Evening star., 1914-01-22
LOCAL SECURITIES
QUIET, BUT FIRM
Bank of England Makes Sec
ond Reduction in Rate
for Month.
MUNICIPAL OWNERSHIP
AND UTILITY PROBLEMS
Reported New York Trust Merger
Completed-Many Banks En-
ter Federal Reserve.
BY I. A. FLEMING.

Local securities were fatner quiet, after
the showing of strength and activity the
last few days. The decided strength de-
veloped in the bond market and the high
prices obtained for the New York state
issue sold yesterday have apparent y given
holders of securities a better opinion
of their value
There were numerous orders for local
bonds that were carried away from
change today unfilled-orders at limits
that might easily have been executed
a week or ten days ago.
The only bonds that figured in the days
transaction were Railway As, and. as
usual, they were pegged in the 50 notch
and held decidedly strong. Nominal
prices on other issues indicated strength.
Washington Railway and Electric pre-
ferred seemed to be favored by investors
these days at 80. The common shares
We're nominal, SO bid and 81 asked. 1t
is not likely that there will be much
movement in these for some time. There
is comparatively little floating stock and
no pressure either way on the market.
Washington Gas sold sparingly at 81.
Capital Traction, 112A bid; one share
bought at ia.
y little Mergenthaler brought 213A.
elected the following officers: DR.. D. D.
Mulcahy, president; Warner Stutler, vice
president; T. Frank Morgan. vice presi-
dent: Theodore Michael, vice president;
l. Plant. treasurer; Leo a. Rover. attor-
ney; directors, J. Edward Chapman, Dan
iel Doody. II. c. Easterday. George f.
Phillips, Robert N. Harper, w. H. Hay
cock, Lewis Holmes, DR.. E. &. Horen,
w P Kenealy T. Frank Morgan, Daniel
D. Mulcahy. John A. Robinson, Leo A.
Rover, Clifford Sparrow, Leon S. Ellman,
Warner Stutier, Theodore Michael. James
w. Bean. v. c. Dickey, II. P. Pillsbury,
Charles E. Young, James II. Carter, A. O.
Ollie, Gustave Hartig, Louis J. Robin
son, George Clagett. c. H. Winslow. Dan
lei Herlihy, Patrick Ward and Robert A.
Dore.
The Washington Clearing House Asso-
citation Yesterday held its annual meet
| tional Capital Bank and K. n. Harper
of the District National Bank, members
of the standing committee in place of
w. F. Galliher and George W. White,
citation. William J. -Flather was reelected
president and J. Gales Moore secretary
and manager. Clarence Carson and A.
B. Ruff continue on the standing COM
mittee.
In his annual report Mr. Moore stated
| that the clearings for the year amounted
! to S4o2, ,9O5 O75.5S. against 1891 .776, ,79l 90
| in 1872, an increase of 81, 1873 2S3.6s The
| largest monthly clearing was in May:
| the smallest in February, The largest
daily clearing was June 2.
| Opposition on the part of the District
! Commissioners to the union of the two
! gas companies of the District Is said to
be based on a desire for municipal own
| ership.
Any proposition looking to one street
| railroad company, with universal trans
fers. etc. should it be presented at any
| time In the near future, might be ex-
| pected to be met with the same objec-
| ton.
| All efforts toward consolidation of any
| two of the utilities were given the quietus
| by the La Toilette amendment. The WASH
| ington Utilities Company, organized to
! furnish the vehicle for consultations or
to finance the Washington Railway and
| Electric Company, was Immediately re-
moved from all consideration as to pos
| sibilities, other than as a holding COM
! pany its holdings of local corporation Sc
curities limited to the maximum provid-
ed by the La Toilette amendment.
1t is self-evident fact that no local
| corporation can add dollar of stock to
its capital. Bonds may be Issued. pro-
| vided the Commissioners In their dual
| capacity as utility commission. give their
consent, otherwise not
| II IS aQnlIISO lHdI TIE tFdCtlOn COlH-
panies of the District may need new
financing, but no one knows just how
they are going to accomplish it.
] There are many things that patrons OF
| utilities desire, but universal transfers
and s,-cent gas west of Rock creek are
among the most important demands OF
! the day.
| one railway company would serve the
whole city just as one gas company
would, and the people of the District
| would benefit, perhaps, even If munici.
pal ownership was necessary to bring /,
| about.
So far the utility commission has no,
been able to secure an appropriation for
securing the physical valuation figures
| of any local utility.
The Washington Gas Company will ask
the right to absorb the Georgetown Gas
Company without issue of dollar s
| worth of new capital.
Probably the traction companies of the
city might be brought together. perhaps
/ by municipal ownership. otherwise by
purchase by some corporation.
/ There is a bill now before the House,
H. r. 1896. providing for the acquisition
by the District of all street railroads. no
matter what power used, within the Dis
trict or being operated partially in and
partially out Of the District
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