davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24
|STEEL MARKET IS FIRM:
COPPER. ORDERS LARGER

NEW YORK, August 23.-The situa-
ton in the steel market continues
very satisfactory with the general
price scale very firm. but with a grow
ing sentiment noticeably against
further advances in the current levels.
Tin plates, sheets and wire products
are all in brisk demand at the present
time and mills are booked far in ad-
vance. Export movement of steel
products is reported to be fair.
although some large business is bef1g
held in allegiance pending arrange
ments of credit terms. Railway ma
terial and locomotives are all in
moving in fair volume to South Amer
lea. The strike talk has not disturbed
the market thus far.
The market for pig iron continues
active at a steady and sustained pace.
The price levels are firm and con-
siderable discussion is heard regard
ing advances. provided freight rates
on the carriers of the country are ad.
vanced as has been intimated in Off
cial circles. and provided further, that
the price of ore moves upward. The
scrap market is featureless. In coke
the levels are higher than they have
been, due to car shortage and difficulty
in securing adequate labor forces.
A better feeling is to be noted in
the copper market at the present
time. Supplies in second hands are
practically nil and consequently the
low prices of a week ago have dis
appeared. Material increases have
been noted in the volume of inquiries
and orders have been reported from
large consumers. September, October
and November copper is being sold to-
gether at one price, "a cents per
pound. Reports from eighteen repre-
sentative producing companies put
the July output level at S9,144,000
pounds. as compared with SS,563,ooo
pounds in the previous month.
The lead market is firm, the leading
interest holding to it's Scent level.
with outsiders quoting a range from
5.s5 to $50 cents Speculative activity
has been reduced considerably. In
spelter the market is reported quiet
and steady. Tin continued very. quiet
and earliest delivery on straights is
quoted around So to 60 cents per
pound.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24
GOOD POTATOES IN FAIR
DEMAND IN ALTIMORE
Tomatoes and Corn Prices Not
High-ordinary Grades of
Fruit Irregular.

BALTIMORE, Nd, August 23.-
There is fair demand for the better
grades of graded white potatoes. but
mixed large and small potatoes. or
culls. are slow to find favor even at a
discount. Receipts from nearby points
are increasing. New sweets and yams
are steadily increasing in supply, and
only fancy. bright stock of desirable
size will command full quotations
Native vegetables are coming in
freely, and the general tone of the
market is steady under good de-
mand. Receipts of cucumbers are
falling of, and the market is firmer
Tomatoes and corn are in abundant
supply aEd values in these lines are
still in buyers favor. Receipts Of
peaches are fairly liberal, but fancy
fruit is holding up well in price,
while the ordinary grades are irregu-
quality. and sell accordingly. Apples
are in abundant supply, Of the earlier
varieties, and only fancy, nd-picked
apples will draw outside quotations
Damsons are plentiful. and prices on
this line are in buyers favor, while
pIums are very dull. Native canta-
loupes are moving fairly well. Water
melon receipts are ample under a
Stacked demand, and the market is
easy.
Much complaint is heard of poor
live poultry, and strictly fancy, heavy
fowls will command a premium over
quotations. Young chickens are hold
ing their own in price under q con-
slant demand for fat stock. Spring
ducks are in ample supply and only
fancy. large ducks Weighing over 81
pounds apiece will attract attention,
Young guinea fowl are increasing in
supply, and the tendency Of the mar
ket is lower. While receipts of fresh
nearby eggs continue light, with Z.
fair and constant demand for this
character Of stock. liberal offerings
Of western eggs on the market this
week have resulted in a shading in
price. and this naturally has had its
effect on the nearby product Market
is about steady. but movement is not
active.
Wharf receipts of beef cattle are
running light. and on the better
grades of steers, bulls and oxen
prices are well sustained. On the bet
ter grades Of veal calves the market
is firm. with a more or less constant
demand for handy weight fat veals.
The demand for live pigs is quiet at
the moment, and the stock on hand is
ample for trade wants.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24
NEW YoRK BANK srATE,,rNr

NEW YORK, A, euet 23.-The aetna,
condition OF clearing house banks
SHOWS that sSey hod sHs the week
In deficit OF legal requirements. This
is decrease Of $50, SOS, 400 from last
week. This is the second deficit this
year ~ :, The re- other was ss5s.o5o on June
banks in preparation for the, crop
movement is the reason ASSIGNED for
the present deficit.
The statement follows:
Loans d .as s11 aSo etc. .s7ssa5oo
Cash in own vaults. members fed
eral reserve banks: $97,446, 900. in.
crease, $3,065,000.
ssssIyf BANKS In ssnk Ct
Reserve in own vaults, state b.nkr
and trust =. co PM $1o,s24.ooo; in
and trust so amnp 'ii.oss' oo6 Sae de-
Net demand deposits. $4.oos. 500 900.
ctcrease. $50, ssa,ooso TInitsd State: Dc;
Time deposits. s2oo.541.ooo: decrease.
Circulation. .ss.1s4.ooo: increase.
Aggregate reserve. s53o.755,ooo
Summary Summary of state banks and .,,,..
companies in greater New York net
included in clearing house statementos..
Loans, DISCOUNTS. etc. $823,35s. 900:
increase, $9,466,200.
Gold. $s,106.soo; increase, $500. 4oo
Currency and bank notes. S17aS0
100; decrease, $4,000. 'NS"'
Deposits with federal reserve herr
New York. sss,ss1.2oo; decrease. ST..
$50, 900. 49, 70
Tota! q. posts. ss7s.2c2. 800; incre.s.
12.311, 400.
Banks: cash in vault. $21, 27o. ann
Trust companies: cash in vault. S14.
IA. 600.- v'
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24
LIQUIDATION HASTENS
DROP IN CORN MARKET

CHICAGO. August 23.-LiQuidation
was a constant factor in the corn
market today. A. decline in cash corn
prices. rather larger country offer
ings and belief that purchase of
Texas corn in large quantities might
greatly depress the cash market, gave
impetus to the downward trend Lack
OF support until extreme low points
closed weak and near the low points
prices being from 2N to 6 net lower,
with September leading the decline
Final figures were: September, 1.7SK
to 1.7SA, and December, 1.41A to
1.41h. Oats lost from y to / net, and
provisions closed rs to LOS lower.
Liquidation in corn continued
through the session and prices fell
'off rapidly. September leading.
Purchase of Texas corn, which trad
ers feared would assume proportions
very depressing to the cash market
was factor in the downturn. Cash
prices declined about 4 cents.
The close was weak and near the
low point for the day. Corn closed
the greatest decline. Final figures
were September. 1.TsA to 1.7sN, and
December. 1.41A to 1.411a
Quotations.:
Corn--No. 2 mixed, 1.ssa1.s7; No.
2 yellow. 1.96a1.98.
oatsENo. 2 white. 7sa7sM; No. 3
Rye-No. 2. 1.55Aa1.5s.
Barley-1.2sa1.43.
MISREPRESENTATION
-Clover-Nominal.
Pork-Nominal.
Lard-29.25.
Ribs-24.00a25.00.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24
Bank of frances Statement.

PARIS. Thursday. August 21.-The
weekly statement of the Bank Of
France shows the following changes:
Gold in hand increased 133.Ol8
francs; silver in hand decreased 699,-
O86 francs; circulation decreased ST.
444.S35 francs; treasury deposits de-
creased 29.475.645 francs: general de-
posits increased 90.150.7S3 francs; bills
discounted decreased 31.757 $50 francs:
advances decreased u.004.058 francs.
Advances to the state during the week
amounted to geo. 100000 francs. x
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24
First Sea Island Cotton Arrives.

SAVANNAH. Ga. August 23.-The
first bale Of Sea Island cotton for the
1890 season arrived in Savannah
this morning. It was received. by
Gordon Smart Company and was ship
ped by r. J. Strickland of Valdosta.
It will be sold at auction Monday in
front of the cotton exchange.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24

with nothing tangible or satisfying;
rather with unrest and with other
business problems to solve for our
selves.
Let US get on with the business,
close it up and take up other insist
ent problems. Life is very short.
There is no necessity of sugar
coating the pill. We want q remedy.
We need it to get right. We need
something quickly.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24

A MANUFACTURING COR
poration located in this city, de-
string to increase its facilities
and open up new territory,
wishes to dispose of $1,000 to
$4,000 stock. A splendid oppor-
tunity for a paying investment.
Address Box bob, Star Office.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24
An Illustration.

To Illustrate: Twenty years ago a
street railway company purchased an
epo PIC passenger car at. say.
$4,000. From previous experience 81
other railways the life of the car
was figured at twenty years. The OBJ
vfous thing to do is to set aside one
twentieth of its cost, or 5000. each
year to provide. at the end Of twenty
years. q new car to replace the junk
into which time has resolved the Old
car.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24
How About Car Costp

This is beautiful-even a correct
theory, II prescfence in human minds
could extend to the point where the
cost OF similar car twenty years
hence could be determined.
To follow the effect and to suppose
that up to Ave years ago a new car
could have been purchased for 81. 010
we have $4,000, or fifteen years. de-
probation. set aside. We know that
bly, correct.
At the end Of the twentieth year.
when we. having figured the life Of
the car accurately, find It ready for
the junk pile and $4,000 in our re-
serve. we order new car, and find
it costs $4,000. Where is the $4,000
to come from?
Where has it gone? Is it not mani
fest that, In the last five years. we
have been undertaking our costs?
On this one car, during the last five
years. the average depreciation was
actually one-fifth Of $4,000, or $1,000.
and our costs show only 5000! Four
teen hundred dollars a year short on
one car alonei What a monumental
figure would the error" column show
on property costing fifty billions!
No claim is made that depreciation
is easily figured. On the contrary, it is
ABOUT the most elusive problem which
accountants are continuously endeay-
orfng to solve. Local conditions, mar
ket prices and a hundred things are
compelling factors, but, 1t is senseless
to ignore them all and blindly stick
to precepts out Of date years ago.
Basis for Depreciation.
Perhaps the most astounding thing
in street railway accounting is the
basis used for depreciation: A certain
percentage Of receipts! The effect is
rather ludicrous. Il, say. per cent
is used and 100000 five-cent fares are
collected the records show the prop
erty has deprecated to the extent of
$1,250. IT the same number of fares at
8 cents had been collected, the wear
and tear would be $4,000! BY what
process of reason?
Is IT possible that the present finan-
cial condition in which the large ma
jority-the very large majority-of
street railway companies find them
selves today is the result of such ac-
counting errors? The claim has been
made and it deserves consideration.
It is true. that. until recently, we
have not been asked to pay more than
cents for city car ride, which, ac-
cording to the company statements,
was enough to pay interest, dividends
and expenses.
It is also true that If service costs
were to govern the rates we pay
and that is an excellent axiom for
utilitfes-we have not been charged
a huge bill for depreciation and re-
placements, long after we thought the
account was settled. It is only nat
ural to blame the bookkeeper and ask
him to make up the deficit. He can
not and the owners will not-probab-
ly cannot as WELL
~ e., Evarvthino r. Tee.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24
PAYS for Everything It Uses.

After casting about for ways and
means we consider that in carfares
the public finally pays. as in the Anal
analysis 1t pays for everything It
uses.
we argue that this huge bill should
have been presented before. gradually
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24
Historical Costs Considered.

Again. historical costs cover de-.
veiopment losses, discount on securi.
ties sold. commissions (some az
hh,, s questionable as the disagreea-
Dle ana frequently recurring word
"graft"). interest on bonds. etc to
such an extent that, to use historical
costs develops contentious never set
tied. In word. the maze into which
such costs lead defies a decent So
luton. furthermore. historical costs
nave no relation to replacement costs
or SO little relation as to condemn
the basis
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24
BY WILLIAM e. CADwALLADER


Cashier Of Commercial National Bank).
Bases for valuations Of street rail-
way properties might include either
original cost. appraised valuation or
reconstruction values.
In purchases or sales of property
the first. or cost. basis might be used,
provided proper depreciation were
possible to obtain; although appraisal
figures would solve that particular
difficulty and, in most cases. give a
trading value.
Likewise in presenting a financial
statement (assets and liabilities) an
appraisal would better exhibit values.
since depreciation is automatically
adjusted through appraisals.
Valuations for determining neces-
sary income. however. require much
more than an appraisal and this Is
particularly true with regard to public
utilities. In such properties there are
fixed. by municipalities or representa-
tives thereof, rates beyond which it
is illegal and impossible to charge.
Only volume Of business can affect the
gross income. Costs may fluctuate
and even exceed the income, but the
rate of income is immovable,- except
by order of municipalities or their
representatives.
An Obvious Proposition.
Is it not obvious that If income is
standardized, the balance of opera
tions should likewise be controlled?
Would municipality. which makes
a utility property overprosperous.
gas when, by reason of population.
fair profits are available with gas at
IS cents to those who hold the fran
chise? Shall citizens pay cents for
car rides when, by reason of volume
of business. this fare puts abnormal
whom the car-riders decided the fran
chise?
Fortunately, in utility matters, cit
liens may say something about the
size of the profits they will pay to
invested utility capital. They seem to
be helpless as regards the butcher,
baker and any other producer, but
on utilities they are arbitrars.
Not Under Control.
Were other industries as much I'M
der control of those who pay the
price there would be no necessity of
changing the established income rate,
for such control would regulate costs.
Coal. and steel, and labor, and all ex-
pense necessary to operations could
be fixed and the profits absolutely
controlled.
This Utopian condition has not ar
rived. nor will it ever arrive, and,
since the problem is insoluble by cost
regulation, the adjustment of income
Is the only alternative.
Three or four factors demand con-
sidera tion-property values Con some
basis), reasonable return thereon to
those who own the values, operating
costs and volume of business These
applied will give the only fair rate
died.
There have been so many items of
cost, many Cat presently intangible-
items such as alterations from over
head transmission to underground
widening of streets. alterations Of
track direction, replacements OF
equipment. etc. principally ordered
Dy citizens without regard to the dead
loss therein-that what are termed
historical costs.". will not check to
appraisal figures. W
Historical Costs Considered.
Again. historical costs cover de-.
velopment losses, discount ON securi.
TIES sold. commissions (some as
n1Gnly oueStiOnab bile n the r33oo
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24

The railroad outlook is not entirely
dlscouraging despite the roads unsatis-
factory physical and financial condi-
tons. In reality the situation is SO bad
that 1t must soon improve; and whether
the roads are returned to their owners
or taken over by the government, some
thing will have to be done to compen-
safe Tor the injuries inflicted upon the
roads by the war. 1t would also seem
that the public utility crisis has reached
the point where the public In its own
interest must see that they have fair
play, due protection and be placed upon
a self-supporting basis, in order to es-
tabilsh them in a position that will fit
them for public service and attract
needed capital Activity in the building
trade Is becoming more and more pro-
nounced. the only check to its further
development being the high prices of
raw material ard the extraordinary
wages obtained by labor Western trade
IS active, and interior department stores
report good business at all the large
cities. Farmers are more prosperous
than for many years. Labor Is wei en-
ployed. and despite the high cost Of
living large proportion Of wage earn
ers have mere money and more comforts
than ever before. 1t should not be for
gotten that this nation has been injured
less and benefited more by the war than
any other nation in the world.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24
From Another Angle.

View the situation from another
angle and imagine a suburb to our
community, which, through abnor-
NAL conditions incidental to a world
war, has sprung up over night-50, 900
Inhabitants without street railway
and insistently demanding one. Can
we imagine those Inhabitants, or if
you choose. any collection of people
elsewhere, constructing street rail-
way in that community unless an ade-
quate fare is promised? And. in or
der to establish an adequate fare
would net the calculation involve
precisely the same items used in the
foregoing abstract illustration?
Would banks loan money on the
project unless this were done? Would
the Inhabitants care to have their de-
posits in bank that would even
consider the loan, unless an adequate
fare were established? Would you indi-
vidually?
We might as well face the situa-
ton sQuarely and at once. We might
remind our utility commission that,
after some months in which to work
out their solution. we find ourselves
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24
by L A. FLEMING.

DAYS pass on into weeks and weeks
into months, and the settlement OF
the street railway problem In WASH
lHeton seems to be as far from soiu-
t. as II did when the officials OF the
sVashington Railway and Electric
0n1pany hoisted their first signals OF
dlakress.
~ new signal has been flung to the
hFeeze during the past week-two, IN
fSct-the first when the directors
made their statement showing that
tAe preferred dividend for the second
akx, months of the year, wh1ie oe-
c&6fed. had not been earned, ana the
second when the employees Of the
company issued their dictum for 70
cents an hour, an eight-hour day ana
q humber Of other concessions.
II the Public Utility Commission
reaches an agreement as to 1,cent
fare and the demands of employees
are. granted, will the latter absorb
the increase?
win the Public Utilities Commission
make the changes suggested by the
creasing earnings through rerouting?
Ahead Of Common Stock.
There are $4,000, 900 bonds ahead
Of the preferred stock of the Wash
tngton Railway and Electric Com
pahy. There is $8,500.000 of prefer
t0d stock ahead Of the common stock.
o. $27,600.000 in securities ahead OF
the common shares. while physlcal
valuation Of the whole has been re-
ferred to as low as $15.000.000, al
though 1T is generally admitted that
the new appraisement will take into
consideration after-the-war-cos OF
material and labor.
Some Of our bankers who are
vAy
have expressed the opinion that
rsceivership. which they hope may
he avoided, would result in the bond
holders acquiring the road to the
elimination of the interest of 2,4OO
shareholders. with very serious loss.
II. with the increased traffic and the
transfer charge, the preferred. divi-
dend was not earned, as stated, can
II be earned with 7-cent fares and
- cents an hour wage to conductors
and motormen?
Granting increased wages to the
employees of one company, will surely
be followed. as soon as possible un-
der agreement, by the demands of
the other company's employees.
Big Increase in Earnings.
FOR the first half of 1919 the Wash
fnGfon Railway and Electric Com
pany showed q gain in gross earnings.
based on the total figures OF 1918. OF
&sA4.71o.
This was satisfying. but the oper-
ae1ne expenses increased $S43,S23.
ehowipg the complete absorption of
The increased earnings.
For the first half of 1919 the total
Operating revenue of the Capital Trac-
tfon Company was $2.152.767, as COM
pared with $3,491.2o5 for the entire
y6ar 1913. The gain was proportion
afely $407. 165. while the gain in oper-
atfng expenses was but $279,1
Fixed charges, interest on bonded
debt, ia one item where the Capital
Eraction Company shows to big adj
vantage over the Washington Rail-
wy Company, the former paying
214o154 for the first six months of
1913 and the latter $427,322. Indica-
tfoA3 OF the operating expenses for
tAssyear 1919 are for $6,310,O00 for the
Warrington Railway and Electric
Company, against $4,622,752 last year.
ard 1854. zoo for the Capital Trac-
tn Company. against $2.oss.zas in
~.