
vote of the shareholders, merely per-
functory as the directors OF the Mary
land Virginia are practically the chief
est shareholders OF Washington Virginia
Railway Company shares.
There may be an odd shareholder or
two who may have something to say in
the negative. but majorities control.
This step will also be brought up for
approval.
Moving along. when the time comes.
well oiled and smoothly. the machine
will then begin to consider the acquisi-
ton Of Washington Railway and Eiec-
trio stock.
Further than this deponent sayeth
not.
N. B.-The word merger" II used
above has inadvertently crept In.
The Potomac Electric Light and Power
Company is the particular bright and
profitable adjunct of the Washington
Railway and Electric Company. In
word, it is a grand little money-maker,
growing beautifully and adding dollars
to the treasury of its owner. demon
strating the wisdom that attached II.
years ago.
FOR the nSCdI year enueu JuHo Oos
the Potomac Electric Light and Power
Company turned over S475.c0o to its cor
porate owner. It sold $23l.57o worth Of
power, and since its attachment to the
circuit OF the Washingfon-Virginia Rail-
way. as noted ten days ago. II has made
further use of its Juice" Tho $f75.000
was a dividend.
The total revenue Of the Washington
Railway and Electric Company for the
year ended June 30. 1912, was $l.6so. .ls2,
made up Of $1.3s5. 759 passenger revenue.
sesl. $50 power, s4s.7l6 rent for equipment.
$6,123 from rent of tracks. with sufficient
other items of lesser importance to make
the gross operating returns s1.sso.1 .1s2.
The net operating revenue was SSH, ,359:
income from securities owned by the
company. $4S5. $50; interest on deposits.
1882
Net income of the Washington Rail-
way and Electric Company was $ss1.0l.
Distribution OF this income: Dividend
on preferred stock, $i2s,sel; on common
per cent. $194. .532 Surplus for the year
ended June 30. 1912, $I9. 1S-- At the be-
ginning of the year the surplus was
1914. .723. making a total surplus OF ST.
0245o2.
After much bantering. pro and con.
the aggregate business on Change yes
terday was eOs shares Of stock and ST.
600 face value Of bonds.
Traction brought 123 3-sa123 IL, but
was offered freely at 123 IA after call.
Washington Railway and Electric con-
tributed five shares to the total. little
preferred at 81.
Two sales Of Gas at IS 5-s. two ten
share lots of American Security and
Gx-1 zt.ov- Late nj
Washington Loan and Trust at $40 COM
pieted the gradually lessening record.
On the call there was very general
lowering of bid prices throughout the
list, extending to bonds that rarely fig
ure in the records of the day. For this
reason the bid and asked prices are
worthy of consideration.
Traction SIS. ITO 81: Columbian SIS,
100 Is; Railway As, 50 3-S to S3 SIS, and
Metropolitan r. r. SIS, l0I.
There is but little chance of capital
lists becoming interested in a finance
building. The various organizations re-
ferred to as interested in a meeting
place-the Stock Exchange, Clearing
House, District Bankers Association.
and the Washington Chapter. American
Institute of Banking-are not big rent
payers in the aggregate or as separate
institutions. The Bankers Association
occupies parlors in the New Willard,
paying only for refreshments. The
Washington Chapter meets evenings
once a week in season. The other bodies
meet daily for less than one hour q day.
There is little prospect" for capital
in the rental possibilities for a building
proposition.
A floor in the new National Savings
and Trust, on which work will begin
about December /, would be ample as to
space and probably as to rent.
Hon. r. E. Cabell, Commissioner of
Internal Revenue, and Mr.. L. F. Speer,
chief of the Division of Corporation Tax.
Internal Revenue Bureau. have returned
to the city. after an official trip to vari-
Gus points in the West, where matters
pertaining to the special excise tax on
corporations and other internal revenue
tax matters were investigated.