The Washington herald., 1913-08-28
FIRST PAYMENT
OF CROP MONEY
Personnel Of Clearing House
Committee to Pass on
Paper Offered.
TREASURY Is NOT FLUSH
Deposits of $50,OOO,OOO About Limit
Unless Other Deposits Are
Recalled.
TREASURY Is NOT FLUSH
By 1. A. FLEMING.

crop moving purposes was handet
out to a prominent bank yesterday.
The Clearing House Association ap
pointed the following bankers to pas
on commercial paper which the Treas
ury Department will accept as part Sc
Curity for the deposits made in Wash
ington: George W. White, president o
the National Metropolitan Bank: W. T
Galliher, president of the American
National Bank; Robert N. Harper
president of the District National Bank
chairman of the committee; Ashton G
Clapham, president of the Commercial
National Bank, and ]. c. Eckloff, cash.
ier of the Second National Bank, secre.
tary of the committee. ]. Selwin TAFT
of the Washington and Southern Bank
completes the committee
From a recent statement of the
Treasury Department IT appears as il
the Treasury Department. while amply
justified in placing the S5O,0OO,0O0 for
crop moving, would not be warranted
on its own free balances, in making it
SlOO.O0O,OOO or more. The $4,000, 900
is about the limit
a recent statement of the condition
Of the general fund showed S27S.246,-
554.71. Against this there were current
liabilities of $145,497,S ,S72.26, which
would leave S132,39S,4O9.73 free bal
grouped under limited tender or un-
available"
But of the free balance $685.. .359.12
is to the credit of the Treasurer in ma
tional banks. With another $4,000, 900
just apportioned, this would reduce the
free balance to 39S.4O9.73. unless it
is the intention of the department to
call back the millions now in national
banks. which would be hindering in
stead Of advancing the crop movement
Once the tariff bill is passed. the
Treasury will a once fatten up. al
though many Of the goods. merchan-
disc. &C. held in bonded warehouses
&c, will enter free once the new
schedules go into effect. It is stated
that there is nearly 100000. 900 value
i'm merchandise in the bonded ware
houses of New York City alone. The
income tax will not be available for
many months. and until these recuper-
a'Ive factors are introduced the Treas
ury will have TO sail close to the
shore.
New York stocks.
Less than 10000 shares Of stock
changed hands in the five hours session
"f the New York Stock Exchange yes
rerday. This tells the story Just as well
as a column OF gossip
Every one was waiting for the now
alton. Some few were looking for some
thing drastic. and war and its first cou-
sin-intervention-were freely referred to
IN the small talk of the street.
Coupled with the crop damage talk,
which continues unabated and strong
prices for cereals and cotton. the MeXi- |
can matter made more bears than bulls |
And when the message did come it was !
Negative in influence, although just what |
the majority of traders looked for. 1t /
caused some little rally, but the action |
confirmed the opinion that crop condi- |
lions were more effective in restraining |
operations than Mexican diplomacy.
1t was also an erratic market, some
stocks moving off slightly others break
ing nOtiCeably. while a few displayed |
strength sufficient TO score advances
where weakness was the dominant tone.
Peoples Gas was again a leader. 1t
scored two points rise on Tuesday. and |
again advanced 21-2 Wednesday. reach
ing 1l9. near a new high. Copper held
better than other industrials, INTERIOR
ouEh preferred gained 1-2, and Lorillard
Tobacco 21-2 Steel Yielded but 3-S net
for the day. Consolidated Gas rose a |
ley. Chesapeake and Ohio. Illinois Cen
trail, and Reading, all high grade rails,
lost about point.
New Haven's Slump.
New Haven was again under pressure
on liquidation by disguised shareholders,
declining to 81 3-4, a new low. as COM
pared with 81. Tuesdays close. This is
a loss of points this week. The sooner
the liquidation presses TO the satisfaction
OF weak holders. the quick. :hc rebound |
The Continental-Commcrc.a National
Bank. of Chicago, has just published in
pamphlet form a statement of its find
|
and makes the following estimate of the
various yields:
- 1000 bushels
7or' 2sOOOOOOO bushels
lats. lo 35s 900 bushels
tye-...-.-- J5,s5i,uD bushels
3o5A,UD bushels
66.olOOO tons
OF l,72OO bales
Reduced by drought, &c. to 10000 bushels.
Speaking of wheat crop the report says:
The worlds greatest need, wheat. the l;
hief breadstuff of the civilized world and
T most of the people of this nation, has
ot only been a good crop, but an eX-
optional one. The aggregate yield of
% 00D.O 900 tops last years record of 7S0,
O.0O0. and with 100000 more bushels
n store in elevators, mills and on the 3
arms at the beginning of the crop sea-
on, there is available a larger supply =
er capita than at any time in recent
car 4neTe is over ana ABOVE Jne Co 8
nestle need 17O,OOOOOO bushels, and for
he second consecutive year the United
tates becomes a heavy exporter of wheat Is
'ast year, of the worlds tCtal wheat eX-
orts Of ESQ, 600. 900 bushels, the United
tates furnished 103.OOO0OO. ranking such
reat surplus wheat producers and ex-
orters as Russia, Argentina. and Can
da' and again the surplus of this country
i'll go to feed Europe and provide A Sc
nedit balance with the nations abroad o.
T Sl55, 10000. y,
THE possibility Of this nation raising d
billion bushels Of wheat is no longer n,
remote one. The coincidence of NJ
eavy winter and spring wheat yield is Al
kelly to secure such result almost any Nj
sar. Ju
The wheat yield this year was unu- Ju
lally large in the winter seeded region.
Less prodigal on the whole than last
EAR, the important crops of the country
e above the average, amply for domes- T
2 use, and an abundance of breadstuffs
r export The enormous yields of the oc
evious season have left an unusually De
rye surplus of crops of the kind con- jar
lmed on the farm. SO that with lighter Ma
elds in corn and oats the amount avail
BE is not far from that of a year ago.
he gradual and almost constant, rise
the yield per acre in this country isl n
nicatve Of better farming methods cen