Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-11-03
LOCAL BANKERS WILL
DISCUSS COTTON PLAN
General Meeting to Be Held at New
Willard Tonight-Features
of Situation.
Government Will Withdraw Millions
in Gold From National Banks.
Financial Comment.
BY I. A. FLEMING.

/ The cotton pool in general and the
proposed assessment of million dol
lars on the banks of Washington VIII
be the subject of d special and gem
eral meeting of bankers at the New
Willard Hotel tonight.
At this meeting Chairman K. y. Ha"-
per viii present his eXha ustive report
on the matter. which was yestcrca =
adopted by the various committees rep
resentlnS the national and savings
banks and trust companies. as their
report. and will announce the appor-
lionment Of each bank based on &c
posts, provided all banks enter the
| pool.
a few of the smaller savings banks
nave let 1t lie known that they should
not be counted on as contributors.
moreover, action is not likely to be
unanimous in some of the larger insti-
tutions. but the chances are that there
VIII be little actual opposition and
mat. at the worst, n slight scaling
/ OF the assessment may be all that
/ VIII be necessary.
! The provisions of the call from the
nanasers Of the pool make it obliga-
tory that the entire 500. oo0.OOO class A
snail be subscribed before there is a
can upon any subscriber to the fund.
NO iodhs are to be made after Febru-
airy, and the Secretary of the Treasury
mas announced that the cotton notes
may he carried AS other securities at
| 4, per cent of face value
| Today North Carolina votes on the
PROPOSITION to bond the state for $50
100000 five-year j per cent bonds to be
exchanged for or loaned on cotton
! raised in that state
Other states are making efforts to
help themselves. and this laudable eff
fort may materially lessen the neces-
sites for aid in other directions.
Bankers Have Their Troubles.
Bankers arc having their troubles
these days meeting the demands for
renewals and for fresh accommodate
stions, while the installation of the fed
era1 reserve system is calling for pay
ments. and with the various new and
old taxes special accountant is near
| ly 4 necessity.
| One per cent of the capital and sur
plus of member banks was sent to the
federal reserve district banks yester-
day, and now four-tenths of per
cent more Is asked for payment to fed
! eral reserve salaries and expenses
Moreover, the controller of the cur
rency will begin the withdrawal of
government funds for redeposit with
the twelve district banks in the fed
eral reserve system.
There is now outstanding about $685.
100000 of government funds in ma
tional banks.
The release of millions Of reserves
| by the installation of the new system
will more than compensate The banks
for this loss. but just at the time being
they have more things to look after
than fully occupy usual banking hours.
bankers are refusing applications for
loans from people and interests that
desire per cent accommodations
simply for relending at and 10 per
cent interest in the cotton states.
When the American Tobacco Com
pany declared its regular dividend in
scrip there were number of share
1t hardship, but they We're disap-
pointed when offers came from New
| YORK houses of par fiat for this scrip.
Financial Notes.
Lanston Monotype Company has not
considered the matter of the dividend
usually paid in January. It passed it's
dividend due October l. the directors
taking this action in September. as am
nounced at that time.
Utah Copper Company shows a sur
Plus tor the year, after dividends, of
$94,31l. as compared with S1.O19,o0O a
year ago.
Railroad interests are loud in praise
OF the letter written to the President
on the rate situation by Charles Fran
els Adams.
Colorado Fuel and Iron Company re-
ports gross earnings for year s17,s03.-
600 as compared with $243150O0 a
year ago Deficit for the year. 1905, 900
Packard Motor Car Company showed
a surplus OF over a million for the
years work.
Bethlehem Steel Company is said to
be earning its preferred dividend five
times over. or Is to 20 per cent on the
common. The company entered the
year with $4,000, 00o untitled orders on
its books Its ordnance and armor
plate departments are just beginning
to do a satisfactory business
Richmond bankers subscribed s5S.O 900
more than her half-million apportion-
ment to the cotton pool