The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-04-29
Finance and Commerce

serve banks will be directly helpful in
laying the foundation for a definite BUSH
ness revival In the United States. Many
people have not appreciated as yet this
phase Of the situation. but IL Is OF real
Importance. and will be immensely help
full in sentimental way later on"
War Market Conditions.
time shows the result of the outbreak
Of the Franco-Prussian conflict was ad-
vance of the Bank Of England discount
rate from 3 per cent to per cent within
four weeks. Government securities fell
heavily. The spanish-American war first
brought about pronounced weakness in
the American market followed closely
by sharp recovery. The Boer war OF
1889 brought weakness TO the New. York
market. then struggling with monetary
stringency. The Russo-Japanese war,
which broke out in 1904. resulted in loss
Of IA points in consols, with sharp de-
cline in New York. The Balkan wars
caused worldwide money stringency, the
effects. Of which undoubtedly still are
being felt
Proposed Cotton Bill.
Representatives of the New York Cot
ton Exchange, who appeared here. are OF
the opinion that Congress will pass a bill
regulating dealings in cotton futures i'm
posing the following regulations: %
Adoption of government standards: ()
commercial revision of differences 10 be
fixed BY the Department of Agriculture:
CD Limitation of staple to y inch: 90
limitation of grade, probably to govern
ment strict ordinary
It is not expected that the delivery of
even running grades will be required
The cotton exchange is ensrely out of
sympathy with such a regulation, and II
Is understood that the arguments against
II last week were effective in modifying
the views held by the more radical Con-
gressmen. 1t is believed provision for
making ''strict good ordinary the mini
mum grade will be substituted for the
original proviso in the Lever bill to limit
the grade deliverable to low middling."
In that case the contract would specify
eight grades from fair to strict good
ordinary" based on the government
standards for those grades.
Pennsy Retirement List.
The Pennsylvania Railroad system has
issued the list of the employees retired on
pensions in April, 1914. 1t comprises
names-the largest number
ever retired in any one month since the
pension plan was established.
Among those retired are a general
and an assistant to a vice
president, who was also a former gen.
eral manager Of the railroad. These men
have been retired upon exactly the same
conditions as control the case of a track
walker or a brakeman.
One woman employe, Josephine Miller,
was among those retired on April /. She
had been employed on the Philadelphia
division at Lancaster, Pa, for the last
years.
A charter has been issued to the Amer
lean Water and Electric Company, of
Richmond, with a capital of S25, 0OO. Oo0 II
Hobart Porter is president; Henry II.
Pierce, of New York. secretary. and
Charles L. Scott, of Hampstead, n. Y,
treasurer.
Saul Names Committee.
Secretary John Poole. of the District
Bankers Association, yesterday an
nounced the appointment of w. T.
Galliher. of the American National Bank:
A. F. Galley, Of the Lincoln National
Bank, and A. G. Chapman, of the Com
nercial National Bank, as a committee
which will take up with the several banks
Df the city the question of securing uni
form action in the collection of interest
The appointments were made by Presi-
lent Saul, OF the association.
The subject recently was considered by
he Washington Clearinghouse Associa-
ton, ami H. H. Mckee, of the Capital
National. made a report which was in
iorsed by the Clearing house and the
Bankers association.
Local bankers are laboring under a
disadvantage as compared
with other cities in their failure to COL
ect interest at the initiation Of the note
and. it is believed, when the committee
headed by Mr.. Galliher properly places
The matter before them all the banks
will accept the plan.