The Washington herald., 1914-09-25

of tinable lands and adopting intensive
methods enlarging the yield.
Mr.. Stewart looks for the demand upon
our agricultural resources to be enor-
nous. This demand can be met 70 a
large extent by increasing agricultural
efficiency. which, while holding the high
cost of living in check. win at the same
time enable this country to MI the large
orders which VIII come from Europe.
Mr.. Stewart regards IT a. practicable
for the American Farmers to increase
food production by Is per cent
In the territory served by the Baiti-
more and Ohio lines a movement has
been started to bring the production up
to the requirements which the European
situation viii place upon food supply.
This effort will likely be followed by
a campaign carrying il TO other agricul-
tural sections OF the country.
The program OF the Baltimore and Ohio
fof increasing these yields will take de-
fnfte form In an appeal to the farmers
to sow a. larger acreage OF wheat and
winter oats while there Is yet time. II
will be pointed out that additional corn
land can be sown in wheat in the corn
belt to bring about a 10 per cent increase
without materially interfering with other
crops and II fall and winter plowing
is actively undertaken and abundant
good seed corn and potatoes are laid by
for next spring, il is believed that this
territory can increase the wealth Of the
nation by one-third of a billion dollars.
Railroad Need for Capital.
In many places it is argued that before
the Interstate Commerce Commission
comes TO a defHite decision on the new
freight rate case business may have re-
vived to a moderate extent, and that the
commissioners may seize upon that fact
as a sufficient cause for denying the ap-
pliCation OF the roads.
Such arguments miss the main point
of the railroads contention. The chief
argument in favor of an increase of rates
is that capital will be dear. and that
roads having to meet maturities. or to
Obliged to offer attractive returns to
those controlling plies Of funds, II they
hope for the success Of their plans. This
is a condition which will not change
quickly. AS a result Of the waste Of capital
in the European war. it will be hard
to obtain money for long time to come;
and unless the financial position of the
railroads is improved, many OF the COM
panies will find themselves in a most
embarrassing situation.
II is, OF course, most desirable that the
Interstate Commerce Commission. shall
render its decision as soon as il can be
dom. Delay is irritating and dangerous.
Speaking on this aspect Of the matter, a
banker expresses the following view:
when investors find that expected IA
vorable developments are postponed
they become apprehensive and nervous.
Hope deferred maketh the heart sick. !
When the last rate case was in the hands
of the Interstate Commerce Commission
nd
delays. and each of them covered US
over with goose flesh. The confidence
of investors received a hard blow from
every delay. and II We are to have some
thing of the same kind in the present
instance the results may be most unfor
tunate.
Stock brokers accepted the Spanish
war tax Of g a hundred shares on stock
transfers as a patriotic obligation. Con-
ditiOns are different now, for there is
levied in New York and Massachusetts a
tax Of 50 a hundred shares that was
not assessed then. With the new war
tax a law trading in stocks in these two
States will be taxed 81 a hundred shares |
However. not the slightest opposition
to the additional tax has been voiced.
II there is opposition TO it from brokers. |
that opposition will come from no mem !
bers Of the stock exchange.
We appreciate that Congress has en- !
ieavored to levy the war taxes fairly" |
said a broker yesterday, "and We both |
sanction and indorse the tax on stock !
as a fair measure of relief !
from unexpected fiscal difficulties Busi- !
ness men the country over must be put |
TO some inconvenience and expense by |
the unusual but essential levies. Brokers !
must accept them in the same patriotic !
should all
classes"
The council OF administration Of the |
District Bankers Association yesterday !
postponed its meeting. The council
later will be called together by PresI- |