Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-08-20
DIVIDENDS PAID ON
PREFERRED SHARE,
important Intrastate Rat
RuIing-Stock Dividend TAI
on Sales Expected.
BY 1. A. FLEMING.

checks for the belated preferred d
vidend on Washington Railway an
Electric Company. were mailed We,
terday..
with each check was a circuls
letter signed by w. F. Ham, presidel
of the corporation, reciting the pas,
ing of the preferred dividend. Eel
ruary IL. 1920. when it should hay
Deen declared. one-half payabi
March l and the balance June / al.
referring to the granting of increase
1ares and the action OF July IS in ol
dering the past-due dividend paid.
According to the circular, no az
tion has been taken on the next pre-
ferred dividend. one-half of whic
should be paid September /. 1920.
The chances at this time are nc
favorable for declaration in time I
make the payment on schedule.
1t is therefore probable that tn
directors will temporarily pass tn
declara ton pending the development
to indicate whether or not the div
dend has been earned. 1t is not be
lieved that the shareholders will hav
long to wait for their dividend.
The present board of directors be
lieve in efficiency and reduction q
needless expenditures wherever pos
Siblc.
In Accord With Ruling.
Bankers and stock brokers are not /
the least surprised by the ruling of tn
internal revenue bureau in the matte
of taxes on stock dividends, after tn
cashng of the securities so receive
through a sale thereof
The public utility commission of Ne,
Jersey holds that it is without pows
to suspend the increase in intrastat
rates of 40 per cent on freight and
n m cob dull y,
decision followed a hearing before tn
commission last Tuesday, largely at
tended, in which the commission rule
that the percentages of increase author
lied by the Interstate Commerce Com
mission must be applied to intrastat
rates as well as to interstate rates am
that 1T would be unfortunate if state
assuming their power should restrict tn
general application for increases"
The board further said: Apart from
the confusion and undesirable compiled
tons resulting from an inharmoniou
rate structure, eventually no saving
would result from the general applica
ton of the increase rates fixed by stat
authority lower than that authorize,
in Interstate traffic. The revenue Con
gress has declared the roads shall re
ceive, in such case, would have to ID
| made up from still further increase
in interstate traffic. Articles trans
ported in intrastate traffic are for gen
eral use. They reflect the carryin;
charges and increases in these rates I,
make up the deficiencies in interstat,
rates would affect ALL
This is a decidedly important ruling
as some of the state commissions have lie
fused to recognize the advanced seal
Ohio acted favorably yesterday in til.
matter.
! Local stock Market.
The higher prices on Wall stree
, did not sIiffen the local securit,
market to any appreciable degree
Nor did the prices on the few stock
| sold Indicate any especial weaknesi
but the bid prices generally indicate,
a disposition on the part of wouie
| be buyers to demand concessions.
| Capital Traction stock sold at So;
and the later at S51a. Railway pl.
| ferred was steady at As.
! A study of the bid and asked gu
tations will show the easier trena a.
many values.
Personal Mention.
William b. Orme, secretary of II.
i Washington Gas Light Company, H.:
returned from his vacation spent :.
Blue Ridge Summit and Atlantic Cit.
George NJ. Whitwell, the assistaA
secretary, is leaving the city to Jo
his family in Maine.