The Washington herald., 1912-12-22
Local Financial Matters

4 sense Of the word was shown By theil
all they could TO advance the interests
Of Washington in its great quadriennia
| pageant.
That they were beaten by a nonvotIne
I Wilson man, even though possessed OF
vote, did not assuage the rough
places; that the delay in making the an
nouncement covered a period of nearly
six weeks, making the work of the
| chairman the harder did not rebound to
the credit Of the chairman OF the Ma
| uonal Democratic Committee. indicating
a facilitating disposition and subsection
In way the Republican domination.
l. Local securities were slo wyesterday.
Washington Gas moved up to IS on the
prospects OF a consolidation of the cor
porations engaged in the manufacture OF
gas.
, Local securities were slow yesterday.
brisker during the week, but the chances
are not especially favorable for an in
crease in the volume Of business until
| there shall be a utilities commission.
Railroads are out with a demand that
mail shall be weighed annually instead
Of every four years.
The N. l. Sansbury Company consul
mated during the past week, the sale
of the three-story and basement build
ing at 1902 Pennsylvania Avenue North
west. to Gen. John w. Foster. The
property has frontage OF twenty-five
feet by depth OF eighty feet to a wide
alley. The improvements consist OF a
basement store with store and rooms on
the first floor, and a large apartment on
each nj tho three AnnrS ahOVn IOrfna
500 The owner. James Sharp. took as
part payment, premises zoos. 2Oo9, and Doll
C Street Northwest George Y. Worth
ington G. Sons represented Mr. Sharp.
The firm has also sold premises 3l7s
Eighteenth Street Northwest being a
two-story and cellar brick, to Roy W.
Prince Price, 5000.
For Kennedy Bros, SO Lexington
Street Northeast. two-story. attic and
cellar residence, having a frontage OF
twenty-one feet by a depth of ninety.
This is one of the last group of houses
built by Kennedy Bros. Purchaser,
Leonard F. Robertson. will hold as an in
vestment. Price, $50.
Vice President Ralph Van Vechten, OF
the Continental and Commercial National
Bank, says: There is absolutely no
basis, in fact. for the implications before
the Pujo Committee that this bank ex-
ercises. seeks to exercise. or has the
power to exercise control over other cor
porations through interloclling director
stes.
What may be truly said about this
bank in regard to interlocking director
ates is something that would apply in
differing degrees to nearly every other
city bank in the United States. The
reason Is that banks naturally seek men
of affairs men of wide business expert !
ences and connections, for their di-
reCtors.
We have on our board men connected
with other large corporations. but that
fact has no bearing whatever on the mat |
ter Of control of those corporations. |
They are individual units and the bank |
Is an individual unit. The bank has |
no connection with any so-called money |
trust 1t is owned by Chicago men and
is managed by George NJ. Reynolds
1t is quite the logical thing for a bank
to want men OF business experience and
wide personal knowledge Of affairs on
IS board of directors"
John ]. Mitchell. president Of the llli-
nois Trust and Savings Bank. says: The
management of the Illinois Trust and
savings Bank is wholly independent OF
my other financial institution. The testi-
nony before the Pujo Committee at
concerning this bank is per-
ectly absurd. I can only characterize II
Is absolute rot.
ITO say that this bank has twenty
light directors in twenty-five corpora
ions. having A,599OoO,OOO of capital. as II
he bank controlled those directors in
he discharge OF their duties to those
operations, is too ridiculous to con-
ider.
This bank is a Chicago institution,
managed by Chicago men. Mr.. Morgan
as nothing to say as to its policies or
ny of its acts. It stands on its own
nerits and has no agreement with any
Their bank or banks as to the conduct
( its affairs
Concerning the relations of the First ,
rational Bank. Vice President Howard
Hitchcock says: We know nothing (
bout any money trust The First Ma I
onal Bank has never sought to control,
nd has no power to control outside cor
orations through its directors. The d.
ectors prominently mentioned in connec-
on with our bank are, l believe. James
Hill, Norman B. Ream, and Z. I.
effery. We are proud to have these
entIemen on our board"