Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-07-24
WASHINGTON UTILITIES
PASSES IT'S DIVIDEND
Earnings Satisfactory, But $loO,uo
Cash Is Diverted to Aid One OF
It's Associated Corporations.
Changes in the Managers OF Com
mercial National Bank Branches.
Gas Leads the Local Market.
BY I. A. FLEMING.

BY I. A. ELEMlNt.
, The directors of the Washington
Utilities Company, organized to finance
and If possible is vehicle for street
srailway consolidation, decided at their
last meeting to pass the July DIVIDEND
amounting to $4,000. or dollar on
each share, the annual distribution
being 81 a share.
This is the first time that the corpo-
ration has failed to make it's payments
and the non-payment at this time was
due. not because of any lack OF earn
ings but by reason of the diversion OF
earnings to the relief of the WASH
ineton-virginia Railway Company.
: 1t is alleged that a block of $4,000
of the old bonds. with coupons intact.
Of the Washington, Alexandria and
Mount Vernon Railroad Company,
which was supposed to have been de-
stroyed, subsequently came into the
hands of an innocent holder. suit
resulting, in which the Washington
Virginia Railway Company was beaten
and the bonds and coupons held valid.
Judgment was for about 100000.
The Washington Utilities Company is
a large holder of Washington-Virglni
Railway Company shares and the
directors of the former deemed it wise
to come to the assistance of the con-
sstituent corporation and pay off this in
debtedness. In this way the obligation
was liQuidated, but the stockholders
of the Washington Utilities Company
are out their usual July funds from in
vestments in the latter corporation.
The whole matter of the finding Of the
old bonds, the suicide of trust COM
pany officer, ETC.. are matters of court
record.
Shift Of Managers.
by the Commercial National Bank as
manager of It's Panama branch, to sue
coed Mr.. Boiling. resigned.
Mr.. Shafer was formerly manager
Of the Cristobal branch of the Conn
, mercial National, and his place will
<be filled by the appointment Of Franz
Won Shilling, recently with the First
National Bank of Glouster, Va.
Proof Of the Pudding.
The present value of the securities
in the Rockefeller Foundation is said
to be about $21.oo0.o 900. as compared
with the original cost Of the various
great fund of $s.150.000.
Not every one cares to take chances
in buying stocks costing more than
5000 q share-;t takes too much
.money-and more when the cost is
$500 q share and over. Moreover, 1t
takes cash to buy, or unusually heavy
margins.
financial writer recently advised
the purchase of these high-priced
shares in small quantities. to be locked
up and forgotten until the day Of fat
dividends and extra disbursements.
Atlantic Refining Oil was $351.91. but
1T went into the Foundation, now $685.
a share: Ohio Oil was 5000. and is
now $3.50 share; Prairie Oil cost
standard OIL of Indiana was $217.0s
when placed in the Foundation; Stand
ard Oil of Kansas. 1894: of Nebraska.
.s149.64: of New Jersey. s257.2s; of Ken
lucky. 1895. while Ohio Oil was SELL
ing at s60.39 a share when placed in
fthe Foundation. The following are the
prices now current on the five last
named stocks, respectively. $500, 1870,
$3.50. $500 and $3.50 a share.
Local Stocks and Bonds Active.
Tho session Of the Washington Stock
Exchange today was full of interest.
The volume of business was moderately
largo both in stocks and bonds and
prices. while unchanged. showed a lit
tie frmer tone.
Washington Gas was clearly the
5eader with sales Of 176 shares at rs
to 75A. The business of the corpora
ton is said to be the best in its his
tory. and investors are accumulatine
shares.
Capital Traction was little frmer
A few shares sold at S. and a few OF
Railway preferred at 81h
The special feature of the session was
the sale of four ten-share lots of Ma
tional Capital Bank stock, a concern
whose shares are very closely held and
that rarely figure in the daily stock
market transactions. The first sale was
al 210. the next at 2l3, then 215 and
the final transaction at 2l51. II there
have been sales of this stock on the ex
change previously it must have been
made years ago. as there are no recen,
recorcs.
II Is within the probabilities tina,
there will be more or less transferring
of bank stock within the next ninety
days by retiring directors with incom.
ing officials. through the operation OF
the Clayton act.
Bonds were very firm, with sales a,
1861 for Capital Traction SIS, 10lk TO,
Potomac Consolidated IS and I02 for
Riggs Realty 5s. long term maturity
Typesetters were nominal Lanstor
being offered at s2iz with SIX the hes,
bid.