The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-12-01
BY L. A. FLEMING.

a decidedly good undertone, although
moving rather slowly, the total sales
for the two hours session being but
10000 shares of stock.
The bears have acquired a wholesome
respect for the interests that have the
welfare of the market in their keeping
and are not disposed to take much Ii
cense in their operations.
The bank statement was bear factor
but 1t had been thoroughly discounted.
There is no reserve; on the other haho'
there is a deficit, but this condition Is
only temporary and probably before an
other week rolls around 1t Will have
been fully repaired and reinstated as
an actual reserve.
Within the next few days the comp
troller of the Currency will have issued
the last call of 1912 and the national
hanks will loosen up and help out Dor
rowers, who are just as anxious Tor the
call as the bankers themselves.
Moreover, this stringency has been
largely brought about by the gathering
of resources for the large dividend ana
interest disbursements TO be made Mon
day and Tuesday. many of the checks
going out yesterday. These funds are
largely reinvcsted in the market; If not
they will go into the banks again and
relieve the strain.
The return flow from the country has
not started to any appreciable extent,
but the end of this month ought to
bring back millions.
An interview with Chairman Under
wood, of the Ways and Means Committee
of the House, appearing in The Washing
ton Herald on Saturday, had decided
effect on a number of industrials. Mr..
Underwood made it plain that there would
ha m coming
session of Congress- that tariff bills that
would eventually be introduced would be
largely along lines Of the measures that
have passed and were vetoed by Presi-
dent Taft. He declared that there would
be no free wool bill. and Wooden stock
showed immediate reflection Of the story.
Beet Sugar was stronger, although the
general belief is that there will be a free
sugar bill.
The best gain of the day was in Lig-
Eett & Myers Tobacco. a seven points
rise. and without further reason than
there was for a decline midweek.
Most Of the gains to the market were
of the fractional order.
Washington is a city of glowing finan-
ciaI Importance, if one may judge from
this announcement taken from Financial
Review, of Chicago-New York:
The banking interests of Washington
are to have a Sl,OOOO0O clubhouse. The
Bankers Association, Stock Exchange,
Bank Clerks Chapter. and Clearing
House Association are behind the prop
osition."
Fine.
The Supreme Court reassembles on
Monday. 1t is generally hoped that de-
csion will be handed down in the Min
r,cCOt:t to case
This case has been pending for several
Years and has been bitterly fought on
the part of the State of Minnesota and
10y the railroad companies.
Shortly prior TO May, 1907, the State
railroad commissioned Of Minnesota en-
tered an order reducing the rates on
merchandise 20 to . per cent based on
previous ruling rates.
The railroads accepted this action,
without making a contest. Then, little
later. the Minnesota Legislature in ses-
sion. passed an act reducing rates on
grain. lumber. live stock, and coal 7.5S
per cent additional.
Under severe penalties. Imprisonment,
&c, the railroads put the rates int
effect protesting that they were confisca-
tory.
Shareholders of different railways then
brought action against the railroad com
panies the State Warehouse Commission, !
and the attorney general Of the State.
Charges were made that the rates pre-
vented the roads from earning reasonable |
dividends, &c. and further that much of
the business was in the nature Of inter
state, commerce, and that the State was
therefore acting without law and its acts |
therefore unconstitutional and void.
The claimants were declared right in |
their contentious by Judge w. II. San
bOurn. Other States produced cases |
presented to the Supreme Court in April
last
State rights is on trial and the case is |
intensely interesting.
The government is issuing postal saw
ings bonds in denomination OF $50, this !
being the first issue of this size. Appli- !
cations for the bonds must be made not |
later than Monday. but the bonds will |
not be delivered to subscribers until |
January !, 1913.
William B. Hibbs will probably be able |
to leave the hospital to-day or to-mor- |
row, although he will give little atten-
ton to business for another fortnight. |
w A. II. Church is also figuring on !
getting downtown before the end of the
year.
Both are sure OF generous welcomes
from scores of business friends.
The act passed by the Senate at the
last session of Congress, and entitled
An act TO regulate public utilities in
the District of Columbia and to confer
upon the Commissioners OF the District |
of Columbia the duties and powers Of
public utilities commission" is not in
high favor with utility interests of
Washington.
According to the measure, gas compa-
MES, traction corporations. telephone
telegraph companies. electric
express companies. common
carriers" except the Norfolk and Wash
ington Steamboat Company; the Wash
ingtOr Terminal Company, and steam
road companies would all be under the
jurisdiction of the commission and sub
iect to the provisions OF the measure
Section has met with general opposi-
ton. 1t follows:
Sec. 3. That every public utility doing
business in the District of Columbia, hav-
ing tracks, cOnduits, subways, poles,
wires, switchboards, exchanges works,
or other equipment shall, for a reason
able compensation, permit the use of the
same by any other public utility when
ever public convenience and necessity re-
Quire such use, and such use will not re-
suit in irreparable injury to the own
ers or other users of such equipment;
nor in any substantial detriment to the
service to be rendered by such owners
or other users In case of failure to
agree upon such use, or the conditions
or compensation for such use, any pub
lie utility or any person, firm, copart-
nership, association, or corporation in