The Washington herald., 1913-08-31
London MARKET
WAS VERY SLOW
All Other Exchanges Closed.
Express Companies to
Fight Parcel Post.
ALL PAPER RECEIVES-O. K.
Examining Committee Finds Security
for Government Cash Good.
Southern Pacific Earnings.
Ry 1. A. FLEMING.

There the market was quiet, with an
easier tone and losses OF 1-4a3-S Of
point on the average. There were
some exceptions, notably Reading and
New York Central. while Illinois Cen
tral was also a little better.
As compared with our Friday clos
ings, the changes were as follows:
Copper gained 3-S, Atchison advanced
is, Baltimore and Ohio lost IL, Cana
dian Pacific declined IL Great West
eTn of IL. Erie advanced. is. Illinois
Central advanced is. so did New York
Central and Ontario and Western,
Reading made the best gain, 5-4 OF
point: Pennsylvania was of Ia, South
ern Railway 3-S higher, Union Pacific
lost IL point. and Steel common IA.
The days operations there were un-
important the time having passed
when London sets the pace for New
York. unless New Workers use Lon
don for that purpose.
Holiday Monday.
Al banks and American exchanges
will be closed untn TUESDAY morning.
Friday and yesterday were getaway
DAYS for the week-enders, and their
number was legion. Many gOOdinten-
toned resolutions for depOsiting part
of the salary of the government em-
pIoye went by the board under the
lure of the sea and the mountains,
strong drawing cards, even If late in
the season. Revised figures Of the de-
creases IN individual deposits as of
August 3. as compared with June 4,
show that the good old summer time,
now waning. but none too soon for
Washington business interests, which
suffer from loss of business in the
aristOcratic sections of ''Shut-up Town,
has cost directly about S,0o0OO in de-
Tusits and S00O0 more that would have
otherwise been deposited in some of our
banking institutions.
And the banks certainly need the cash
Curtailment is the order of the day,
collections in toto being slow.
All 40. ~
1t is a matter which should be a
source Of pride TO the depositors in
Washington hanks that the Clearing
House Committee and special govern
ment representative, J. Selwin TAFT, ap-
pointed to pass on the commercial paper
offered by local banks to the government
as security for crop cash, have found
not the slightest fault with any of the
paper offered.
Naturally the bankers submitting
paper for examination have selected the
desirable. but even at that in passing
on collateral of such large amount,
some credit is due to the banks present.
ing it. that five bankers have unani- !
mously given their 20. k TO the paper.
1t is a tribute to the judgment of our
bank presidents, and a sure indication !
Of the safety of deposits.
Reserves in Banks.
North Carolina national banks were !
carrying II46 per cent reserves on |
August 9: Tennessee banks. 1854 per
cent, and West Virginia banks, 1916 per |
cent. Individual deposits in the three |
States named total less than $50 100000. |
Loans and discounts total s16O0OOOOO.
Express Companies to Fight.
Industrial Agent Troja, of WeIls-Fargo |
Express Company, says: Express COM |
Ranies have decided to fight the parcel |
post with its own weapons. low rates
The 5000 employees of the company
along $1,000 miles of railroad track have |
Leen instructed to ascertain what kinds |
of shipments are obtainable from their |
offices, and TO have shippers apply for |
rates. Companies will seek to give the !
maximum weight for minimum charge |
Cf 35 cents per shipment, no matter what
dist ince.
Perhaps the best way to make use of /
cheap express rates is to form butter and |
egg clubs, agreeing to take at least |
thirty pounds at Cnce from one farmer. |
II clubs are formed it will be easy for !
the express companies to have eggs SELL |
ing in Chicago for 7 cents which. under !
ordinary circumstances. would sell for y |
cents. Butter can also be purchased !
much cheaper by this means.
Express agents are expected to know !
enough to show shippers the advantage /
OF our special refrigerator service. We |
have also placed in service a special car |
ton. furnished by the company, to carry |
butter, eggs, and other commodities !
Shipper and receiver are entitled to Use /!
of shipping cartons free of charge, ami |
they will confer favor on the company |
by reporting the failure of agents to use |
them
Southern Pacific Earnings.
While the Southern Pacific July earn |
inRs statement showed a gross of $l1, 76l,- |
OIL. or within $3.50 of the highest record |
for the month. the decrease of s7S6,1S3 in |
net to s., 4l7,O6S occasioned some surprise. |
Southern Pacific officials refused to make I!
any explanatory statement on the ground |
that if any explanation were given this |
time one would be expected every time |
the earnings statement is issued.
The change from last year is not |
astounding" said one officer of the COM |
l;any. I'VE have had far bigger differ |
Pnces shown in our comparison in previ- !
Gus monthly showings. As a matter of |
fact, while our net decrease for the |
month of July is S7S6, ,1S3 against a de- |
crease of S671, 1S3 shown by Union Pacific, |
in view of the fact that Southern Pacific |
Is by far the larger system, with a July |
gross of SI1, ,T61, OIL, against S,S22. 900 for |
Union Pacific, our decrease was relatively |
smaller than theirs, amounting to about |
Is per cent of the previous years net |
against a 20 per cent decrease for Union |
Pacific
1t is probable that the reasons ascribed ,
BY Union Pacific as the cause of its July /
let decrease were operative to consider
able degree in the case of Southern Pa /
ciic as well. Generally speaking, the |
Western railroads, beginning with Great |
Northern and Northern Pacific and de-
scending to the southern border, have
been spending an unusually large amount
on maintenance so far this year during |
the good weather. They have been doing
this because of their confidence or bare
hope that State Legislatures and the In
teTstate Commerce Commission will some
day achieve sanity and make railroading
profitable enough to insure their ability
to secure the capital they need to take
care of their absolute requirements. Be-
cause this is more or less a matter of
faith many prominent official does not
care to make too much noise over this
added maintenance outlay for fear 1t viii
look like too much presumption of pros
Uerity which as q matter of fact is only