Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-12-01
LOCAL BONDS ACTIVE,
WITH PRICES STRONG
Total Sales on Call, $4,000 Face
Value-Traction 30 Higher.
Railway As Wanted.
Rumor of Early Rate Decision Favor
able to Railroads-Stamp
Taxes Annoyances.
BY I, A FLEMING,

While there wasn't much trading in
the issue. other bonds being more act
i've. Washington Railway IS were real
ly the center Of interest on the regular
session OF the local exchange.
There was slight turn to weakness
early in the session, but 1t entirely dis
appeared later in the day when bids
for ANY part Of 100000 at so" were
made and reiterated. There were or
ders around the room for small
amounts at the same figure The FIRST
transactions in these bonds were at
SoA. initiating the days trading.
while sale at S0h closed the session.
Potomac Electric consolidated IS
were active to the extent Of $4,000 at
Ss&. Yesterdays bid price was 99K
and the asking. 101. First mortgage
5s of the same company were offered
at 105 with 1913 bid
sale OF Capital Traction 5s, IS,
was made at los. one-quarter Of a
ipoint better than yesterdays only
transaction in this issue.
| Total sales were $4,000 face value. as
compared with $1,000 yesterday. indi-
eating satisfactory increase and fur
Their confirming the good Judgment of
the governors in reopening the ex-
change.
The Proxy Tax.
Dividend and interest checks for
about 100000 were received by Wash
ington investors this morning. With
the dividend checks of at least one
large corporation proxies were sent
out for the annual meeting in January.
1915
Under the new war tax law it will be
necessary for shareholders who send
proxies to corporation meetings to at
NIX a 10-cent revenue stamp to each
proxy.
This makes it questionable whether
as large percentage of stockholders
will be represented by proxy at meet
ings as heretofore, where probably
ltwo-thirds of the stock is present by
documentary evidence.
| The war tax caused considerable COM
ment in banking circles. makers of
notes being informed as they presented
their paper that a stamp tax was nee
essary. Bank officials who DELAYED Sc
curing their supply of stamps until
yesterday found such a crush at the
one sales Office that their messengers
were forced to wait several hours
some to return again this morning.
The Rate Case.
There was a we'll defined rumor on
the street that the interstate commerce
commission had practically agreed
upon a decision in the rate case, that
the report would be handed down with
In few days and that 1t would give
the railroads practically the advances
asked.
l Leaks from the commission are I'M
known and there has been nothing in
the recent action and rulings of the
body, other than in passenger rate in
creases, that could be in any way con-
strued as indicative of the intent of
the commission.
1t is understood that different men,
bers were given different phases of the
session of the commission was held
yesterday on the rate subject.
1t is said. unof1cially, that some Of
the members are at odds over granting
the ground that other departments
have not been paying their just pro-
portion Of the expenses. this being in
line with recent approvals of schedules
tshoWing advances in passenger charges
| 1t is also reported that the commits
sion will make further inquiries into
the proposed advances in Communication
fares The proposed advances inject a
new element into the rate case.
| Should the rumor Of a favorable de-
cision prove true it would be the signal
for a speedy revival in steel rail max
Ing and in other trades and industries
dependent on railroads to a large ex-
ttent.
Under section II of the federal re-
serve act. the salaries of members of
the advisory council of the federal re-
serve system shall receive such COM
pensation and allowances az the board
of directors of each regional bank may
fix subject TO the approval of the re-
serve board.
1t is said to be the intention of the
board not to approve any salaries at
this time, but allowances, covering
travelling expenses, etc, will be paid.
Financial Gossip.
The gross earnings of the Seaboard
Air Line for October showed a loss
of s542.735; net earnings decreased
$47s.217.
Chicago and Alton for the third week
in November decrca sed in gross earn
ings s44,1s3.
Canadian Pacific FOR October, gross
earnings decreased s5.197,2Ss; net, 81