The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-10-01
will have to come II we are to see an,
real Improvement in our business

viii have to come II we are to see any
real Improvement IN our business.
Dew Jones q CO. to w. B. Hubs: In
prominent banking quarters intense IN
terest Is taken in report Of important
successes by the allies IN northeast OF
France as IL Is believed that the effect
of a big victory on sentiment in London
would be SUFFICIENT for a restoration OF
practically normal financial conditions In
England. Wall Street bankers possess
ing unusually good sources OF informa-
tion say they are Informed by their
foreign correspondents and associates
that II the German army were driven
back on the Rhine. the London stock
without danger OF heavy liquidation. That
such development would bring highly
favorable effect here is an absolute GER
tainty."
Washington clearings for the month Of
september. which closed yesterday, ag-
gregate s2s.O6s. o267A This is a good gain
over August, when clearings were s2S.-
$40. 1856. Clearings for September, 1913
were ssoAO.sS21
william Ingle, of Baltimore; James A.
Moncure, Of Richmond, and r. F. H.
Gouveneur, Of Wilmington, n. c.. were
named by the Federal Reserve Board as
Class c directors in the Richmond dis
trict Federal reserve hank yesterday aft
ernoon. The announcement Of these di-
rectors will permit the organization at an
early date Of the reserve bank in this
district, which embraces the District of
Columbia, Maryland, Virginia, North
Carolina, South Carolina, and West Vir-
ginia.
Directors for Class A and Class B were
elected by the member banks in the dis
trict some months ago. They are as fol-
lows: Glass A, Waldo Newcomer, Of Bal
timore; John F. Bruton, Of Wilson. N. c.,
and Edwin Mann. Of Bluefield, w. Va;
Class B, George ]. Seay, Richmond, Va:
d. R. Coker, of Huntsville. S. c., and
James F. Oyster, Of Washington.
with October ls. the date for the hear
ing in the railroad rate case, now so near
at hand, considerable interest attaches
to the data to be filed then with the
Interstate Commerce Commission. Espe-
cially is this true now that a conference
began yesterday in New York Of some of
the presidents Of the Eastern roads. II is
understood that President Daniel Will
lard. OF the Baltimore and Ohio, VIII
make the opening statement before the
commission. as he did in the opening of
the case several months since.
The executive committee of the District
Bankers Association meets today TO take
up the subject OF new discoLnIing meth
DDS The banks here for years have been
clinging to the old method Of collecting
interest, while in other cities banks de-
duct full interest on acceptance Of the
paper. A committee was appointed last
year to consider the matter. which, 1t is
expected. will be approved by the asso-
citation at Its meeting next month.
The Clearing-h house Association yester-
day approved the recommendations Of
the subcommittee which Tuesday allotted
to the several banks and trust companies
their portion OF the 100 gold pool
The banks will pay to the Treasury De-
on net deposits, by the end OF the week
The Becker Steel Company, OF Amer
lea, a subsidiary of one Of the largest
steel companies in Germany, has In
creased its capital stock from $4,000 to-
500, 600 The increase is made in con-
nectIon with the recent acquisition Of
the plant of the Baldwin Steel Company
at Charleston. W. Va The company
plans to manufacture at this plant some
Of the products that u has been import
ing from the works at Which, Germany.
The rail and converting mills Of the
Tennessee Coal and Iron Company, sub
s!diary OF the United States Steel Cor
poration, will close to-day unless addi-
tional orders, which are not now in
sight, are received. The plant will sus-
pend for two weeks. The blast furnaces,
two open hearth furnaces and blooming
mill will continue IN operation. The Bes-
semer plate mills are operating normal
ly. Full resumption by october Is is
promised.
There will be no successor chosen to
George P. johnson, who has resigned as
general manager of the Chesapeake and
Ohio. The work of the position will be
split up among several Of the other
officials. No reasons are given for Mr..
Johnson's Retirement
According to dealers in short term
notes there is a close market for Ameri-
can Tobacco one year per cent scrip
due September I, 1915. Quotations are
around 80. a ia per cent basis.
Baltimore and Ohio 41-2s due June ],
1915. are around IS. l-2 per cent basis.
General Rubber 41-2s, due July l. 1915.
are quoted 81 1-2. a 71-2 per cent basis.
International Harvester IS, due Febru-
ary Is, 1915, around 80 1-2, a 6 II per cent
basis.
Amalgamated Copper IS. due March,
1916. around 80. a "a per cent basis.
New York City new IS: 1917, 1A2 at IA;
1916, 1Ol at IA; 1915. 1Ool+ at 1-2.
August statement of the Southern Rail-
y is as follows: