The Washington herald., 1912-11-08
~ I. A. FLEMINo.

Business win o4nk1s truSt cozupeuae'
and In security circles continues rathel
light. It ID especially the case with ioca
Investments in utility stocks and bonds
Being stiu at sea regarding certain pend
ing matters, investors hesitate to buy ant
the prices are not such IS to induce then
to sell.
Considerable local interest has been man
sfested in the New York market by rea'
son of the positive character Of the &C
ton therein during the last thirty days
A number Of local operators have been
changing their New York investments
getting out of industrials. fearful oi
tarin tinkering. and perhaps trust bust
ing, despite fair words- They have been
taking on high-grade rails. on the theory
that the excellent business OF the coun-
try and the heavy movement OF crops
ana out freight could not but increase
tlse earnings Reports indicate that earn
ings are improving.
Action on Wall Street yesterday was
generally in line with the policy Indicated
the industrials suffering more generally
than the rails. although quite few
industrials showed on the gain side OF
the ledger.
There were exceptions to the rule in
the break Of rs on Cotton Oh, due to
the action Of the directors Of that cor
poration In passing the dividend for the
quarter The heaviest decline OF the
day was In American Tobacco. which
broke * points probably more on profit
taking than anything else. Beet Sugar
eased away, gradually accumulating 1ss
loss.
Clearly st. Paul was the leader Of the
rails. holding the place Of honor all day
long and retaining ess net advance.
Earnings were said to be the reason.
1t was also reported that Standard OIL
interests considered the elimination OF
both w. H. Taft and T. r. Roosevelt.
their most bitter enemies, sufficient cause
for satisfaction. and had decided to take
the bull side of the market This was
given as one of the reasons for the ad-
vance in ST. Paul.
All things considered the market acted
we'll
The State Corporation Commission OF
Virginia lost no time in giving its con-
sent to the change of name from Mary
land-virginia Railway Company to
Washington Utilities Company.
Documents in the case cited the action
ut Alexandria on Wednesday and with
the slate clean and in order, the Com
mission approved the action Of the share
holders in increasing capital stock from
$4,000 900 to $50 600 and dropped the old
name.
There is no question but what the
Washington Utilities Company will be
n holding corporation.
There never was any question In its
treasury repose control of the securities
of the Virginia Railway
Company and more than half or the
common stock Of the Washington Rail-
way and Electric Company.
None of these corporations will 60 out
of business. They will all be continued
just as they are to-day. just as the vari-
Gus lines forming the Washington Rail-
way and Electric Company are con-
making seperate reports to Con-
gress and to shareholders, while the big
reports to its shareholders
the income from the various properties
and the distribution thereof.
In this way the plan has gone on to
this date. escaping legal objections. Just
as the Washington, Railway and Electric
Company lid when it absorbed control
of the various entities that make up its
Tomorrow the directors of the WASH |
Railway Company will |
n assemble up the back stairs" and then |
and there vote upon the question Of |
to the shareholders the |
of selling their stock to the |
Washington-utilities Corporation.
If any one has any doubt as to |
and affirmative vote they may |
as well disabuse themselves at once. |
The Washington Utilities Company Is
the step-brother of the Washington
Virginia Company; 1t is even closer re-
ated.
Moving like a well oiled piece OF ma
chinery the entire proposition goes on
TO a certain finality.
Wednesday the $30,O00.000 corporation
vas passed out Of existence, Thursday
The Virginia State Commission puts its
%. X" on the acts Of Wednesday;
Thursday also the call for the meeting
If the directors Of the Washington-Fir-
yinia was sent out: Saturday they will
meet am approve the proposition. PROB
IDLY the Call for a meeting of the share
holders will be sent out the same day.
Ind on the 18th, probably. the share
holders will approve Of the recommen-
iation Of the directors. Then the Brad
dock and Arlington Electric Light and
Power companies will fall in line and
lfter that the Washington Railway and
Electric Company.
Then. as stated in this column con-
the vehicle will be ready
or other utilities II they care to come
n"
It takes certain authority to merge"
Any one who has the money wherewith
o pay may buy securities, in small or
erge volume.
Luis Linzmeyer. vice president Of the |
Manhattan Life Insurance Company. IS
n Washington, the guest Of T. Thilman
general manager Of Central
Eastern Department Of the Manhattan
life Insurance Company.
Mr. Linzmeyer 10 returning home from
visit to agencies. He reports that
rsiness 10 good all through the country.
Last evening Professor Veditz delivered
IN exceedingly interesting lecture on
Money" in the Washington Chapter.
American Institute Of Banking, lecture
,ourse. The attendance was large. a
lumber Of bank officials being present
n addition to the usual array of juniors.
A feature of the evening was q sup ]
,er given to E. e. Herrell, assistant ,
asher of the National Capital Bank,
nd the president OF the chapter. |;
Mr.. Herrell has been active and ener-
,etic In the interest Of the chapter, and
he members thereof wished to show
hir appreciation Of his efforts.
The function was due to the fact that
dr Herrell has accepted an offer to as
ume the duties Of cashier OF the Stock
ards Savings Bank at Chicago.
The informal gathering after chapter 4
Meeting was held at the Raleigh Hotel.
Norman Grey. of Camden. N. J.. was :