The Washington herald., 1914-08-14
COMMERCE AND FINANCE

mand for domestic milIa They vii un-
questionably be called upon to supply
manufactured goods TO neutral markets.
particularly In Asia and South America,
where England. France, and Germany
have built up an immense trade. This
demand will not be felt at once, however.
and viii. therefore, not be reflected in
any Increased buying from American
mills In the immediate future.
The other factor. which Is bound to
operate in favor OF prices will be the
automatic reduction Of acreage. result
ing IN an adjustment next season Of
supply TO demand"
Cash Trading Basis.
Washington brokers are following the
special committee Of the New York Stock
Exchange, which ruled that members OF
the exchange desiring TO buy securities
for cash may send a list of same to the
COMMITTEES on clearing house, IS New
street, New York, giving the amount of
securities wanted and the prices they are
willing to pay. No offers TO buy at less
than the closing prices of Thursday, July
will be considered.
Members OF the exchange desiring to
sell securities, but only In order to re-
lieye the necessities of themselves or
their customers, may send a list of same
to the committee on clearing house, New
street. giving the amounts of the secu-
rites for sale. No prices less than the
closing prices Of Thursday, July 90. 1914,
will be conidered.
Outside trading for cash is virtually
permitted by the stock exchange ruling
understood to AFFECT new as well as old
business, a permission whereby trades
may be made under clearing house juris-
diction between members Of the exchange.
but OF the floor" High praise is found
for this new departure among coRserva-
tives.
This will do much to quiet many minds,
relieve tension. and pave the way for an
early reopening of the exchange, espe-
cially since the English plan to deposit
funds in Canada in payment Of our debts
to British interests and the Bank Of Eng
land. Responsible supervision does away
with the irregularities now occurring
on the various ''curbs.''
Municipalities having maturing secur-
tiles to meet find themselves somewhat
handicapped since the beginning Of the
Europeap war. Many municipal offer
ings have had to be postponed. For
the most part cities which had bonds
maturing August / had taken care of
new finances before the present strin-
gency. There are practically no large
issues falling due before September 1
and no serious difficulty has yet been
experienced.
In the case Of cities making the habit
of issuing short term notes to carry
them over the period prior to tax COL
Iections. II is a very different story.
New England and New York cities will
suffer the heaviest from this cause since
they use this method most. While many
of these cities in the past few months
have been able to borrow short time
money at less than { per cent II is ex-
pected that the interest rate will have
TO be materially increased. This is the
only recourse they have as according to
the various State laws they are not per
mitted to sell their securities at less than
par.
Although Standard OIL companies are
expanding all possible energies and
thought in the effort to retain employees
and keep their working forces intact, yet
the interruption OF shipping and the
a reduction in working days in some
cases and in others a complete discharge
of large numbers Of men.
Telegrams say that the Standard Of
New York has completely shut down its
Devoe canning works, employing 500 men
and women; also the canning factory at
the Pratt works IN Brooklyn. including
800 employees. None of the employees OF
the other refining works Of the company
has been discharged nor forces reduced.
The total number of employees in the
East River refineries, so-called, approx
mate 5000. II is inevitable that a con-
tinuance Of present conditions for an
other two weeks will necessitate almost
a complete shut down on Long Island.
where $500 more would be affected. Prac-
ticaIly the entire fleet OF the New York
is tied up. which includes 30
tank steamers, exclusive of chartered
vessels.
The wayland OIL and Gas Company,
which was organized in Baltimore, an
nounces that in view Of the stoppage
OF export trade. which has shut off
sales OF oil abroad, the monthly divi-
dend of 1 per cent due September l.
will not be paid.
The Maryland Steel Company an
nounces that the steel plant at Spar
rows Point will close down today or to-
for an indefinite period owing
to lack Of orders.
The annual meeting Of the stock
holders OF the East Washington Heights
Traction Railroad Company will be held
August 10 for the election of directors.