The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1919-06-28

The S35.OOO.OOo of Baltimore and
Ohio railroad ten-year 6 per cent
notes are reported finding a ready
sale in Washington.
The passing of the regular semi
annual > per cent dividend of the
road at the directors meeting in New
York Wednesday is said to have
strengthened not only the market for
this bond issue, but for the common
stock of the road also.
The National City Company and
Bonbright & Co. are among the Wash
ington investment houses which are
handling this issue. The National
City Company reported the bonds do
ing exceptionally we'll for a large is
sue and indicated that many holders
OF the Baltimore and Ohio securities
were investing in this new issue.
The passing of the dividend does
not mean that the road is in any finan-
cial straits. AS President Willard
said, il was merely done as a precau-
tionary measure until the future earn
ing power of tie road is stabilized and
established by the return of the roads
TO private ownership or legislation is
passed guaranteeing the roads stable
income. The preferred dividend was
ordered paid as usual
President Wizards statement to the
directors showed the net operating
income of the road for 1918 to be
S3,30O,OO0, and the Government rental
S30,03 900, which after deducting
$22, 063 900 for fixed charges and
other expenses left 81, 26S,OO9 for
Federal income taxes, reserves, divi-
dends on the common stock etc.
Estimating the amount Of Federal
taxes as $4,000 900 and the preferred
dividend of 4 per cent, making So
100000. the company has availed for
dividends on its common stock &c.
S6S,0o0, which would permit a 4 per
cent dividend on the common stock.
Richard w. Hynson, district sales
manager of the National City Com
pany. is confined to his home for
few days by sickness.
A dividend of 81 q share was today
declared on United Alloy Steel.
National bank notes outstanding
today totaled $719,627,570 and Fed
eral Reserve notes $1S6, 466,9S6, ac-
cording the weekly statement of
the Federal Reserve Board. National
bank notes issued during the week
were SS.64S.S6O. and Federal Reserve
notes $3,S6S,OOO. National bank notes
destroyed during the same period
were $9.3S6,955, and Federal Reserve
notes $2,S44.
The Bureau OF War Risk Insurance
announced today that it had awarded
over $75O,O00,0O0 in insurance claims,
exclusive of all other claims or pay
ments, since January l. over ST0,-
100000 a year is now being paid out
in twenty-year- monthly installments
to beneficiaries OF men killed in &C.
ton and those who died in camps.
The Washington Stock Exchange
will pay to the District government
their annual license tax Of $500 next
Tuesday. Four private banks Of
Washington will also have to procure
4 license for the fiscal year 1920 at
the same cost.
The Commercial National Bank has
declared regular quarterly dividend
Of 215 per cent, payable July l to
stockholders of record June &c.
Announcement was made last night
by officials OF the Washington-Vir-
ginia Railway Company that the
semi-annual interest on the s.. SOC, 900
) per cent bonds of the Washington,
Alexandria and Mt Vernon Railway,
which the former company absorbed,
recently defaulted, will be paid Mon
LAY at the office of the Real Estate
Trust Company. Philadelphia
William Z. Cadwallader, cashier of
the Commercial National Bank. and
Wade H. Ellis. attorney, have been
elected directors of the Washington
Virginia Railway Company To sue
coed Ashton G. Chaplain and r. w.
King, of Philadelphia, general man
aser of the road, both Of whom have
resigned.