Evening star., 1925-08-18
v. R. & F. COMMON }.
EARNINGS SHOWN
Returns 4.88 Per Cent Per
Half Year-D. C. Stock
Exchange ListingS.
BY CHAs. P. sHAEFFER.

Net operating income of the Wash
lnSton Railway and Electric Co. and
subsidiary companies operating in the
District of Columbia, which includes
the Potomac Electric Power Co.
amounted to S529,725 after deduction
OF fixed charges for the first half Of
1879, according to compilation Of re
ports filed with the Public Utilities
Commission
This figure, after q per cent re
turn is made to preferred stockholders
Tor the half year, leaves S317,225 aC-
crulng TO common shareholders, or
4.88 per cent as against dividend re
quirements of but 2 so per cent. This
return is well worth pondering when
the present selling price Of the com
mon shares, which pay but 5 per cent.
is 145.
Railways Net Income.
Net income Of the Washington Rail
way and Electric Co, proper, for the
six months of this year amounted to
$5S5,000, which includes approximat q
ly S505,778 Of incorporating revenue.
consisting mainly of the Potomac
Electric Power Co. dividend. From
this is deducted deficits amounting to
$50 ,275, incurred as follows city and
Suburban, SlS,372; Georgetown and
TennallytoWn, $27,280, and Washing
ton Interurban, $9,623. This leaves q
balance Of S529,725 applicable to six
months dividends on stock.
The company has q stock capital
ization OF SIC, 100000 consisting Of
SS,5O0,000 Of cumulative . per cent
preferred, the remainder, $500 600 u
common, which has been paving
per cent per annum. Preferred divl-
dend requirements amounted TO $2l2,-
500 every six months
At the present rate Of operation
the common will earn g.76 per cent in
1925 after provision is made for pay
ment of all fixed charges.
A slump which carried Railway
common 10 1447s on the Washington
Stock Exchange this morning was off
set by decided frmness in other issues
traded in. Common opened at l4J,
lost fractiOnally on sales Of 35 shares.
but regained its opening figure on the
concluding sale Of 70 shares.
Riggs National a Leader.
Riggs National Bank assumed the
leadership Of the remainder of the
list, at one time selling at $40, new
high level. This figure was not main
tanned, however, as 10 shares at the
rag end OF the session were exchanged
at 367ia.
Mergenthaler Linotype advanced 10
1921 on sales of 10 shares, and Rail
way preferred attained new high ter
ritory when ~ shares brought IS 3.
Gas was strong at 62i2, as was Nor
folk and Washington Steamboat at
263 and National Mortgage and In
vestment preferred at 9$s. Ten shares
of Continental Trust Co. brought 81.
Dean, Onativia & Co, who failed
on July 3. with liabilities Of approx
mately S35 900 600, have been for
mally reinstated 70 membership on
the New York Stock Exchange. The
firm applied for readmission on July
10, but certain technical matters re
lating to the status of customers aC-
counts delayed any action by eX-
change authorities.
The firm really resumed trading on
July 90, following discharge of re-
ceiver on July IS. The new working
capital, which enabled the firm TO
carry on, was raised through the CO.
operation of customers who agreed TO
accept notes in payment OF half their
claims.
Harmer Reeside and Charles W
Hume will jointly managed the local
Office, where both are well known.
Il. & o. Dividend Prospect.
There is a strong possibility that
Baltimore and Ohio will resume its
former dividend rate Of 6 per cent as
against the now paid, it is rumored
in well advised financial circles.
The steady increase in this issues
| market is one reason why a larger
dividend is expected, but the rUmOr
is given weight by the fact the car
rier is now returning a better income
than prevailed when the road was on
a 6 per cent basis. 1t is interesting
to note that last years return, ap-
plicable to common stock. was twice
the return per share in 1914, the last
year when per cent was paid.
For the first six months Of this
year an income equal to $3.50 on COM
mon shares was returned, as against
1920 per common share in 1924. Last
years income was the best, with the
single exception of 1928, in the history
| of the comma INV.