The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-07-10
where BILLIONS
ARE PRODUCED
Crop Report Gives Good
Promise, but Might Be
More Encouraging.
LOCAL BANKERS PROTEST
Object to Commissioners Definition
of Gross Earnings-Bank Ex-
amines Government q, 9Sla.
By I. A. FLEMING.

By L. A. FLEMING.
The billions from the yield Of the har
vest fields for -sl3 will be plentiful
enough, but there may be a shrinkag
from the great aggregate Of 49,, unles
nature comes to the front and taxes carr
of her corn and cotton crop.
If ever the United States needed
bumper crop of everything 1t needs
this year. 1t needs billions, and man!
of them; the railroads need the freight
even at present rates, worse than the!
have required il for years; they nav
millions of obligations maturing. and II
the interest of the body polite the!
should meet these obligations. All classe:
of railroad employees want more money
and they seem to be in position 10 en-
force their demands.
America needs billions with many hun
dreds of millions of surplus productions
to send abroad. Europe has become very
suspicious of American securities, they
have fed back their holdings until they
glutted the stock market. but they still
have a world of faith in wheat. corn
cotton, and other products of the soil, nc
matter where grown. We need bumper
crops for Europe. European wars have
reduced supplies in certain agricultural
sections and they will buy our surplu:
for good money-else they will draw our
sold-of which We fortunately have a
great supply, but which is essential tc
our financial strength
Crop Report.
The government crop report was
made public yesterday afternoon. Sat
isfaction was expressed at the winter
wheat statistics. the condition on July
] being Sic per cent, as compared with
S3.5 last month. 1913 year ago, and
1913 for the ten-year average. so that
the production of 4SS,000,0 900 bushels as
indicated, will go far to make the
bumper yields desired.
The spring wheat outlook is nothing
like as encouraging. Hot, burning
weather in the Dakotas and Minnesota,
bugs and creeping and crawling things
have reduced the percentage of condi-
ton from June 80 to July ] 90 per
cent, from 93.5 to 1913. This compares
with S9.3 year ago and with S5.3 for
a ten-year average. The yield, how
ever. will be fair, estimated at 21S,OO0,-
900 bushels.
The farmers of the Dakstas will buy
fewer automobiles unless conditions
cited and shortage in crops make great
prices.
Corn needs much rain and good
weather for maturity. Conditions, S6.9;
area, O6.SS4,O00 acres; yield, 2,971.0oo
bushels: the hope of the Middle West.
Oats-Condition, medium. 1858; yield,
1,O31 zoo, 200 bushels.
Wall street Sluggish.
Just as it was on Tuesday. so it was on
Wednesday as to the sluggish movement.
although a squirt of activity in the last
hour brought the average to better than
1900 shares an hour.
Canadian Pacific furnished the sensa-
ton. the fiuctuation and the decline. Ru-
mors that a s6O,OO0O00 new stock issue
was forthcoming were started, London
sold the stock freely, right and left, and
Canada, not liking the looks of things,
Joined in
They broke Canadian Pacific from PA.
Tuesdays close. to 10 -, for an OPEN
ing, and then TO eos IL with a rally to
30 L. Later advices were to the effect
that the stock issue was not contem-
plated; that there was an unissued block
in the treasury, but the damage was ac-
complished, the stock sold.
The closing of the list on the crop re-
port and on the disposition which the
shorts have developed lately, of covering
on small margin OF profit, was generally
v ithout serious loss. At one time the
generally recovered in the last hour.
Union Pacific. Reading and Steel closed
just about steady, at Tuesdays closing.
St. Paul off 81. Southern Pacific off 1-2,
Nipper. l., and Smelter, "a.
American SNUFF was 20 points off from
last previous sale, and was the only
weakling in the tobacco.
District Bankers Protect.
District bankers were busy preparing
letters to be mailed to the District Com
missioners, protesting against the deci-
sion making the personal tax assessment
upon moneys paid out as interest to de-
positors. Also on moneys received as in
come upon United States bonds and SO
received as mere income from invested
capital, securities, and other property.
including real estate which is otherwise
taxed. This is the determination placed
upon gross earnings by the Commits
sionerS.
The following form letters explain the
protests. Secretary Poole urged men,
bers of the Bankers Association to pre-
pare them, he having been informed by
Counselor Darlington that this construc-
ton was put upon gross earnings"
ITO the Commissioners of the District Of
Columbia. Washington, d. c.
Gentlemen: Being advised that those
pOrtlOnS OI IHt ptTSOHdl tdA assessment
made by the District of Columbia against
this institution for the year ended June
30, 1918, as represent respectively, assess
ment upolp moneys paid out by it as in
terest upon deposits and moneys received
by it merely as income, upon United
States bonds, other securities, or other
including real estate from
which it derives a rental and which is
otherwise taxed and the taxation of the
money so paid out as interest upon de-
posts and so received as mere income
from invested capital, as gross earnings
are illegal. but that payment thereof, in
the first instance, is enforceable under
the law by seizure of its property in case
of nonpayment, notice is hereby given
that payment of so much of the said per-
sonal tax against II as represents assess
ments against and taxation upon the said
is made under protest, as to each
and every part thereof, and with the
Of the right to proceed by
suit for recovery of the amounts, re- |
spectively, SO Illegally assessed"
Gentlemen: Being adviser that those |
portions of the personal tax assessment
made by the District of Columbia against |
this institution for the year ending June
o. 1918, as represent, respectively, assess
ment upon moneys paid out by it as in |
Ierest upon deposits and moneys received |
by 1t as income, merely, upon United
States bonds, other securities or other |
and the taxation of the moneys |