The Washington times., 1913-01-12

Colonlal Beacn company, 10 De Heiu d
Alexandria.
The annual meeting of the stockhold-
ers Of the Washington Railway and
Electric Company will end the week.
That meeting is to be held at noon
Saturday.
Changes in the presidencies of two of
the national banks are being talked OF In
financial circles, but it likely that but
one of these, the Columbia, will make
] such a change Some changes are con-
| templated in the minor offices of some
| of the banks and a few changes In the
directorates are on the program includ-
ing the filling of vacancies which have
existed. Otherwise little Of Importance
Is said to be in prospect.
The annual meeting Of the railway
company is expected to develop some
Informal talk about the probable alb
sorption of that company by the WASH
ington Utilities Company, but the def
| mite proposition will have to be CON-
| sidered at a later special meeting.
|
Washington bankers will not have to
| worry whether the bill introduced by
| Congressman Carter Glass, OF Virginia,
and aimed at the practice OF acceptance
by bank officers Of rewards for their In
| fluence in obtaining loans for persons
seeking them, passes or not. The prac-
tice is not in vogue in Washington.
The bill would prohibit officers, direc-
tors and other persons connected with
national bank in an official capacity
| from receiving benefit, fee or compesa-
| ton of any kind for business transac-
| tions made on behalf of bank.
Violation Of the proposed law is made
| punishable by imprisonment for term
OF three years or by fines in the sum
| Of 5000 or both In the discretion Of the
| trial judges
The Comptroller of the Treasury asked
for this legislation in his last report.
The Thompson Starrett Company,
which built the Southern building, and has
the contract for the new Arlington, has
on its books building construction con-
tracts aggregating 5000, 600. Included
in this Is the McAlpin Hotel, the Wool
worth building, the municipal building.
and the Equitable Life building, in New
York.
The Thompson-S Starrett Company con-
ducts its building operations in a man.
ner different from most of the other
building construction companies. All Of
Its business is contracted for and con-
summated on a percentage basis That
per cent on the actual expenditure for
constructing the building. This does
away with the question Of subcontrac-
tors almost entirely.
The company has outstanding 81, 900
common stock and 100000 s per cent
accumulative preferred. Dividends of =
per cent have been paid on both classes
Of stock. Up to the great increase OF
its business three years ago the COM
pany's annual gross business since or
ganiZation aggregated about SIS, ,000. 600.
The heads of the concern are Prince
ton men and, 1t may be noticed. they
use the Princeton colors, orange and
black on the signs which they place
on their buildings during construction.
1.-The Nations Business" the official
organ of the Chamber of Com
merce of the United States. will
have an interesting review of the rail-
road situation in its next issue, next
the editorial department of the congress.
has gotten together the figures which
James ]. Hill said in 1877 the railroads
would need in the next five years for
these he will show the figures which
actually have been recorded In those
five years, which are understood to be
quite under Mr. Hills prophecy, and
prospect based on both. The first an
nual convention of the chamber will be
held here the latter part of this week.
Net earnings OF ninety-six railroads
operating 1871 .ssS miles OF the total $4,000
mileage of the United States increased
17.l6 per cent for November. 1872. as
compared with November. 1911. An in
crease in the gross OF 1910 per cent is
shown.
Chic of record January "A, the same
record date as for the dividends, VIII
have the privilege of subscribing for
rev bonds. Warrants Will be mailed
~. fsrGf M ant
Of &C per cent en- the par of the bonds,
will be due March 3, but the bonds may
be paid for in full on that date the
price is 1856 per 5000 bond. Stockhoid-
ers will receive virculars with fuii par
ticulars carly this week.
II Is stated in bond circles that the
applications for participation In the un.
derwriting syndicate for the $S3.25o.Vp
new Baltimore and Ohio 41 per cent
convertibles are unusually numerous
ing could be more than covered. The
stockholders subscription and that OF
purchasers of the rights will not be
closed until March 3, the date on which
the first installment Is due.
The United States Steel Corporation
has mailed to employees its plan for
offering them the opportunity to SUD-
scribe for shares of Its preferred ana
common stock at the price or sle3 anu
respectively. NJ suDSSiiP'.Oh
be received for a combination or both
preferred and common stock. Subscf1p-
tions will be received until FEBRUARY j.
1913, inclusive, and allotment VIII be
made a few days later.
II the subscriber will keep the stock.
and in January Of each year, for five
years. commencing with January, 1914,
will exhibit the certificates to the treas
urer OF his company. together with a
statement from proper official that
he has been continuously in the en-
pIoy of the corporation or OF one or
another of it's subsidiaries during the
preceding year. and has shown proper
Interest In its welfare and progress. he
will for each of such five years receive
a cash payment at the rate of IS share
for each share of preferred stock. and
$3.50 a share for each share of common
stock.
II subscriber keeps his certificate
and remains continuously in the service
for five years, the corporation intends
that he shall then receive a still fur
ther compensation, which cannot now
be ascertained or stated. but which will
be derived from the following sources:
Cancellation of subscriptions; transfer OF
certificate from name of subscriber
whether Intentionally or otherwise, leav-
ing the service, or failing to resume
employment when requested.
The year just ended las seen the
organization OF number of invest
ment, holding corporations. chartered
for the purpose of acquiring stocks and
bonds Of existing public utility COM
panies. issuing their own securities