The Washington herald., 1912-11-12
Local Financial Matters

deposits in savings banks are increasing
and will Increase, in larger ratio with
| salaries during the next few years, for
the reason that the government clerk
has a special incentive at this time to
accumulate.
The Washington Utilities Company
will not consummate its purchase of
Washington Railway and Electric Conn
pany stock until after the final session
Of the Sixty-second Congress has been
called TO order
This would seem to indicate that the
promoters have little fear of disturbance
of their plans. 1t is admitted In legal
circles that some of the lights engaged
| in preparing injunctions'' have been un-
| able to ascertain just how they can
proceed with the business in hand.
The date set for the consideration of
the proposition made by the Washington
Utilities Company to the shareholders
OF the Washington-Virginia Railway
Company Is November ., a little longer
than legally necessary.
On the same day the Washington
Utilities shareholders will meet in special
session and approve or reject the terms
the directory has submitted to the Wash
ington-Virginia shareholders.
AS there is a very close personnel be-
tween the two boards and the stockhold-
ers, It may be assumed that the ratifi-
cation Of action by shareholders is next
to a sure thing.
The majority of the Washington -Vir-
ginia Railway shares are in the strong
box Of the Washington Utilities Com
pany.
Having given official 20. K" to the
propositions it will be necessary for Mr..
Boothe to make another trip to Rich
mond, where he will report progress to
the State Commission, endeavoring to
secure approval and return again to the
classic precincts of Alexandria.
There's a missing trust company or
two, also one or two national banks that
have heretofore been referred to in print.
There are also rumors of a new saw
ings bank, but it will probably go no
further.
Last year there was a cali in Novem-
ber. There is one more CALI due in
1912, and bankers are awaiting IT with
interest.
Money is little firmer in the District
Some large collateral trust notes that
have been carried at 41-2 have been
marked up to per cent. and unsecured
loans have generally been moved up TO
5 l-2a6 per cent.
1t is a fact that some collateral loans
have been taken out Of New York banks
and brought to Washington.
w. B. Hibbs was on Change yester-
day, having fully recovered from illness
that Kept him on the market from Mon
day noon.
His return was marked by much action.
He was ready to buy practically the out
standing capital stock of the Washing
ton Railway and Electric Company
around 81 S-4as9. for the common stock.
The preferred was also a little frmer at
IS l-2aS9. with small odd lots furnishing
the business. Common sold at So Wash
lnSton Gas showed to the extent Of rs
shares at 81, and a few one-share lots
at 81 IA Lanston steady at 81 rs.
Railway As were in request at S334
Anacostia and Potomac Sc, 1OI.
Sentiment among stock brokers and
bankers in favor of a utilities commission
for the District is growing apace.
Investors feel that they are entitled
to have their interests cared for by a
public body, familiar with the inside
workings of every proposition, whether
stock increase, consolidation, holding
company or merger. wherein they have
lnelT money invested.
1t Is believed by corporation officials
that more cordial relations might be es-
tablished with Congress through the as
surances of a utilities commission re-
garding the necessity for various under
takings for stock and bond issues, &C.
Hearings before a commission would
be open. and the pros and cons would
have their say, so that the criticism that
now attends the action of shareholders
avoided when officially approved.
All bank officials, and many directors
in corporations are Of the opinion that the
time Is ripe for a commission