The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-08-08
COMMERCE AND FINANCE

stocks has not been closed, and heavy
odd-lot trading for cash would follow
the reopening of the exchange on that
basis. Under such conditions, the stock
| market would be fulfilling its legitimate
function. and It would be interesting to
watch what would follow the establish
ment Of a real cash market for securities
in which spectators and professional
manipulators would have no part
In many small cities throughout the
world minor stock exchanges have always
| done business in this way, and most OF
these minor exchanges are open now.
Atlantic Coast Lines balance for divi-
dends on the common stock for the fiscal
year ended June 90. 1914, was approx
mately 100000 or about $4,000 less
than in the 1913 fiscal year; this balance
| Is equivalent to slightly better than 10
per cent on the 81, 55S 900 common stock.
Gross earnings for the twelve months
totaling S36. ss7 recorded gain Of
| SOS, SIS or ls per cent over 1913. Decrease
in net was, however, greater than the
Improvement in gross; that decrease was
S9S6,oS2 or IS per cent, bringing net after
taxes down to Se,o50IO1O or the smallest
amount since 1909 when gross revenues
were $4,000 900 smaller.
Heavier charges for maintenance and
net. The former were augmented by
over 2 per cent OF gross. These mainte-
nance charges were almost equally di-
vided between way and equipment. On
the former S4Is.sSs more was spent than
in 1913 and on the latter S5l3,S9S more
Transportation expenses required $2e6 62S
more than in 1913, not a heavy increase,
considering how wages have had to be
Increased from time to time. The tax
slO9,6S2 more than in the preceding year.
Proposals to run domestic cotton mills
day and night to make goods for the
South and Central American trade, has
been suggested as a remedy for dispos-
ing of the surplus cotton that usually
goes into export at this stage Of the
year.
The United States has over 81. 900. 900 &C
tive spindles and consumes on an aver
age less than 5OooOO bales a month
During the last five years our aver
age crop has been 13os4,OO bales; our
yearly consumption, 5,Ol7,ooo bales, and
our exports, s.6l. 900 bales. We have ex-
ported 651S per cent of our entire pro-
duction. Last years exports were worth
$500 OoO, OO0
1t takes time to establish markets
and to put the mills in line with a par
ticular trade. II the monthly. consump
ton of cotton could be raised so per
cent to $4,000 bales a month, that would
afford a substantial gain all around,
provided profitable markets could be Sc
cured for the textiles turned out
Railroad officials in Central Freight
Association territory expect that new
tariffs conforming to the recent decision |
OF the Interstate Commerce Commission
granting increases in rates. will have TO
be prepared and that the cost will be be-
tween 100000 and Sl.5O0.OOO. those fled
with the commission when the advance |
was first asked for not being in shape |
to be used and so representing a dead
loss. The latter carried increases for
both trunk line and central freight terri |
tory. The average proportion of the ex-
pense of the Lake Shore, Nickel Plate. |
and Wheeling and Lake Erie for new
tariffs is figured at $4,000 for each Of
these roads and comes out Of the revenue /
the new rates are to yield.
New York Financial Bureau TO Lewis