The Washington times., 1911-08-20
IN LOCAL FINANCIAL CIRCLES
BY I. A. FLEMING.

Will be registered All railroads will be
asked to forward a duplicate bill i'm
mediately on receiving a consignment
OF cotton, to the central bureau IN New
York. and in this way the fraudulent
documents can be largely headed on.
The Liverpool contingent asks New
York bankers to notify European draw
ers OF the receipt Of advice OF shipment
OF cotton from the railroads On this
point bankers are not a unit. but 1t
looks as If the Liverpool people were
going to make a test Of the matter.
The knowledge that the railroad COM
panies are sending in duplicate bills Of
iading. ought to De check on swim
dlers and swindlfng.
Conditions in Chicago over the fall
ure of the Peavey Grain Company are
a little mixed. F. II. Peavey Grain
Company. Of Minneapolis, declare that
the collateral trust deed to secure cred
itors of the firm, will not be made to
cover any of the Peavy Grain Company.
Of Chicago, debts. The vice president
of the First National Bank declares
that the banks will lose nothing-both
sides confident. Chances are banks will
lost much.
Prosperity in the South is making
greater headway these days than In the
Northern sections Of the country. A
bumper cotton crop. even at lower
prices. freedom from serious worry over
possible tariff changes and a fortunate
condition in the matter Of labor that
has thus far prevented any serious
@ condIiions suf in SortRern na1s states snd
growing. steadily increasing freight
traffic that helps the railroads has
brought about the better conditions
II IL also pointed out that the agita-
tion and legislation against railroads did
not cripple transportation as seriously
as did action by Legislatures in many
Northern States. and also that. where
action of this kind was contemplated In
the South. the laws were so drawn that
corporation attorneys drove a coach
and six through them so quickly that
they were wiped off the records"
Capital invested in the South has in
creased in the last decade, according to
Census bureau figures. from A,00U. COO. 90
to s., ,4O3 0GO,0O0
Iron and coal have been developed.
manufacturing energy has been so slim
ulated that the prodrcts Of the factor
les have increased practically 100 per
cent. Capital invested in factories
gained lF.S per cent. while the gain in
the rest OF the country was l63 per cent.
More emphatic than all else Is the state
ment that in 1880 the South had an ag-
ricultural production greater by s400 co.,
C00 than its manufactured product. while
TODAY there is an excess of StH,OOO,OO
year in favor of manufactured. products.
And the railroads have boosted the
South day and night
In the interim the North knocked the
railroads right and left and the Inter
state Commerce Commission has been
frequently referred to as forgetting that
IL is supposed to be an impartial body.
Men from the Hill have started little
bank" on the outskirts of the new
financial district, Fifteenth and H
streets. Drafts are drawn, calls made,
and due honors paid to royalty when In
groups Of three or more
Says the Financial World: Had
Colonel Greene's conscience, not his
pocketbook, possessed a stronger hold
upon him, he probably would today be
alive and still in control OF what is
pany."
The local security market has been
almost dormant during the past week
fore the return of the fortunates now
resting by sea and mountains1de or
seeking more strenuous enjoyment in
pursuits of other pleasures. Not only
are a number Of the leading bankers
out of the city, but the wealthy resi-
denters who frequently make invest
ments in local securities because of
their stability in times OF piping peace
or troubled turmoil, have not returned
to the Capital. In the interim, with
marts Of the world. our stocks and
bonds have showed a little less stiffness,
probably a little responsive chord-but
that's as far as the reflection has ex-
tended. Just stopped few orders that
might otherwise have developed even In
dog days.
Meats have advanced; stocks and bonds
gone down. Moral drawn by the FL
Of lahanfuro bonds