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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, August 13, 1916, Image 20

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Finance - Economics
OFPfCE: pkone:
Mills . 15 Bload St. Ilatiovei ...lt
Significant Relations.
Money and Prices: n ... . T*-r *_e
. ld in tha country-. $2.50o.:'2. ...64 l_?HMtMII
?I p_rio.
ofallnatie. ? . _l^MtJ.Jp ^^JJft
" "ir CaSh tO deposits. A ver.riivo
al Reeerre Banks. $IM M i .000 MtMMg
'ihnr . . ii.-i-.*
igainsl depoeiti and _, |4J**j
circulation . " * * ,,?r
'1 h* ilriy A *?""
Y. -_r_ay. befiia if*"
Average primof flftaefl railroad stocks. I1MI IJMJ lg*g
Avi ragfl pr.ee of twelve industrial stocks. **-'?*>?
Tbflweflh A year
L__| _*_ _?f_f_. "*0'_
lex number). I7MJ >?8-61 H;V1'
.luty. .Inn*. A yrnr sc
U_-flUedU.8.steelo-s-ers,tons. 9J999J999 *u.-?o..5f, 9J99M9
: pa ernm't Laat years
. a_t ?**??
Wheat crop, bushels. 65i.ooo.000
Corn els._ _,777,00n.ooo ;,?o.v?.ooo.O?o
Cottoi p, bales. i_,*?ns,ooo 11.HM.s20
Distribution: , ,v Jvme k??
Surplus freight cars. .2.116 55.244 275.111
_a_..r_mla_1 rear. -
K-eek n.i 'I ?eek Jan. 1 to
ct'.Iuly. ..f.luly. Itmttt.
(II n 'i readfl) (II road"
Gross railroad earnings. +11.1*, 19J9% 99.1%
i? lr, r*_?e(,ril*rreasefrr?mli_itye.-ir. >
Thewe.-k The year
La. t week. before. tfl date.
Bank clearings. _*.?*. 99% I ??-??'?''
-'<*y. Atsgtut :?, 101C.
at the railroad brother?
hoods hatl njeeted arbitration nnd
would la] their CBSfl in thfl ha
the Administration came after the
? f thc market It probablj
would not have produced any
tional e-tlVct, possibiy none at all.
One thing we do understand in this
country i_ politics. There are no
amateur*. The brotherhoods. the
railway* and tho Administration re
to politics from '
three I view. It has thfl
form of ? play. Pint, the railroadi
ai.d the brotherhoods come to an im-1
Tlun thfl brotherhoods ara
oled to open their minds to
mediation. The mediators come on
fron Wa*hir.frton. They propose
tration. This the brotherhoods
?. The next Step il tO take it
up directly with the A.lmiiiistration,
which il desirahle to all partie* for
There will be B
romise. The Administration
v.ill | ???' having .
..,.! - will
,..-t thiy ean alTord I
after all their bluster. The railwayi
will have involved the Administra?
tion directly in a continuing rcspon
aibility for thfl higher sragfl coal ot
j.rod. | n rportation. When
they go before the Interatate
Commerce Commission with nn ap?
plieation for h . they will
point to the inereased pay
,\\ had no control of
that. The government obligad us."
And this will po on and on, no doubt,
until the price of transportation to
the eonsumer has advanced enough
to make him COnsciout of it.
Kit ful strength appeared in the
COppi thfl short ses
sion. The buying was referred not
to the extraordinary performances
of the companies in th. last quarter
nor to the fact that thfl principal
:? producii
fortified with cash reserves put
a-ide from their profits that their
future dividends seem well insured,
but tn rumors of ? European raid
npon the American outptit of 1917.
All the belligerenti
king to make cont
import copper would
take posaession of it, i that
? would store it here. N
a. Turkey and A
rtfld to be inojuiring fran
tically for the metal. When, at
prices, it -'>' to bull cop
? eans of the tale fan
tastie. one mn-' hai th? le
gitimatc exploitation of theii
bilitie: is far advanced.
im. lon of th? fortheoming
r loan ifl morfl and more deti
?, the time is un
eertain, and Intimatei that witl
international money market'
? r.i it.>h go*4*ernment
nighl time. Here il
boaren U at the tranai
is immiiient. Nobod] wou:.'. |
j riaed lf il hould con..- to a Issad
flraak. The terms have been
. It will bfl I ? 10,000,
ai 98 or 99, and
it will hc SflCUrad by dollar securi?
ties, by Canadian bonds and by the
of MflBjfl neutral cou;
Whether it will bi ? direct otl'ering
by the Rritish government, under
written by ? I ankfa g group in Wall
Street, or hand lasl Krench
loan WBI through a foreign seeuri
for the pi
in doubt. If the amount of dollar
tiaa to be p\ rig__ as eoUateral
..ted at llOOyOOO/100,
certain npll tations of Wali Btraat
msy be di-sppolnted. One expecta-1
1 tion has been that the loan would
| remove from the stock market tbe
weight of dollar aecaritiefl mobilized
in Greal Britain to he either sold or
pawned. But if only $100,000,000
worth nre so accounted for, tl ?
nation will POt be greatly change.1,
] t nless it is. definitely understood
that by raason of this transaetion
thfl Bfllling of American securities for
foreign account on the New York
l cchange will ceaee for a
The Engliah are great bankcra,
If they beat us at it one need not
taki it badly, for their experienefl
has bi and world-wide, The
Briti.-h government now is paying 6
per cent to itfl own people for money.
lt ia borrowing here for leaa. It ia
expected that the new collateral loan
in Wall Street will yield the in
; veator onlj ? i cent An
I intereating dilemma ia prcsented. If
it bore fl much higher rate of m
1 terest, it would .ompete in an un
deairable way with thfl Anglo-French
which haa been only fairly well
ted, and also with the last
h loan, which ia yet and
ed. Coi tmued war borrowinir at
i p-rogreaaivelj higher ratea of inter
the price of the older I -
If ? 0 p.'r cent loan ifl fol
li wed by a 7 per cent loan aj equal
I merit, thfl 0 per cenl laaue d&clines
Ontil it- yield to the buyer (the fixed
rate of intl the discount) is
cent. The Hritish government
in the caflfl of ita own internal war
loana haa provided against a loaa of
this nature to thfl Brai buyera. It
hat obliged itself to inerease the rate
ofl'.'.- u the
rate on nea loana riaea, so that thfl
.t value of the old loans will
not fall. There ii no such under
taking in reapeel of ita foreign loans.
If oltimately British loans ia tl.is
market had to be made on a 7 per
. the value of thfl exiating
-acpeeted to fall to ?
7 per cent basis of yield.
It i weeV from
London that thl ' ["radfl had
itish exporters
I ? in their con
with foreig f Engliah gooda
stijiu! gaaranteea more
Btringenl than h:.-.e been hitherto
! required that l Ughl rrom
tain will Rnd Ita way into
, tion/' aaya
the correspondenl "Thfl Joumal
ot Commeree." I primarily
merican btiflineaa." of eourae.
Thal the ] tint Th? Brit
f ?? .1 what stipula
they please, and their Ameri?
can euatomera may accept them or
not as they prefer. The extraordi?
nary fact is that the American trad
' er in the main rabmits. Hfl doefl not
know liis ... ? knowing it,
?a how t;> use it. That
may be aaid of everything thal baa
happened in international trade
Bince the war began.
itain now ia bending her
a taak of in
porl . Her trade aol
|< [.. nd upon it.
Exports to the United Stataa* .ire
mt re important to England
than imports from England are to the
United States. And yet the British
sxporter dictataa th" terms of trade.
Hfl is the one who makes stipnla
The American buyer, whOflfl
m i* indispenaable, is the one
who Bi ..tion.
Th. ? l it- Not
enly is it extremeiy important to
Great Britain that .-.he should be able
80 seU t>> us such g.-ods as she hai a
i Burplua of, but the lroportation from
thi-- country of thc war. muniUom
which she cannot produce ln BUfll*
cient quaatities for haraalf har. been
from tln* beginning I tftUl matter.
' It has not been a necessity on our
! part to sell them. It has heen prof
' itable. but not e *ential. On OOfl
! hand, >' li eefle*_t___ to the sohrancy
of British trade that wc should buy
from her. On the other hand, it has
hen neceaaary to her very existence
that. she should be able to buy from
ue. And yet both in buying Bnd in
\ selling she has dictated thc terms.
\. a asller who must sell she im
l>o*es restraints upon the buyer; as
the buyer who has to buy she puti
restrainti opop the seller. It li very
eurious. The position of this coun?
try is one of potential self-sustain
ment. This is the only great coun?
try ln thc worid that eould leave ofT
trading with other people and not
only exist but flourish. We have
had the goods whieh others have im
peratively re-piired; we have had
' the buying power which other* have
Bfished anxiously to utili/.e. We
have had in our haml* all the power
to name the terms of trade, but we
have allowed them to be named not
only for us but for all the other neu?
trals. We have had an eeonomic
power such as no conntry ever was
able to exercise before, and wha'
have we done with it? We hav*
SttStained not one neutral trade right
in the world. We might have said
to th.- belligarents, "We will sell only
1 on these terms," and the term.* ipcci
f.ed might have eatabliflhed once for
all the prerogativi'S of neutral eom
nerce. Or we might ha\e *aiu, MWe
will buy from you only on theflfl
terms," naming them again. Kuropc
would have been obliged to M " !>'
any terms we had thought proper to
make, because heis was not the lot
of ehoosing. She had to trade. Our
goods were iiidispensahle.
It is not a queation of ethica. Nal
urally, the bfllligerenti would seek
to Impeifl their own laws upon trade.
We were not obliged to accept them.
The opportunity will end sudd.-nly.
When the war is over it will be tOO
late. And then. the accumulated
precedents of American lUbmiasion
wil! rise up to emburras* us. We
have not gained any rfllpeet Wi
*hail be unable to eommand eonsid
eration. We have been intc
chiefly in the profits of trade and not
in its right*.
Money (
i .araeatiag on
' "The Final "ln!
kcal money eirclei the :
?BbflUntial strain thii
hav? eirded. I.. :
this week i'l theii
bankfl und other buyers of eommi ?
paper ha.? made i >re
rt, their di
capital market. Gold ", t'.. ?
$14,000,000 aai received at th?
i ifl cc from Canada i
prodneiBg th? sasiei
l-? have referred An sdditioaal sum
of $106,000 i-i'Sd irai exported to Spam.
A total ef 99fi00fi00 gold reaebed Hal
' timore from the west eoaat ol
on th.- flteamsi ' sa, und is
understood to hsTt be< n reflhipped to
;:,. This rather conftrmi recent
,i... , pilit of thfl < snadiar
? ,. of Afriean origin. Thfl Im*
thut the Bi
iry may he depended upon to use
. , ..,,.? ? , ...p raten down to s
rea.onable baflli ln New York for thfl
of maiatsii ' meaBS a
better gra?p on the iterling cxehangc
i ae aeason I - nom at ita peuk
rep aeeommodation, hut fund-' ap
? umple in thfl mterior. '
drift of currency still faroi
The imallnefli of th? irheal erop ii
likely to have a eurtailing infloei
for its
1 ed.-ral Bsaarvs DiseaaBta Oh-cisl
di-eour.t rntes in each ef th.- I
i . difltri-ti sre:
Ifatnritj In d
lOorleaa. S0. 60. 90.
. r\ _'., 1 4
N,v. .. rh .1 l 4 i
I l 4
1% I 4 4'j
I ..... . I l 1
i I I 4
Chieago . IM 1 IJ_ IJ_
.*? l ou ?.... i I I
Minneapelifi ... 4 i i 4' _
I City.... 4 *_ i' . <' j -4 '?_
iDallai . l i I 1
Ban Pranelflee i SH i 9%
Hank behaagfls. ? ? day'a elear*
Injri fork aml other cities:
Nen Vork.r>r.i.o-,-..nr' $1M52,*M
..re . Ml'rtffl
?; . M Ml 199 I.14MS2
II 7: -..77.t t... :n.:*,..-.
Bah TisaaBrj Near Yoi
Bllver. bar* ln London, 8111-16
peaee. Ban la 1
Federal Reserve Banks.
Washiagt-Ti, Aag 12 Gaiai of $1,
o in total gold i iad sf
M.poo 000 in Bg ?
i. vhown in th,- ragalar weekly kaat
Bul of thi Peder :'
I t de -
? i are indieatfld for total rarning
rovrnmr :' depeiil -
h_nk dspesltfl
Boiton reports a gain of $3,900,000 in
it* rold rescivr. dnr in BBai Ifl llfljaWa
i,. n ..f diaeoanl I ':,:''' ? m
per* ?i?. te tha ."li.<ium of ai
,]??? from Otker F.'drnil IflflfllWfl ?
ni .1 an laerflaflfl i" ''im!. iflfl
iflaraaaa la eaflk rea
araoBBtlag U avar t^fl09Jtma\ I flfleora
[..mied by BB incrca . ef :.!">ut |8,00?.
BflC m thr tetal iB< froflB fltkar Pi i
ara] Raa?rva banki aafl* a e*ala of
$!,s'(|i).IMHi :n tol.il iflffl
i;l 801 Rl ? I
? ,. f,??l Blth ll.lt/-l
lll. *M
T.?. r. ?>-'"
' ' " ??. nn,
I ,
* tt), *'?? "II O-M
i, .* ,lav. <'
T?,, 8I08.B7I.OOO
lr I - i, ..-,.. ira I
in i?l i ' ' .;
? I ? - ?'-' ? .
? ?
Ail oth*
Tat-* - 9s*
i -?*.?--:? ?
.??oii.i .-.i.i i ' [?Z
l-.il.r? .?,', n .
j All ..ihrr lUI.H'ti.
! T?*i oaaanom l
,' " ?i
. . aah r~. r?r ??jlt**' net
? ,' '
Bank Statement
(Irarin-- leflBfl Mrmhrr.' Arlual fonilili'.n.
(0,004) i>mitt*.l l
;.r>- laa ?
1911 weri.. 1811
-tamhll l-flflflivfl $103.08 -$9.22 $187.21
I,,;in,. Ht 3.246.06 -23.24 2.614.88
437.15 ? 2.59 475.09
l:- ?
!:. , ., tank 155.78 - 7.77 131.22
1 e ln other
52.65 2.14 29.34
N?t ataaaad *?? _??,
1.148.16 36.94 8*888.04
v?t uma iepaaiU 214.88 ?19.07 145.13
CiKOtetlcM 81J4 ? 9 17.57
AaaiMsai taaerra 645.60 ? 3.03 88848
Oi?ri,:ei in I'l ir .i,->! KflflBfl IrflBB
,. fflila-aa;
. ? $631'174'???
. * 559.116.000
_ 84.146.720
Non Mr-mbrr ll-.nl.- and Tru-t <<>-.' A>??f"
-a-aittfl ! i
Uama aai la*. $706.12 -$3.05 $589.62
60.04 10 43.97
-. aml l.ank
8.71 - 5 8JS
873.83 6.80 747.01
Federal Ke-i rvfl BaflJl <if New York.?
af tkfl
Pfldaral Rflaerra Baak of Man York at
tha elosfl af ba ln* i on Augu.it 11, m
compnred with tl w.-.-k, fol
i.ft.i taia nnd BflM
\ . 11, Aiu-u-t l.
.'tl.-ninit fim.l ?ft4.286.C00 $13.C20.0OO
145.700.120 144.4
Total ? $139,985,120 $158,107,135
I.r)-..l !? ?
.. i. ?! iuba
eoin 4.498.869 4.31-1,200
Total i-64.484.98S ?:62.441.335
$555,247 $540,662
? ta 28.909,506 29.269,614
$29,464,754 $29,810,276
V. S. b $4,501,950 $4,664,950
Munielpal -rarranti 7,429.195 7.152.745
$11,931,145 $12,017,695
Rl .
(Bflt) 12.500.555 13.260,080
Dnc t i
. ii-*. 8.184.888
All oUv 243.790 194,877
$218,025,224 $219,857,917
1.1 Mill.lIIKS.
$11,571,150 111.571.150
at 181.009.529 186.059.667
16.764,790 19,213,983
bank (Mt) 5.751.597 3.624,576
All ..llier llflal I ,-.28.166 8*018,118
5218.625.234 $219,857,917
I-'eileral B ?? ?
67,613.200 68,041,200
i^ .I. pu-.it.-1 with
G .'I i.i"!
87.81 1.200 ' -?
The Dollar in Foreign Exchange
? ?
1 ? tfl
mand. i.t:.*-, i ; ,
i.rift i.;i j
Sterling, cablei . i.tk 1.76 4
l.li'.lft 4 ?.'t ?
.">.'l| *4j .*..'. I ' ,
UI *j .?..'.in1 .
. 41 ' , II
ablei. -II , 11 ft
7 -'' 1 12
. 6.17ft 149
. h. 17 I 11 ft
I -"" 1 ,'i.J'ft ,
.". 18 ft ?>...'?>?.,
ek*ka. I2J8 IUI
? "lm, kr., eh< eki 18.78 2-..70
19M .'-..'in
. N.18 88.19
in 111 iii. fti
? ?
value of for.-i|*n mon.-y in dollar
' .!
1 tflliiflf . $l.7.')\ |4J8 ,
. n.i6 | 8.I8J
r* . n.il 14 M8J
Marks . 0 1*. n.* ;.*,
1 . 0..10.1 O.'.lft
?1 terms of the Ami-r
I pound
ft t, the iatl
?und. Tkfl
-ay ei'her that pounds are a* .
? r>r *V*-?t do!lai? are at a pre
which is owing to the fact that in Er.-*
fer dollars wlth ahiefc
?Ile BO.*-tS 1" thil r.niritrv H
, ,, .-. , .' Bfl thfl <!? ' ""I "' ?*?? '" ??'
t,v for peaadi aitfc ahieh te
BCeOBBtfl In El srland.
If \."i ealealatfl thfl east ,,f ,h" ,|nl
lar m termi of feraigi flBWfli that
i.# ns ,f you a< re I'"' *vl,h
poanda, marks or .raaes its value
iai aad ?? >< *l ?>'?'?" '*"ll!'' bfl
ahout ,-is foll- ' . .,
Cost of SBfl dollar.
, r lay. ago- |
ln Bngli h money HJl 9\M\
l.ll l.lt
In D iteh moaey.W 10? i
ln Qerman moai v... ? 1-12 l*M |
... l.o-' \M
!n Swe.ii !i moi ey.'J3 Ul
In RoSfllan money. '? ?
Consider the Cow.
in iiiiit a Halstsin cow, Colaatka's
lt_ Jobsnna, nuidfl ? record of 27,432
poaadfl of milk in one year. Thi,
i ara ,, mueh larger than any
ioui record l men aere
io,t ,-ifi;.nl 1,1 pr,-,!,. i thal it
ed. Aad ll ?ns not
? nrpsi o-ii until ll 16, s I en Tilly Al-1
passed ths
? mark with a record of
milk Thia v..,. Indeed a
remarkable reeortt Agsin then wer.
men who predieted that this sew rec
"i,l nrould taad for "li time.
1.', , ? news came from tkfl
sgton tkat Tllly Al
r? up her laarel
CorBBi a Holstein
had ? ? ?
t erith 31,23. poundfl of milk ? ?
qaarl ,,?" nailh -
1,229 pounds o,'
At H rn,
i ..???
an rtfa $t.'
ef dry
food material - been ob
! fron the milk :- Lutsekfl
- The eareasfl of a 1,200-pound -??
eontsins a little ovi i
dry matter. In this $00 pounds a
iek as
not bei
for human food
asaall teer to
1,306 poan In onfl ?
Cornucopia prodaeed more than
? nch dry fo, ,1 i
ean he obtaiBcd form ? s of ? |
, ?r, And pracl
all ilf I
ea.'l ; SB 1".
of ' '
beef animal ear BOl Tl
..; .1. II. 1- iller, Dsli
Okla I H, Col
Exports from Mexico.
'I hai eoi ! tioni affect
tha j :, Iin annuai
rom . ilar offl.
In but
rials iiivo ' ? this
country are lesfl in quantity than ifl
1914, 'i in n. tail i
iii the following I
i IUDAD .hai:!.'.
1914. 1915. :
_ $_7>,SI7 $100,0.)!
. .-.7.IU. 169,210
. .-,':;"'
? -I . :!?!-?'?"- ?>?'"'?'"?'
. n.7ti7 30,618
? es . *9,_76
Coffee . ?' "'":;
. 128,186 11,752
n . 3,349, 19 106,437
30,782 'v'-,,.,i
oil, 53450 147]
1,023.180 l.2>1.288
24,657 6,27(1
291 I ???
3,818,198 2,903,500
r . 127,671 I7-.:tlii
_ 310,176 ..r.?; !M?s
ilver . li.ti
. 133.671 1481
. 21.548 _
. 116.494 26.875
x 19,810 l
$|?t| 146441
- $9,754
21 511
I , . I | ' ... 26.170
3428 18.268
All ..ti Ml i M66
? '.*:i *i 19,166
* 17.llll
? . -
Bran ?
. ' -
. -
- l'i l.l l.l
- 166.157
- I0.!7>i
267.436 266.4H I
. .... >.i.s i- -:*
P .... i 19.359
11.666 11 542
Ail oth. ? 2,745 "? '? '.I
. $461 - $982,870
M.oemenl of SpeciCv? Il
? the
? I
- - .;.!?? ?
? rta of
B1.I2S.7C . 12,124,159,
lt m ll . .
?* l 2,67 I
imounted 1 166,918,695,
$76,422462, ty 11 166,181
gold sad 125,916.112 ... ai ia 1911. J
Why It Was Decided to
Levy No Tax on Per?
sonal Income.
. |
Toronto, Aug. tl,
Mr. White'* budget for I'.M."' 18 prO
-.i.i.d eitra taxM iataaeed t.. r.; a an
additioaal lavflBfl. at IflMt 180,000,
000, Th.- War RflVflBBfl act which in- Ifl
tr.xlucfii aad arhieh ''am* latoflffflflt tana
aftir IflBBosfld ckargfla upon ail eluaaa
,,t_ CaBadian ra Idaata, Baaka \taxn
?? -l on tlu-ir BOtii eirealatioB, treat
'eampaaiflfl <"i th. ir grflfli Ibmbm dfl
rivc.l ui Canada, iBauraaca companies
,,'i aflt premium ! I ? were a!.4<>
ekargad <"> all eaWa and t.-i.-graph
la-ea, ob all traBaport-.tien tieket*.
mi fllflflpiag >r parlor cur tick<t*. To
tkaae araa addad a *erie* of Ktan-p taxes
which liavc proved largely pro-1 |
Tkeji indaded a two-cent t..x on al!
ch-tques, billfl of exchan;*", aXBTfl
posftft or.ler*, billfl <'t' ladinj-,
a ver sftirnp tax of one cent upon every
Pofltfll BOtfl, one cent on every
IfltUr and postcard postc.l in Canada.
taxaa woro also ekargad on all
pn.prietorv medicin. ft p.-rfurr.rry and
Mr. Whitfl estimatrd thnt tkflfla
,; ekargtfl flraald fieli between
r.l ftii,'".",000.
Why No laareaaa Tjx.
T'l- mlBlater laada tkfl follaa*iB|
BOOBC4 ni.-' -flfltll t 8 Padflral income
lax upon imlivi.luiils: "Thi- nattl
had th.- eoasidaratiofl af tka ?.
BtBBt an.l it appear* clear to u* tha'
? | is not. .
l*..r tkfl pre-.'ift. Ufldflr the
; North America act, wh.
Donlaiofl may impose Hirect or
rcct taxation, tlie provn-e
ftri"tcil to the former. At present un
i'it lafifllfltiofl ois'in-* in certain of
the pi bjeet to tax?
ation hy munieipalitiflfl aad i*i twa
p**oviaeflfl them
thflr provinces po ir.rnme tfl
lltkoOfB in some <if tl
n lidfl tkflraaf ia Iflvlad
-, | i i . m, tn ordi
y i;ito force an ineone tax, ?he
'nn. nt aronld kfl abllgad tfl
:. IB fll
? tion. 11 . i oald iavelva i baa* ?
hicii would be raaliMd. Takiag I
? x of tka Ualted Btati - s
i ,, , ,.. ? ? ,
? ? ''"im a
of $2,000,
. arouid h-.vc t<> b
? ? ? "
. . .
raiainf i '
? 1 not
anl ?!' upon 'he doraain to i
are eonflnad to a greal r
la necflasflry in tka nation
ra of the income
tory for
thr ptu p. -? nioo Bnance. I
? i tke length of perlod
rnii-t rlapfle before it beeonei p
ln Britain, arfcai
?a of raveanfl te tk? ln]
? B nuinicinal taX
r.tion upon ineones. There is also the
[piportan4 <!;'Terenrt> tha? in ,;
darivad I
from lavesttnentB. Tkey '
fore, a Bfltt
ter, are aaeertainable with f
Bt their source. With UI this [fl
laerflflM in CuflteBta,
hoi ifl
.'- per cent ad ra
ind ufteri..
? cent ad valoi ? I ?
. ! tariff, Th<> in
? ? i
with a
small numbfl
? ,.nn,i.ooo.
eial taxation providad for ia
<.f Pobruary, 1815, wa* calcula'
? ? ? ii.,million
to a
A jrear latar Mr. '
for thfl j
be $i ?? tker fl-erda, la?
l additiona]
bro igkl Ib *?"".
? iblic arorks ad
? ? purpoai - other
*,.r much lower I
t f ra
? ? ?
Dominion ha I iaaprovad to th-'
Ihe U.ir l.\p?-nttituri*.
Wa. ira bad heen heir. .
n of I'arliament fol
: the ?nr an act
00 for
:. appmnnating *"'.
litioaal *um of
A* tba aambflf
arms inereaaed up to th.
:' mere tl Bfl ! men.
(ana.: i | flnditura reached very
I- ron tka aatbreak of
the war tfl 'he end of Januarv, 1 lll
mted to "fl?"?-.Or.o.noo. ( ariada's
present war expendmiro in Canada
and m Britain, iaclediBg the mamten
aaefl of tim troop. aetaally at th.
? ti, rat- of skoat $10466),
,??, ,.,, month, "r .1,000,000 ? da>
I.. tkfl end of the IsCBI vear
Mareh ll will have SSSOBBtad ?* NBS
?,-.... .- ,-,. now sathi r ?'?? "1. s
[n sdditioB, Canada i
nadcrtakiag ta pay far sll BSBSBBBitloa
?., ,i by ths Caaadiaa troop* nn th*
flrinc liafl. Thi* Is ketag ttretelaui ky
Bjperia] satharttiss, and an Bfl*
eoaatiag will kfl made at, th- dfl
thfl war.
Kinanring in 101V
Wlth wnr flxpeaditarfl monnting
1 rapidly, th? problem sf tbs Cai
, Ministi r ,.f Fiaaaee ifl IWi wa? t0
.,,,. . tfl blidgfl the gap between
,nd total outiay. Traasary
biU, to tkS amount of ?..000.000
tnature- m June were n' nd and the
ina?bte_Bess of H4004W was
?ff. |n March, 1015, an offering
.., ()f ?."..'100,000 4'_ per
debenl in ?ta?k matarlng 1120 11
ibecrib-d. la Auguat. in
ore>i '- for eapiul eal
Canada, bb leeae was made m New
$400400 of ?'. par efli I
iriag August 1, 1016. and $2
. per cent notes maturing August
i, ipi7 a tatal Isaae ot 345,000,000.
notes were convertible into 5
eeat boaa_ BUtariag August l,
Canada to Repay Britain
by Issue of Long
Tcrm Bonds.
A transaction of the greatest impor
Itaaee, fcsyi tks Ottawa eenaapoa
.-..-(.,. a elal Ckraalelfl."
* :, eOBl i '
of Finance and tho
.. Treasvry. In a k'pneral way
the traasaetion lavatv-fl the paylag off
from time to time hv the Canadian
(ersraa-SBt of it.. temporar*. indebt
? ? British government by
Imperial Treasury of
mSBl baads beanng
. ?? mter.st and having
. iti af
:mperi_l government from the
l which ths advanci
It ifl profM - ' ' employ
Uj a hasis for Bntish credita
i thii mai li
?Por s per oi sfter the satbrsak of
Bjrfl the writer, "the Cana
? ment borrowed the greater i
expenditure frOBS tks
? ,,i fOTerameat BakeflqaeBtly
? of improvement in the r?v
liominion and the suc
on this side of tkfl
imiBiOB heciime ab'.e
ita asr expenditure*. in
thfl Hntish
j government in Onanein** its pa*
through the Imperial Munition* Board.
"For over n rear now the Dominion
Finance I>ep..i.ment has borrowed from
al Treasury only the amount
i by SBf expenditures in
,in and at the front. All
attvaaess so far reeeifsd frafl
. ??. rnment have been entered
,,, the book Damialai a* tea.*
. borrowiagv.*1
lasemeat propose
fund:. I il.lik'iitions into long
t_rm Dominioa bonds to be
turned over to tl
bonds will he navablo in do lars.
kl ifl for this, and therein
I _ feature of the pro
from the vieu point
Uasrleaa bankers. The tirst trans
. will involve tks extinguisking
[ of mi "0 of tempo
iaiy indebl tks DomiBiea by
. Bl il Isk Treasury ot'ii'-.
:.? .md IH per cent bonds matur
in? in 1928 and 1945, Tkfl ?
bai will faraisk tbs
ir/erameat bunking
i Caa*
. .. ment will thus great*
| ? nt in
lanelng of war pu:
which payment mn I be n_ad
; rababls tkat ths sew
Canadian bonds arill be bi
rn Britisl ??? th.- Nea
Vork ?
al made bv
'? r of 1- ;;...- ?
England as Tavern Keeper.
The Central < ontrol i liquor traffic)
Carlials ti
' room.
called thc Grataa Tavern and
I'.-d in the
building form.ri]
i ! d'Ahernon state,1 al
1 ? ird'i objeet
? the namfa
| of small
.I u nere a lar,je
was done, neces*an!y
?ti, by more
i comn.. . where refresh
ment might bfl obtained amid healthful
*urroundings. The mana?ers of the
will he givaa ? com
? ? thfl aalea of food and non
kat not on alcohol.
but no ?pir:'.s, will I
? ttns \ reortjing to "Thfl i
Bjoverameat has ne
rchSSfl all the brewer - ,
thfl latter some three
hundre,) in number in the citv of lar
BBd its immediate neighh.irhood.
- nn important r_
ted by Consul Ingrani at Brad
Iford. I
Eighteen of Them Show
Free Treasury Cash
of $348,420,111.
N'otwithatandir./ rr-v. ;..
dafltrial text
have drawn ?'< l reCfl4*at*-l
earnini** of ' tl "*-??.'?,
*um? for dividaad i and
and h.-fterments to prft'-'v, rev?r b?.
fore have they been
trenrhed in ?
I'erhapi the ft - 0- ^
favore.i in.i".
inav bfl gleaned from aUteBMBtj ihow.
ing the
motor and ropp<- corpor*.
tion*. The latflflt Agari * not t.\
corresponding tfl ?'?rtheUii
srivp one a far Id ***"*.-?.?. ??
which the companies have augBCBtfli
their cash ho!d: .
From the mont re.e-t R-.a;l?bl? -?*,
tistics it la *een that four steel ?--?
panie* have on ra .-: laouct
with I104J84 elflflfl of inv.
The principal copper | r taflsaB- .-.
(IB iir.f* tl e Ann I tSjflflj l;'
Refinmg Company, ikfl eflflh reieurc*i
of more than |, I ontru-.'
with $-?"> "' ' ' ?
companie* have Bfl banki or
their own treasui $92,9*}",.
530, an increa?e . ?
l)oubl4?<l in .i *l BBT,
? ? ?
? r whitk
were eompiled, wa* 8848,428411, or
ra by thi
The concen.- atra Ihfl
BetklfllMSfl B4 .tlaa, Repab
lic Iru.i aad paay, La-k*
wanna Bti ".naconda Cop?
per Company. American Sa
Rerining Company, Calonel
?: C?pp?
Corp' ratioa, Utak <**opper Compmy,
Nevada CflBfli CbiflO Copper
Company and tkl ~*olidst-d
Copper Company. Ahidhk tka aflBHBO-.
bile compa.'.uifl are tflkaa tkl Ford cor.
cern, (ieneral Motor--, Chevro!
baker, Willys Ovarlaad and Maxi*!.
give a* near: . .
cash positions of thflflfl eonp
a compamon witn the laat i revioj
Bg*an -.. Arnonf* the co;
ft w.ll Ie :
are ^rr. .
Steel co.ift
I aii -t Igan - I "t
(Approxinati i Vear.
ft Corp.$155 ifl
Bethlehem Stl. II
Rep. I A S. . 6.358,5*8
Lac^. St* ... 8^88,888 - HJM
Total .$iho. ;-,.-,..-,-?. -ioi.-ir:-;*
Am. Sn. * Ref. $14,642,460
: - :i.U*..!*?
Calume- 8 H ,- 6,552.165 i\19ajtl
Kennecott . 13,888,888 ?
Ctah . 11,258,888 IJ88J8I
4,258,888 1.400.?rt<)
Chino . l.:ioii.iioii .'.iM.tVM
R.-. Con. 1,880,808 1,808,008
Total . 171428,9
Motor eonpai
Pord. $43,788,151
On. Motors .. 28,780.088 it.iK5.00"1
8*821 -
Studebaker . . . 8.00(1.Wo J.JIO.Oi..'
Maxwell . 3,808.888 !*?'"''
Willya-O-rflrl'd.. 4,823,342 l.iSi-*:
Total ... $81 *?* -H.M-'
tal li
trea?ur;. I .
$25,000,1 I 0, i
ment to
C. Darai I
BaatflTea td llttaaa la Pi
| , . re now in th*
- ..
Bfld in tat
.' heavy axpi ^or n'*
et;d o' ?
tl at the eoni
plani SS
aaraiagfl dar raa y**r*
for new eoi
of the po:; | .
000, an mcr,
Junuury 1. ?
divider. 8 toU' '
115,937,700. U
r.tiry in the I BBBflial
.* caih. ?
| ? ' ' '
asiat aa '
The Motor ( BBBflMU
Amotit* tka
Ia?t word ifl ? 1
ni ?..--?
net Bflflflt ral ?< fll
cording to the la*<
was $78,899
wh* ia tka forn ??'
to more than $'-,,'*'"*i> ? IB
-tock. The ca*h
The (*roA-?v in I
\ rotn 1812 to 101
$8,400,101 to - ,
100 j | . ft 1
$87441,489, a j-inn of $11
*??>. I"i', I " i ." .-i .:d,ii i, ?'. ..
100 pi . ent; in 1914
$27,441,469, * g*.n o> * .
year there araa a ga
?*? ? * '
ahout 800 N ' *h? **
of the Ford company luclud* 88*1
of goodwill.

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