Evening star., 1914-10-11
FINANCIAL-LOCALA AND OTHERWISE.
l. A. FLEMING
BY I. A. FLEMING.

In times of general stress the hu-
man mind turns, and naturally. tc
economies. to the limiting Of expenses
tho planning Of fewer projects-in q
word. to thrift
Just what a power thrift may finally
turn out to be for the American people
may readily be imagined. With pop
ulation Of nearly 100000. 900 Of people
N would not require much economy te
make an average savings per diem o1
ten cents a head. The average will
not be saved by Thousands. but there
are tens of thousands whore the daily
saving will be in the dollars and tens
of dollars, making the average very
easily for the population.
Frank A. vanderlip. the president OF
the National City Bank Of New York
figures the results Of added thrift in
this country for the next year at $3.-
100000. If one-third of this esti-
mate Is actually saved 1t will mean
moro than q billion dollars seeking re-
investment, and the effect that such a
potential buying power would have on
American securities would be most
helpful in the rehabilitation of condi-
tions.
If Mr.. Vanderlip's estimate is reached
results will be many fold greater.
France prior to the war of 1901
was a nation of light-hearted people
diately thereafter thrift dominated
and In a short period the billion dollars
Indemnity was paid to Germany
Moreover, the people became a great
investing community. And French
people have continued the great sup
porters Of the securities of their gov
ernment and investors in issues abroad
The saving habit has taken hold on
the people of this country. among the
great middle classes and the well to
q % aso will II bs Is sshe in ns senbe
observe, while to the close observer
1t is becoming more evident with each
succeeding day.
large employment of labor in nearly
all lines. in meeting the enormous de-
mands that are daily coming to the
dealers and jobbers for equipment Of
all kinds for the use of the millions Of
men now engaged In warfare abroad.
as well as from our own people. Some
of these orders pass direct to the manu-
facturers. but for the better observ-
ance of neutrality they are going to
jobbers and these in turn to manufac-
turers, as part of the ordinary run OF
Steel and Iron.
The chief stagnation seems to be in
the iron and steel manufacturing
business. due largely to the enforced
economies on the part of the great
railroad systems Of the country, which
prevent even sadly needed additions
to trackage and equipment, and which
condition may be reversed in the near
future.
The accumulation of money in the
banks. the facilities for rediscounting
of loans by the federal reserve board.
with the placing in force of the new
banking law, are sure to make for
further expansion in business
For these reasons bankers are en-
couraged and business men are taking
a more hopeful view Of the situation,
alton should be gradually bettering
through the efforts of interested par
ties to clear up trades. but the opening
of the exchanges for free and unlimit-
ed trading seems afar of.
listed brokers on Wall street must be
accepted with caution II at all. Quo
tations are factors in inducing holders
vestors to buy. Manipulation of quota
tions, impossible on the New York
Stock Exchange, Is possible in the ad-
vises that come out from the curb's un-
change will reopen on Wednesday of
this week.
Street Railway Statistics.
Statistics show that the maintenance
Of way and structures Of the Wash
fngton Railway and Electric Company
for the last year, was 1913 per cent Of
the total operating cost, while the
Capital Traction Company's ratio for
the same item was 11.e2 per cent.
Maintenance of equipment cost the
a oA
Capital fractions ratio was 7.77.
Trafic expenses were 054 per cent and
0.57, with the Capital Traction leading
In expenses.
In the matter of conducting trans
portation Washington Railway and
Electric cost 59.1S per cent of operat-
s2.42.
Railway were IA per cent. and Of the
Capital Traction Company 17.e5 per
cent.
Getting a Share Of Trade.
The United States has no feeling OF
exultation that a particular opportu-
nifty has been furnished for concen-
trating attention upon our products
and exchanges through the terrible
misfortunes and complications of Eu-
rope, but 1t is inevitable" says John E.
Gardin. foreign exchange expert of the
National City Bank of New York city,
that in rendering the international
service which we are now in the po-
sition to render we shall inculcate in
the minds and sentiments of our
friends in the south a greater conf
dence and a clearer understanding OF
our commercial plans and operations.
we must then extend our trade and
establish our banking facilities on
broad. friendly, cooperative basis
With the extension and upbuilding of
trade there must be the Institution Of
branch banks; there must be personal
contact; there must be that harmony
and mutual understanding which grow
up through personal relations. The
friendship of daily business transac-
tions and a working understanding
must be promoted. II we rightfully
win the confidence of our neighbors in
Latin America they will trade with us
and in trading with US they will be
willing to conform to a large extent to
our methods, as we, to q large extent
must conform to theirs. There will he
q common ground Of mutual advanta ae
upon which we can meet and on this
common ground the prominence of dol
lar exchange will constantly Increase
Economy and efficiency will be deyel-
oped by means of the branch banks
The parent bank in the United States
nd 10