The Washington herald., 1914-08-29
CLOSE
NOT UNWELCOME
Financial Machinery Rests to
Await Judgment of the
Banking World.
WHEAT ABSORBS TRADING
Spectators Taking Lively Interest in
Chicago Board Commercial Ma
tional's Offer to Depositors.

Comparatively little Is being done in
the local money market The little busi-
ness passing Is in nearly all cases at 6
per cent
It Is urged by the lenders OF money
that borrowings be reduced as far a.
possible and maturities be settled in full
as soon as possible. There II no such
thing as call money at the moment,
lenders being fully aware that II would
be futile to insist on the payment of call
loans on collateral while the stock eX-
cxhange is closed. But few attempts
have been made to enforce paymentA
The situation is as obvious 10 the lend
ers as to the borrower. The stability
OF quotations at the closing OF July 30
fixes a dead Ieyel for loans and there Is
no occasion for additional collateral, the
efforts Of the borrower being to reduce
his obligation when possible. There Is
little need for new money and less prob
ability OF getting 1t. though when 1t is
necessary the lenders relax.
BY common consent the stock brokers,
the money lenders, and the stock ex-
change authorities have agreed that II
is better TO allow the financial machinery
10 rest than TO invite some new unknown
conditions by turning on the power even
dN ludLNeT OF less speed.
Holders OF securities are patient and
are content TO await the Judgment OF the
stock exchange authorities and the bank
ers. In the meantime the silent ticker
and the idleness in brokers offices offer
an experience which has never before
come to the busy people who have been
accustomed to make things hum every
minute from 10 TO 3 o'clock.
Chicago Market Popular.
Spectators generally are taking a
hand in the Chicago grain market and
speculation is becoming so heavy that
some houses with memberships on The
Chicago Board OF Trade are doing Quite
well without the stock market Wheat
has been rising and falling in a spec
tacular way that gives traders wider
swings than they get in the stock mar
ket.
As trading in grain futures does not
tie up much cash the banks are not
worrying about it. Exports Of wheat
last July were very heavy. The total
value OF agricultural exports for the
month was ssl.OOO.Oo0, which broke all
previous records for the month and has
not been equaled since December. 1895.
The British government Is determined
to keep the grain trade moving and
has sent three large cruisers into the
Gulf of Mexico to protect the route from
New Orleans and Galveston. at which
ports large quantities Of grain are await
ing cargo room. The records for grain
exports will be broken for August and
September unless wheat is held by the
farmer at a prohibitive price.
Western Maryland Improves.
Although Western Maryland Railroad
closed the past fiscal year with a deficit
Of 5ln ia
results of the current year will not prove
so disastrous.
The new management has taken hold
Of the property with a firm hand and is
bringing about many important improve
ments in both traffic and transportation
departments. Excessive costs OF last
year. which were due to extraordinary
adjustments and need for property i'm
provements were cleaned up by the close
of the fiscal period. Excessive mainte-
nance expenditures, therefore, will no
longer be required, and for the current
year maintenance can be safely reduced
to normal
Better handling OF transportation prob
lens is also beginning to bear fruit
Heavier train and car loadings are in
evidence, and this also means greater
efficiency per locomotive The average
revenue per freight train mile has in
creased 90 cents in the past few months
and Is now at the highest level ever re-
ported by the company.
More Southern building.
The Southern Railway Company has
Just awarded contracts for the construc-
ton of thirty-six miles Of double-track on
the Danville division between Greensboro
and Pelham, n. c.. which will give It 4
continuous double-track line across the
State of North Carolina from Charlotte to
Danville, Va. From mile-post 2IS to 263 the
work was awarded to the Parker Brooks
Construction Company, OF Greenville, 5
c.. and from mile-post 263 to 2s4 to the
Morrow Contracting Company. of At
lanta. This makes a total OF seventy-fiye |
miles of double track on the Washington |
Atlanta line which the Southern has |
placed under contract in the last few |
weeks. contracts for the construction of |
thirty-nine miles in Virginia having been J
let as follows: Between Charlottesville |
and Arrowhead. seven miles; between |
Elma and Amherst, nineteen miles; DC
tween Dry Fork and Danville, thirteen |
miles.
Commercial New Feature.
The savings department of the Com |
mercial National Bank is offering its de- |
positors a special feature by paying |
8 per cent on actual daily balances |
rather than on monthly balances. This |
means that money will bear interest from |
tie day deposited, and also means that |
interest at 8 per cent will be paid on |
every dollar for every day on deposit. |
The interest that accrues every six |
months is added back to the accounts. |
which also bears interest thereafter.
Railroad securities. exclusive of equip |
ment trust issues. maturing in 1915, ag-
gregate $453 $4,000 This compares with
$3.50. 900. 900 similar matuTities this year
and with still less than that in 1913 II
maturing equipment securities are added |
for next year the total Is close to the |
half million mark Total maturiGes be-
tween the present time and the end of
1915 are over S55OOOO,0OO. More one-year
notes may be sold before the end Of this
year, and thus increase the total ma
turtles for next year. Maturities left to
be met this year amount to $34,o60,0O0.