The Washington herald., 1912-12-28
Local Financial Matters

day, as regards the various physical ele'
ments entering into II, the machinery
used. the motive power. and the genera
development of. the art is wholly be
yond the experimental stage.
However, in nearly every direction
there Is a demand for further extension
of service OF such corporations. While
from the now somewhat extensive ex,
perience and history of the art 1t IL
less dlficult than in the past to fore
cast the probable monetary outcome OF
such extensions, engagements, or new
Developments. there still exists many
cases where the returns TO be achieved
are stin more or less problematical and
in some cases absolutely probiematical
as to the dates at which returns will
be reached.
During the entire history of public
utility operations throughout the coun-
try, and notably during recent years, the
charges for service have steadily de-
creased and the quality of service has
been steadily improved-all despite
marked advances in the cost of appara-
tus, materials. supplies, and wages. II
is obvious that this situation cannot be
Indefinitely maintained"
The stand of the utilities of the coun-
try against further concessions in prices
mas pccu d. ALL
and the managers generally base their
contentious on the decision of the
United States Supreme Court in the Con-
solidated Gas case, I'm which IL was held
that the company had a right to earn
per cent on its investment.
The public is rather an exacting Gus
toner. 1t must be served well and
promptly, it matters not in what line,
and it win be served as cheaply. consid-
crate with service, as II can force the
utility company concerned TO grant. The
public is entitled to the best service pos
sible, and every concession in cost, but
corporations have a right to exist in one
line OF service as well as another. They
are as much a necessity In one line as
another. If they were not they could
not exist. for the masses support most
of the utilities.
Statements to the effect that practi-
cally all corporations in the public utility
line in Washington would need new
financing, made a few months ago, are
panning out as nearly true as possible.
With perhaps the one exception, the
Washington Gas Company, the utilities
need new capital
The Washington Utilities Company is
resting on its oars-exchanging its stock
ton-Virginia Railway Company and wait
ing for the adoption of a law for a utili-
ties commission, when IL probably will
make another important movement.
Washington Railway and Electric earn
ings are keeping up at an excellent rate,
and assurances of a handsome increase
over the figures of a year ago are as
sured. The annual meeting will be held
January IL.
There Is some speculation as to
whether William Loeb will be a candi-
date on the directory again.
There were indications of inside buying
Of Washington Railway and Electric pre-
ferred stock yesterday when sales were
made at 90, the highest price for sixty
days. The best bid for the common
was IS.
Small sales of Washington Gas were
made at IS Ia for investment. the bid
and asked on quotation lots being IS
and 81, respectively.
Lanston was easier. IS off. at 50 SIS.
Potomac Consolidated IS were wanted
at 100. Railway and Electric Is, s..
Messrs Wade Ellis and r. Golden
Donaldson, of the law firm of Ellis 6
Donaldson. were elected directors OF the
Commercial National Bank and the sur
plus fund increased by $1,000.
The Commercial National Bank will
dine its clerical staff, directors. and Of
fcers right after New Years Day.
Munsey Trust Company shares sold in
Baltimore yesterday at 1H.