Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-11-06
LOSS IN REVENUE MET
BY UPKEEP REDUCTION
One Hundred and Forty-0ne Rail
roads Reporting for September
Indicate Such Action.
Local Banks Subscribing to Cotton
Pool-Bank Statistics-Dr. Willis
Lecture-Financial News.
BY I. A. FLEMING.

!tember are in themselves another argu-
ment for the granting of the freight
rate increase.
| With mileage of 190,931. as against
a mileage of 1S9,131 for september, l:l 3
| these roads report operating revenues
i of s229,551. $50. as compared with s242,-
5e9.20t in September. 1913-and the
railroads were not enjoying any great
, prosperity at that time.
| Disregarding safety first, 4 reduc-
! ton of over Sl&.oooo00 was made in
operating expenses. to l12.5O9,2e5. as
compared with slG5.S3S.2i0. and the
roads We're thus enabled to make their
net operating revenue compare favor
ably with that of September. 1913.
Encouragement is found in t.e state
ment that the railroads in central
classification territory, western roads
operating in Chicago territory. expect
to increase their revenues by SIS zoe. 900
; through acting on the Recommendations
of the interstate commerce commission
in its rate case decision, now under re-
view. and an additional like gain
through rate advances granted by the
commission.
Such result would be a great in
fuence in the security market and
would turn losses, in many cases, to
great gains.
1t is evident from the annual report
Company that the dividend for the cur
rent fiscal year. per cent. at
least partially paid out of the surplus
account. Once before the company in
vaded Its surplus for dividend account,
this being due to Il case of poor bust
ness and susceptible of no other ex-
cuse.
Invasion of the surplus for aid in
dividend payment in the last fiscal
year was very largely due to mainte-
ylQ oh. l1
floods in the central region is found
In a charge of s2,112,GO0 for repairs of
damages resulting therefrom.
1t may not be generally known. but
within a comparatively short distance
from Washington the Baltimore and
Ohio has been making some very heavy
expenditures for work of a stupendouS
character in the mountains, making
new roadbeds and cutting, blasting and
shoveling away sides of mountains.
The decrease i'll gross business during
the fiscal year was 4.16 per cent.
DR.. Willis Lecture.
DR.. II. Parker Willis first lecture on
the federal reserve system, given be-
fore the Washington Chapter. composed
largely of junior officers ard bank
clerks. was largely attended by senior
officers, several bank presidents, Messrs.
Saul, Harper and Poole. and number
of cashiers and bank directors. The
chapter room was crowded.
The lecture, the first of ten, was
largely historical and devoted to the
early financial history of the nation
an analysis of conditions existing be-
fore the war and the experiences with
the national banking system.
He showed how the first efforts for
currency reform, after the enactment
of the national banking law. were
made around 1890. In due course the
panic of 1893; the exceeding difficulty
of securing bonds in 1897 to take out
circulation; the Aldrich commission; its
reports and the proposed Aldrich
money measure down to the Glass bill
were taken up and ably discussed. A
brief analysis of the Glass bill. lead
ing to the future discussions of the
measure as enacted, followed.
National City Bank.
Report of the National City Bank, one
of the largest if not the largest in the
system. reported. in response to the con-
troller of the currency, individual de-
posits October 81 of 1886. $50. 1864.
Certificates of deposit. S2.619. 499.6s. For
e.gn government deposits of $631.3S5.67
total of over S140,000,0 900.
This statement does not show a dollar
Of government money on deposit The
II
as 1854. 351, 3S7.06.
Cotton Contributions Coming In.
Contributions to the local apportion-
ment of one million dollars for the cot
ton pool are being reported in q very
satisfactory manner, some Of the
smaller savings banks accepting their
quotas without the slightest obtec-
tons.
Assurances have again been given
Secretary McAdoo that the million will
be forthcoming.
St. Louis reports the southwestern
country greatly encouraged by the as
to move forward freely in the near flu :
ture as a result thereof The fixing
of the price basis for the loan, 6 cents.
Is believed will steady the market for
the staple.
Financial Gossip.
house. stock sold at $3.50 in 1913 and
recently at $3.50 a share
only two banks in New York CITY
were reported as charging more than
IS pc" cent for call loans.
National banks in Chicago showed
losses between calls of s26,5Oo.O in
deposits; s13.700.O0O in resources. and
a decrease of s13.615. 900 In loans.
New York city bank clearings de-
creased $154.733.O00 yesterday.
Dividends of 10S corporations all hip
have been disturbed SO far this flsca
year-divfdends passed, cut, deferred.
etc.