The Washington herald., 1912-10-27
Local Financial Matters
By I. A. FLEMING.

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By I. A. FLEMING.
washington Il awakening to the fact
that the political possibilities. perhaps
probabilities, are not to the liking OF its
business men, its nnanciers. it's builders
and capitalists generally.
The change of administration ID
dreaded, because 1t brings with 1t more
or less uncertainty as to positions; more
ov ,ess uneasiness as to policies on
important legislation and dread that
in some way or other the seven year
tenure of ONCE may again be enacted
nv Congress, measure that would
hit at the very vitals of Washinston
success as a city Of homes ana STA
bility, Of freedom from disturbing eie-
ments, that make for STEADY sfo"th
and continued prosperity.
II have always looked upon the
chairman of the District COMMITTEES In
the. House of Representatives as pa
ternal advisor and friend OF the Dls-
trict and the City of Washington,
man whose chief interest was In the
enactment Of measures that would teno
to the upbuilding Of the Capital, that
It might be worthy of the pride OF
the people OF tne ndsioh' Su - ~
ing real estate man.
sput the present chairman Of this
important committee" he added, seems
TO consider that his associates in Con-
eress have given him the position ana
the measure of power that attenos IL
for the express purpose Of misrepre-
senting the interests Of the city, throw
ing cold water on all projects advanced
in the interest OF its people-to undo IN
so far as possible much OF tne sooo
work of his predecessors.
Two measures introduced by the
committee have done more to unsettle
public opinion and to place in hazard
the prosperity of Washington than any
thing else that has emanated from this
committee.
..The first is the true value bill. the
second the seven year tenure OF once
measure.
.Reasons for the former curtailing.
real estate speculation and investment
operations are too plain to require ex-
tended review.
Immediately with the enactment OF
the seven-year term Of office bill In the
House and Senate our real estate mar
kets slowed down. While there is some
prospect of revival in certain sections at
this time, the last three months have
been attended by duIlness.
"Washington's chiefest industry, the
government clerk, Immediately TOOK
siarm, and instead of considering the
home question as seriously as he has
been doing for years past, began TO
think of compound interest at 3a4 per
cent for a getaway fund when his term
OF office should be ended.
President Taft with the veto re-
lieved the mind Of the government clerk.
but the prospects Of change that might
remove this executive and install one at
perfect accord with his party. have un-
done many a prospective real estate VEN
ture. Hence the quietness and DISPOSE
ton to stand idly by, waiting
And a result of this fear that is on the
clerks is an accumulation Of deposits in
the banks and trust companies Of the
city, a lessening of the demand Tor
money for investment purposes, and cur
tailment Of buying power to larger de-
gree than for decades past
With the classified service intact and
in no danger of being assaulted. even by
the long. hungry. this check to our pros
perity as a city would not have come as
ar incident to a possible change OF con-
troll of the government-matters would
have moved along in their own steady
way, values would have been well main
tsined. and Washington would have
acted as an independent city, just as she
did in the panic Of 1907.
A problem was suggested on change
Saturday If $3oOo0,Oo0 capitalization
produces two anti-merger texts, how
many will s150, 1000 capital beget?
Answers may be sent in for two weeks.
William B. Hibbs spent Saturday at
Leesburg. Result. a quiet day on
change; no hannmering of Capital Trac-
tion nor anything else-in fact. only
limited sales record-fifty shares of
stock and $500 of bonds.
1t may be that the Pujo committee
will make another attempt to have the
bill giving the committee visitorial pow
ers over national banks approved by the
Senate 1t will be recalled that this
measure passed the House, but was not
approved by the Senate.
1t is doubtful IL the Senate will con-
slider favorably a proposition to consider
the matter at the next session. because
there seems to be feeling that 1t
would not be wise to permit the Pujo
committee or any committee that may
be appointed TO roam through the books
and accounts of national banks at will.
Representative Pujo. chairman Of the
committee feels that he should be ac-
corded some kind of authority to open
the books of banks, but Mr.. Untermyer
and every banker careful Of the inter-
ests of his customers, hopes that he will
not be able 70 obtain II.
Moreover, the banking fraternity will
go to the highest courts before they
will submit. 1t may be that the inves-
tigation will go on, then again it may
not.
At the meeting Of the District Bank
ers' Association. at the New Willard
tomorrow night. the bankers will dis
cuss the proposed measure for the in
corporation of banks within the Dis
trict Of Columbia.
The provisions Of this measure give
to the Comptroller of the Currency the
tion and to issue organization certificates
Ing business in the District, to any num-
same manner prescribed in relation to
the formation Of national banks.
Upon making and fling articles Of in
corporation and organization certificate
with the Comptroller in the manner pro-
vided, the association shall become a
body corporate and shall have the right
to do a savings and general banking
business in the District, but no bank
shall be SO organized with capital of
less than 100000, par value Of shares,
i1OO