The Washington times., 1915-03-13
PRICES ARE F|RMER
ON LOCAL EXCHANGE
No Sales Recorded on Regular
Call, and Only Two After Its
Conclusion.

Though no sales were recorded on
the regular call of the Washington
Stock Exchange today. and only two
sales after it's conclusion, prices were
firmer than on yesterday. The sales
registered after call consisted of 10
shars of American Graphophone COM
mon at so, or more than a point above
the price commanded by similar
block yesterday. and $4,000 worth Of
Potomac Electric Power consolidated
SIS at 99A, also a Irrational gain
over the last previous sale of the
bonds.
Washington Gas per cent bonds
were particularly strong, being quot
ed at 1o5 bid and 1861 asked, as
compared with the quotation yester-
day OF 104k bid and 105h asked.
There were several orders on the
floor for the bonds, but none were
to be had at 106 or under. the prices
to which the buying brokers were
limited.
The Southern Railway Company will
not pay it's regular semi-annual divi-
dend on the preferred stock In April.
Announcement that the dividend would
be passed was made yesterday after q
meeting of the board of directors in this
when the directors took no action on
dividends. and the report was not a dis
tinctive shock to Wall Street
The only other periods since 1897.
when the Southern Railway paid no DIV
idends on the preferred stock, were
was deferred for nearly four years. The
rate in 1897 and 1898 was l per cent a
year. In 1899 the preferred paid 2 per
cent, and In the following year 3 per
90 a N
from April. 1902. to April, 1907. the
rate reached its maximum of per cent
On October II. 1907, dividend of IN
per cent was paid from accumulated
another dividend until April. 1911. when
! per cent was paid. Another dividend
OF l per cent was paid in the second
half of that year, making per cent
for the year. Conditions improved IN
1912 and 1918. and payments OF ~
per cent and per cent, respectively,
were paid In these years.
} There was sufficient surplus in 1919
to warrant another per cent dividend.
but 1t was decided to pay only 2 per
cent in the last half. making ~ per
cent for the year. The dividend for the
second half of the year was in scrip
| redeemable in five years with interest
The earnings for the year ended June
3O 1914, showed a decrease In the net
operating income OF $1.500,000 over the
previous year.
Earnings for the seven months ended
| January 81 showed gross operating rev.
! enues Of $37.4ls,57s. a decrease over
the corresponding period year ago OF
| $b,302,429. The net operating Income
| was s7,65O,505, decrease Of $3.5ls,27S,
| or 31.5 per cent.
The questions of intra district clear
| ings by the Federal Reserve banks OF
| the country. and Of settlements between
| the district banks. have been referred
by the governors Of the Federal Re.
| serve Banks to q special subcommittee
Of governors to confer with members
| of the Reserve Board. following q
| lengthy conference of the governors
| which closed today.
| Clearances and number Of other
important details Of operation Of the
! banks, including cipher and cable codes
| relations between the Federal reserve
| banks and national banks examiners
| forcing exchange. and membership ir
| the American Bankers Association
were considered by the conference.
The subcommittee on clearances con-
sists of Governors McDougal Aiken
| Strong, Fancher and Seay. This com
| mittee will also take up with the Fed.
| eral Reserve Board the general matter
| Of relations between the banks and the
| treasury and subtreasuries.