The Washington herald., 1913-01-05
Local Financial Matters

stock by the washington company de.
cided.
1t is a fact that unification OF thu
two companies would be in the Interest
of cheaper gas in Georgetown or that
4 section of Washington depending on the
| Georgetown Gas Company for its gas.
The Washington Gas Company has con.
sidered the price asked for the minority
holdings in the Georgetown company toe
high. yet the purchase has been consid-
| cred. and apparently the matter was
| near a closure up TO a short time ago.
Financial interests have hoped for q
union of the two companies. but have
thoroughly understood that any move
ment of this kind prior to the passage
OF a utilities bill for the District and the
appointment of commission with au-
thority TO act would meet with the
strongest proposition.
All corporate and financial interests of
the city are back Of the effort to secure
public utilities law, and the negligence
of the lawmakers in attending to this
important matter is causing much I'M
favorable comment.
Washington Utilities COMPANY officials
do not believe that the law can in any
way interfere with the programme of
accumulation Of securities as mapped out
by the directors OF the corporation.
In their answer to the district at
torney's bill for an injunction, the de-
PENDANTS simply demurred.
Commenting on the matter, Mr. W. B.
Hibbs yesterday said: The Utilities
Company Is going along quietly, attend
ing strictly to business, and 1 do not
believe that there is any way to pre-
vent the carrying out OF the purpose of
the corporation. Any one can buy stocks
where stocks are for sale. and the
would-be buyer has the price. That is
all the Utilities Company has been do
ing, and it acted within its rights"
Washington Railway and Electric
stocks and bonds were bid up on change
and with more show Of earnestness than
for months past.
you will have to buy back these
Washington Railway and Electric Sc
curities. all Of them" said Mr.. Hibbs.
They have the real value In them s.
he added, and IL the people OF WASH
ington knew what they were actually
worth they would be paying higher
prices.
why, any one who wants to take the
trouble to compare the earnings of the
Washington Railway and Electric Com
pany with those Of the Capital Trac-
ton Company will be convinced that the
Washington Railway and Electric COM
mon stock ought to be selling where
Capital Traction shares are, that It is
just as good stock, better, according to
my opinion
Bids OF IS L. for the common stock
OF Washington Railway and Electric,
80 5-S for the preferred, and 1-2 for
any part of 10000 Railway IS accentu-
ated increasing frmness.
Sales were at IS l.. and 90 1-2asl. re-
spectively.
Washington Gas was really the active
leader 40 shares going on the record
at IS So for round lots, and s6 for odd
lots
knowledge of the suit filed in the
Washington-Georgetow case was cur
rent on change, but II was without ma
terial effort on the market.
Bank sales included Commercial Ma
tional at 2os, Citizens Savings at q, and
United States Trust, an odd lot at 40 IA
sale of Eastern Light and Fuel was
reported at 80.
Sales Of proxies on Washington Gas
shares for the annual meeting next
month have been reported at so per loo
shares.
The opposition to the reelection of
President Letter and one or two direc-
tors is. increasing. and shareholders are
being urged to hold their proxies. at
tend tine annual meeting, and see what's
doing. or else await the formation of
another committee. The claim is per-
made that the salary of the ex-
ecutive is entirely out Of proportion with
the Importance of the position and that
an utter lack of diplomacy in the mat
ter of reaching a conclusion in the
Georgetown Gas case has been displayed
Proxies sent out from the ''ins" but
their power and does not
give the shareholders a real oportunity
of expressing themselves. 1t is a cor
porate habit to perpetuate control, and
often makes salaries the sole object
thereof and corporate service secondary.
A year ago there was a short fight.
during which the insiders hustled for
proxies, and the stock advanced to 81
and better.
The chances are that the 1913 proxy
fight Will be factor.
1t appears that the sale of American
Bonding Company, OF Baltimore, to the
Fidelity Deposit Company was a coup
on the part of the latter organization,
and that in putting il over negotiations
then going on with the Maryland Cas-
ualty Company for the purchase by this
corporation or the American Bonding
Company were brought to a sudden and |
end.
The United States Trust Company
opened, in round numbers, ZOO accounts |
in connection with its 1913 Christmas
Savers Club. |
Last year 1000 entered. OF this mum,
Der LOCO confirmed savers abandoned the |
club business and became regular de- !
positors in the savings department.
The two plans contemplate payments |
Of cent the first week. 2 the second. |
5 the third, and SO on for the year, or \
81 cents the first week, 81 the second, so /
the third, or cents, then 10, then Is, |
up to $3.50 the last week, or $3.50 the 4
first week, Se.45 the second, and so down
to cents a week.
That the United States Trust COMPANY
profits financially by the Christmas CLUB |
is hardly probable The ex-
'enses of handling 1900 accounts, each
week, OF receiving and crediting cash,
Ind caring for the entire scheme
throughout a year must be more than
the interest that possibly could be earn
ed on the money, more SO as the funds
10 not approach an appreciable amount |
for some time
That is one of the best possible ad-
'ertisements goes without saying, for
{ starts 1900 people talking about their
eposits, makes them walking advertise
nents for the bank, and induces many
'ood deposits.
just where it gets its hold on the pub