The Washington herald., 1912-11-27
MARKETS---FINANCE---COMM
Local Financial Matters

I Virginia Railway Company
was chosen president of the Washington
Utilities Company former President Nor
man Grey. OF Camden, N. j., becoming
vice president.
Clarence F. Norment. ex-president OF
the Washington Railway and Electric
Company, becomes a director of the big
corporation, and also John A. wilkins
and c. A. Spalding, of this city. W. w.
Spaid retains the treasuryship, and Gard
ner L. Boothe, Of Alexandria, is secre-
tary.
Directors OF the Washington Railway
and Electric Company were served
with notices to appear and defend the
suit OF Corporation Counsel Thomas TO
enjoin the merger ,
NJ. E. Allies was over in Baltimore and
escaped service, but will be notified by
the marshal to-day.
1t is one of the surest things that ever
happened that Congress will take cog
niZance of the Washington Utilities Com
pany and of its various aims and pur-
poses. Every one expects 1t. 1t is one
Of the biggest things before the local
public, and has been given much dis
cussion, pro and con. Congress could
-AcN AiSA nObAA hOh AAASS II.
One of the brokers on the Stock Ex-
change, where business has been brought
almost to a standStilI of late. declared
that he would have a fine rabbit for to-
morrow's dinner. Other members eX-
pressed their envy.
It may not be generally known, but the
charter of the Rock Creek Railway Com
pany gave the company the right to ac-
quire by purchase any intersecting street
railway corporation. The Capital Trac-
tion Company was the successor to the
rights and privileges of the Rock Creek
Company, and also possessed that right.
There was a clause in tie charter limit
ing the purchasing power up 10 the point
where the capital stock of the corpora
ton was s12.OOO.OOO. This capitalization
was reached some time ago, SO the privi-
lege has been invalidated.
Practically the capitalization Of every
utility company of Washington, with the
exception OF the Potomac Electric Light
and Power Company, has reached the
Limitation Of its capitalization.
1t is claimed that the Washington Rail-
way and Electric Company will need a
million dollars a year for extensions and
betterments-where is the money coming
from?
The Capital Traction Company is little
better off in the matter of financing or
will be in a year or two.
The feature of yesterdays session Of
the local exchange was the decided IN
crease of business. Some uneasy invest
ors are disposing of their stocks slowly,
but as a rule the list is being held with
considerable firmness, in the face Of
newspaper publications of a sensational
character.
Washington Gas was nominally of 1-2
point, selling at S6aS6 L..
The only sale of Railway preferred was
at IS, small lot. and the bid and asked
prices were as far apart as ever.
Bonds were in better demand, Traction
IS. 10 1-2: Railway As, 81; Potomac Con-
solidated 5s. 100 5-S and Riggs Building
5s Qong), 103 1-2.
Chicago shipped 81, 10000 to the coun-
try for crop movements in October, the
largest shipments since October. 1907
when all banks were drawing down bal
ances to the minimum.
All American Stock Exchanges will be
closed tomorrow; also banks and 'busi-
ness houses, in observance of Thanks
giving Day.