Evening star., 1915-01-15
REGARD |NTERESTSOF
SMALL SHAREHOLDERS
Considered by B. & 0. Directors,
When Using $500, 900 of Sur.
plus for Dividends.
Investment Buying of Local Securi-
ties-Banks Elect officers.
Financial Notes.
BY I. A. FLEMING.

BY I. A. FLEMING.
Directors of the Baltimore and Ohio
Railroad Company took into considera'
tion the fact that the company has
$4,000 shareholders who are owners o,
less than twenty shares each. 1900
with less than ten shares each. with an
average of about seven shares each
when they decided to reduce the semi
annual dividend only y of per cent, to
:is per cent compared with per
cent. the regular semi-annual distribu
ton. In order to make even the re-
duced payment. it was necessary to
take 100000 from the surplus, the pay
ment calling for s3,s00.00o.
In discussing the matter one of the
directors said: THE question was
whether we should pay only per cent.
which rate would have been covered by
the earnings of the past six months.
small shareholders SO per cent at one
stroke. or whether We should use
100000 of the surplus. which has been
built up out of the money of these
very shareholders, and by this means
reduce their income only 16 per cent.
1t appeared to us that even the 16 per
cent would be very substantial re-
duction. especially in view of the fact
working have not been reduced at all"
From the stock books Of the company
it was shown that S.231 women are hold
ers Of shares in the Baltimore and Ohio /:
that their average holdings was thirty
six shares that 1875 per cent Of the COM
mon stock, amounting to $4,000, 900, Is
held in Europe. including $1s.ooo.o00
registered in the name of the Deutsche
Bank Of Berlin.
For the last six months Of 1914 the
earnings fell off $6.51s.O00. 1t is ex-
pected that the rate increases which will
be effective in February will materially
increase the earning capacity Of the road.
Local Securities.
Business on the local stock exchange
today was somewhat larger, but gen.
orally stock transactions were in small
lots: the bond sales were more i'm
portant. Tho movement was entirely
on investment account. there being no
speculation in anything.
Capital Traction sold at 95a4 to 95,
odd share lots; Railway preferred in
like manner sold at 81. S3ss and s3M :
Mergenthaler brought 1913 early and 1872
after call.
Riggs Realty 5s. long term, brought
101: short term. 100. Washington Rail
way IS were wanted at S1H, and Poto-
mac Consolidated 5s at 993s
Bank Elections.
Directors of a number of banks or
Sanized yesterday and today and elect
ed their former officers, with practi-
cany no changes. Election results fol-
low:
National Bank of Washington-Clar-
ence F. Norment. president: Daniel Fra
ser. first vice president; Charles L.
White. second vice president: Albert B.
Fun. cashier, and ". Wallace Nairn
and George l. Starkey. first and second
assistant cashiers. respectively.
Commercial National Bank-Ashton c.
president: James a. Cahill. vice presi-
dent; Tucker X. Sands, vice president
and cashier. and F. E. Ghiselli and H
V. Hunt. assistant cashiers
Franklin National Bank-John B.
Cochran. president: r. s. Turk. vice
president; ]. Fendall Cain. cashier, and
j. E. Benton, assistant cashier.
The Washington Southern Bank elect
Robert H. Chapman, w. Gordon Craw-
ford. H. B. Denham. Charles NJ. Pepper,
Robert Smith, H. B. Terrett, j. Selwin
TAFT. A. r. Yeakle and John Zanier. OF
the board Robert Fl. Chapman. W. Cor
don Crawford and Robert Smith are
new members. Election of officers will
take place tomorrow.
1luduCldl 0oSS1p.
The seat of Friedrich S. Flower on
the New York Stock Exchange sold
yesterday for S3s.000. the same price
as the last previous sale.
About $4,000 tons of steel rails have
been ordered by American railroads
from Canadian manufacturers at about
s25.o0 ton at the mills.
Cincinnati. Hamilton and Dayton re-
ports deficit for 1914 of S3,s14,9sO
Western Union earnings for 1914 were
o.17 per cent on the common stock, as
compared with 3.17 per cent the previ-
GUS year. War news Transmission ac-
counted for the gain.
c. and P. Telephone Co.'s Report.
The annual report of the Chesapeake
and Potomac Telephone Company for
the year 1914 was submitted to Con-
sress today. 1t showed that receipts
on account of operations in the Dis
trict of Columbia for the year had been
s1.S94.Ss1.l3 and that the total ex-
penditures had been s1,I69, 1857, leay-
ing balance of s124.960.16 applica BILE
10 n u;