Evening star., 1915-09-26
FINANCIAL-LOCAL AND OTHERWISE.

there should be some arrangement by
which the banking fraternity should
not be able to coin money" through
these low rates.
Recently local banker making ap-
plication for certain deposits for a
special purpose was informed by a
public official that the money would be
forthcoming at 2 per cent, If the loan.
one desirable in every way. was made
at 4 per cent. and an agreement was
reached on that basis.
1t would seem as il the bankers
guilty of such extortion as that noted
above should be made to agree upon a
rate to their customers before being
furnished with cheap money by the
regional banks of the reserve system.
Washington bankers have no such
usurious habits. They have no COM
Functions of conscience in refusing to
make loans il they do not think the
collateral right or the personal equa-
tion desirable, but if they made a loan
they do not think of asking more than
the legal rate of s per cent, and its not
a high-grade loan of per cent money
is not available these days
Certain it Is that the banks of the
north have not been parties to such
outrageous rates.
Money is still very plentiful. nor is
there any reason to believe that there
will be any stiffening of rates, until
such time as general business inn
proves.
Advancing South American Trade.
The National City Bank. through its
trade bureau and it's ability and will
Iingness to answer all correspondence
in the interest of development of trade
with South America and Cuba is by
far the most potent factor engaged In
building up business between the
AV1oa n
countries.
Credit reports, requests for informa-
ton as to responsibility of American
and South American merchants and
dealers, samples, demand for cata-
requirements, and in receiving and nj
ing information of interest, the bank is
doing a great Work.
The purchase of the property and as
sets of the Bank of Havana was a
movement IN aid of furthering business
between the island and the states and
of additional development of Cuban re-
sources.
With deposits Of over $400,0o0.000
ample cap tai and resources and world
wide connections, the National City Is
capable of accomplishing great things
And the coming OF the National City
with the efforts put forth by the gov
ernment IN conferences, etc, and OF
other banks IN development OF DuSl-
ness with the South American coun-
tries is causing an awakening to new
opportunities in that section.
Financial Notes.
Standard Oil of New Jersey is selling
at s47S a share-the record price since
the dissolution decision. Shareholders
are looking for an extra distribution.
Norfolk and Western has sold l25.00C
discarded bumpers to munition fac
tory at Cumberland, where they will be
shrapnelled.
Advance in freight rates has helped
the New England railroads, but the de-
crease in passenger traffic has caused
a serious decrease in earnings.
Henry r. Carse, late vice president OF
the Hanover National Bank of New
York. is to be the head of the Subma-
rine Boat Corporation. Many bankers
have acquired blocks Of stock and big
earnings are looked for.
Baldwin Locomotive Company is to be
reorganized. in order that it may make
munitions, now forbidden under its
charter.