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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, August 12, 1916, Image 10

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WEALTH MARKETS AND COMMERCE
GARET GARRETT, Editor.
WALL STREET OPFICEi
Mills Baildiag, 18 Hrond SL
Telephone:
lianover 6611
Significant Relations.
Money and Prieea: ????? a-roaraaa,
Stock of money jrold in the country./. $2.r.00.:2-i.:>6? $2.oo6.3i'9.:.."-?
I atr-t rri-nrt. Mei e*K Bt-rtofl*
I taa* of .11 national bnnks. |T4*fle*jg IMM.'.71.000
of their ca<-h te. depositfl. " ' l
l?!?ft a**aaraa*a.
Loana of Federal Reserve Banka. ?!itt*M2! SKmSS
note circulation, net. $11,029,000 jui.'O.ooo
Their gold reserve affsingt deposits and MJ%
ilation .
Tha AA-f A vear
ta Ueamf. oai ea. oao.
Averm-e price of Itfteeri ra:i*-oad stocks. 11SJ1 118.41 WJJj
f twelve industrial stocks. 9HM IXflf BB*afl
Th. w?k A year
? ? araek. before. aaa,
ro.NJcc;stof livir-.p (Anr.ali.--t inde>: mirr.ber). IfKN IbMI l<r'-17
Production:
july. - A rear atro.
UnflUed U, S. ateel orders, tons. 9ft93,r.!?2 !i.6lo,l5S 4.92.-..r?l0
: *;. B | ' i-rnm't La.?t yeara
aat trap.
Wheat crop, bushels. 6,r. 1.000,000 1.012,000.000
Corn crop, bushels. 2,777.000.000 3.05,">,000,000
Cotton crop, bales. 12.S16.000 11.191.R20
Distribution: ;,,v Jun, *n*\
Eurpius freight cars. 52.116 53,244 275,111
r? Inf rea*eorderr*a-.e from last year. -x
Fourth week Third araek Jan. 1 to
ofJuly. ofJuly. June 30.
(ft-n.f.l-i (24-***a**B) (67-roada)
Gross railroad earnings. +114% +1M56 r-SS.7%
/?Inerease or der-rase from last vear. ^
Thr araah Th" year
Laat week. aefore. tod.-.te.
Bank cicarinjrs. ITJ* rt91% +?*%
Fridny, Augvst 11, 1916.
Tho stock market, as it wont has
been, pave I?**_ l? special and lim- !
itod emotions. It has no direction.
Weakness disappcarod from the
ibarei of corporations producinp
muni'ions, probably on the expecta
tion that the latest proposal to levy
a lederal tax of 10 per cent on net
war profits would be accepted in
; ? of the hiphor specific taxes
proposed in tho first House bill.
Motor storks were stronp as a
rrroup, and this eould perhaps be
aeeoanted for by the fact that spee
ulativa sellers of these shares for a
fail were intimidated by a theatri
cal rise of 50 points in thc price of
(ieneral Motors common.
Thc most interostinp financial dis
tlosure of tho day was not of achar
actor to deliver a translation of it?
self in prices immediately. That
arai tho fact that Japan, out of her
large hank balanees in Wall Street,
bad placed s:,o,ooo,000 to the credit
tf the British povcrnment, apainst
n like amount of short term British
Treasury lecurities placed to the
tradit of the Japanese povernmont j
in London. This is substantial and
v aid fronu an ally. lt In?
creasei the Bexibility of Knpland's
cennand Otrer the forcipn exchanpo
market. It Is possible for Japan to
. do this because in trade on this side
Ky tho world- that is, with thc
Hf! i : State, the Japanese have
^r sold more than they have boupht
and have been building up a very
larpo credit balance in New York.
Our importa from Japan have hoon
increasing faster than our exports
thereto. Ono important item is silk.
I'tiusual transactions in finanee
r,. longer exeite special comment.
So many currents have been re
veraed or diverted from their aront
i i channeis that it seems as if al- '
most anything eould happen. Bul
the idea of Great Britain horrowinp
>m Japan to keep the
n . md sterlinp in pood standinp in
New Yurk is at tirst eontact a very
t-trange Idea, Indeed. Casually, one
is led to say: "Has it come to this,
that the preatest creditor nation in
the world should have to bofTOW
iron-. the newest power of all, one
that has on'.y recently loarncd how
TTOWj am! never loaned before?"
< in examination, howovc-r, the CBSC
< f (irrat Britain ll by no meansruch
ns the surface facti would seem to
indicato. nowinp heavilv,
of eourae, where she never bor
rowed before, but she also is lend
ivr. mete than sho cvor loaned be?
fore. She Is lendlng tO her allies
ii. Europe on a plan which araa
nerer matched i'l international re
lationships. Nearly one-quarter of
the total eoat of wat to England
i- repreaented by loans to her allies
in Europe. Ia fact, tho apprepito
of those loans is bepinninp now
more than te balance Great Brit
. nin's dtint account with the rest of
the world. She is, thorof'.re, in the
position of a banker who diavvs !n
credit from or.e place and puta it
out in another or who l.orrows with
<.:ie hand and lends with thc other
The balance is on the ripht si.i-* s>>
lonp as Knpland lends more than
sho borrows. And she does.
Motors and the Man.
The rise of "?(? pomt.s in the price
rf Cer.eral Motors common was ac
comparied by certain unftnancial
phenomena. For instance, in every
broker's waste hasket there was a
bitygruphy |f "The Ma.-.ter Man of |
the MotoryVorld." He appears t>j
be a very extraordinury p_r_on. So
is his biographer, who put in every?
thing about his subject except what
hc eats and weara and roads. Those
rre human details that ought never
tr. bo left out. It may be that the
subject never roads. How eould
he? Ho pets to his oftiee at "i a. m.
and does a day's vork before other
mon reach their desks. "He never
hurries and ho nevor seems to tire."
I'orhaps ho has nevor read his own
bioprapby. If he eould do that
without hoinp either hurried or tirod
he ia greatly tO he envied. "When
he was seventeen,*1 says thc biog?
rapher, "ho went to work as a mill
hand in his prandfather's establish
ment." Before he WBS twenty-one
ho gave evi.lcf.ro of unUSUal ability.
This was evidence greatly to Lo
trusted. for now "his mind WorkS
like the finest and most delicate
piece of machinery." You mipht
call it a Buick. a (adillac or an
Old.-mobilc mind. aprecably to jrour
own bias and belief Bl to what ii
the most delicate piece ,,{ machin?
ery. It certainly eould not be
called a Ford mind, because its own?
er was once on the point of buyinp
Kord oul.
At the end of thc tifth paragraph
:t is written: "He made a l'ortunc."
That is where many human nai r.i
tivei <?? -;. Thi- one ii hardly be
pun. He put together a great com?
bination of motor companies, which
was the General Motoif Company,
and had yet some idea- over, out of
which grew thc Chevrolel Motor
Company. He lost control of the
General Moton Company in Wa!!
? an.l gol i' back Bgain. I. is
t ..t clear, according to the bi
pber, how- he lost control of thetjei.
(.-.il Motors I i.mpany, though it is
dimly suggested that it was in con
sequence of defying physical Iaa .
He tried to put the larger thing into
a losser thinp, or to make the '
rclet Motor Company swallow tho
(ther; bul how he po* the General
Motor i ? :?' back is made clear
enough. He out-tboughl everybody
else. ]|(> was, i.i fact, infallible.
"The automobile men call him a wiz
ard. They credit him with knowing
rr.ore aboul the automobile and its
possibilities than any other living
man." 9b say- the biographer.
No wonder General .Motors stock
is valuable. It ii so very valuable
that one can only wonder why any
body should wish to sell it. As a
matter of fact, it is 'oo hiph to be
easily sold. People are nol easily
aded to buj a
580. lt i too fai ?>? Bul there are
iiimors that i' arill be made more
Ficeesaible to the thal it will
he merped at last with Chevrolet
stock, and the total number of shart i
so multiplied that the prieo can be
broupht within evci ? oi e'l reach. ln
any othor case one should say that
was inevitable, provided, of course,
thc original ownera wi-he<l to pet
thoi'- own profits out, or. as the vul
'?'.- phrase is, cash in. In thi- ca e
such thouchts seem almo I
den. And yet, the biographer
"ile baa vision. He ahvayi
ahead. He doeen't cling to
when he know: they .:id."
Money
call wa*. i:i M.er-i! supplv
were
made at "J'i per cent.
time more-.- is evtremelv du'.l. so mueh ]
so thnt no particular teadeney ll
cen Ible, Bates were u
prr cent foi i
Bt foi I'.'.n. ty il:>
per cent foi four moflths, 9% per cer.t
for five BBd '
Commerc._l p.-.rer showed no mnterial
chanjre. ? i .rt of the ofTcr
intrs i ' int, with i
few saceptionally attractive names be
irK placed al 3\ per cent The volume
of tnrnoxer is *mnll.
lederiil Reaerve I)i?eount*. CMBelal
dl eOBBl rate* in each of the twelve
Kcdcrnl Reserve district* are:
Maturity in day*
lOorle**. 60. 60. Ml
I'oston . 3 3!j 4 4
New York. 3 4 4 4
Khiladclphia ... SM 4 4 4
Clevelaad . 3'a 4 4 4'j
Richmond . I I ?" *
Atlanta . 4 4 4 4
Chicago . IH 4 4 4 4'j
St. Louis. 3 1 4 i
Minneapolis ... 4 4 4 ?7l
Kaaaaa City.... IH *'j M *'*
DallM . * ? 4 4
8aa Francisco.. 3 3!j * *IVa
Rank Exchange*. The day's clear
ir.ps at New York and other cities:
ExekABgea. Balance*.
\rw York .?"I45.0h8.l7l $16,106,1*2
Baltimore . 6..106.0J7 IW.4M
Boatoa . n-SM-SU 1475,613
Chicago . 63.407.6hH 2.621.M60
Philadelphia ... l*MlM?fl 2.702.S.12
Hah TlBBBBIJ New York banks
camed from the Sub-Treasury $2.
015.000.
Silver. Bars in London, 81% pence.
Ban m New York, M-* cents. Mexican
dollars, M i 5,r> cents.
Gold Imports. J. P. Morgan & Co.
i depositcd at th* I'nited State* A*?ay
i Office yosU-raay $9,000,000 gold eaiB
j received from OttBWB. The movement
! to date totala $210,466,'"??.
Boste.n Money Market. Call money
; to brokers holds at ?'' per cent. Time
' money is on a practically 4 per cent
hasis on acceptable names and collat
i ral for dates up to six months and 1't
per cent to 4'j per cent for a year. In
outside commereial pap-r note brok?
ers are foreed to other centreg than
Boaton. While 4 per cent is the gen?
eral rate for outside commereial paper,
cheice names find n few buyers at l*K
per cent, though mostly for dales thia
side of the year.
Currencx Moxement. This wooh'fl re
ported currenrv movement- i-*.|icate a
ri'- in eaak by the bank* ef approvi
matelj $10,500,000. The gain from the
iaterioT waa $4.-.44,000. >hipneati in?
cluding $r)2.*).000 tisBflferrad to San
'co thraagk th.- Sub-TreBflorj
am' S1.R17.000 national bank rotes flCBl
to WaahiagtoB for redeaaptioa. Gold
aaiOBBtiag to $9,000,000 xvr.s imported
from, Canada an.! S106.000 arai -hipped
to Spain. There wa* a gain Ifl Bab
Treasurv op< rntions proper of Jl.9',9.
000. The Pederal Re<er\e Hank had
ercdits durir.g the week of $1,2.'1,000,
nnd ift dehil balBBCefl amounted to
-*'M*?0.000.
The Dollar in Foreign Exchange
1'. -nite iresh receipt of gold frcm
Canada, sterling rate? made no re
eevery. Marks. on the ot'ner hami, wera
somewhat firmer. Business in foreign
bills continues in small volume.
Tbfl cloiinf quotationi were r.s fol
Werk
\ eaterday. ago
Sterling, deauind. 1.759a 1.73 i
Sterling, lixty days- 4.71'j 4.71'.
Sterling, cables . 4.76 I.7A ?
ng, ninety davs.. 1.6*1'.. I.flfl!]
Franefl, demand. 9J9i\% IJ1H
Francs, eablofl . Mllj .">.''0ft
Guilders, cheeka . 41', 41S,
Gnildera, eablai . 119a 41 'a
Reichaiaarka, cbecka... 72 7l:a
Reiehfliaarks, c.bles.... 72-. 72
Lire, eheeki . 6.17ft 6.4S
?ablei . 6.'6\ 6.11'-,
, eheeki :>.29ft ,j.2D',
. cables . 9M% 9M%
Austrian kroncn. eh'ks..l2.'i0 12.1.*i
Stoekkelra, kr., eheeki 2-..70 W.7fl
i openhagen, kr.. eh'ks. 2*-."i0 jsftfl
PeaetAa, cheeks .Ii.ll 20.r>
Rubles, cheeks .30.10 .10.40
Delow ii given tlie curren* exehangfl
value of foreif*n money in dollar' an.l
together with the intrinsic gold
panty r < i ited by the I'nited
Mm':
Currenl
exehangfl tntriniie
*a!uo.
i rling s <. 7 Ti ** M $4>6\
; rai ?? i.lfl.1 o.i:..:;
Guildera . 0.11", 0.10.2
Marks . 0.IS 0ft::.*.
Rablei . O.ao.t o.m.j
The above rat*s expres* the cost of
foreign aioney in termi of th?> Anrr
iean dallar, Vpn bay an Bagliab pound
iterling for ?i.7.v*-,, the iatrinaic
parit* per poaad. Thns, you
. fticr ihat pounds are al a dis
' oi thal ilollars are at a pr<*mium,
arhieh if. owing to the fact that in Y.ng
? ,:? man 1 for dollars with which
to settle accounts in this countrv i?
greater than the demand in thi* coun
r iiour.ri : xvifh which to aettle
aecoun' ? in Kngland.
If you calcnlate 'he cost of the dol?
lar in terms of foreisrn nmnov that
ia, as if you were buving dollar3 xv th
pound.-, maik- or francs its vilui
?liav and a year ago would be
> follow?:
( BBi of one do'lnr.
Ayear
Yeaterday. ago.
ln Engliah money .... $1.02 |1J]
l.li 1.08
ln Dutch raooe).9'j 1.00
man monev.... 1. '2 1.17
? moaoy. 1.02 l.'Jl
diah money.0.1 1.0."
In Russian money. l.C" ?
Daily Imports and Exports.
. iiaportl and exports of gcr.eral
.tndise at the Port of New York
arore:
Imports. Y \n
.. Aoa. 11 12.441.463 $1.1.700.92*.
idsy. Aug 10 1.97.1.760 2i.266.S84
Wed'day, Aug. 9.. 3,712,332 I7.7b8.8M
.;>. Aug. 6.. 7,444,611 9.6.16.016
Mm dav, Aug. 7... 4.437.660 18,913.66.1
Saturday. Aug. G 2.7.17.62* 1.171,401
Friday. Aug. 4... 5.105,781 5,271,1.11
Tharaaay, Aug ." 6,776.231 6.580,26,->
Wedaaaday, Aug. f, 4.503,304 14.178.4.1H
Tueaday, Auj;. I.. 5.K54.208 20.l2h,'*2I
M.nday, July 31.. 3,791,273 8.815,60!*
JAPANESE LEND
$30,000,000 TO
GREAT BRITAIN
Buy British Treasury Bills,
Tendering New York
Funds in Payment.
Japan bai omc te 'hr as.istanco of
hrr ally, Crr_t Britain, in financinp
the liupe purchases of war materials
in this market, it became. known in
Wall Street yostrr.iay. The transac
tion. just eompleted, will, it i* believed
in bankini* cirrles, ennble thc Britiah
financial BBthoritioa to postpone fnr n
time th* flofation of the proposed
$200,000,000 British govsraaseat eoi
la*rml loan.
Thr Japanese povernment, it Is
Icarneil authoritatively, has advancrd
to Great Britain approximately $30,
nnn,uoo in Naw Vork funds out of the
reserve which the Mikado's government
has been building up hcre sinee the
latter part of lnst year. On the oth.-r
side, the Britiah goveraraoat is under?
stood to have placed $30,000,nr,o of
British Treasury bills to thc credit of
Japan in LoadOB. In other wnr.Is, the
Japaaese gaveraiaeal has invested $3<V
000,000 in British Tresaary notrs and
hns pnid for them by t ransferring that
nmoim* of money fr?m its own New
Vork deposits to the credit of the Brit
ish govetnmcrt.
The I.nan I'ostpnned.
Bankers sird yesterday thnt ?h*
fund- obtained bv Great Britain
tl iagh tl BrraageaisBl wlth Iti
Kastern ally woald probably help
greatly in stahilizing the sterling ex
change situation until the proJoctO
BOW British loan eould bc arrnnc-'"'
The big loi n. that hai been mueh
talked of in N. ??? > "rl, banking c:rc!e.
ever linee the $100,000,. eollateral
Krench loan was brought out. has <o
far only entered Upon thr prrliminary
?tages. While 'hese negotistiom
being earried on between here nn<!
London, the $9 >,<.,000 borrowed from
thr Japaaese, taken in eonjaaetion with
a cont.nued influx of Hntish gold
from Canada, ought tO br suftirirnt t.i
tastain sterling i sehi ngs, banken
Japan's Vrnunt Here.
Jspss began building np he rt n ?
here near :hr eli.I Isal year. In
the eaily part ol the war the ex
ehaagei favorod the United States and
some Japaai UBS this way. Bai
lotei the ihifted sad thr
balsnee of trsde swung around in favor
of JspsB. As a result funds to thc
cre.ht of thi began to bc
cumulate here. Rather than go to the
expense an-1 inconvenience of ship]
thr gold received on balance to Toh o,
Ihe ?' ' '? cninn nt thought
i, ittei to ki ep tha fuad ? here si ? iort
rt r\r. During thr last sis months
th-- balSBCI Steadily inereased until I
ex.eeded $60,1.,. It wai distrib
uted among local bai k- on lateresl
From this fund thr British now havr
vithdrawn $80,000,000. Thr retaaining
$20,.?,000, it was learned yeaterday,
i* still ?n deposit in this eity to thr
credit of the Jspsnese governmenl
Whethei furthei
mstii io the British ii not known, al?
though it ia considered unlikoly that
.lapan wrii oxhau.it all of her funds
here in 'his n anner.
Thr transfer of the *"? 1,000,000
announced has SSved the British n
grra* deal of trouble and expense, in
thai it has made unneeesssry the ship
ment here of that amount of gold,
whieh Otherwise might have ha.i tO
come forward. Bsnkers here view 'h*
operation as on* more evideneo of thr
spleadid msnaor in which the Bl
tinanci.il authoritiei are erapli
thiir re lurees.
In Japan's Shipyards.
Thr shipyards of Japan. BCCOrding
?ci Commercial Attach*' Arnold's r?
crnt report. nre fullv occupied
work for tv.o years and Im.c reluc
antlv been obliged to decline fore pn
orders. in order to SOpply thrir own
shipowaers. Th" ship; building for
delivery this year numb-r fifty of
ch will br nioie
than double Japan's largotl Otttpnt in
ir>n. Japaaese huil.lrr* hava rei
traetl for \o\ sh.ps o' I64JS70 cross
tons to he delivored rn Pli". 1917 and
ir>i?. the Osaks yard eoatraet ,._ ?,,
* o' HV.'.'hO tons.
.lapan, however, is ohlitrrd to import
steel ard began negotiations in the
i nited State* in Jaaaary, which heve
b*en earried out ?oceessfully ard eg?
tended eonsiderably thr market far
v ? . . iteel predacts. Thr E so
nomic v\orld.
Japanes* Silk.
Japan's silk trade rasalts for trr !a>t
thrrr years. a> g\en by "Th* P.iilv
Mail*1 to shaw 'he ruling tsndeacy in
trr market, arc:
Exports to Exporti to
U B. Earope. TotaL
Year?. Bales. Ba.c.?. Ba!c
14... I t.T.f* _*> $7444 201.273
I914-'1S nn.v_'? ISJtti 156.I91
169.S0*. Jv.r.l 19S.I..9
"Thc atriking reroH for 1914 and
r.''..r..'- says thc paper, "is obviou*
to the Kuropran war. The output of
raw srlk ir. Itjly, France and other
Kuropeen countries aho-rrd a frave
falling or", hU}\ Japan was thc only'
courtry that \*ould meet sll the in-1
civa.e in American demands." |
FRENCH TRADE FOR
LAST SIX MONTHS
I.arpp Inerease in Excess of Im*
ports Over Exports.
The total value of the foreign trad*
nf l'ranee, rxclusivc of gold nnd lilVOt",
fnr the first -.ix m.mths of 1914 wns
*;|.l02,IO4.4r.l. against $!"*V'i 6,494 fee
the corresponding period in 1015. The
UBperta wera ealBed at j.-."..y.-.i ?'..
compared with 64?0,0*79,T99, and the ex?
ports amount...) to f.!.11..Vi.*.,2:,7, Bga
6273,235,697. The importa and sxpartfl
xvire as fol'oxv*. by elas*e?:
.liiii June, Jan.-.lune,
toaarUi IMi. !?!??
Pood r,r.?lucts..$l98,660,.10l $2.1.1,119,101
Industrial mn
trrials . 278,567.515 378.372.MJ
Maiiufactures .. 212,851,980 249,103.258
Fostal pack
ages .
Totala .....$690,079,799 $860,598,191
Ej BOrtl:
Food -rradaetA. $"*.o?*5.7io $12,359,971
Industrial ma
torlBlfl . 58,597,109 67.116.116
Manufacture*.. 1 li.441,.121 199,076,219 .
Poatal pack
Ogoa . 15,099.355 22.75.1.92S
TotAlfl . $271,2.15,697 $311.506,2-.7
ExeAAfl of im?
ports .$416,814,702 $529.091.9.17
The value of the imports from th"
Ualted States during the first nix
months of I91fl was ?212,18H,2i*4. against
1201,631461 for the corresponding
porlod m 1911. and the exports to the
I'nited State-. were vnlued at $17,C'>',
699, agaiaal .v'.t.i-'U":*.
GROUPS AGREE ON
SHIP TRUST PLAN
Decision Regarding Baek
Dividends Left to New
Directors.
Th? long ? xpeeted agTeeiBenl ?n a re
orgAnization of tke InternAtiooAl Mer*
eantile Mann" Compaay was reached
;.-e terday al ? fiaal meetiag of rcpr<*
tockkoldi i ;' com
mitte. ^ i boadkaldera' greap.
Recority holdei ire being aetified 'hat
? - af tho p'an to
: ,? id theae arho hnve not alroadv
iii po .. i ? flearittcfl aritfc th. pro
ertaaity is given
io do so unti! September fl,
Although fall detaila of tha readjaat
eheme I bheld from offi
rial publieation until tO-dfl
loaraod that tbe main ea1 in do no?
(iitfer from thoaa previooflly ontlined.
".'ti moBtioa ii mada in tha plaa regard
ing the acerued divideadfl OBBtbc pie
fflrred itei h 11 ? deeUien aa to
who'her they shai! B paid Bfl flithei in
part or in full ifl lefl to the discretion
of the new board flf diroetorfl 'hat arill
? i !? ? tkl ? tfaira of ihe company .
'he receivarahlp ha? been lifled. ll
Conftdeallj expected, however, th-ft one
uf the tirst itep* of the new board
be to piaro the preferred siock oa ?
regular fi per eenl annuf! dividend
baflii Th>* arrearagfl on the tonior
>hare- || now jn r-...-ps^ ol* a0 per eent.
no divideadfl hn 'ing been paid sinc.' th.'
time of orgaaisation.
ln the re toral ion of thi ? iny to
Itoekholden the reorganiiAtion
plan providei thal the existing bonded
indebtednesfl, now amounting with the
aeeraed intereal t.> approximatelji |79,
(inn.oofi, ..hai! hn taken cere of pj th"
iflaoanee -*f 67 per eeat in new bond i
pay ment of the remaiaiag t'l per een?
in eaah. Tkfl new bondfl will enn-i t of
-?'0,000,000 f, prr cent tirst mnrl-ar.
?inking fund-; out of a tnt.-il aathoriaed
;.-,,. of IM.000.099.
In th" propoaala tentatively agr^ed
upon sevoral week-- ago it had bi "n pro
rided tba] parl of the eaah to be uaed
in retirinc exiating bond-; WOold be
raiaed Hy the iala of -hort term ?
the amount lir-t reported henic |10,
nno.ooo, whieh estimate arai later eul
lo "...ooo.ooo. Expoctation <>f a mn
tinuation of the present rate of earn-,
mgs for cnrrip time *o e^me has anpar
ently heen the eau-e of tho reorganiZB-I
tion iatereata' deeiaion not to ieane aay
nn'f at all.
The plan further pro. ;,jr thal thfl
defaulted interest .,? th" .*> per ee.it
BBBdfl Bf thi Inl
Company shall be paid in full nn f., (>,
tober l next. Th<* same praviaion also!
te th? eollateral trust i'j per
cent hon.ft of the In'ernati.ina! Ml
tllfl M.inne Companv. While the hord
ad <lebt Bf th. eompany i? lobfltaatifllly
rodacod bj the reorgaaiaatioa, there ia
no ehanga m th" tmoanl af itoek out
?tanding,
Expeaafl ? af the rx-rorgaaizatiet* are io
be met bv a eoatribatiofl of ab".n tl
a 'hai* b) both thfl pr.Wied and com
mon ttaekhol
Directon - eompaaj are ro
be divided Into thr?e groBpa, l
term* flxpiring respectively ia 1017,
1911 BBd 1919, Ifl th" lattcr croup are
f. to. Beott, Hu ry Bronner. Charli
Sabin. Ileorge to. Pavison and Albert
Rathbono. Members of the 1018 group
? of John \V. Platten, Pona'd <i
GeddAA, P. A B Franklin. Frank A.
Vanderl.p and Charlei A. Stone. Those
xvhose terms will expire at th-. end of
1911 are F (,. Crenfell. .1. P, Morgan.
Charlei Lord Pirrie and Barold
A. San.'.
United States Treasury Fmances.
B < ? :? v a c ' -
I , ? | ai uh ? -
.i> .*>? . ? .--?>'? i ? .
?? , *?**?*-) IMrtalB la flaV. I'.l'l flflfl
.- . . .1 - ?
? - * . j tjal '.*-.* ?
lll i - - >e of I'l.'.iiaa (uiai
? . J--. -..*_?. ...j. j
WAR FINANCE
IN CANADA
Advertisements Now Ap
pearing fer a Second
Loan in September.
By B. BOV WKAVER.
llrs: Ar-1. v
TorofCo, Aug. 7.
Advertisements are now nppearing
for a second Canadian domesttc war
loan, which will be offrred for popular
SBbseription ln September. Detuils are
?itill being vvithheld, but thr amount
v.ill oe between $60,000,000 and $100,
000,000, and the pcriod of the loan
will probably be not less than ten
ysaia, The announcement of the new
lOBB will be read with added interest
?n eonneetios with a revir-.v of tke
'inar.ci.'.l IITaBgeBiefltl of the Dominion
during the List twe years. The suecess
:'ul BaaBCiag of this eountry's special
aad ordiaary expenditure.' after the
;>rop of the British market was knoeked
away has been one of the features of
Canada's participation in the war. So
/ar aa Great Britain is concerned, bor
rowings amounting to $3utj,000,000 an
nually have been entirely su.pendcd
and the Dominion has found in this
country tor the imperial government
erodita t.-talling $l.Yt,'i00,ooo. The
financial relationship of Canada and
Great Britain probably will never again
he bj it was before th<? war. This coun?
try has er.frrrd upon a new epoeh in
naaeial history. Its war time
finaticr hai i'cen nothing short of mar
vellous, demonstrating to Canadians
tbemselvofl and to thc world that wc
are str?ngcr than wr knew; mueh of
thc credit for the fine and eapable .
administratioa has to he paid to Sir
Thomai White, Canadian Mini*tcr of
Pinanee, The eooperation of thc Can
Bdian bankl has been jnvaluable to the
minister.
Borrowings CurtaileH.
The ladden rurtailment of Canada's
borrowings abroad WBS a BieSSSSry
ronsriiurncc of Ihe war sr.d one of
tremendous and farreaehing import
anre tn the Dominion. In hu budgct
speech of Pebruary 11, 1911, thr Hon.
\V. T. Whitl 'now Sir Thomas White),
Minister of Pinanee, refenred to this
curtaitment BB "thr outstandir.g featurr
? >f thr rcor.omic etTect sf the war upon
Canada.*' Munition orders probably are
desCiVing BOW sf being ranked a* at
least sqaally important ifl their efTrC
bit the ligaifleauee of the interruption
0," such an it.flux sf capital was truly
great.
For :'.v- years the soaatry hnd been
borrowing abrcad at ihe rair of be?
tween $2 0,090,. aad 1300,.?.
Bnnually. Por the six months imme
diately preceding the war Csaada't
ioans abroad, and principally in Great
Britain, aggrtgated 9909,.,909, or
,)..-er $1..,999 a day. These borrow
IBgS ropreaoatod the r-alr of secuntie
by thr fed.-ral and provincial govern?
ments. hy municipalities and by rail?
ways, public atility, ladaatrial and
.1 corpou tion* to provide funds
for nndertakiags of vanous k.r.d-.. Thi*
stream OI bO-TOWOd monry was cut off
iritkoat waraiag. The effrct eould not
but l.r levere for a tim?. neeoaaitating
Bl it did a rurtailment of expenditure,
public and private.
\i Declaratlea of w?r.
(mmediately uron thr declaratron of
vi.-n iteps were taken to meet the eoun?
try's financial reqairemeBti of the im?
mediate ;' it .no. Arrangements were
madt with the imperial government for
advanees from September until March
31 of _1:'.oin.non. Moreover, thc Ca?
nadian Department of Kinance i*sued
foi Dominion purposes Dominion notes
to an amount of 510,000.000 in |XCSSS
of the sdditional issae of *i.\00o,oon
authorized bv Parliamont Th.s step
was la'er coniirmed by special legisla
tion. Minor emergency measures taken
>:t the time were the borrowing of tt,
000,000 from thr Bank of Montreal;
is'uanre, ai'trr thc successful flotation
of the Bntish war loan af _3.000,0no of
-ix months' Trossary bills, negotiated
at C-n ari.l 41. Bar rcnt, and thc sal* of
tl(SOO,000 of Canada's 1940 mo stock to
meet the private rrquirements of an in
esting ? ntale in Laadoa. B> th*-*
means Canada's fmances were arranged
intil thr rn.l of the ti?cal vear on
March 31, lf>1".. With thc exreption of
?he bank indebtedncss and the Treasury
thi Dominion wa* ifl thc satis- |
'actory situntion of having n.i maturing
oans to meet until thc yrar 1919.
Flseal Vear ItlS-'lC
Canada entered upon the fisea! year
1919.11 ?ith thc prosprct of an cx
penditui-c of over $300,000,000, includ
ing a special war expenditure estimated
a? ?1iiii,i.iiO,000 Thc Minister of
PinanCS wns faced with 'he problem of
.: I.v sdditional taxation and bor?
rowing a ?um in excess of $190,000,000,
linution of iriporf was to b* c\
pected, and this meant that upon thc
then existtng has,. the reveBBS from
all -ourrc. woald not exceed $120,000,
$00, as compared w'h $103,000,000 for
the tiscal year 1913-'1?, and about
$180,090,090 for 1014*15. Hon. Mr.
White in his budget speech of Kebru-J
aiy 11, 191.r>, said: "It ii ohvtous, upon'
a consideration of the tigures which I
have submitted, that wc nhal! not by:
lay reasonable supplemental tixation:
measarai v->? ab'.c to close the gap be?
tween rcvenucs and expenditure, mueh
less to pay a portion of thc principal .
of our special war outlay. . . .
Wc need have no reluetance in borrow?
ing to meet thc expense of this war, be?
cause such borrowing is f<y the pur-'
pose of aecomplishing for future gen
eration. that which is infinitely more
Exccutor Trustee
Charterod 1*822
The Farmers' Loan and Trust Company
Nos. 16,18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
New York
LONDON, 15 Cockspor 8u, 8. W., 26 Old Broad 8t. I 0.
PARIS. 41 Boulevard Hsussmann. BERJ.IN, 50 Untor dea U_k_, I W. 7
Travelers' Letters of Credit*. Foreign Exchange,
Administrator Guardian
London Gity&Midland Bank
Limited
HEAD OFFICE:
5, THREADNEEDLE STREET, E.C.
LONDON
Deposits, - $787,695,675
Cash Reserve,$1 94,440,070
Ratio 24.7
SIR EDWARD H. HOLDEN, Bart., Chairman
precious than material un.lertakir.g*. j
aamslg, the prcserving of our national
and individual liberty ar.d the conatitu :
tonal frerdom won by our forefathers.
. . . It is, therefore. th? intention
of thr govrrnment to negotiate for a
continuancr of the arrangemrn* . . .
with the imperial g..vrrnmrnt for thc
purpose of procuring .thc fund* neces
sarv to mert our specia! wnr .xprndi
ture."
It iti infcreuing *o note tha' in the
following fiscal ycav Canada not only
"close.i the gap" between revenue and
ordinary e\pondtturc. but also pan!
from general revenue $ 15,000,000 o;-, ac
count of the principal of thr special
war outlay. Moreover, thc government
ha* been able to announce ns its policy
to nrovide from taxation "vvhnt we r".i
sonably can without impairing our eeo?
nomic strength." The arrangemrnt v.-.'h
thc imperial government to which Haa.
Mr. White rcfrrred provided for ad
vances to CaBads from the lrrij"r :.
Treasury, interest to he paid 0:1 such
a.iv.itices at thc same ratr as arai paul
by thc imperial authorities upon tii'' r
war loans. In othei worcK Rr.ta 1
undertaking^ to rslts monry to 111.
Canada's detie.r *en<l turn lt over to the
Dominion at cos'. lt v.'as under-too.i
that "nt such time or^'im** in th.'
ure as may bc a-rreed upon by thr Bl
ish Chaneellor of the K\eho>iu.>r ?. ?:
the Canadian Mirn-'c of Finance. a
Canadian '"ar laas vvll br issue.I and
thc borrowings from thr imprrial gov
i-rnment rcpaid."
-?
Britain Closes Another
American Business House
I.ondon. Aug. 11. The Roard of
irj.de ha* decided to n-ind up tfce *af*
fairi of the Herst Corapaajr, on the
gr. und thnt it is an enemy coneern. P
.1. 1'arteilo, of ( hicago, who was said
l.y officials of t!ie company to bc ifl
Control of thr coneern, appeared be
toic thr bonrd nnd caid thr control lav
in thc hands of American nnd British
stockholder*. It is BBller toed other
companies in which Mr. Partello is
concerned wii! mee' with a similar
lute.
Mr. Fartello aai r*prrsen*ed in the
lifai'ings by James M. Beek, of New
York. formrr Aasistaat Attorney (irn
tral of the I'nited States.
Before thr war thr llorst ( omrany
Wtt under control of Mr. Paitf/llo'l
I rother-in-law. Raron I.rwi* \on Rarst,
of Coburg. (iermany. who araa ;i ? ??
soon nfter the outbreak of the war
Bl an nl.cn rncmv an.l o*erned.
DAVID KAHN, BANKER,
DIES IN PARIS, AGED 70
Head of I irm of La/ard Freres
Was United States Citizen.
Taris. Aug. 11. Pavid Kahn, head of
th* international banking firm of
t.ar.ard Freres. i? d*ad
Kl Kahn wa. nn Amenenn nti-rn.
He was born >n France about srventy
yrars agn, rame to this country as a
young man and was nnturalized. H*
went first to New Orlean* and la'er to
San Francisco, where in IW. hc estab
lirhed thc I.ondon, Paris ar,d American
Rank, which is now the Anglo and I.on
(ien and Paris National Psnk.
Mr. Kahn ended his connecMon wi'h
tha'. iflltitatlon in th* early '90s and
joined the firm of I.izaid Freres in
Paris, of which hc later became the
hcnior member. His surwing .son, now
in Paris, ,* also an American eittzen.
Mr. Kahn wa* a member of thc Freneh
l.egion of Honor and active in Paris
municipal affairs.
I.azard Freres has a banking hous
in this city.
Our Great Egg Customer.
Cuba imports annually from bJ990J999
to fi.ooo.f.no do.enn of cgg., BSarl*| a'.l
of which come from the I'nited Bt
Buttcr impertations in thc tiscal vear '
Ifll wcrc valued at |4M,ltt, compared
with $357,675 in thc prcce.ling year
Fresh butter is all imDorted from the
I'nited States, byt there is a Urge con-i
?umption of tinned buttcr, which comes I
principally from Denmark, Spain and
Holland.
ANDREB ' x> -?r
RBOI x I K
- 11)1 K-^ XM> III.MI-.
Ht IDBIAM H Xll l I I K j*i BBB*,
Of-ffOE
XX I l>M-?-l> XX . XI I.I -I IA ni*.
??
I
? - - . I - ?
V.v , ?
17 iha In'ir f*l -,-r-f 1
? | -."ion
...
<
? - '
? ?
iher.
?
?
DIVIDEND KOT1CES.
NATIONAL BISCUIT COMPANY
7Ath ' I "Ba Baa - *? un
Prefcrbeo 1 -
n.v...,. - - laalAa*
ui.iLtnu ia* larft jujrt-r,'i?,. p,. a,
nn .hr r*..,*.rr: ( ,r 1*1 aai - >' Ifea * aaiBaai
Aue ?r Hat. laie, ? M-AbaM***! at ta
cioae o1 ? ? la** * i.-.- . ? ? 1 -.-? - -
? || ta* r- ' i i F. Bil. .PI I I rtaaaa*
Tungsten and Its Uses.
the arorld'fl ' -1
tion has BOfl
and .ft. l lopmOBl flf | ' ? '
? nieft I two aad a bai
.
twiea Bfl high as that .
|j inaolable in acid-.. -ind *ur*
? -eei m taa
oao-third or moi<* 610,6 10 pou < "
thfl atraar? iaeh). It ha" a i itl ic-li
aearly as har.! i
drawn out into the tin. I I BBB,
do"s boI raflt, and will icareelj aell
in the meal ? '?? erfu
farnace.
Poaaeaaiag ?urh qaalifieationi I
around uae,' tui - bjbbai
in the near future tO ?'irpl*r*
ir.in in 1
for certain ror-re-rponding d**aa*tB?*B*e,
which ? of the very BBtBtfl n
theae qualifleatioaa. A teol made wholly
of tungatcn would, it bardei
and -tronr-er than om* ? BBBld
eal a'.l lobBtaaeafl I ?
and some that steel could - ll BB- *'
all. Rut th" . ol ifl
enormo'ift owing to 'J ?'
fashioning lt. Pure tui
?, cannot bfl ? - -' Bl I
ifl hard to forgfl i-idurn
or d amond dust to sharj ? ?
Wolframi'.*. the form in B
ton ii goBorally prodoced, ia mined ?l!
o* fli thfl world, bai ??
m Berma 2.0M ton* in 1911 i
th.* Ualted S'ates iwo iobi Ib
but South America, I ? ? f,''*"u *"'?
Argentina aNo offer a pr
for dovolopBMBt Ib 19)13 tha r
tungatOB OXido m tho or" wa'
porativoly low, l'o to 40 cn** * \
and of the me'al itaolf in the I
.-?a'.*-' anl] 76 aanta a pound Th*
I.ondon Feonomist.
-a -
Tacoma to Vladivostok.
To-daj a fl."' of b
forty steam-'i ; < - flBgagod '
. freight from Seal
to Vladivostok. I tl th*
go in abou' Iayi fbey
took Ameriean pro lu.
? . aad *??>".'. tkfl
half of 1916.
\ - .. ..ftr. roatfl haa ?ad
aprung intr. i i?"r. Ift ?
t\\g>.- . r. ?????- BM
ei'ion from the shippini*- al
,-- flarliei
might bavfl Bl en th?* - nor*
?al davelopmeat, Ja Ifl I
fairameBtfl and the oppoi
ordinan limi i, Iha vola ba af tbfl n'w
is at the ootflei ar'
Urpe. NevertbolooA, il .-er. ?
dicate what will he, during the I "*?
quarter of a c"ntury. daabtleil
the striking commereial BBfl
Roy O. Hadley. in I
-s.
* ***"
Eleclrlc Propertles
Company Stocks
Gude,Wliimill*to.
Member* ,\ tie York Stoci: EifhaafS
20 Broad St.. N. Y. TflL RkUi tt*

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