The Washington herald., 1914-10-16
COTTON MARKETS
OPENING GOSSIP
Exchanges May Be Ready to
Resume Trading by Latter
- Part of Month.
MORE EARNINGS NEEDED
The Interstate Commerce Commission
Hearing Begins Monday-Risgs
Bank Distributes Dividend.

Either October IS or November are
the two dates suggested in cotton circles
as likely to be selected for the resump-
don of trading on the New York Cotton
Exchange, II is thought that IL would
be advisable TO have the first weeks trad
ing after resumption interrupted by a
holiday which would occur should the ex-
change be reopened on November 2
One of. the managers said yesterday
that the way toward reopeninE the eX-
change was being cleared. He said that
while the details regarding the syndicate
plan had not been settled, he now saw
little likelihood of. anything occurring TO
prevent the successful consummation of
the plan. The board, however, would not
discuss reopening until everything was
definitely settled.
Exports OF cotton thus far this season
are about one-sixth as large as those of
a year=ago: Thus far we have shipped
$4,000 bales. At an average price Of $40
bale this nets the country $1,000 900 as
an exchange credit Last year cotton
exports up to this date averaged ap-
proximstely $50 a bale. The quantity
shipped was 100000 bales, resulting in
credit OF Sso.OOO.OOO, or more than nine
times the value of the outgoing cotton
for the current season.
Lee Discusses Railroads.
Ivy L. Lee, of the Pennsylvania Rail-
= road, before the Pittsburg Chamber of
Commerce, said in part:
Even before the plague OF war sffiict-
ed the family of nations. the United
States was suffering from arterio sclero-
sis. in that the blood vessels Of its COM
merce were hardening; failing to respond
to the expanding business life OF the
country.
IAN civilization is stricken. He is in
deed bold man who will prophesy, but
this much we know: Destruction of
wealth IL proceeding upon a gigantic
scale; production has been enormously
curtaiIed, and demands for the worlds
capital are becoming ever greater and
more insistent
Yet at such a critical moment in the
worlds history our country is-unwit-
tingly. I beIieve-committing against the
railroad the most dangerous of business
sins, namely, taking something without
paying a fair price for it.
TO remedy this situation additional
earnings are necessary. Such additional
revenues would supply the substance with |
which to develop the arteries of trade. |
But something else is needed. The Amer |
lean railway system has been built up |
through the enterprise and ability of the /
ablest business brains in the country.
We pay the highest wages, the highest
taxes in proportion to the investment,
and, with the lowest freight rates charged
on the railroad Of any Of the great ma
tons.
To. restore the health OF the railroads,
to make them the efficient agency of
commerce which they should be, we
should provide them with ample reve
nues, and. in addition. prevent the gov
eminent from meddling with manage
menL"
Electric Utility InduEtry.
Returns received by the Electrical
World from 20 per cent of the electric
utility industry for July for the Atlantic
States show a 127 per cent increase
in income and a 12.2 per cent increase in
output For June these companies showed
but 6 per cent increase in income
and a los per cent increase in output.
A review Of the six months, February
July, shows July to have been the best
month for growth over that period. These
returns were largely effected by the re-
turns from these large Middle Atlantic
companies. During the same six months
these three companies have shown a
growth as low as 81 per cent in March
and az large as 80 per cent in May with
10 per cent on the July growth. How
ever, in summing up the three companies
for the six months, it was found that the