Evening star., 1924-06-24
RAILWAY COMMON !:
SCORES new HIGH
Stock Opens at 70 1-2 and Later
Reacts to 76-14O Shares
Change Ownership.
MORE DIVIDENDS DECLARED.
o. S. Surplus May Reach Half
Million for Fiscal Year
BY CHAs. p. SHAEFFER

common stock of the washine-tor
hallway and Electric Company again
scared to new high territory nm tbe
washington Stock Exchange tins
morning. opening at 79h, or o.
points above yesterdays close. Twen =
ty shares sold at this level, subse..
Quent sales of 10 and 20 share lois
resulting in an easing-off tendency
until the close when the sales record
showed a total of 40 shares changing
hands, with the last transaction nade
at rs. These closing figures repre-
sent a net loss Of fun point over
the previous close
Increasing activity in this issue.
with the resultant steady climb TO a,
succession of new high levels, leads
many to believe that the suit oyer
hghting charges which has been
pending in District courts for years
parent that present buyers OF tho
stock believe the decision, when
handed down, will be favorable to the
company, thus sustaining the companvS
plea that the present charge for light
ing current is equitable and lust Il
the courts do decide in his way a
contingent reserve fund of approx
lmately $4,000. 900, which has been ac-
cumulated since litigation was in
sututed several years ago, will be,
mon issue, no doubt, expect q portion
OF this fund will be disbursed in
cash dividends to holders of the com
mon.
Capital Traction stock recorded
slight advance to 92a, while Wash>
ington Gas Light was weak al as.
bonds were listless.
Several Dividends vo.e5
Directors of the Security Storare
Company have declared their regU-
lar quarterly dividend of ; p.t
cent and an extra disbursement OF
l per cent. payab July 10 to stock
holders of record June 80. The com
pany has been on an annual basis of Is
per cent. which was raised to 20 per
cent in 1923, which rate will probably
be maintained this year.
DIRECTORS of the Comm ercial Ma
ional Bank have declared the usual
quarterly dividend of 11a per cent,
Payaole July !, 70 stock Of record
June 26. This institution maintains an
annual rate of s per cent
The District National will pay Its
usual quarterly disbursement of
per cent on June 80, TO stock q
record June %.
The Firemen's Insurance COMPANY
has declared it's semi-annual diyi
dend of 3 Il per cent, payable July l.
to stockholders of record June "A
A new issue of s10,000.000 OF Vir-
ginia Railway Company bonds is Of
fered for public subscription today
to raise funds to take up in part a
loan made at per cent by the United
States Railroad Administration dur
ing the war. The issue is being un-
derwrtten by the National City Com
pany.
Half Billion Surplus Effected.
lion dollars will be found at the end
Of the fiscal year. June so. it was est-
mated yesterday by Secretar Mellon
Previous estimates on the surplus had
placed it a about 1928. 100000
About $50, 900 came from a. casn
payment by the British government
which heretofore had been using
American government bonds to make.
other s55,000.000 came from the sale
of railroad securities, held from war
settlement days by the Railroad Ad-
ministration. March tax payments
also exceeded expectations. as did the
payments June Is, when incomplete
figures show about s345. .000. 900 was
paid in. The excess in funds will be
applied automatically to retirement
of the national debt of around SEE
o00, ,o0o,o 900
Bankers at Convention
W. T. Galliher, chairman of the
BOARD OF the Federal-American Ma
| tional Bank. and Col. Wade H Coop
| er, president of both the Continental
| Trust Company and the United States
Savings Bank, are attending the Demo-
| cratic convention in New York City,
| Institute Elects Officers.
| James A. Councillor has been elected
| president of the District of Columbia
| Institute of Accountants. Edward "
| Tyler is the new vice president and
| q NV +rk.a
er. The following comprise the board
| of directors: Lester Pratt, Mr.. Coun-
cilor. Mr.. Darby and William Cia-
| baugh.