The Washington herald., 1913-04-09
MARKETS---FINANCE---COMMERCE I

| nearly all the points claimed, but do
Justice Hughes will stand for the States
rights. while I look to see Justice Van
Devanter, who has ever been for the
extension of Federal authority, support
the lower courts j understand there Is
general feeling among railroad men
that the State will lose, but / am just
as confident that it will win its con-
tentions. and / am familiar with every
point in, the coftentions."
1t has generally been expected that
Justice Van Devanter, who tried the case
in one of the lower courts, would not
vote on the final adjudication, but it
would seem from the views of Mr. Smith
that he will.
Local Securities.
There was a very moderate business
transacted on the local security market,
large increase as compared with Mon
day, and indications We're favorable to a
better business during the rest of the
week, Money will be easier, or ought to
be- with the large deposits of the banks
and the third call of the year sixty days
or longer away.
There were light sales of Railway and
Electric common at %. moderate sales of
Railway preferred at 90 S-S to. 81, closing
slroilS. safes Oh tne preferred totaleu
siXty-two shares
Washington Gas was strong with IS
bid.
Lanston sold at IS and Mergenthaler
at 219 1-2a219
The only bank stock in which there
was any activity was United States
Trust, 80 shares being sold at 1877.
Bonds were wanted and steady. Gas
5s. los "a; Traction, 10 1-2; Columbia 5s,
ID . ,,,;tl lc
selling at S4aS4 Is
Figures Talk.
A correspondent submits the following:
Why is il we are so far ahead of the
Old World in some things and so far
behind in others. Simply take up the
question of crops, meats, and banks; we
are standing still with our crops, falling
behind in meat, and forging way ahead
in banks.
The last official Treasury statement
gives the United States a total of 25.176
BANKS meaning a separate bank for eacn
376S of our population, and this rapid in
crease is shown by the fact that in 1909
there was a bank for every 1857 inhabi-
tants. In Great Britain there IS bank
for every 3SS.0O3 people, and in London
today ten banks hold GO per cent of the
commercial deposits of the country; i'm
Paris four banks hold IS per cent OF
Frances entire deposits, while in New
York the ten largest banks hold only &c
PEI cent of this countrys deposits.
In the matter of crops, especially the
everyday food of us all, the Old World
has the best of US, and why we, in a new,
fertile country, do not get as much from
ar acre, is deplorable fact.
The greatest crop of potatoes this coun-
try ever produced in its history was
$40, 200 bushels. a yield of 1865 bushels
per acre, and for twenty consecutive
years our yield has been less than 20
bushels an acre. On the other hand, dur
ing this period Europe has never made
less than 4,O0O. $4,000 bushels per year,
and one year went as high as 5000, OOO, 900
bushels, while the annual average is over
200 bushels per re, and the same applies
to all crops common to both continents.
Meat supply Diminished.
Our meat supply is steadily diminishing
and the latest annual report shows fall
ing off in numbers of 202,0 90 mich cows
over the previous year, and yet in spite
of this the valuation for the last year
vas S1O7, 1863, 900 more than for the previous
one. In beef cattle the last annual re-
port showed a loss Of 100000 head over
the previous year. and yet they were val
ned at S159, 5S1, coo more. The consequence
is that we need all we produce for home
and have but little for ex-
portation: in 1901 the United States ex-
ported 10000 tons of beef, and Argentina
44,O,I, but in 1910 the United States ex-
ported but 5000 TONS and Argentina
shipped to foreign ports $4,000 tons OF
meat If the United States would put
into practice the farming methods of Eu-
rope, Germany, in particular, she could
more than double her output from the
soil.
This is not pessimism, but how much |
more rapidly would We progress IL we
could get rid of the illusion that We
know II all. and no one can teach us any
thing,