The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-07-10

tax against IL as represents assessments
against and taxation upon the said
moneys il made under protest. a. to each
and every part thereof, and with the
reservation of the right to proceed by
suit for recovery Of the amounts. respec-
lively, 20 Illegally assessed"
Imrortant Opinion.
The Interstate Commerce Commission
handed down q very interesting report
yesterday on the results of its investi-
CATION Of the New Haven system and
its annexes.
In its report the Interstate Commerce
Commission recommends that the New
Haven divest itself of its trolley lines,
that the Boston and Albany be kept en-
tirely free from the New Haven con-
troll. expresses the view that the So
called merger between the New Haven
and the Boston and Maine has proved
an economical mistake. and announces
that Investigation as to tariffs on Boston
and Maine will be continued.
In a supplementary report by Commits
sioners Clements and Marble the sug-
gestion Is made that improvement In
efficiency and safety might be expected
from the dissolution of the Boston and
Maine merger and that increased net in
come for the Boston and Maine might
be secured by reform in expenditures
rather than by increase in rates.
The features Of the bookkeeping Of
the New Haven are characterized as
unnecessary and beclouded.
The commission declares there can be
no readjustment of conditions, no ad-
vance in rates until ii Is made reason
ably certain that the management Of the
property will be lawful and prudent.
1t presents at length its opinion that
the Federal government should have
jurisdiction over the reads.
On bank Examiners.
Should the new currency measure be-
come a law in its present form, bank
examiners would either have too much
travelling or there would have to be two
examiners. The measure provides that
no examiner shall examine a bank twice
without the bank having been examined
in the meantime by another examiner.
Two examiners are better than one II
both know their business. What the
banking fraternity want in examinations
is an impartial examination by a COM
petent man. not one who enters your in
stitution with his mind made up that
such and such a thing will be found
prejudiced and antagonistic. The salary.
instead of fee feature of the new measure,
is commendatory-the day of fees has
been over 10 these many days in munich
palities generally, and should be every
where.
The new measure makes IL impossible
for an examiner to borrow money o.
banks examined and places one vocation
of Americans in the class that must live
on their incomes
In this connection it is interesting to
M hat ,yata ~ - he
Treasury Department bureaus. let out for
persistent borrowing at banks. was given
a good position and higher wages in the
Postoffice Department.
New Low on 2s.
Government IS dropped to SSH. a new
low yesterday. Much disputed by the
rumors and by the actual decrease IN
other selling may be induced.
for ultraconservative investors, other
that national banks have long held to
these IS as the safest possible assurance
from loss. as they have been exchange
able for the circulating medium. and,
therefore. kept from fluctuating more
than a fraction.
IF the government would issue the 3
per cents. which are. within the next
twenty years. to supplant the Is. II
the present plans mature. in denomina-
tons of small amounts, the safety seex-
ers, who prefer safety to interest. might
be induced to take these small issues In
large aggregate and thus help maintain
the parity.
There is not the slightest use to in |
the decline or to accredit 70 |
opponents of the currency measure In |
vestors will run and run quick at the |
slightest sign of impairment of valIe |
Dr. abridgement of the privileges accord |
ed their security. Big investors can |
be tempted these days with ;
and per cent investments let alonc 2 |
and ) per cents.
No: is the United States an excer-
ton. Other nations obligations are 60
ing, melting in the face Of troublous |
times.
At 72as British consols established q |
new low figure in their present 2Ik per |
,ent form. At this price the yield is .. |
'er cent the highest return they have |
made the investor IN many years, al |
though in tie old per cent form, which |
obtained up to 1885, consuls could be ire
luently bought on better interest basis. |
In January. 1921, the old per cents solo |
as low as ss2, and yesterdays figure is |
he lowest since that year. Consuls are |
,nly sharing the fate of French rentes /
md similar securities, but their weakness |
s mere striking in the face of the la,E |
purchases N the open market for the |
linking fund, which is in practice the /
'nly way consols are redeemed.
Only Gas Stock Active.
Yesterdays session of the local ex-
.hange witnessed subsistence of all |
activity, save in Washington Gas |
shares. where ssaSS is was the ruling |
Price, to IS the closing bid.
1t is easy explaining the strength |
n Gas buying. Although largely con- |
it is persistent; that's all.
A sale of Traction at 1151-2 COM
,leted an uninteresting session.
Somehow or other the impression |
eems to have been turned loose that |
he directors Of the Capital Traction |
company have decided to give support |
o the stock.
It would be fine for the shareholders.
they would most assuredly approve Of |
{, and yet it is not the directors duty,
tut it would at least show that they |
we're awake and had nerve.
Want Higher Prices.
Down in Dallas. Tex, representatives
rom every cotton-growing State meet
oday in convention to work as one
or Is cents a pound for cotton. This
convention will last three days. In New
vork October cotton closed yesterday
t 11.52. Some job to make the price
5. The weevil may do it. By the way,
here is a movement on foot to save
he cotton crop in the Southeastern
tates by a law making ii impossible
o plant cotton on a strip fifty miles
Tide separating the Western and