Evening star., 1923-04-26
RAILWAY COMMON
DULL AND STEADY
Quarterly Dividend Declared.
A. B. A. Council Votes
Against Moving Here.
BY L A. FLEMING.

As expected. directors Of the Wash
ington Railway and Electric Com
pany declared dividend OF Ia PEI
cent for the three months ending with
May, payable June I, to record share
holders Of May 10.
1t Is understood that there was no
hesitation on the part of any of the
directors in making the declaration.
nor does the action taken pledge the
directors to another declaration three
months hence, although there would
probably have been no declaration at
this time unless the directory had felt
that they could maintain the rate fo'
some time to come.
Stockholders of record May 10 viii
receive $s1.250, being the IA per cent
dividend.
Dividend records of the company on
the common shares since incorpora-
ton were recently given in this col
umn, showing that the last dcClara-
ton had been made In March, 1919
AS a market influence the declara
tion will probably have no more ef-
feet than TO prevent some selling.
that is, to stiffen the views of hold
ers, and, maybe. bring some small
gain In price
Today's session of the local eZ
change demonstrated this view. IS the
bid price remained unchanged at 6s y
and the asking price was inflated two
points to 20. but after the call three
sales of ten shares each were made
at 6sk, practically without chang
from last weeks closing price. if any
thing. slightly off.
The three ten-share lots were a.
that sold. while the preferred shares
were nominally the same to little
better than the common dividend makes
the preferred look a little surcr. 74ls
was bid and 16 asked. as compared
with sales at 75 yesterday.
Other Business ON 'ChanEe.
Other sales today included a few
off shares of Capital Traction at 93l4
and $685. number of ten-share lots
OF Continental Trust Company at 80.
and Chesapeake and Potomac Tele-
phone SIS at 81.
As an Investment.
Purchasers of the 27,500 of Railn +
common stock, interests in the Mort.
American Company" have denlor.-
strated the wisdom of their purchase
At 81, the reputed purchase prize
they have an So per cent investment,
after six months of no returns. Bu-
as for a large profit. that is ques-
tionable- Any attempt to turn any
large part of that stock back 10
Washington holders would quickly
result in quick decline in the
market
AS ar investment 20 washingtoniaus
the stock at 20 is better than a IL
per cent investment-that is. it pays d
fraction above per cent and is free
from the intangible stock tax Of the
District of II of per cent.
The refusal of the Supreme Court to
review the decision of the Appella tc
Court In the impounded fund case. was
strength to the shares of Railway
common than the dividend declaration.
Vote Is Against Washington.
The executive council of the Aneri-
can Bankers Association this morning
discussed the question of removing
the Headquarters of the association
from New York to Washington. D. c.
Gil meeting worked diligently on behalf
OF their city. but when the vote was
counted. New York was declared the
winner by vote of 81 to 2s.
Washington delegates hope to have
the question reopened at the conven-
tion of the A L. a, this fall at
Atlantic City.
Director Elected.
Maj. Henry Leonard. prominent in
| business and social Washington. was
elected to the board of the National
Metropolitan Bank yesterday after
noon.
Aid Germany and Austria.
British banker. F. c. Goodenough.
chairman of Barclays Bank, London,
believes that Great Britain and Ger
many as the two great creditor ma
tions of the world. can by operating &
together on commercial lines, carry
the matter of rehabilitating Austria
and Germany a long way.
He believes that German rcparat1on
bonds could be made attractive il the
principle of the indorsed bond were
accepted.
II feel sure that the investing public
in Great Britain and America, in fact,
throughout the world. regard a bond
given by Germany, specifically secured
by German assets and bearing also the
Endorsement of dhe recipient nation.
which had received it OH account OF
raparations. would prove a satisfac
tory security when once a reasonably
satisfactory settlement is in sight.
THE placing of these bonds should
enable Austria to recover from the
desperate position into which she fell
and again to become the financial cen
ter of that part of the world. Should
this result, great benefit would accrue
TO those interested in foreign trade