Evening star., 1924-12-29
v. R. & {. COMMON
QUIET ON EXCHANGE
Stock Hardly Moves Follow
ing Compromise on EIec-
trio Light Rates.
By CHAs. r. sHAEFFER.

Common stock OF the Washing
ton Railway & Electric Co. was
meticulously avoided on the Wash
lngton stock Exchange this morning
Irue the issue was bid up j point
from Saturdays close, to 81, buL
there was none offered at any fgure.
From the utter disdain with which
the security was treated this morn
ing IT Is obvious that Washington
Stock Exchange members, at Ieast
intend to retain their holdings until
such time as the company's directors
nave an opportunity TO get together
for an exchange of views as TO the
disposition of the approximately SO
0oo'o0O awarded the company las
saturday in the compromise on elec-
trio light rates.
Directors of the Washington Rail
way and Electric Co. voice unaninity
OF opinions on the matter. For in
stance II is confidently predicted
there viii be no wholesale melon
spiltung, but it is also argued com
mon shareholders should receive tho
return on their investment during
the lean years when dividends were
suspended.
May Pay Back Dividends
For three years, beginning with
1914 the common issue was on an
dhhudl OASIS or per cent. In 19l,
| the rate was reduced to 61z per cent.
! thence to per cent the following
yeat In 1919 the first quarters div
| dend at the rate of per cent was dis
| burSed, whereupon the company was
forced TO suspend further payments
until June. 1923, when the present
! dividend of per cent was resumed
| and kept up to date.
| The preferred stock OF the con
a
basis and is not in arrears. This
| stock is also preferred as to assets
| After payment of this dividend d.
| rectors N'may,' at their discretion
disburse the remainder TO common
/ shai eho'ders.
If directors Of the company should
| devote part of their impounded por-
| tion 10 common shareholders in the
| form of passed dividends. these pay
| ments will aggregate 26I4 per cent.
computed on the former annual rate.
! There will be no special meeting o.
| directors 10 discuss disposition OF the
| fund, it was said this morning. The
next regular meeting of the board i
| scheduled for the third Wednesday in
| January, when the matter viii uu-
doubtedly be brought up.
Local Stocks Active.
Brisk trading characterized today f,
session on the local market. Ian
ston Monotype moved upward TO -.
on sales of 160 shares. while Mer-
chants Bank & Trust Go. alsu
scored a point rise to 1872 on sales Of
200 shares. There was a good de
mand for stock Of the Washington
! Gas Light Co, the level holding
| firm at 53Ss on sales OF 210 shares
! Railway preferred. which cannot ben
! eft monetariIy from the compromise
arfi ri ella
! so shares. Union Trust Co. was
| strong al III, while Capital Traction
was easy and unchanged at 91s4.
The bond side OF the market was
neglected.
Joins Brokerage Firm.
David st. Pierre Gaillard, prominent
| local business and club man, has been
/ admitted to special membership in
J the stock brokerage firm of John l.
| Edwards & Co., ii was announced this
morning. His afliation becomes ef-
fective January l, it was said.
Mr.. Gaillard is a native of Florida,
a civil engineer by profession, and
a brother-in-law of Henry = Erwin.
also member of the Edwards house
/ He is still in his early thirties, and
| has claimed Washington as his home
( only n few years.
| BY Special is meant his interest is
purely financial, and VIII not INCLUDE
activity in the firms functions.
Mr.. Edwards maintains brokerage
| houses in New York City, Washington
and in Richmond.
Pennsy's Earnings slump.
November earnings of the Pennsyl-
vania railroad show marked decline
! in comparison with the same month
| last year. Net operating income or
| $4.014sl0 fell $23711l4, and gross
revenues of $J2.07O,S SS4 decreased more
than $4,000, eco. Net for the eleven
months period this year amounts 10
s71. .725.i40, q decline Of more than
/ 5000, oC0 below the same period OF
! 1923. while the gross decreased 10
! SJ9o, 523,939 from $6G6.
Southerns Income Up.
The Southern railway increased It's
net operating income for November to
SS,046,735 from s2,562,7S5 in the same
month last year, although gross reve-
nues declined about S650,000 to S12,-
076,2S7. Net for the eleven months o.
1924 also showed a gain of nearll
So. .o00. 600 to S27.037,970 over the same
period of 1928, while gross revenues
fell more than SS,000,o00 TO Sl29,S55.-
$50.