The Washington herald., 1913-03-06
NOT Worrying
OVER HOLDINGS
The La Toilette Amendment
Causes No Corporate
Uneasiness.
NEW YORK MARKET FIRM
Bank Stock Disposed Of and Charter
Granted-General Street
Gossip.
BY 1. 4. FLEMING.


portunity of thorough inspection of
the public utilities law and of the La
Toilette amendment The measures. as
adopted, will not come from the public
document room for day or two.
The measures will have no direct ef-
feet on the conditions existing before
the passage of the measure. That there
will be an ending of the Georgetown Gas
Company because the Washington Gas
Company is in control, or of the late
Virginia Railway Company,
now extinct. or that the Washington
Railway and Electric will have to walk
the plank, because over 20 per cent
of its stock is held by the Washington
Utilities Company is not even consid-
cred as a possibility.
Corporate interests do not seem dis
turbed by the passage of the Utilities
measure. nor Vet by the La Toilette
amendment They still have the right
of appeal to Congress.
The Washington Gas Company and
the Georgetown Gas Company both
have capitalization as when organized.
back in the middle OF last century. and
in this respect are. perhaps, unique in
the records of American corpora tions.
They have been denied all increases and
should he given no worse treatment un-
der a commission.
dences of any nervousness over the La
Toilette amendment. One could not buy
Railway ISSUES any cheaper; Washing
ton Gas did not show nervousness. and
the bid for practically all :he George
town Gas Company stock not held in
the minority pool did not indicate any
impending dissolution.
II the Washington Gas Company was
the legitimate owner of $3.50 shares OF
tIpnrgptnNn IN he of
the La Toilette amendment, it is still
the legal owner or vice versa.
If there is to be a dissolution of the
companies whose stock is held by other
corporations to the extent of 20 per cent,
Why should the other companies have to
dispose of their holdings in the to-be-
busted companies securities?
Laws are not retroactive.
Mny Be UncOnstitutionaI.
1t IS Just possible that Supreme Court
will have its say on the La Toilette
amendment before every one understands
its provisions thoroughly.
No one cares to father the idea of a
suit. but it is safe to say that II the
District authorities conceive that the
passage of the La Toilette amendment
eiTes them the right 10 disturb conditions
existing before its passage, the courts
will be called upon to adjudcate, and
that quickly.
II is an interesting question. this at
tempt to restrict the personal rights of
stockholders in disposing of their hold
ings to whom, where and when it plea ses
them to sell
IT is in the interest of a utilities com
mission to look after the rights Of the
servers and the served BOTH and the
Commissioners will not be more difficult
for corporations to deal with under the
legal rights conferred upon them by the
law than the present Commissioners
have been without the law. The utilities
law ought to be good for the public utili-
ties and the public as well-this being the
record of like commissions in other cities. |
New Bank Chartered.
The Securities Savings and Commercial
Bank has received its charter from the |
State of West Virginia. 1t will shortly |
open for business midway in the block |
between G and II Streets. in Ninth |
Street Northwest. pending the erection of !
a fine bank building on the northeast |
corner of G and Ninth Streets. having |
fifty feet front in Ninth Street by about |
sixty feet in q Street
The capital stock will he slO1,000 and !
surplus S100.HIH. The stock will he put out |
at Bis share.
There will be no public offerings of the |
stock. 1t has been taken entirely by Mr. !
personal friends.
Julius J. Pcyser will he the first prcsi-
dent Of Inc bank. and Gcnrsc r Linkins
will probably Dc tho first vice president
Tho first board of directors and the in
Corports"rs follow: Julius l. Pcyscr
George r.. LinkinS \. u. Prince Louis
A. Dent. William Fl. I.inkins, Charles ".
Darr. John H. Carter Fred Mc';ee George
IT. Judd. n. 4. Edwards. and Charles J.
LanCmead.
Select List of Ga.
y W. Halsey d Co. of New York,
Chicago and elsewhere. have prepared a
select list of per cent bonds, selected
only from the class of bonds showing
the best record in market stability. COW
ering a period of years and which the
firm unhesitatingly recommends
They will send this list oil applica-
ton. also a choice list of per cent in
vestments. utility and high grade muni-
cipal issues.
Halscy & Co. stand back of these is
sues.
Wall street.
There was a general moving up of
values on the New York stock market.
averaging 3-4al point in the leaders, with
excellent strength in st. Paul. the Cop
pers, Union Pacific. Smelling. Peoples
Gas, and Tobacco shares. with the excep-
ton of American Tobacco. which dropped
back five points
Dividend declarations, a better feeling
abroad and belief that the trust-bust-
ing policy of the new administration
would be less aggressive. even to the
permitting of corporations in error un-
1ertaking the task of setting themselves
right, acting strengtheners to the list
Some short covering was noticed. Lon
don did not give the list much SUD-
port. but il did not put any stumbling
blocks in the way of the nervous short
interests. who were visibly annoyed by
he conservative tone of the Wilson
speech. and decided to cover
An effort was made in the initial trad
ng TO bring about recessions in prices.
,ut il was not successful.
The advance of points in Liggett & I
Myers Tobacco Co. was one of the feat
Tres and leads to the belief that the
company has something in store for the
a ripening melon being the
most likely proposition. |,
Local Securities. ,
Yesterdays business in the local Sc
,nrity market aggregated $500 bonds
md 321 shares Of stocks. Values were ,
'teady, save in exceptional cases. !
The most marked feature of the trad I