The Washington herald., 1913-11-16

to cover these three years expenditures
It would have been compelled to report
a deficit OF S57, 600 900. A large part of the
money for construction purposes over the
last three years came from proceeds
of bond sales.
United States Steel believes It has
eliminated nearly all of the water in
jected into the property at time Of or
ganization. and 1t is because of this
that needs for new construction are
now being raised through bond issue
But II is doubtful II United States Steel
would care to impair its working capi-
tai by the continuation of the payment
of S25,oO0.o0O yearly on the common
stock II it believed the industry was in
for a prolonged depression. Should there
be a recovery in steel prices and demand
within the next six months, the per
cent on the common stock is assured.
but 1t is doubtful IL the board of directors
which is a conservative one, would care
to pay dividends for a prolonged period,
If profits fell below dividend require
ments.
Local Securities.
Interest in local securities during the
past week has centered around the in
vestigation now being made by the Dis
trict Utility Board. the District Commits
sion being the other designation, into
the affairs Of the Washington Railway
and Electric Company and the waning
strength, or rather increasing weakness,
in Capital Traction. There seems to be
general belief that the investigation
must perforce extend to all corporations.
The commission has a suit against the
Washington Gas Company in court at
this time. This leaves but Capital Trac-
ton, Georgetown Gas, and the Chesa-
peake and Potomac Telephone Company,
and II is safe to assume that they will
be probed.
The feeling that from this investiga-
ton will come the long-expected merger
of utilities, except Telephone, in one
corporation grows apace. II would solve
the problems that perplex even the Utili-
ties Commission. more or less inexperi-
enced as, it is. TO control one utility
would be easy. at least easier than four:
universal transfers, greatly desired.
would come at once; cheaper gas and
electricity to the entire District would
be possible.
Opinion is favorable to the outcome of
the investigation for all utilities, in that
the men operating them are well known
and have the confidence OF the people
Ought to Have Separate Board.
lue COHlSHllOH Is upnelO all over pusl-
ness Washington that Congress erred in
imposing upon the District Commissioners
the dual duties of Utility Commissioners
Aside from the fact that the business of
the District must suffer. or the work of
the Utilities Commission, one or the
other TO a certainty, there is a feeling
that high-priced business men. with a
knowledge of public utilities. should have
been chOsen-$lO, ,OOO-a-year men, at least
Yesterdays Market.
There wasn't enough doing to make it
interesting on Saturday. Gas was the
leader at 81 IA to 81. some liquidation
being sustained. Railway issues were en-
tirely nominal A little Capital Traction
sold at lIOa1IO Il. indicating better in
vestment buying of the old favorite.
Mercy eased of to PIC 7-Sa2l7.
Income Tax.
The District Bankers Association COM
mittee on investigation did an excellent
job. Real estate men and others desir-
ING to familiarize themselves with the
workings OF the law, eNemplitied by
the committee should ask their bankers
fer a copy of report and forms. II is up
to the Internal Revenue Bureau to fur
,ish the definite answers to certain prop
ositions put up to the bureau.
Big Eaters Small Savers.
Fer capita we are the biggest eaters
world, and the number of pounds con-
sumed per individual in the civilized
world per annum shows as follows: