The Washington herald., 1914-03-20
FRACTIONAL gain
ON WALL Street
Steel, Copper, Reading and
Union, with Lehigh, Make
Better Showing.
REPORTS ON DEPOSITS
Comptrolier's Returns Indicate Better
Banking Conditions-lncrease Of
Southern Spindles.
Nv w. STEALEY.

By w. STEALEN.
Fractional gains were made on the New
York Stock Exchange yesterday.
Steel. Copper. Reading, Union. and most
of the other leaders closed over Nedncs-
days prices. ..
The effect of the governments suit
against the Lehigh Valley proved TO nave
been discounted in the liquidation ana
speculative selling in the stock last
month, and there was no further pressure
against it. Ii actually recovered nearly
point from Yesterdays closing, ana
maintained most of this.
Considerable selling. however, was re-
ported on the curb and over the counter
on direct orders in the stock OF the l-e-
high Valley Coal Sales Company, some
II which was made as low as lSC, or ~
points below recent transactions
The uncertain status of the New HaNen
natter which has been 50 great men,
ice to the market. il expected to ne
.Iearcd up before the end of the week on
1 compromise agreement with the gov
ernment. In the meantime the market
looks in better position to respond TO
any favorable developments.
Local stock Market.
Bond sales on the local stock exchange
yesterday aggregated sS.0o. One A."eo
Riggs Realty dong. sold at lG2 L., one
s1HD0 Potomac Consolidated sold at
l00S-S and one $500 Washington Gas
and 500 d brought l01 is.
Limited sales also marked the stock
department. the principal activity oelhe
i'm Mcrsenthaler which sold twelve shares
2l5 1-4a215 3-S
seven shares of Union Trust sold at
lS2 -.
One share of Lanston brought 81 L.
HIGHER Rate. Welcomed.
The annual report of the Consolidated
Coal Company. total assets and liabllltles
SIS.I62. 7Ci. operating in Wes- virginia re-
ceiyed by a stockholder here yesterday,
contains the subjoincd paragraph, which
tolls its own interesting story. Your
company. knowing that the several rail-
roads which serve its mines in the var
ious divisions. are utterly unable. under
usual conditions, to supply the mines OF
YOUR company, either with regular or
adequate number of coal cars to take the
daily output OF the mines that the miners
are able to mine and your company pre-
pared to load into the railroad cars and
on account of this disability of the car
ri"rs the output Of the coal from your
mines has not increased in ratio with
the Improvement and physical develop
ment of your coal lands. and railroad eX-
ecutives repeatedly urged to provide
these additional cars and locomotives
terminals and other transportation facili-
tics. have stated that they cannot pro-
vide the additional money necessary to
furnish facilities unless they can sell
stock. bonds or other form of securities
to investors which they are unable to do
under the present rates.
Notwithstanding the fact that an in
crease in freight rates to the carriers.
would. in many cases. fall directly upon
your company. We have written the In
tcrstate Commerce Commission urging
them to grant the increase Of freight
rates to the railroads for the reason that
We believe the facilities so urgently need
cd TO be of greater Importance 10 the
future development of the country and
the welfare of your company than the
burden that will fall upon US by reason
of increased freight rates
The Consolidated Coal Company is one
>of the heaviest shippers in the United
States, and any increase in freight rates
Will mean a considerable amount to that
company. an amount which it very cheer
fully is willing to give
Report ON Deposits.
According TO reports on the condition of
national banks of Wednesday March
4. now being received by the COMPTROLLER
OF the Currency. the individual deposits
are greatly on the increase II is believed
that this is largely due to the new Fed
eral reserve act. Reports are that mer-
chants and business men generally are of
the opinion that the new currency law is
going to result in a material improvement
in bank credits, and for this reason are
paving the way to take advantage of the
change by transferring their deposits
from the state banks to banks in the ma
tlOnaI system.
This increase in individual deposits held
by national banks is especially noticeable
in the Western sections of the country.
This trend of individual deposits is not
believed to be limited entirely to the city
banks. the same general tendency is
noticed in the country national banks in
50 far as the reports have been examined
Southern SpindIes Increase.
The cotton census reports serve as an
other reminder of the property of the
Southern cotton mill industry.
According to that report the number Of
active spindles in the cotton-growing
States increased in the past twelve
months by $4,000 or about per cent:
while the number in all other States in
creased by only s.. 900 or about 0.3 per cent.
1t is interesting to note that the new tariff
which lowered the duties on cotton prOu-
urts has not affected to any material
South. and it is not expected that il will
AFFECT this industry in the future. 1t is
pointed out in this connection that the
imports Of cotton goods in this country
consist largely Of the highly finished pro
ducts. while the production Of the cotton
mills of the South * made up primarily
of the coarser grades OF cotton goods No
competition is therefore expected from
outside sources for these coarser grades of
products in the domestic markets. The
bulk of this country's exports of cotton
goods consists of these lower grades of
material. a large quantity going TO the
far East where a broad demand for
these materials exists. 1t is expected that
the Forthcoming opening of the Panama
Canal will give an additional impetus to
the export trade for the products of the
Southern cotton mills to the consuming
markets.
willard on Situation.
President Willard of the Baltimore and
Ohio, says: We need an increase Of net
earnings and suggested general advance