Evening star., 1914-09-29
WASH|NGTON'S QUOTA
OF GOLD POOL, $7a,0OO
Clearing House to Apportion Share
of Each National Bank and
Trust Company.
New Trading Rules Agreed On.
Stock Of Gold and Certificates
in District.


in District.
BY I. A. FLEMING.
A meeting of the Washington Clear
ing House Association has been called
for this afternoon for the purpose of
considering the local assessment and
the ratio Of each contributing bank to
the one-hundred- -million-dollar gold
pool for the relief OF the foreign ex-
change market
The amount assigned to the local
banks is $75o.ooo. but only Is per
cent of this fund. or $1S7,500, is pay
able Immediately.
National banks and trust companies
will furnish the Washington quota. and
can do it easily. without materially af-
fecting the local supplies of gold GER
tthcates. which NIL the bill. The last
report to the controller of the cur
rency shows the stocks of gold and
gold certificates in the various fiscal
institutions of the city as follows:
Gold coin. Certificates.
National banks $ll0.077 s3.sl3. $50
Trust companies 5.S4S sO2, 800
Savings banks .......... 9,O44 275,slO
Totals ............... e124.96S S4,els.2'O
The savings banks will not be asked
to make contribution to the gold pool.
National banks and trust companies
posits. so that no hardship will be put
on any one institution.
Just what evidence Of debt will be
given the banks in lieu Of their gold
to local bankers
The whole matter has the sanction Of
the federal reserve board, and the names
Of the committee having charge of the
collection of the fund and the distribu-
tton In exchange for bills Of exchange
furnish in themselves the assurance Of
square and fair dealing.
some close observers Of the situation
are Of the opinion that the first call Of
25 per cent will be the only one made.
that foreign creditors, when they know
that the needed money is available, will
be less anxious to withdraw it.
w. J. Flather, president of the Clear
ing House Association. will preside at
the meeting where allotments are
Immediately after this meeting the
District Association. organized under
! the provisions of the Aldrich-vreeland
emergency currency law. will meet.
New Trading Rules.
The subcommittee Of the New York
Stock Exchange having in charge the
formulating Of new trading rules has
submitted the following: Bids and
tenders of securities must be made to
the committee on separate slips of
paper. together with the price limit.
The committee will then endeavor to
bring buyers and sellers together save
where the prices are SO far apart as
to preclude this possibility. Where
prices meet the transactions will be
closed at once. In this way it is hoped
M a r0d
the situation against the day of OPEN
ing.
Some of the more radical members
OF the exchange are Of the opinion that
without very material reductions in
prices. Gossip dispatches report good
buying orders. slightly under closing
figures of July 30'
be more or less important. according
to the measures taken to shackle
the bears when trade is resumed. II
the exchange protects the market
against short sales by preventing the
borrowing Of stocks It Will be a most
essential relief.
Some talk has been rife rega riding
re1usai to execute selling commissions
from holders of securities abroad, but
thefe are so many ways of beating
around any orders of this kind that It
Will be a difficult ruling to enforce.
Financial Notes.
The Distillers' Company has reduced
floating indebtedness in the last fiscal
year from $11.72s.o31 to s5,s22. 3os.
Gross earnings for the fiscal year were
$3.022.209. Net earnings increased
$a42.257 Surplus. $7o1.s64. against
$6.98S in 1913. And this with all the
'firyness."
Kansas City Southern Railroad Com
pany earned 2.e5 per cent on its COM
mon stock for the fiscal year. as COM
pared with 2.ss per cent in 1913.
Wiliys-Overland Company earned
24.02 per cent on common stock for the
year. net gain Of $15,934.
Cramp & Sons Shipyards Comnanv
will pay of $4,000. maturing per
cent bonds January l, 1915.
For the fiscal year Illinois Central
showed surplus of $2.632.3s2, equal
to LA per cent on stock, as Compared
with Sol per cent last year
Railroad earnings for the third week
OF september snow the following de-
Great Western. s11.2s1: Cincinnati,
New Orleans and Southern, S29. 1858: At
lanta Southern, ss.512; Mobile and Ohio.
u.s. sss;sl'; Toledo Peoria and Western.
Western reads are hoping for $20,-
000.0 increase in revenues as a re-
suit of expected permission to advance
rates.
The United States Steel Corpora ton
is said to be operating to about SO per
cent Of capacity.
New Haven's fiscal year shows a de-
felt from operations of $2,232,1O5 as
compared with a deficit Of $4.5sl.324
for 1913. Operation revenue totals
$66.617 ,692, as compared with $68,613.-
50S in 1913
The Canadian Pacific system reports
August net earnings of $3.363.16s. an
compared with $3.s61.14s in 1918.
General Motors earned 1857 per cent
in 1914. as compared with 3S.9 per cent
In 1913. although they manufactured