The Washington herald., 1914-10-06


lmuch as the commercial business OF that
section with Philadelphia, and through
Tout that section Of the State the ties,
both commercial financial and social, are
almost entirely with New York City. The
Industrial enterprises Of Northern New
Jersey, especially those located in the
large cities OF Hudson, Passaic, Essex,
Union and Middlesex counties. do very
much greater volume Of business with
New York than with Philadelphia. Most
of these concerns have ofices in New
York City, while but few OF them have
offices in Philadelphia
The relations existing between the
banking institutions Of Northern New
Jersey and the banks Of New York City
have always been most intimate and the
1 transactions between that section OF New
Jersey and New York City are carried
on in a very large degree through per-
sonal contact, resulting in mutual ad-
vantage. On account OF this close re-
lationship no artificial barriers should
be erected, and IL erected. will prove in
juHous to the banks of Northern New
Jersey" -r
RaiIrOad Taxes Increase.
Whatever other items Of expense may
show in the tendency of railway outlay,
taxes 60 on increasing. For the six
months ending with June 80 the tax out
lay OF roads having annual operating
revenue of over 81, 900 a year, accord
ing to the Bureau of Railway Economics,
paid out sos for each mile Of line. For
the United States that was an increase
of 2s or SO per cent compared with 1913
Different districts of the country show
very different degree of gain in this re-
spect.
The Eastern districts taxes increased
90 per cent, those of the Western district
II per cent, and those of the Southern
district 1913 per cent. An increase of
year is what the South is doing to her
railroads. Not only has the assessment
basis been rapidly broadened in the
South by the different States. but the
rates have been increased. How much
farther this will go no one knows, but
it might be worth while asking whether
it has not gone far enough, for a while
at least.
H. & F.'s Big Surplus.
The first statement Of earnings of the
Hagerstown and Frederick Railway Com
pany since its reorganization in July was
issued yesterday, and 4hows a very en-
couraging state OF affairs, with an in
crease in surplus Of SSH for the month
of August, as compared to the same
month Of 1873 This trolly company has
about eighty-nine miles of trackage in
Northern and Western Maryland, and
taps q thickly settled and rapidly grow
ing region. In addition to its passenger
traffic, which is large it handles a big
freight trafic from Thurmont on up to
Frederick, Hagerstown and other points.
The Fidelity Trust Company Of Balu-
more is placing $4,000 per cent bonds
Of the company, which are held in high
esteem by bankers, brokers, and invest
ors generally, and are finding a good
sale.
The increase in surplus for August
amounts to about 90 per cent The sur
plus, after deducting all charges, is S12,-
264, equivalent to nearly one and one
half times interest in outstanding bonds.
The showing for August is regarded as
quite satisfactory by financial interests
identified with the company.
Hubbard on Cotton.
cotton letter, say Of the Cotton Ex-
change opening: After eight weeks Of
experience the South is asking that the
exchange be reopened. 1t will be opened
just as soon as the avenues Of credit are
restored and as soon as the Liver
pool Exchange can open. Should this
exchange open alone to invite all the head
selling from other country against the
Egyptian crop and the Indian crop as
American spinners and the American
cotton goods trade stand up against such
pressure? Would 1t result in every
body in the South trying to sell at once?
These are some Of the problems the
trade has to consider in the time OF
war. Committees are working day and
night to solve these questions and to ar
range that when it is proper to do so the
exchange will open. Meanwhile, If a syn
ha
could be arranged to buy 5OOO 900 to 1,0O0-
900 bales at prices below cost Of produc-
ton it would go far to assist in doing
so.''
Renewed Bond IntereSt.
The bond houses are beginning again
to send out circulars in an attempt to
rel1indle interest in the bond market. One
such issued by n. W. Halsey & Co.
tains a summary of the investment situ-
alton as follows:
Until very recently there has been
practically nothing the investor could do
but await developments. Now. however,
a limited list of securities is being offered
by many dealers. and any one who has
funds may put them to work by buying
bonds II he desires. The
extraordinary large subscription to the
New York City short-tlme securities in
dicates that a very large number Of in
vest0rs has reached the decision that
there is no reason for a continuation of
the do-nothing policy On the contrary,
such investors believe this is the time
to purchase sound securities If offered
on an attractive basis.
Twelve corporations either passed, de-
ferred, or reduced their respective divi-
dends last week.
Directors Of about thirty corporations
meet this week for dividend action, and
it is expected that further reductions will
be in order.
The depression caused by the war has
not been under way long enough to test
the ability of many corporations to main
tain regular dividends It is figured
that IL there is no end OF the European
war in sight by the latter part of the
current year, a number OF corporations
that declared regular dividends in Au-
gust and September will make reduc-
tions.
The regular meeting OF the board Of
governors of the Washington stock eX-
change was held yesterday. There was
no consideration given to the opening of
the exchange, which remains dependent
on the New York market.
President Frank A Vanderlip. Of the
National City Bank, OF New York. was
in the city yesterday and was a visitor
at the Riggs National, Of which he is
director. |
NEW YORK COTTON MARKET. |