Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-03-24
MARKETING OF COTTON
EXCEEDS ESTIMATES
Requirements Will Probably Call fol-
$4,000. 900 Bales From Largest
Crop Ever Harvested.
Sterling Exchange Weak-More
Gold Imported From Ottawa.
Look for Good B. & o. Earnings.
BY I. A. FLEMING.

one of the greatest questions oHefeu
fnancIers for solution last fall was the
financing of the greatest cotton crop
Yer raised in the southern STATES
Through the federal reserve board ana
I'd plumber of leading bankers Dig
Guarantee fund was raised to TIDE over
me banks Of the south. Not dollar
~ the fund was used. At that time u
Mas estimated that not more than
t.,0a.o" bales Of cotton would pc
aiken for export and the estimates OF
reauirements between crops. for home
consumption and export. were general
H under II 100000 bales.
hut the exports up to Friday of last
week were 6.14s.150 bales. and cotton
Is being shipped every day. Last Week
$4,000 bales were exported, lo9.Oo"
bales escaping submarines. were un-
loaded in England and 11a,5o0 bales
went to the continent. This week
shipments will also be large.
IL is now estimated that the require
ments from the 1914 cotton crop would
De T.arly $4,000. 600 bales.
The final ginning figures of the gov
"rumcnt experts show crop for 1918
% l".S13.o"o running bales. There
wcrc 900 bales OF lnters-indicat-
iue j crop of about 16.64J.0O0 bales. of
which in sight figures show 12,5OO.O0O
bales. II is said that less than 10 per
cent OF the crop has been held over by
planters.
with the highest estimate of require
ncnts. and the United States is but
- per cent behind on the 1914 average
used, there is still bound to be con-
siderable amount of cotton carried
ever III warehouses and by planters.
hut il the ." per cent reduction in
acreage. ans planned by southern plant
"rs. really materializes. the supply of
sottou available after the garnering of
the 1915 crop will be none too large
Tor tn" demand. especially with for
ei@u nations likely to be in the market
fot larger quantities than ever before
the rehabilitation following the
European struggle.
Thus the great southern staple. cot
ton. because of the great demand for
4 in lines of peace, and even for its
rs" IN war. has worked out its own
salvation from one of the most serious
appearing problems that overproduc-
non and urtoward conditions have
Yer faced
Seeking Credit.
Il 10 reported that Great Britain
as asked New York city bankers for
dds On bills OF exchange amounting
l5.oo0Oo0 pounds tsterling), to ma
Iurc in six months. Bankers aver that
this action was taken to relieve the
sterling exchange market, which has
again made a new low record. this
time to s4.1S1s. and further engage
ments of gold from ottawa have been
announced.
But the gold imports have not as
set made the slightest difference on
the market for exchange. nor does IT
been reached. This is taken as an evil
dencc of the large amount Of COM
mercial bills being offered on this side
IN payment for supplies purchased here.
Itsan IL al
ness to give UP gold is due partially to
the new financing. which Great Britain
Is attempting In the United States.
Expect Big Increase.
The Baltimore and Ohio Railroad
Company will make public its net
earnings for the month of February
tomorrow. Wall street believes that the
statement viii show nearly $1,000. 900
increase IN net earnings. and that this
Improvement will not come. as most
gains have of late. from skimping of
oetterments and maintenance. but
from actual earnings. A gain from
transportation is expected of s675,00O.
Treasury Deficit for Fiscal Year.
Disbursements by the Treasury De-
partment of the United States for
March 20 exceeded receipts by $s45. 1872
making The total excess disbursements
Tor the fiscal year TO that date s107,-
s'".St". as compared with excess dis
"ursements of s5o.5o6.0ls for the previ-
Gus fiscal year to the corresponding
dht+ These figures include Panama
anal and public debt operations The
rNcess payments over receipts for the
anne day III the general fund total led
80 .,.s". leaving a net balance of S.S.-
.i',.1I.
Washington Securities.
There was but little life in the local
market today. though prices continue
=" sh"v- decidedly strong tone IN
Nsrythins. Offerings are very limited,
while there is moderate demand,
Wore than sufficient to absorb Offer
UGs
Potomac Consolidated 5s were the
DULY bonds traded in. and they were
strong at a9l2. a slight advance
Washington Railway preferred is
'elnS taken as fast as offered at 81,
9Th no disposition to advance the
'HNtu2 figure above this price