Evening star., 1914-10-05
Reported Visit Of J. P. Morgan in
Search of This Much Needed
Information.
Frank A. Vanderlip Pays Washing
ton a Flying Visit-General
Financial News and Gossip.
BY I, A. FLEMING.

exchange and likewise other security
associations.
There is no better way in which to
obtain the desired information than
from the Treasury Department in
Washington. In the revenue bureau
the returns will show very plainly the
amount of stocks owned abroad upon
which the corporation tax of l per
cent Is paid and wherever the excess
tax has been collected. These figures
are extremely confidential. as regards
the corpora ations and individuals them
selves, whose income tax is collected
at the source.
But it is within the probabilities
that the Treasury Department, in the
interest of betterment of conditions.
holdings to any authorized representa-
tive of either the New York Exchange
or the bankers of that city, and Mr..
Morgan may certainly be considered
as representative.
Knowing closely the holdings of
American securities abroad. the COM
mittee attending to such matters
would have a fair basis of calculation
pected to be thrown on the market
with the opening of the exchange.
Clearing Little.
Financial interests report a gradual
mprovement-perhap a bit more theo-
retical than actual - larger exports
and larger imports, although it would
he well at this time IL the imports
were kept down to the lowest possible
valuation.
From London come reports of in
creased discounting as moratorium
anxieties relax. The Bank of Eng
land has received over $3,000,oo0 in
American gold via Canada.
May Cut Wages.
The United States Steel Corporation
has served notice on the amalgamated
ironworkers that the schedule in
operation would be abrogated Decem-
ber 81. 1914. This may or may not
mean a reduction in the wages of
$4,000 employees. Unless notice as CIV
en- was formulated it would be neces-
sary for the steel corporation to ex-
tend the agreement for another year.
The notice simply means that a cut in
wages may be deemed necessary if
conditions do not improve.
The Westinghouse Electric and Manu-
8 per cent in the wages of all en-
ployes outside Of labore-s and shop
workers-meaning that salaried men
have been made to suffer.
Pittsburgh Coal Company has like
wise made a cut of 10 per cent in all
salaries, other than where wages are
covered by labor agreements. 1t Is un-
derstood that employees receiving 800
a month or more will be affected by
this reduction.
Frank A. Vander1ip In Town.
Frank A. vanderlip. president of the
National City Bank of New York, ar
hi
He visited the Riggs National Bank.
declined to discuss his business in the
city and will return to New York this
no opinions on conditions, other than
to say that things are looking better"
Short-Term Notes.
There are excellent opportunities for
splendid bargains these days in short
term notes. Here is a little list Of
notes, all due within a year, some In
six months, that ought to prove at
tractive. Amalgamated Copper IS. due
March II. 1915, yielding 6.75 per cent.
as compared with 3.1S. the yield OF
May Is, 1914; Baltimore and Ohio As.
due January !, 1915. Yielding 80 80 per per
Genera. Rubber AVS, yielding as per
cent, as compared with 4.95 per cent
May IS, and payable July l. 1915: In
ternational Harvester IS, due February
10, 1915, on a 6-35 per cent basis at
present prices. as compared with $50
per cent basis May Is.
Financial Notes.
Savings banks report that scarcely
any of their deposits have been with
drawn by depositors who served sixty
days notice with the opening days of
August. The required interval relieved
the anxiety and demonstrated that
there was no cause for uneasiness.
For the week ending October twelve
passed their dividends. Many
of these cuts were due as much, if not
more, to conservatism over the outlook
than because of actual reductions in
earnings.
Chesapeake and Ohio. reporting for the
come of $l3.1S0.615, as compared with
S12,S59,255 in 1913; surplus, $460,552.
as compared with S159,423 in 1913.
Louisville and Nashville reports Au-
gust net earnings after taxes Of $2,055.-
535, as compared with $1,S15,097 for the
month in 1913.
The washinton Stock Exchange gov
ernine committee held a meeting this
al fternoon, but took no important ac-
tion-just discussed the situation in
a general way
The fact that the Commercial National
Bank is going to establish a branch bank
at Balboa, on the Pacific side of the
canal in the Canal Zone, was a subject
of considerable favorable comment in