The Washington herald., 1913-01-21
TREASURER Will
DO THE PAYING
Disbursing Officers to Pay
by Draft on Treasury-WM
Not Handle Cash.
MUCH NEED OF ACTION
District Committee Too Busy to Act on
Utilities Bill-Bank Opens
Auspieiously.
By i. 4. FLEMING.

By 1. 4. FLEMING.
On February l a new system will be
put in operation for the payment of all
government obligations, that have here
tOfore been paid by disbursing officials
civic. naval. and military.
By the new arrangement the disbursing
officials will have a credit with the
Treasurer of the United States against
which he may draw, but he will not con-
troll the funds in any way, the drafts
being in payment of obligations.
When these drafts or checks reach the
first bank designated as a government
depository, payment will be made and
the government Will keep adding to daily
balances in these banks in anticipation
Of such drafts.
Heretofore the disbursing officials have
been able to make many an honest dollar
through favoritism in the depositing of
government funds in their possession
awaiting disbursement. Political infiu-
enCe has been used time and again to
secure favors for certain banks. and
naturally interest for themselves.
The government will get the interest on
all funds in process of disbursement
hereafter.
The move may give a larger percentage
Of collections to Washington through di-
rect shipments by banks in various seq
tions of the country, and collections are
valuable.
Too Busy to Act.
The District Committee in the House
is entirely too busy with the long drawn
out town meeting, anent the investiga-
ton of insurance companies and other
and divers subjects. to give any atten-
tiOn to the District of Columbia in gen.
Pral and the passage of the much needed
and greatly to be desired public utilities
bill
This measure is of more import to
Washington than the value of the South
ern Building or any of the steps that
have been taken in its financing. rent
ing. or sale TO the two fire companies
that own it.
Washington needs A public utility COM
mission. There is a bill in Congress that
if enacted would pave the way for the
betterment of facilities for all of the
people. and the sooner such a measure
takes precedence over Southern Building
and divers extraneous rubbish the better
for all concerned.
Would Probe.
There is one Representative who would
if he could, spend $1,000 to probe the
reason for the advance OF the price of
gas in Georgetown to s. cents thou
sand
pany will make affidavit to the first
member OF Congress who is interested
that the return to the old price of 81 a
thousand was necessary. because the
company could not meet its obligations
at s. cents a thousand. and for the fur
ther reason of advances in coal and oil
assisted in creating the existing con-
ditions. Why spend $4,000 on a case like
that?
utilities amenable to the commission
only.
Important developments in the courts
are pending and likely to become pub
lie in day or twO-new suits
Auction Sale.
At high noon on Wednesday there will
be sold at auction in New York City 80
shares of Georgetown stock.
Practically every member of the local
financial community has received notice
of this sale through the firm of ". L.
Carpenter. The auction will be held at
Is Vesey Street. A. II. Muller Co, being
the auctioneers.
Much interest has been shown in local
security circles in the probable owner
ship of the fifty shares. and insiders
have placed it to their satisfaction. The
chances for sale are not especially
bright. unless limits are withdrawn, and
the seller is not protected by an upset
price.
Charles P. Williams. secretary of the
Georgetown Gas Company. went to New
York last evening on business of a per-
sonal character, but will attend the sale
as a locker on.
Exceeds Expectations"
The Federal National Bank opened as
predicted mid flowers and wads of
money"
The quarters of the bank actually look
ed as if florist had taken possession of
the space and installed cut flowers by
the bushel. They came from friends of
the new institution and its officials
All day long the tellers ''slaved" in an
attempt to keep the pace that was being
set Directors and officers were on hand
early to welcome and assist in the trans
fer of cash and collateral from the out
side to the inside of the bank When
the days work was ended. and the
nights work about to commence the
word was passed along that the open
ing days deposits had exceeded expec-
tations."
N W. Halsey & Co. are offering at
95 and interest the unsold balance of
s3,OoO,Oo0 Central Illinois Public Service
Company first and refunding per cent
gold bonds. The property is a consoiida-
ton of some fifty properties i'm Central
Illinois under the unified management
of the Samuel insult interests The
bonds are first lien on part of the prop
erty producing over 20 per cent of the
total earning, and a refunding mortgage
on the balance. They represent about
50 per cent of the cash put into the prop
erty. Earnings are practically twice in
terest charges on all outstanding bonds. |
Legislative Outlook.
It is not all plain sailing in the Ways
and Means Committee, and signs of
squalls al visible on the horizon. The
Democratic membership is unanimous
upon the reduction of duties on manu-
factured goods. especially trust made"
articles. But when II comes to the agri- |
cultural schedule there is a rift in the |
lutte. |
The Democrats from the cities want |
farm products on the free list so the |
can have cheaper food. The |
Democrats from the agricultural districts |
are beginning to feel the shoe pinch, as |
they receive protests from the constit- |
uents against reducing the farmers pro- |
lection, and they are not so enthusiastic |
over sweeping reductions all along the |
line as they were in the heat of the cam |
paign.
It's another case of 'it makes differ |
ence whose OK is gored