Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-13

present plans carry on. to look after
their own interests. and in doing this
must first make good for the other
shareholders.
What Is Contemplated.
Present plans contemplate that the
new directors will represent the 2'.ooo
shares of common stock in the corpora
ton. collateral for the Washington Util-
tiles notes which they. in part, own.
They have the confidence OF the PEG.
pie in large degree at this time. and
they hope so to impress the utility COM
mission as to win concessions
They have no misunderstanding OF
the hard work that will follow the as
sumption OF 1.-The white mans burden.
nor 90 they doubt the extreme pleasure
with which some of the present direc
tors Of the system will step down ana
out from a position that has trled thelr
courage and fraZzled their nerves.
But a solution Of the difficulty must
be found II the local bankers with tne
best of the present board-and we would
make no selections-cannot solve the
knot then il is UP to Congress. acting
directly or under suggestion from the
utilities commission. to take the mat
ter in hand.
Personnel of Committee.
The personnel OF the proposed
Washington Utilities notes protec-
tive committee. and probably or tne
six directors likely to be added 10
the Washington Railway and EleC
tric board, is composcu Oh w. y
Harper. George w. White. W. 1.
GaIliher and John Poole. bank presi-
dents. and c. w. Warden. vice-presi-
dent of the Continental Trust COM
many. with w T.. Caldwallader. cashier
of the Commercial National Bank.
Stockholders Are Culpable.
Few annual meetings of corpora
tions rise above the dignity of
ward caucus. Before the meetings
the "ins' sent proxies to the outs
and the outs gave their consent 10
the collection of the "ins. repeat.
ing with each annual period until
something happens to bring snare
holders to meetings determined to be
represented in person.
A record of fifty years-over that
has developed less than half dozen
corporate meetings where as many
as fifty shareholders were present
at an annual meeting-f1fty out OF
thousands.
TUESDAY next will he an important
day in the calendar for Treasury
10 per cent on victory liberty loan
subscriptions natures great
bunch of certificates will mature.
nearly $500. 000. 900. and the govern
ment is also withdrawing deposits
very largely from banks under the
stress of expenditures exceeding re-
ceipts.
Washington will suffer the loss
of $4,000. 900 tax money redeposited in
the latter part of May or early in
June. This will all be drawn from
national banks.
Local banks will be replenished in
funds. partially. by the final payment
of 10 per cent by, installment buy
ers of liberty bonds. fourth loan.
AS rule the banks have nursed
along these installment accounts with
good results. although there have
been a number of accounts closed out
at the request of the bond buyer.
1t is obligatory on the honor of
the buyer that he conclude his con-
tract with his bank. Moreover, he
has an easy way out in the event of
not desiring to go through with 1t
by giving the order to sell for his
account. Uuless this is done bank
ers will be obliged. in the event of
failure to extend loans by agreement,
or promise to take up. with cost of
delay attached. to sell the bonds for
the account of the buyer and charge
his account with the surplus.
Work is progressing rapidly on
the bank building on the southeast