The Washington herald., 1914-01-21

:. ID. Carr. and Walter Stewart were
elected members of the board of direc-
tors. The board organized by the cleo
tion OF II. l.. Doherty as chairman: r.
r. Coates. president, and F. W. Fruauff.
vice president.
The Guaranty Trust Company is nego-
tiating with the City Of Detroit for the
purchase of s1.5eo.0oO per cent bonds, and
IL Is believed that within the next few
days definite arrangements will be reach
ed. Representatives of the city are eN-
pected to arrive in New York soon and
the matter will be gone over thoroughly.
Detroit is urgently In need Of funds
for improvements. &C, and the trust
company has made a proposal which ap-
pears to be attractive TO the Detroit Of
ticials. 1t is that the trust company will
take N,5oo.Oo0 per cent bonds, give the
city $4,000 cash. the balance of 81, 900 90
to remain on deposit with the trust COM
pany for one year. The bank will pay
the city per cent interest on this money
and at the expiration of twelve months
the city will be free to withdraw its
money.
At a meeting of the stockholders pro-
tective committee of the Manhattan
Transit Company 1t was decided to call
n meeting of the stockholders of the
Manhattan Transit Company Saturday.
At this meeting il is intended that the
committee shall make a report OF what
IT has done in the matter OF protecting
the interests of the stockholders of the
Manhattan Transit Company against the
proposed disposition of the assets of the
ccmpany-namcly. the stock of the Long
Acre Company-in such a way and under
such conditions rs would leave little, IL
anything, TO the stockholders Of the
Manhattan Transit Company.
s. B. Chaplin & Co. to W. B. Hibbs &
Co.-The stock market closed firm at
fractional gains from yesterdays final
hgures after ruling quiet and steady
throughout the session. The Presidents
message on antitrust legislation, which
it was thought would furnish an incen-
tive for new commitments one way or
the other, had little or no influence in
the days transactions However, IL Is
generally considered a conservative docu-
ment and In the end is expected to have
reassuring effect.
Western Union was noticeably strong
in the late trading on a statement by
President Vail that the present policy of
the company will soon result in an in
crease of s1,0oo.0O0 a year in the net
earnings.
Indications are for a gradually broad
ening market and on any moderate re-
cessions purchases of the good railroad
stocks should prove profitable.
Potter to n. I. Carpenter-The mes
sage OF President Wilson was about as
expected. 1t was of a conservative char
acter and of a nature that would help
materially to restore confidence of the
investor and the business man. While its
effect as a market factor may have been
temporarily discounted. We believe that
the principles of the message will do
much toward restoring prosperity and
enhancing the value of securities.
Dow Jones to Hartman & Co.-The fact
that the Senate Interstate and Foreign
Commerce Committee had sidetracked the
resolution OF Senator Lane. of Oregon,
for an investigation of alleged granting
Of rebates to the United States Steel Cor
poration was regarded as an omen OF
conservatism in political quarters. but. of
course. nothing else could have been done
IN the case in view of the admission by
the star witness that David Lamar was
the instigator of his testimony.