The Washington herald., 1913-07-18
ing power. and will no. be entitled to
dividends.

ing powers and will not be entitled to
dividends
Good Idea.
The London Standard has been discuss
ing the means for safeguarding in cor
porate enterprises. a fact which proves
that in spite OF the 'dullness OF the
worlds markets there Is still money
somewhere to invest. The paper ac-
knowIedges the receipt of a draft scheme
which has for its main object the pro-
lection OF the interests of the investing
public. 1t is proposed to incorporate the
new association with a governing .coun-
ell possessing supreme authority and a
number Of executive councils having
headquarters in the various parts Of the
British Empire.
The association proposes, in return for
a modest annual subscription. to investi-
gate the bona fdes OF any industrial.
commercial. mining, or other financial
project submitted to 1t. and this would
be done by the help Of independent ex-
perts, upon whose reports the associa-
ton will bless or ban the business or
enterprise for the benefit of its sub
scribers. The organization would report
on such points as the purchase consid-
Grafton, the title to the properties being
offered for sale, the capitalization. and
the suitability of a proposed board Of
directors. Members of the executive
councils are to be under definite pledge
not to be. or become. interested parties
in any proposition that is submitted to
the association and approved by IL: the
organization is to charge no commission
on fiotations, II will not promote" in
the usually accepted meaning of this
frequently abused word, 1t will not I'M
derwrite, and II will not deal in shares.
Rising Tendencies Checked.
The rising tendencies of prices in
Wednesdays market were checked at the
opening yesterday by heavy sales for for
eign account. The selling did not come
through the usual arbitrage channel, but
on direct order. and continued until well
in the afternoon. Canadian Pacific.
Union Pacific, Steel. and California Pc
troleum were conspicuous in the list Of
the shares marketed.
The selling in California Petroleum was
attributed to liquidation for foreign &C.
count by holders who were induced to
come in when the spectacular fiotation
was pulled off In this market. Recent de-
velopments indicate that the company is
probably highly capitalized and not well
supplied with working capital While
earnings are reported as favorable. much
money will be needed for development
work, and this the bankers appear to be
unwilling or unable to supply.
California Petroleum common lost five
points and the preferred six. Mexican
Petroleum fell of four and a half, but
this movement was considered to be
largely sympathetic.
The undertone of the market could not
be called weak. Steel held steady all
day. and aside from the l per cent drop
in Union Pacific, losses in the general
list were mostly fractional. 1t was re.
ported that Europe is buying copper
metal on larger scale than at any time
for many weeks. but local manufactur-
ers have failed to come into the market.
The regular Amalgamated dividend Of
~ per cent quarterly was declared, but
as the present prices of metal does not
show this to have been earned. the nee
essary money probably will be taken
from the surplus Of the Anaconda, al
company.