The Washington times., 1911-01-15
BIG SALE Of STOCK
IN TRUST COMPANY
Pennsylvania Interests Buy
1000 Shares of United
States Trust.
BY I. A. FLEMING.

and David a. Howe, to the directory of |
| the United States Trust Company, and |
| the election of the latter to a position
| OF the directors board of the CONNER
Cial National Bank. Both are said to be I
close personal friends Of A. G. CIapham,
president OF the Commercial National,
AID the latter's election to the board Of
the Tinted States Trust Company fur
ther strengthens the friendly relations
existing between. the two near neigh
bCrs
Furthermore, MessrS Howe and Treat
have purchased a round loo shares of
the capital stock of the United States
Tldst Company at about $l2625 a share.
Parties to the transaction are reticent
as to the price, but II is generally ad-
mitted that the figures are betW cen $l26
and $lG a share, Involving all aggregate
Of over $12COO.
II is generally understood that the sale
was no. made in liquidation of any large
holdings by interests that have been
identified with the institution, but rather
ar assembly OF small lots gathered up
by prominent attorney, on orders
placed some weeks ago.
MessrS. Howe and Treat were the
prime movers in the negotiations that
brought about an amalgamation Of the
Falls Church Railroad Company and
the Washington, Alexandria and Mt
Vernon Railroad Company, under the
title of the Washington and Virginia
Railroad Company. This move made
them masters OF two entrances into the
heart of Washington, 4 very tangible
property in the event of any electric or
steam roads coming through Virginia
and seeking an entrance into this city,
by connection with the Washington and
Virginia system.
David A. Howe lives at Wiliamsport, {
"a, but maintains an office in the Land
Title building. Philadelphia. He is a ,
wealthy retired lumberman, formerly
with the firm of Brown, Clark * Howe. |
He is also a high degree Mason, and,
with two other members. recently pre-
$4,000 He has a number of banking
connections. I
Frederic H. Treat is a member of the S
firm of Wendell q Treat, real estate '
delphia. He is the vice president Of 7
the Wayne Title and Trust Company T
and of the Fidelity Storage and Ware +
house Company, of Philadelphia. I
Rosemont, a pretty village across the $
Potomac river in Virginia. was laid out I
by Mr.. Treat, and it is said that he l
plans TO make 1t a model of Wayne: @
with the prospC rity and upbuilding of +
which he has been so closely connected. (
A correspondent courteouslS ~-zmment- .
ing on the article in this column a week G
ago, anent savings banks in the StateI
of New York and in the District OF
Columbia. refers to the stringent regu-
lations governing the former, even to n
the limitizatiOn Of securities upon which
loans may BE- made.
Comment OF "A week ago related en-
tirely to the manner of examining saw I
ings banks in New York State-onCe v
every two years; to the depreciation of
over $4,000 in value during the past
year of these highly recommended and $
leGalized investments held by savings o
banks, and 10 the low surplus caused by / o
the rapidly increasing liabilities. though .
increasing deposits. The facts and fig !
ureS were taken from the report and
from the actual comment of State Su- :
perintendent of Banking Cheney. 7
1t may also be possible that savings
banks in the District occasionally make :
loans on one or two name paper, but i
as rule they are very strict and the u
aJority stand unequivocaIly TO the rule
of collateral as a necessity to accom- >
modatlon; real estate mortgages, stocks g
or bonds at sufficient margin to permit =
of absolute safety. Moreover, the col !
lateral security rarely shows anything =
like the fluctuations that occur in bonds =
in the great bond markets of the world =
A savings bank should guard well the =
money entrusted TO its care. There is a
=
class-beCause their savings are fire.
quently their all. AS a rule they think G
first, only of the interest, but with the g
least untoward happening to startle, it !,
Is thelr money that they want-and they r
are entitled to II. wise manager h
OF savings bank should always be on c
guard.
Our correspondent further cites from
the amended District code that the
Comptroller of the Currency can not >,
take charge of a savings bank organized =
under charter of a State, save when u
1t is insolvent or its capital impaired" "
The District code was enacted by Con- L
gress. therefore the provision, but it o
would be next to impossible for any I.
institution to become very much in :
yolved before impairment of its capital c
Comptroller Murray has been very ener- q
getic in looking after the institutions u
under his charge, and 1t rs not to be u
that his range of activity, ex- q
tending all over the nation, would neg II
lect for moment the cluster Of banks q,
under his very eye 81
Moreover, it is next to impossible for II
bank to go very far wrong without
making inroads to the impairment of its n
capital All things considered. 1t is a b
reasonably sure proposition that the ir
Comptroller will be especially watchful n
OF fiscal interests in Washington. Il
It is evident that the one thing that h
prevents strong bull market on Wall OF
Street is the impending trust decisions. c;
The long delayed and much commented n
upon decisions are likely to be handed fl
down together, or at least the opinion m
Of the court in one case will practically Of
settle the status OF the other Il
1t Is evident that the financial inter- "
asts of the country dread the adjudica- II
lion of the trust causes-the settlement b.
Of the entire question of whether the di
modern way Of doing business on
great Capitalization Of capital is to be
permitted or not.
1t is admitted by fnancIers that d .,
straight decision sustaining in toto a.
The Sherman antitrust law, without n
pointing out a way for rehabilitation a
under the law would cause chaos and di
serious trouble. I,
No one is looking for the highest ~
court in the land to launch such q u
drastic decision. 1t would seem as If u
there might be circumstances where "
he Supreme Court might have to take 81
he initiative and assume quasi-legisla- m
i've powers. u
The local security market has been b.
'airly active during the past week with al
sales in the aggregate of $4,000 bonds ii
and 1,250 shares of stock. Bond sales n
over the counter have been very heavy, cl
bankers and bond brokers having en- 19
oyed large trade. til
Bank shares have furnished a larger 10
proportion of the stock trades than bt
Usual, indicating the investment char al
er of The buying. Bond values were n
EASIER st
The market is in good shape and with al
Is,I,, -nkD,,