Evening star., 1914-10-19
Bankers Association Meeting.


At the meeting of the District Bank
ers' Association. to be held at the New
Willard this evening. George E. Flem-
ing of the Union Trust Company will
probably be elected president, moving
UP from the first vice presidency. while
w. T. Galliher of the American Ma
tional, the second vice president, Will,
in rotation. become first vice president.
President Saul will retire.
John Poole, president of the Federal
National Bank, who has for some years
been a very able secretary of the or
ganization, will not be q candidate for
reelection. 1t is more than likely that
he will be chosen second vice president
and thus be in line for the presidency,
although he refused the honor a year
ago.
E. S. Wolfe, cashier of the District
National Bank, and Eugene E. Thomp-
son of Crane. Paris & Co., have been
mentioned as probable candidates for
the secretaryship.
The election. the uniform collateral
note and the discounting on making of
notes are all of sufficient Importance to
bring out a full attendance of the
Conference Tuesday.
A conference having to do with the
Inauguration Of the federal reserve
system will commence tomorrow be-
tween the federal reserve board and a
committee of not less than three men,
bers from the boards of the district re-
serve banks. The considerations of va
rious topics incidental to getting the new
currency system under way will keep
the delegates here for probably three
days. and after they have become
familiar with their duties and discussed
the pros and cons of the opening 1t
may be a matter of but a few weeks
at the longest before the system is put
into effect.
Chesapeake and Ohio.
The annual report of the Chesapeake
and Ohio Railway Company for the
fiscal year ending June 30 shows a 4.57
per cent increase in operating reve-
nues, or $36,690,021 for gross revenue.
Net operating revenue increased 3.7s
per cent to $11,036,0S4. Taxes fortu-
nately decreased $44,928. The income
for the year available for interest was
1O,9O6.46S, an increase of 2.72 per cent.
After paying four dividends OF l per
cent each, and despite a decrease of
$50 per cent in net income, there re-
mained to surplus $460;551.
Financial Gossip.
Frisco system denclt TOT nScaI year
1914, $1.90O,O00.
During the gun fighting period gum
chewing goes right along. A certain
independent firm, scented. sold $25,000.-
900 in chewing last fiscal year.
Canadian Pacific earnings first week
of October decreased $1.072,000. Twenty
nine roads reporting for the same week.
not including Canadian Pacific, reported
lose of 1905 0O0
New Haven's maintenance in 1914 cost
$1,726,000 more than in 1913, 10 per
cent increase.
A great cereal house has placed an
order for million cotton bags, thereby
helping cotton to that extent.
Exports increasing helps muchly, but
when imports do not decrease the added
export loses its value. Balance of
the United States for years, but the
commercial figures take no account Of
financial and security movements, so
that this balance" while real. is not
cashable at face value. Other things
are to be considered.
permit deduction of losses on stocks
from income statemnts. But the Treas
ury will find 1t difficult to make tax
payers pay up on passed dividends. full
Will be millions on millions of diff
ference in the payments this year as
compared with last years, and the
government will be the loser.
Only two companies cut and passed
dividends last week, United States
Realty and Amalgamated Copper. The
former could easily have made the pay
ment, as it was earned double. Poor
policy to cut of distributions these
days when they are earned.
Why NotP
HAS Washington at last actually
reached the long-deferred turn in tho
lane Of legislation against business?
1t seems SO. Or why should President
Wilson have made point of announc-
ing this purpose In his letter to Repre-
sentative Underwood? The declaration
in that form and at this time would
seem to have more than ordinary sig
nificance.
I'm the language of the old Puritans,
let us thank God and take courage.
Big business, as well as every other
kind. Will welcome any sound policy OF
constructive cooperation on the part
Of the government. Business of all
kinds has been under fire for fully a
dozen years. The brunt has been mainly
borne by the larger corpora tions. Hail
roading, banking and manufacturing
have felt the attack from President
down to the merest pinhead politician
since the Roosevelt administration be-
gan to breathe threatenings against
the so-called malefactors of great
wealth. That the country has saved
itself from worse Is a credit to the