The Washington herald., 1914-05-01
{ nance and Commerce

the gradual retirement of National bank
circulation, 1t is not likely that Congress
would invest the Panama SIS or any other
bonds. the issue OF which might yet be
authorized. with the circulation privil-
ege.
By Section 20 of the tariff act of Au-
gust 5. 1909. the Secretary OF the Treas
ury is authorized to borrow at rate of
interest not exceeding 3 per cent per
| annum such sums as in his judgment
may be necessary TO meet public expen-
ditures. and to issue therefor certificates OF
Indebtedness. not exceeding $500 0o0, ,oo0 10
run not exceeding one year from the date
OF issue This il a valuable power which
was originally Incorporated in the war
revenue act of 1895 and re-enacted In the
| tariff act of August 5. 1903. to which re-
sort might be had at any time Cor the
purpose of raising funds temporarily
1t will be remembered that the war
! with Spain resulted in an issue OF Sa.J,-
O0o,00o 8 per cent bonds, now known as
the loan of I90s-lS These bonds were
and are. available as security for Ma
| tional bank circulation. or the original
loan there are outstanding at this time
SIS, ,sI5, 4s5.
Local ClearinEs Decline.
Washington clearings for the month
of April totaled S33, 3,22S, 1876, loss of
$40, ,s5I.37 as compared with the corre-
spending month of last year and a loss
of Sss,7SO.9s compared with March,
1914.
Security Savings improvements.
The Security Savings and CONNER
cial is remodeling its Ninth and G
street banking house, in anticipation
Of its removal of the Seventh and G
street branch, recently purchased from
the United States Trust Company.
The Security Savings owns the Sew
enth street property. which probably
will be closed for banking purposes
and rented within the next two weeks.
1t has a long lease on the Ninth
street property and the improvements
insure an up-to-dste banking ONCE.
President GaIIiher, of the American
National, chairman of the special COM
mittee. appointed by President Saul. Of
the District Bankers Association. 10
take up with the several banks of WASH
ington the new discounting feature pro-
posed by the clearing house, will call
a meeting of his committee the latter
part of the week.
In a compilation of 2S6 leading public
service corporations for 1913 the Financial
World, in its annual review number,
finds that gross earnings of the COM \
panies for 1918, were SS66 ll6, 4Q0 an in
crease OF s54. .S57, $40 or SIC per cent over
gross for 1872 Net earnings of the 80
companies in 1913 were 81 .lSs. an in |
crease of SIS, 49,. .2467 or SIS per cent, while
the surplus. after interest charges and |
dividends. was $sl. .1l3.5s7, a gain of g.
635. .S93 or 354 per cent.
officials of the Chesapeake and Della
ware Canal Company say that no action |
has been taken with regard to accept |
ing or rejecting the offer OF the govern |
ment for the purchase of the canal for |
81, 10000 the amount agreed upon by the |
Senate Committee on Intercoastal Canals.
The action will have to be taken by
the stock and bondholders and no special
meeting has as yet been called for this
purpose
American Graphophone Company has
declared a dividend of 3-4 per cent on
the preferred. payable May 15. /