The Washington herald., 1913-09-12
BLAME street
FOR THE FIGHT
Stock Exchange and Big Fl
nancial Men Not Alone In
Opposing Money Bill.
LOCAL STOCKS STRONG
Union Pacific Should Hold On to
MiIIions-Gas Suit-lncome
Tax.
LOCAL STOCKS STRONG
BY ]. 4. FLEMING.


center.that makes possible the immediate
marketing of collateral. railroad stocks,
industrial securities, and the bonds of a
Isand and one railroads and munich
r. ties, without which the investment as
~ as the speculative business of the
ntry would go by the board, is just
.. the object of much bitterness on the
g- t of the nations lawmakers.
It for Wall Street and the possibility
o.. marketing in minute any time during
business hours collateral upon which
hanks and trust companies have ad-
Nanced cash, il would be impossible TO
obtain loans on this character of col
lateral and banks would go out of busi-
ness Railroads are financed in Wall
Street and it is necessary to the pros
perity of the very nation. If bank cam
not loan money its vocation is gone.
Many sins have been committed in the
name of Wall Street. many homes have
been wrecked. many fortunes have been
lost. and criminals made but Wall Street |
is not entirely to blame II holds up a
iair average with other CallinGs at that
-Autagonism to the financial center, pop
ular though il be- is not making for pros |
perity. II does not make for perpetuity |!
one way OF the other.
Change the term to financial New /
York" the largest city on this continent. |
ost commercial center: soak one part OF |
ii. and the rest are sympathetically hurt. |
The commercial world shivers in re- |
spUnSr.
How can the opposition to the currency
measure as fathercd by Chairman Glass
and his associates he opposed solely in
the interest of Wall Street.
From Chicago, St. Louis. Atlanta, San
Francisco Minneapolis and everywhere
the opposition is gaining in strength for
amendments TO the bill that will make it
less Objectionable to the banking fra
ternity-to financial interests generally,
another interest just now in i'll favor.
All InterdePendent.
Th,. little banks Of the entire nation
depend on financial New York for much
and the bigger fiscal Institutions for more.
70 Stat, banks are not making the same
opposition 10 the proposed currency bill
for the reason that the Federal Board
will not govern in their cases. Very many
ua rionaI banks will surrender their char
ters and take out State charters If
the bill in its present form is enacted.
This refers to many institutions regard
less Of the political complexion Of their ,
directories and Off ais
II is NOT NTcvted that tie hill in its
r.r..sert form can get through the Senate
despite The ferrule formidable though ii
he
En=Ii~I Spinn"r~ Worried.
The proposed tx on cotton futures has
5 [ NJ. sflnrcrs Of England on end.
I'll have been in the habit ~ buying
their cotton months ahead, against ac-
tual us. and taking il as they need it: |
o.. not needing have resort to selling
Tor fU;lTo delivery on the American mar
l.'' aucl ester and Liverpool are said
10 fo1r hat the tax will interfere with
i'ar@einS on their side Of the Atlantic.
This saws the Westminster Gazette
'W""'l lead to great deal Of incon-
v"mi"mro and would also cause serious 5!
,roulle % hrokerS.
Imi"u Pncffc's Millions. II
WI Street was not half As sure YES !
tcr,,ay that the Tuion Pacific directors
would make the shareholders a present {
p"-t O: tN' MILLIONS received from the G.
" of southern Pacific holdings g.
Tho Union Pacific directors met Yes
+. rda" and after N" meeting Judge !
I."N'rt hHd nothing to say The s,".u-,.- i
''-' t..e Union Pacific treasury looks J.
-..d {" = shareholders.
lm time Ike th. present whcu aII-stc.I ,
'r- may h" required at any tune. undo: ,
'"r'Ih'" order. wh'U Central Pacific ma, y
frll int" Union Ta,.ifir'S way IT any. time. y
v hen q road T." Fris"o ma, he noceS- y
sHr'. When millions. without Iaviug "
freight and Passenger earnings ont iu =
interest. arc 1T their command the Of /
i"1al< Of tn" ui"n Pacific. COMPANY I
should hold "m {" the cash. and Let the I
q" Ter cont dividends satisfy the share !
holders: its plenty. They did no: par J.
iclpste in III" income from tho South
en- Pacific stock when IT reposed S.
cnreIy in tn" Union Pacific treasury
" hE should they now
Fortunate is the railroad companv i'm
those strenuous times. when 81 and
Il per cent is required to bring out cash. <
that has S6S,"oo"o0 on hand Hold on a
to it. \
Washington Gas. L
When requested to state what they had =
done TO divest the Washington Gas Com \
pany OF its $3.50 shares OF Georgetown 4
stock. the Commissioners replied by FL \
ing suit. Thus the case may get TO the }
District Supreme Court before the suit.
long since filed by the Georgetown Gas
Company, is passed on by the same court
The subject has been repeatedly han
died in this column. and the Washing
Ton Gas Company may be counted upon
speedily adjust itself TO the verdict. q
Itever il may be. At the present Il
their holdings have not the slight ]
aJ OF value back of them. bring no re- ,
ms, convey no power TO vote. or other
% Q. and a settlement of the matter
,uld be welcomed by all interests.
his action simply shows how absurd
nc notion of some of the minority share
Iolders of the Georgetown Gas Com
rany that if the Washington company
would buy the remaining stock they
would quiet all opposition, and there \
would be no one to question the legality \
n their holdings" And the price asked c
vas $3.50, indicating what an excellent NJ
opportunity the Washington Gas Com ;
,any had TO play the Rubin u
Confiscation is not possible. Bond \
folders are safe, and shareholders have Z
10 reason to worry. B
The Washington Gas Company has in
10 way controlled the Georgetown Gas
'ompany, voted its holdings, &c, or in
ny other way exercised authority since Fl
he passing of the La Toilette amend a
nent. The constitutionality of this lat N
or measure will probably be tested be- -
ore the final adjudication Of the case.
II might be the proper time for the for
nation of one gas company in Washing
on, and SO-cent gas.
Local Securities. II
Washington Gas stock was held at So L. 10
II change yesterday. The quotation bid ~
.as &J-2, but little lot sold at s. 1-2. 4,
Capital Traction was fiTTue-, selling at is