The Washington herald., 1912-11-27
BY T. A. FLEMING.


Wall Street market showed fair vol
ume of activity, while the general run oil
prices was somewhat better. an average
of, "a Improvement being made in the
leading stocks. with Canadian Pacine
. 1-2 points higher and a few advances
OF and IA points.
II was a case of the bears of Monday
getting back stocks that they had sold.
London was a buyer, and rather freely,
the market theory being that war OF a
general character In Europe would be
avoided despite the fact that the indica-
tions are distinctly threatening.
A drop in the call loan rate OF money
to 3 per cent had a favorable efteSt as
did the London and Berlin buying the
latter running to Canadian Pacific as a
favorite.
1t is estimated that the earnings OF the
United States Steel Corporation for No
vember will nearly equal the total for
October, meaning $25,Oo0,OOO for the two
months and probably over sS5,Ooo0o Tor
the final quarter Of the year.
The New York Clearing House Com
mittee commanded to look into the appil-
cations of inland banks, including the re-
quest of the District Bankers Associa-
ton, Tor the VI SACShS a. -.
has not completed its Investigations.
New York financiers are anxious to re-
pudiate the claim of the Pujo committee
that S5O,0O0OOO annually was paid Ne"
York banks for collections or chechs'
that is out of town items.
II is said that the bankers OF the CITY
IN their desire to attract business may
treat with equity the claims OF the OUT
of town bankers. The demand for oetter
tions.
The District Bankers Association
ought to press for the creation OF Wash
ington for a par city. The National
Capital ought not to have TO pay for col
lection of checks drawn on its banks.
1t is not fair to the city, nor to the ma
tion.
The State of Virginia Utilities Com
mission had no qualms of conscience be-
cause of the filing of Corporation Coun-
sci Thomas bill asking for an injunc-
ton in the so-called merger case.
The commission of the State of Vir-
ginia promptly gave its o. X. to the
proceedings of Monday at Alexandria
and Mount Vernon, and the Washington
Virginia Railway Company has been
bought by the Washington Utilities Com
pany.
Before going through the formula, the
Washington Utilities Company had pur-
chased $685. 900 of the common stock and
s24e, 900 of the preferred stock Of the
Virginia Railway Company,
acquired largely in the open market
nearly a year ago, and from holders at
private sale.
The Washington Virginia Railway
COMPANY has Sl,0OOOOO preferred stock
and S1,37S, 800 common. The last sale OF
the common was at 81 and Of the prefer
red 50
1t is said that shareholders outside of
the combination will receive $3.50 in per
cent bonds and $50 in stock of the
Washington Utilities Company for each
ten shares of the Washington-V Virginia
preferred stock. The holders of common
stock will receive $500 in per cent bonds
and SEQ in stock for each ten shares of
stock.
These terms are practically SS5 for the
preferred and $50 for the common stock
with bonus of SIS a share in securities
The transaction would apparently be
equitabBe enough-provided the bonds are
marketable at par.
Frederick H. Treat, who succeeded
Clarence P. King as president of the