The Washington herald., 1912-10-26
Local Financial Matters
By /. A. FLEMING.

BY /. A. FLEMING.
The Washington Utilities Company is
certainly an expressive name. 1t may
be just a financing proposition. as out
linln by officials of the Washington Rail-
way and Electric Company anc of the
MARYLAND and Virginia Company. but
It is evident that the facilities ere at
hand for the unification Of the utilities
of Washington. not only in the name.
but in the capitalization of $150, 0,000 900.
Capitalization and authorized bond Is
sue It is large enough to accommo-
date all the utilities Of Washington.
large enough to take In a Few small
electric light and power plants over the
Potomac in Virginia, and it is large
enough to form a great consolidation
scheme-H the other corporations other
than those now considered have q de-
sire to be financed.
The Washington Utilities Company
means something The corporate name.
Maryland Virginia Company. evidently
meant something. but 1t was deceptive.
in that it led the market experts to con-
slider II q Gould move in connection with
his enterprises to the South, between
Norfolk and Richmond.
With the abandonment Of the old name
and the increased capitalization as pro-
vided for in the action Of the meeting
of the directors of the corporation on
Thursday afternoon, and which will as
surely be voted on afflrmatively as that
November 6 will roll around. the WASH
ington Utilities Company may be said
to be out in the open.
And it is also next door to an as
surance that plans have been completely
arranged for the underwriting of all or
ANY part of the issues. both as to
100000 stock and 800, 100000 bonds.
William Solomon & Co., Kuhn. Loeb d
Co., and Philadelphia capitalists have
unouestionably been approached in the
matter of furnishing the sinews OF war.
Investment brokers. bankers. and
others whose business includes the CIV
ing of advice to security holders, dread
the day when the announcement OF
terms for the interchange OF Washing
ton utilities shares or bonds, probably
a s per cent bond. for shares in the
Washington Railway and Electric Com
pany.
That such a circular will be sent out
some day soon is practically certain.
Then every investor holding any OF the
stock. other than those who are on the
inside of the proposition, Will quickly
seek expert advice.
One brokerage house. commenting on
the proposition yesterday afternoon,
said: THE very next day We will open
an office for no other purpose than to
give information to our customers.
What information will you give
them?' was asked by bystander. and
the reply was "Wait till We see the
circular"
1t is satisfying decision. the ruling
of Attorney General wickersham in
the matter Of the Money Trust" inves-
tigation-
Attorney Untermyer, counsel for the
Pujo committee requested the Attorney
General to ask the administration to
have the Comptroller Of the Currency
make a special call for a showing from
national banks on a certain date in order
that he might make certain comparisons
and show the operations Of certain d.
rectors The Attorney General was also
requested to pass on the right Of the
probers to obtain bank secrets. inside
information Of their dealings with Gus
toners
Attorney General Wickersham recites
the national banking act, and says that
that the calls are absolutely conf
dential.' that is. they are for the bene-
fit Of the Comptroller exclusively.
Moreover the relations between the
bank and its customers are on the con-
fdential order and it will be impos-
sible for Mr.. Untermyer to probe into
the affairs of individual banks.
Washington is interested, not only be-
cause the national banks were asked to
furnish information of a most confidential
character to the committee, but the
trust companies Of the city. by reason
of the fact that they are chartered by
act Of Congress have also been request
ed answer the same confidential ques-
tons that the national banks were
1f 4~o1
Wickersham. the problem of the Pujo
committee becomes one of more work
perhaps of less importance. 1t is doubt
full If the investigation will be pushed
after the election. In common with
much other Investigating work by the
House, this measure was especially de-
signed to furnish powder for the Presi-
dental campaign and as such 1t has
served its purpose. not entirely to the
liking of the committee, however.
1t will be a satisfaction to the bank
ing fraternity the country over that the
relations of the banker and his depositor
are certain to be under the seal OF
secrecy. at least SO far as the banker
Is concerned.
The annual pamphlet report Of the
Mergenthaler Linotype Company is at
hand. The figures of the years efforts
have been given in a general way, but
the balance sheet and the report Of the
president are matters of news.
The net gain for the year was $2.73s.-
5N.se
Success attends the corporation In all
its fields Of endeavor. One of the most
important decisions reached was the
abandonment of the manufacture of the
monoline for the reason that this type
of machine is out of date. It will be re-
called that the Mergenthaler company