The Washington herald., 1913-11-13
Markets, FINANCE, COMMERCE

Department OF Commerce. for publication
in the 1913 volume OF the statistical alb.
stract of the United States. include the
of the world for which figures are avail
able from official sources or accepted au-
thorities.
! The largest national debt is that OF
France. 81, ,2Sl. 900. 900. the next largest be-
ing Russia, Sass, ,o0O, 600; the United King
dom. S. 4s6 900 600; Italy g, ,7O7 600 900; Spain
81, ,S15, 900 900; British India, La, 900 900;
Japan, s., ,2l2, ,o0O, 900. and the United States
81, ,02S, 100000. The debt of the German EN-
pire is stated at S.17s. .0OO, 600. and of the
German States, 1915, 900, 900; that OF
Austria-H Hungary, S,05l, 900 900; that OF
Austria, a4s4. .0oo.o 900, and of Hungary,
81, ,26S, 900 900.
Practically all the important countries
show an increase In national Indebtedness
in 1872 compared with 1902 In the case
of France the figures for 1912 are $6,2S4.
600 900, against S, ,S57, 900 900 in 1902; Russia,
81. 5S3 900 900 in 1913. against $s,41L0Oo.0Oo in
1908; Japan, S.242, 100000 in 1913, against
S2s2. 100000 in 1902; the German Empire,
81. IFS 10000 in 1912, against s6sso in 1so2;
the German States, s3,73 ,0oO, 900 in 1912,
against $2,6SS, ,00o, 900 in 1902; British India
81, ,f75, 900 coo in 1872 against 81 1o3, ,000.0 900 IN
1902; Italy, 81, ,7O7, 100000 in 1912. against
s.. .561, ,O00. 900 in 1902, and the United States,
81 .02S, 100000 in 1913, against ss25ooo,ooo in
1913 The United Kingdom shows a slight
decrease, the figures for 1913 being $$S, 49,
100000, against SS,SS5, 900 a decade ear
lier
Heavy Increase since 1900.
The aggregate OF national indebtedness,
including oil countries for which data can
be had, was, in 1900 $500, ,0oO, 900; $50,
IS, ,50O.p 900; 1900, $Sl, ,025, 100000; and 1872
s42 OOO. .OOO.OO0
Interest rates, as above indicated, vary
greatly, the stronger nations obtaining
lower rates for their securities; the aver
age annual rate upon the indebted
ness of the United States ranging from
2 to 4 per cent; in the case of the United
Kingdom, 21-2 to 2 34 per cent; Russia.
from to s per cent; japan, to 5 per
cent; the German Empire, to per cent;
China, to per cent; Nicaragua, 6 per
cent; Panama, Z per cent; Ecuador. 4 to
10 per cent; and Honduras, to 10 per
cent. These figures Of interest rates do
not; however. fully indicate the actual
rates paid, since in a large proportion of
cases the securities in question were sold
by their respective governments at less
than par, the United States being one of
the few nations which have declined to
sell their securities at less than their face
value.
The statement OF annual revenues
and expenditures Of 81, 30s 100000 and
total revenue of LIS, ,0OO. 900. the figures
relating in all cases to the latest avail
able year. chiefly. 1872 or the fiscal year
1913. Their expenditures in 1902 aggre-
gated S.9S5, 10000 and their reve-
nues S.sOl, ,OO0,Oo0. national expenditures
having thus increased over so per
cent during the ten-year period, while
national Indebtedness increased about 20
per cent during the same period.
Call Loan Business.
Wall Street brokers are somewhat anxi-
0us about the call loan business. The SG-
preme Court has held in the Hooking
Coal cases that the banks have no prior
lien on securities delivered to them at the |
,lose of the day to secure loans Of GER |
tifications made before such deliveries of
securities When a broker fails his bank |
ranks merely as an ordinary creditor in |
such cases. Were it possible to give the |
numbers of the bonds or stock certificates |
when the days loan Is made the lien |
would be valid. The case is similar to a
,hattel mortgage that does not accurate
y describe the property and When phy-
sical possession does not pass at the time
The loan is made. AS the brokers do not
know how much money they will need
and what securities they will have for
delivery when the days credit is ar
ranged early in the morning, the banks
wish to have the whole system changed
Brokers say the banks make large profits
and have few loses in their business, and
are therefore averse to insuring these
oans. As brokers cannot pledge securities
held for customers without their special
consent the situation bristles with diff
,ulties.
Distributed.
The Central Trust Company, of New
FORK, in statement TO the Department
# Justice and made public yesterday, |,
hows that 1880 shares Of Southern Pa i
ific stock, formerly owned by the Union i.
Pacific Railroad. was sold during October
" the trust company. Under the dissolI-
ion decree in the Southern Pacific Union
Pacific merger, of this amount, 6O2
hares went in less than 100 shar lots |.
There has been total Of 6S4,1l4 shares
old to date.