The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-12-13
Local Financial Matters

f, demand at the Treasury Department is
urgent, not only for gold but for silver
coins.
The entire supply of the Philadelphia
mint has been exhausted, and the Den
yer mint is giving up all it has apd will
soon be all out
time, and it will require an appropria-
ton by Congress to set the machinery in
| motion in order to supply the Christmas
| demand.
II the government is going to look
after this matter it is up to Congress to
make the needed appropriation and at
once.
During the last few days s2.OOO.oOO in
quarters and $l,6OO.0OO' in halves has been
paid out. New coin is nearly exhausted.
and the late Corners in search of bright,
new coins will probably get left.
The right of business man to take
advantage of the mistakes of his COM
petitors has not been questioned by the
Sherman law-but-
Practically S25O,OOO was paid out in
Christmas savings fund certificates by
the United States Trust Company and
found circulation through retail estab-
lishments or were cashed at the bank
and its offices.
This money would not have been avail
able TO swell a holiday trade, perhaps a
little smaller on the average a year ago,
but for the institution of this fund.
Merchants are thankful for the assist
ance.
Vice President Henry of the United
States Trust Company was kept busy
replying to merchants who desired TO
know why their names were left off
from the list of those willing to cash
checks-a number large enough to have
caused a check the size of'a letter head.
Notice was sent out to the savers that
the 1878 Christmas savings fund would
open on December 20, and the officials of
the trust company believe that at least
$4,000 will be in the fund when another
year rolls around.
Merchants should help the movement
along by encouraging employees TO get the
habit, and the bread cast on the waters
will come back in added business year
hence.
Clearing houses are being discussed by
the Pujo committee, discussed and
cussed
Clearing houses furnished the text
used by President II. H. Mckee. OF the
District Bankers Association, before the
Washington Chapter, American Institute
of Banking. last night.
Capital Traction IS. at 10. were in good |
demand from investment sources. Rail- |
way IS brought 3 IA.
There was some demand from banks |
for Potomac Electric Consolidated IS for |
investment purposes. and sales were |
made at par. The first mortgage IS !
showed more steadiness, but did not rise |
above par. These issues monopolized |
much OF the attention on change
Washington Gas sold at Sc Ia, Wednes- |
days price, with none offered under 81 |
Lanston. 20.
A small lot of Union Trust sold at III. |
Washington Railway and Electric. Sea-
80. and preferred, Ssa9o, bid and asked |
price.
W. B. Hibbs & Co. duly appointed fs-
cal agents of the Washington Utilities |
the action Of the Washington Utilities
in absorbing the Washington-V Virginia
Railway Company, and approval by the /
Virginia commission.
The circular calls for the deposit OF
securities of Neutrality-suspicious. Rail
way Company in exchange on the basis
agreed upon. to-wit:
Each tcn shares of the Washington
Virginia preferred stock is entitled to re-
ceive $50 Of first refunding consolidated
mortgage per cent gold bonds, and $50
IN Washington Utilities stock at par
Common stock is to be turned in at
ten shares of Observation-Disclosures COM
mon for 800 first mortgage gold IS and
$50 in stock at par
Holders of less than ten shares may
the transfer on the same basis.
The circular is unlike the ordinary for
mula. in that no time is set for the eXpi-
ration OF rights to exchange as agreed
upon.
Among the SIX bonding companies of
Baltimore that filed the protest with
Secretary MacVeagh against an inter
of paragraph five of Treasury
Department circular, relating to the de-
luCtiOn Of all foreign investments from
The quarterly statement made by the
TO the Treasury Department.
as ''unadmitted assets were the Fidelity
and Deposit Company. the United States
Fidelity and Guaranty Company, and the
Maryland Casualty Company.
Directors of the National City Bank,
IF Baltimore, at a meeting held yester-
lay afternoon, elected John F. Sippel,
vice president of the institution, presi-
dent. TO fill the vacancy caused by the
death of David II. Carroll. Gen.
Murray Vandiver was elected vice pres
dent to succeed Ny. Sippel. Michael
SchlOss also remains as vice president
u the bank.