The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-10-01
EXPORTS HELPING
FINANCIAL WORLD
Volume Shows Large In
crease, Cotton Alone Not
Being Sought.
RAILROAD REPORTS POOR
Washington September cIearinss Show,
Gain Over August-cIsss c
Directors Named.

Directors Named.
The increase in exports from the port
Of New York. which are once more
normal ana in excess OF those Of last
year. is most encouraging.
This has an important bearing upon
the foreign exchange situation as well as
upon-t the outlook for general business.
The figures are very favorable. In
the week ending September Is exports OF
general merchandise from the port were
valued at SedR2.O0o, as compared with
S6.d05so in the corresponding week Of
last year. and with Ss,E77,0OO in the
week ending August last when the
outward tide was at low water mark
Since that date the Improvement has
been steady, these exports amounting
TO S1a.214ooo. 2,z1.O00, 900 and
SI7. 20S, 900 in each successive week during
the interval Last weeks exports have
not been edualed since the week ending
April last when they amounted to
81. $4,000 and they were not euuaIcd
in any week between April IS and Sep
TENDER q, 1g13 In no week in this or
the preceding year have they reached
SIS. 000. CO., II the value Of imports now
moving. out from this port is maintained
the foreign exchange tangle soon will be
Strengthened out.
The outlook for maintaining the cur
rent level Of grain prices is good. Farm
ers In the West have sold enough grain
10 provide for thier immediate necessi-
ties and the sudden closing of the Oar
danelles by Turkey will check exports
from Russia until Il is lifted. Greece
has been buying grain freely in the
country and this tells what that country
thinks of the outlook in Europe sci
Cotton was also lower In Southern spot
markets andsthe liverpool quotations on
January-Feb contracts was cut to
pence a pound which win scale the price
In New York down TO 81 cents, the
equivalent Of about ~ cents in Texas.
s;aaiIrOad EarniREs Fall.
Railroad earnings reports coming TO
hand cauBot be called, exactly cheerful.
but they .duite. meet, the expectations of
railroad men as voiced at Washington by
the committee Of presidents which took
the matter up at the White House. Thir-
ty roads, issuing estimates weekly, gross
earningS showed for the second week. in
Septefneer q loss OF 6.26 per cent, as com
pared with last year. This was the
largest percentage Of decrease, with the
exception, Of q Slightly larger loss m the
fourth week IN August, since the end Of
May. =.
Such Of the weekly reports for the
third weak Of this month as have come
TO hand indicate stu grezter recesSieag
from 4zilzseErs 1evei Of traiic, ranging
from az ia 30 per cent. Most OF the
dozen. 80 far received range from to
IL per. eeot A conspicuous exception IL
the ChasapeaZs and Ohio, with a gain
of Pc. cent for, the week and of per
cent since July !, Norfolk and Western.
a carrier OF, the same coal traffic, is
49,
ing the great demand for soft coal for
export On the other hand, the Buffalo,
Rochester and Pittsburgh. an Eastern IN
land coal carrier, reports a decrease Of
Is per cent. -,---, r...s-
How the cotton situation is affecting
the Southern railroads is evidenced by
shrinkages for the third week Of per
cent on the Missouri. Kansas and Texas.
per ceRt on the Texas and Pacific and
30 per. cent on the St Louis Southwest
ern. These roads happen all 70 be car
riers of Texas cotton, which was in
jured by dry weather this year, but sec
ond week reports show such losses as
% PEP cent for the SeabOard, 6 per cent
for the Southern Railway, 10 per cent
for the Queen and Crescent I3 per cent
for the Louisville Sand Nashville and
percent for the Alabama Great South
ern.
II is to be remembered that in point
OF tonnage the cotton crop itself Is Of
no great moment to any railroad. but
the great value of the crop, the depend
ence OF certain sections upon It to so
large an extent as they do and its bear
ing upon the purchasing power Of the
entire South make IL a powerful factor
in the total earnings Of the Southern
railroads
Dependence on Commission.
President Robert P. Lamont. Of the
American Steel Foundries, is authority
for the statement that it will be neces-
sary TO close some of the plants He
adds that TIE antagonistic attitude as
stunned by the Interstate Commerce Com
mission toward the railroads is respon-
Eible for tremendous depression in bus
mess and he can see no Immediate pros
pect o IA revival The corporation will be
fortunate. he-says. If it is able TO con-
iinue without a wholesale curtailment.
The -loundry business is decidedly poor
at the present time" said President La
mOn-. Prosperity with us is contingent
upon the prosperity of the railroads, for
directly OF Indirectly, all our output is
used by the railroads. and they are not
buying.-For cne thing they cannot get
money at any sair rate of interest. This
Is due to the Interstate and State Com
missions. whose attitude toward the rail-
roads has frightened on prospective in
vestors .
The reopening Of the freight rates ease
Is favorable sign. but the people are not
going to invest, nor are the railroads
going - Juy merely because the case
fas been reopened. II the decision of
the commission is favorable to the rail-
roads then We probably will see ar i'm
provement all along the line But that