Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-07-20
LOCAL FINANCIAL NEWS.

Coi1Ic OOO lOtS OF the I1gHtS 10 the GER
tificates Of Indebtedness to be issued by
the Georgetown Gas Company the LIST of
August were wanted today at the meeting
OF the stock exchange. There was ap-
parently not much for sale-in fact, only
one Offering. and that came from a broker
who had 1900 in the rights for sale and
wanted LOG for the lot
He was offered los by another broker,
but there did not seem to be much in
terest taken, and finally the broker with
the rights for sale sold 400 of what he
had to another broker, who wanted two
lots comprising $500. He got his price,
which was 106 but could not get any bet
ter offer than los for the balance.
In the bond list a broker wanted one
Capital Traction bond. and was willing to
give 11O1s for 1t. The last bid for it was
three eighths Of a point less. However.
the offering was liz, and finally 111h, but
nothing was done.
Of the Washington Railway and Electric
Company was wanted, but not enough to
bring the bid for it higher than 1914; The
asking price for such lot was W. but
the concession was finally MADE:
The evidences of business throughout
the remainder Of the list were very slight.
and the few brokers who were present
evidently did not come there because
they had anything to either buy or sell.
The action of the president of the Cap
ital Traction Company In his response to
the railway commission appointed oy the
interstate commerce commission IN re-
snondine to a request for information as
tn The service Of that company Is re-
earded in financial circles as in harmony
with the declarations Of Chairman Knapp
Of the commission. who has been reported
as having said. in regard to TINS nody'
h0
that it had no power. As 1870. NE ;,,for.
nation to be submitted to the commission.
IF this view Of the powers or the SUD
board are maintained. as Wei as Tue pos,
ton of the railway company as outhheo
in AIR. Hamilton's letter. then II Is con-
cIuded that hereafter when the sub
board wishes to address the railway COM
panies II must do SO through the inter-
state commerce commission. Even uNuoi
such circumstances it is thought that
workable plan can be adopted, so .nae tie
law Of Congress can be carried out WITH
out requiring the personal ATTENTION OF
the Interstate commerce commission 10
the details Of a duty which II claims Is
impossible for it to undertake and at the
same time attend to the =. o'ner BUSINESS
At its best the device OF giving to the
commerce commission the supervision OF
the traction companies OF the Dlstrlct
is looked upon as being experimental ana
temporary III CHARACTER. OOCu AC6AoId@AOAA
is fragmentary-at anv rate as compared
with what has been done about the pub
lie service corporations in other places,
notably New York state. There the pub
lie utilities commission Is an independent
BODY with no other duties. But it has
supervision over all such corporations.
both railway and lighting companies.
Congress began some ten years ago
enacting such legislation by giving to
the Supreme Court of the District the
power to authorize two Of the lighting
companies Of the District, the Washing
ton and Georgetown gas companies, to IN
crease their capital stock upon making
q satisfactory showing that their earn
ings and expenditures required such ad-
ditional capital. The action taken by the
court in this cause is now pending De-
fore the United States court, the ques-
ton of the constitutionality OF the law
having been raised.
The latest law is regarded as narrow In
it's scope, as compared with state legis-
lation. for 1t only gives to the interstate
commerce commission the power OF super
vising the service of the companies and
does not extend its functions to the
finances of these corporations In New
York this class of the powers OF the pub
lie utility commission Is regarded as Dy
far the most important.
1t is believed by some who have gwen
attention to this subject that II there 1s to
be anything OF the sort in the District
a general and comprehensive law should
be passed and its execution intrusted to
a commission created for that purpose.