Evening star., 1915-05-16
FINANCIAL-LOCAL AND OTHERWISE.
BY I. A. FLEMING.

I comparison, showed a decrease of $493,-
eOo'ooo IN the value Of imports and Of
$1,000, VI 100000 IN exports. Italy. in six
mo shontns aon ooo comparison. shows loss Of
$49 900 900 In imports and 81, 200, 900 in
| the value of exports
Spain. In a six months comparison.
august lhnsus l, H.. 1914. to January 81. 1915.
goMs os imna-,1 loss OF sas;0oo,ooo in the value
imports Of the same months in the
previous fiscal year. while the value of
the erss,p exports IS decreased re; s15.ooo.ooo.
has sustained loss in the value of
imports of nearly 100000, 900 and a
ports
Of imports and s165, 900 in the value
OF exports. while Australia is loser of
over $50.000.00O trade in exports and
imports in a six months comparison;
$e3.O0O,O00 in imports and $4,000, 900
in exports.
The imports Of the entire group of
european states have decreased 81 per
cent ana the exports rs per cent In
value In comparison with correspond
Ing months of the previous fiscal year.
From the port Of New York. from
August !. 1913. to May 0. 1914, exports
70 germany We're valued at S73,111 .0O9,
while in the same months OF 1914-l5
the value of the exports was 5.705. 800.
Austria Hungary exports, in the same
comparison. We're s11.51O.95O in previ-
Gus hscai year. and $1s.2os from Au-
gust. 1914. to May o, 1915
The value of Belgium's trade with
the United States in the previous fiscal
year to May Q, 1914 was $21 .53S 71O.
| and so far In this fiscal year, $734, 900.
south American countries have also
| suffered, only less seriously.
Par Check Collections.
Under this caption the Wall Street
Journal has this to say of the proposed
inter-regional district collection of
checks at par:
| From the outset it was recognized
| that any radical change that has for
! its aim a universal system of free
check collections in this country must
! be slow. The chief obstructionists are
| the country bankers. who see a fairly
large part Of their annual revenue made
through exchange charges about to be
taken from them. Nevertheless, such
good progress has already been made
in carrying out the purposes of the
new banking law. and the amount of
cooperation received has been SO gen.
erous. that there is every expectation
| that the desired end is not so far of
as was at first supposed.
There were no great difficulties in
volved when the reserve banks took
the first step In this field in receiving
for immediate credit at par checks on
other federal reserve banks. 1t was
when the question of iptra-district
par collections came up for considera-
ton that the interest of the country
member banks was affected. But by
voluntary the reserve authorities
acted wisely. This course will prove
far more effective than any arbitrary
regulation. since experience will dem
unified system of par collections.
1t only needs fair representation
of asserting banks at the start to
bring the other members into line.
since the latter cannot afford to see
their checks circulate at a disadvan-
tage. That this consideration has al
ready been at work is indicated by the
step lately taken by prominent trust
company Of this city to initiate the
check collection service of the New
this state institution Is able to offer
greater inducement to its customers
by allowing interest on deposit bal
ances, which would be obviously in
rying bank reserves to do. 1t is un-
consciously rendering a considerable
service to the reserve system because
it is proving the advantage of a uni
fed system Of par collections. 1t will
tend to drive into the fold such of the
member banks that might hold aloof.
How long the state institutions can
remain Independent Of the federal re-
serve check collections Is another
question. Under the initiative of one
Of their own banks which assumes
central functions it Is possible for
them to stand alone as far as intra-
state or even intra-district collections
are concerned. But when 1t comes to a
comprehensive organization of inter-
district par collections. of which the
central gold fund now instituted at
Washington may prove a beginning,
the Limitations Of the state banks will
be apparent"
Financial Notes.
The American Car Foundry Company
has taken an order for 1000 cars for
the Russian government, making 5000
cars in all. ordered in this country by
Russia in the last few weeks.
Reports are that Saturday. May 20.
will probably not be holiday. Decora-
,. ton day will be observed May 81.
Municipal financing last year was ia
per cent above that Of 1905 and corporate
financing but 80 per cent greater than In
. the year 1905.
The list Of New Haven Railroad Com
pany shareholders Of April /, 1915, does
not show the name Of ]. p. Morgan. He
was the owner OF 1000 shares year ago.
The late Alfred G. Vanderbilt Is down
on the list as owner Of 1000 shares
The idle car situation is showing real
signs of improvement.
From July /. 1914. to May 7, 1918, the
earnings Of the Chesapeake and Ohio
Railroad COMPANY increased s1.143.s02
The "jttney" has lost out in Oakland.
Cal Severe regulation was ordered by a
majority vote Of 5000.