Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-09-04
LOCAL DISBURSEMENTS
. THIS MONTH $314,25O
Washington Investors Ignore the
High Dividend Returns on
Public Utility Stocks.
Southern Banks to Receive Ample
Cotton Funds at 8 Per Cent on
Ninety-Day Paper.
BY I. A. FLEMING.

September, Is a poor month for divi-
dend and interest disbursements in
Washington, as is the case elsewhere.
There is decided falling off in coupon
cutting in the District, as none of the
government issues pay interest, and
but few local investments are made
in the three local corporations that
do pay interest In May and September
The American Telephone and Tele-
graph Company pays on It's and II
per cent convertibles; the Washington.
Baltimore and Annapolis, on It's per
cent bonds. and the Washington. Alex
andria and Mount Vernon, on It's per
cents In the two former issues there
have been no transactions this year on
the Washington Exchange. and the
payments to local investors on their
interest account would be more or
less negligible factor. The local hold
inRs of the Wa arlington. Alexandra and
Mount Vernon Company are larger
than in any other corporation named
in this list, but are not especially
large at that.
Dividend disbursements are increased
materially by the payments OF me
Washington Railway and Electric
INTEREST PAYMENTS.
w. A. & Mt: Vernon S. vi 20 1so
DIVIDEND PAYMENTS.
Washington R. g. F. .$1l3. 80
Washington R. & E. pfd.-....-.-..... l95 ~ ~
po.omsr Insurance Observation-Disclosures. 5000
ro.,, .s2ss 900
Grand total disbursements. 1914, $50
With over s2.500.000 of disbursements
nd r
only small portion of these funds
has found its way back into the market
in the form of Refreshments
Cold to Local Stocks.
Washington investors and traders
have not been neglectful of their OPP
portunities in Wall street, but they
have given the local list the cold Shout
der.
At the current prices the net returns
on the investment in any OF the leaae
ing local utilities is larger than can be
made through the legitimate employ
ment of funds elsewhere.
At 81 Capital Traction returns 4-1o
per cent on the investment; at the same
price Railway common pays ABOUT
per cent and Railway preferred pays
a little better than $40 per cent wash
ington Gas at II pays about o-T per
cent.
neglect of the investments noted. and
1t is none other than the fear OF regu-
lation. with perhaps changes IN the
scale of revenues. There probably VIII
be no reductions IL the gong rates !
for street car fares and any action
taken by the Commissioners will be
subject to review in the courts.
Jitney competition was grealiy
feared. but the utilities commission mas
decided to regulate this service, ana
wherever this attention was given the
effect has been decreased operation.
Lowest Rates in South.
The federal reserve board announced
the approval of per cent rediscount
rate for the regional banks at Atlanta
and Dallas on ninety-day commodity
paper. Moreover the Secretary OF the
Treasury announces that he will fmme-
diately place $15.ooo.ooo gold in the re,
gional banks at the two cities named
and Richmond and will follow this with
a like amount later on.
The low rate is on commodity paper
specifically secured by warehouse re-
ceipts on non-perishable staples, being
particularly designed to aid the cotton
states in carrying cotton. In the event
of the seas not being open to the world
transportation at the end of the three
months 1t is likely that the federal re-
serve board will make new low rate
Southern bankers in the sections
named can make rates on cotton of
or s per cent, figure that the plant
ers of the south have never before
enjoyed-about half usual rates.
Indications are that the relief will
indeed be ample" and the rate low
enough to prevent any great addition
to the cost of the south's chiefest
staple to the producers through hav-
ing to hold crops.
Will Ask Rehearing.
Western railroads have definitely de-
cided to ask a rehearing of the freight
rate case before the interstate COM
nlerce commission. and motion to
that effect will be filed some day next
week. The main ground upon which
the rehearing will be asked is that 'the
commissions opinion is entirely in
consistent with itself and with previ-
Gus decisions. generally and specifi-
calIy."