Evening star., 1917-06-03
BY I. A. FLEMING.

Another step in preparation for the
merger of the Georgetown Gas Com
pany and the Washington Gas Light
Company will be taken Monday after
noon at a special meeting Of the share
holders Of the former company to
elect directors.
For the first time in many months
the majority holdings of the Washing
ton Gas Light Company and the minor:
corporation, will be voted at an eiec-
ton.
Ord Preston, Joseph Letter, W. B.
Orme, Robert Weaver. Carroll c. Glover.
will constitute the board Of directors
Of the Georgetown Gas Company after
tho election.
Four of the seven are representatives
Of the Washington Gas Light Company
while Robert Weaver is the present
pany, and Carroll C. Glover and Will
liam King. the latter the president OF
the Farmers and Mechanics National
Bank of Georgetown, arc residents OIL
that section of the District.
So far the permission for the merger
Of the Georgetown Gas Company in the
Washington Gas Light Company has
had but little effect on the stock OF
the latter corporation. but 1t Is be-
lieved that before long the savings in
expenses through the operation Of one
company may have a wholesome enecs
on the net earnings Of the corporation
Local Securities.
There has been small occasion for any
comment on the local stock market for
the past week: no indication OF any
thing that could be considered favor
able, although the initial trading gave
some encouragement, but later opera
tions were so meager that brokers vel
coined an opportunity to adjourn Sat
urday sessions, when 1t was pressneee
The opportunities for investment
would seem to be satisfactory. almost
any place In the list, but just at the
present time all business Is giving
place to pushing the liberty loan 10 q
successfu1 conclusion
At the banks 1t is the first and al
most the last duty OF the day-ousiness
| Of a most patriotic character. in that
any benefit that may A come a..to 70 a eank N,
| ficials and subscribers to the loan
there is no other profit.
And so investors may not be blamed II
they follow the lead and desert other
securities and cleave to liberty bonds.
alone.
Wants One Banking System.
The council Of national defense has
started a movement having for its aim
and purpose the bringing OF all state
banks and trust companies into the fed.
eral reserve system. as patriotic neces'
sity and duty OF the hour
| State councils of defense are asked
| to use their efforts to urge state banks
and trust companies In their common
| wealths to enter the federal reserve
| system, and the appointment Of com
mittees to begin canvass toward the
desired end is urged.
| Whether even this urgent bidding te
enter. will have the desired erect re-
| mains to be seen, as there are many
| bankers who will require much coaxine
to meet tho requirements of the reserve
system. One Of the most serious OBJ
tections by a prominent banker to ac-
| ceptins the proffer was that he objected
ton being in any way under the care OF
| politicians, with the Secretary of the
! Treasury and the controller on the fed.
| eral reserve board.
| Other bankers have objected to the
| dual control-the federal reserve board
and the controller of the currency-and
have resisted efforts to bring them in &C
long as this dual control existed.
| Others object to the loss OF exchange
charge through the par collection sys-
| tenn.
| and trust companies should at once
enter the federal reserve system:
Half Banking Resources Out.
"while at the present time all ma
| tional banks are members Of the fed.
| eral reserve system, less than 100 state
banks and trust companies have en-
| tered the system. AS q result, approx.
mately two-thirds Of the banks Of the
| country are non-member, banks, and
| the federal reserve system, which is the
| bulwark of the country's financial re-,
| sponsibility In these times Of stress
| lacks not only two-ti,irds Of the banks
| in the country. but about one-half OF
| its banking resources. It 10 Of vital
| Importance. therefore. paFticuiax1y.<set
| state bank and trust eompany should
contribute to the suptSstNd3ssAa sys'