Evening star., 1934-11-23
TRANSIT DIVIDEND
$24O,0DO PAYMENT
Distribution to Be Made De.
cember IS Greatly Helps
Status of Stock.
BY EDWARD C. STONE.

81 per share at yesterdays meeting
was hailed with delight by hundreds of
shareholders in this city.
As there are 240,OOO shares out
standing, the payment means the dis
tribution of $240,000 to the stock
holders December Is, the payment to
be made to stock of record at the close
Of business November 80
The 81 per share dividend covers the
first year of operations of the merged
street car lines, as the consolidation of
the old Capital Traction Co. and the
Washington Railway & Electric Co.
went into effect December l, 1888.
Since that time street car traffic has
shown an amazing pick up and the
company has reported very substan-
tial net earnings each month.
The first years net earnings under
consolidated operations will be ap-
proximately So per share. That is
remarkable turnabout from the re-
turns in other recent years. The
steady monthly gains have proved that
the advance in net is evidently to be-
come permanent Even during the
Summer lull Capital Transit's business
was excellent.
Helps Investment Status.
The initial dividend brings much
encouragement to holders of the stock.
The action of the directors helps to
bring the stock back to the investment
class. Much of the old Capital Trac-
ton stock, which had been held by
the same owners for decades, was ex-
changed for the new Capital Transit
stock. The old stock got down as low
as 81 share two years ago. Years
ago it paid z per cent and sold well
above 500 share.
The coming payment will mean a
good deal to the banks. A lot Of
transit stock is held as collateral on
loans. The dividend will, of course,
put the collateral in much better
light.
The 81 dividend does not establish
q permanent rate. That will be done
later. The company has plea before
the Utilities Commission asking for
larger allowance for depreciation.
More money is desired for upkeep and
improvements to the street car system.
Until there is ruling on this depre-
citation request it does not seem likely
the company will establish any regu-
lar dividend rate. However, that is
only conjecture.
President John H. Hanna and his
associates were swamped today with
telephone calls from stockholders
commencing them for their favorable
dividend action It has been predicted
by many stock owners but was just as
welcome when it finally came. To
others it was happy surprise.
Collections Much Better Here.
Collections in the Fifth Federal Re-
serve District, including Washington.
in the wholesale trade in October
showed surprising increases. In
wholesale groceries over 80 per cent
of the receivables were collected dur
ing the month, dry goods saw the col
lection of Ala per cent of the out
standing bills. Shoes reported col
lections of 80 per cent during the
month, hardware sos per cent and
drugs 619 per cent.
The wholesale trade report from
the Richmond Reserve Bank, an
nounced this noon, showed that hard
ware goods were in the best demand
in the district in October, 81 firms
having average gains of 28.6 per cent.
TWenty-one wholesale grocery firms
reports gains of 1913 per cent over
business in october, 1888. Wholesale
drugs made practically the same rec
ord. reporting an advance of 191 per
cent over last year.
Dry goods sales were up 6.4 per cent
over October year ago. OF the five
major lines included in the monthly
survey, shoes were the only laggards.
Wholesale shoe sales were off As per
cent from the same month last year.
October sales, compared with sales
in September of this year, were up So
per cent in groceries, 1913 per cent in
hardware, 119 per cent in drugs, off
10 per cent in dry goods and II per
cent in shoes.
For the first 10 months of this year
sales of wholesale groceries were 1877
per cent better than last year. Hard
ware sales in the same period were 80
per cent better and drugs 19 per cent
better Dry goods revealed an i'm
provement of 27.4 per cent and shoes
48 per cent.
Today's Trading on Exchange.
Trading on the Washington Stock
Exchange today opened with $1,000
and $500 Capital Traction SIS selling at
90. Washington Gas 6s, series B,
again sold at 103A. Washington
Railway g. Electric IS came out today
at 9912 on a $500 sale.
Potomac Electric Power 5la per cent
again moved at 112. Washington Rail-
way g. Electric preferred changed
hands at 1001a. Riggs National Bank
common stock figured in five-share
sale at 210, up four points from the
last previous transaction. Twenty
shares of Riggs National Bank pre-
ferred stock came out at los.
There were no sales in Capital Tran
sit stock following the 81 dividend an
nouncement. The closing bid price
yesterday of 2524 was boosted to 27A
at the opening today. AT the same
time the asked price jumped two points
from q to 29 Bidders refused to go
higher and the asked price was not
lowered so there were no transfers in
the stock. The dividend, however,
caused a great deal of favorable COM
ment among members of the exchange.
Heard in Financial District.
The Bank Womens Club of Wash
ington will meet Monday evening at 6
o'clock at the Womens City Club. 1t
is to be an open meeting and dinner
will be served to members and guests.
Miss Alice H Whitton of the First
National Bank of Alexandria, presi-
dent of the club, will preside.
Directors of the National Dairy
Products Co. declared the regular
quarterly dividend of 80 cents share
on the common stock, payable January
2 to stock of record December S.
After equaling the years high
point last week, the weekly food index,
compiled by Dun & Bradstreet, Inc,
showed moderate decline during the
current period. This was the first loss
in the past four weeks and brought the
index for November 20 to S2.41 from