The Washington herald., 1912-10-31
Local Financial matters
D. !. A. rLEMINe.

~ ]. A. FLENING.
A little over two years ago the prop
erty upon which the Southern Building
stands was sold at so q foot.
A few months prior to this sale George
Howard held an option on the same
property at as . foot putting up Q.oW
forfeit to bind the bargain.
Needless to say. because Of the sale.
Later ON. to the Southern Building Cor
poration. that Mr.. Howard did not sx-
ercise his option.
within the last few days . new ap-
praisment has been made on the prop
erty by New York insurance interests
and local experts and the Valuation
placed on the real estate was 30 a
square foot. showing remarkaole IN
crease in valuation in q comparatively
short period Of time.
In the plat Of realty there are 1.ses
square feet indicating an advance OF
so q foot, an increase in actual vaiu-
alton Of s6l7.7o.
The New York Insurance people and
local experts agreed that the location
and the interests adjacent thereto. with
the northwesterly tread of business.
would in a few years make the Southern
Building title worth a. much as prop
erty south Of New York Avenue, some
Of which sold not long ago on . basis
of 800 Q foot.
This remarkable increase In Washing-
ton property should be . matter Of en-.
couragement to holders Of uptown real
estate and might be said to be entirely
satisfactory to the Union Trust Com
pany, and g. W. Woodward, owners of
properties on the southwest and south
east corners of the same streets and
improvements thereon.
r. N. Harper. president: Of the District
/, National Bank, and largely interested
lin the fire insurance companies which
recently acquired control Of the South
ern Building. says that the building may
be rated as 100000 proposition
right now, that it will pay per cent
income on that basis and will do better
in the future
This is one of the instances where good
fortunes have been made in Washing
tons dirt.
The GEORGETOWN Gas Company will
have a new water set in place before
cleansing time comes around again.
The water set" just washed out cost
the company $4,000.
II a $4,000 water set" for making
water gas is worth-o. what's the use?
The ONCE Of secretary has been d.
vorced from that Of general manager of
the Georgetown Gas Company. and
Charles P. Williams. one Of the direc-
tors and a member of the firm Of Lewis
johnson & Co., has been chosen
secretary Mr. Middleton, who has been
''the whole works for years, still re-
tains the position Of general manager.
So far as known. not a single Washing
ton trust company has been appointed
as receiver of q local bankrupt cor
poration.
Evidences are coming to hand from
various sections Of the country Of excel
lent work accomplished py trust COM
psnies in liquidating estates. The en-
tire machinery needed for the work is
installed, the legal department Is a fix
-ture Of every turst company. book
keepers. appraisers. collection facilities
distribution, auditors, etc, are on
hand and 1t would be unnecessary tol
add to the clerical force-to any import
ant extent.
If the liquidation Of assets is de-
sired with best results to creditors and
with due care for the residue that may
accrue to the debtor. the trust COM
panies could and would do better than an
the machinery Is ready, oiled and walt
ing.
In the one big trust company receiv-
ership case that has come under general
notice, that Of a Minneapolis trust COM
pany. in the handling of a great st.
Paul dry goods establishment that had
failed. all bids for merchandise by whole |
saiers were refused. the business carried |
on and a handsome surplus remained
for the company when liquidation was |
completed |
The suggestion is given for what 1t IL |
worth-in the interest Of creditors and
debtors
No one who will talk knows exactly |
what proposals will be made by the
Utilities Company to share |
holders of the Washington Railway and
Electric Company. when the time comes, |
for their securities.
The general idea on the street is that
the offer will be $4,000 in per cent |
bonds and a bonus of stock. perhaps ten |
shares for each 100 shares Of Railway |
preferred. ard from the parity now
between common and pre-
ferred in the market. and the large
amount Of common stock resting in the |
Maryland-Virginia strong box at this |
time. that the same terms will be offered |
for the common as for the preferred. |
This Is by NO means of1cial, but 1t Is |
common. more or less. common talk on |
Change.
Washington Railway shares sold at 80
that is the preferred. and then the stock |
was offered freely at 50 7-s with 80 81
bid, Just on a parity with the common-l
for the first time on record-in the
Of the writer.
The common stock sold sparingiy at
50 1-Sas9 -
There seems to be Q disposition to sell
almost anything on the list a little
lower than the asking price Of the day
before. Evidently . bear movement. per-
haps for a purpose.
Mergenthaler was really quite active,
. bunch OF stock coming out for a bank
ing client In all seventy-four shares
traded in. . good business for Merry.
First sales at "a Sc general price, "a IL
The other typesetter, LAnston, was
slow but steady at 80.
Washington Gas sold At ss IA, with
lih1fl inquiries for stock At S6 and s. 1-s
and offerings at So 1-2.
Some interests have expressed the
opinion that the Gas Company might
raise its dividend to 8 a share straight,
SCOOP eEFek4E TF6 Gg!
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