New-York tribune. [volume], July 29, 1917, Page 5, Image 23

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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Wealth Markets and Commerce
Finance - Economies
WALL ?*TRFFT OFFICE: Telephon?:
MU?? Bulldinc. IS Broad St- Hanov?r 65U
gefnrdag, July ts, isn
Signs of slackening of business
activity are to be seen in many di?
rection**- 1 Bcultiee, more
economical buying, pries fixing an?i
fixerai uncertainty ad tend to in?
duce manufacturer.-? and merchants
to be extremely cautions in making
forward commitments, while cur?
rent requirements are mostly sup?
plied on a day-to-day basis. Never?
theless bank clearings continue to
expand, and the conclusion is drawn
that, in spite of proof to the con- i
trsry, more goods are moving now
than at this time la.-t year. Hut the
conclusion is not warranted, b?
fsilure to take account of the great
idvar.ee in the general level of
prices vitiates whatever value c
baa may have as a measure of the
turnover. "Dun's Review" report*
that the week's clearings at leading
centres were ,"> 1 per cent larger than ?
m the corresponding period last
year. If proper allowance be made
for the higher prices at which
tpe?*. moved this year, it will be ?
found that the actual turnover was ,
??bout 10 per cent smaller. What
the ?.pures really show is that it re?
quired o4 per cent more money to
handle 10 per cent less business.
Bank clearings are not such a re?
liable index of business condition**,
at they are popularly supposed to
be. In the first place, they may be
greatly distorted by special trans?
action?, by spasmodic outbursts of
stion and by other things.
Thus with ' 0 change in general
condition?, transactions on the New
York Stock Kxchange might double
with a large increase in the total of
bsnk e] r un
rtber thing, a very lart/r part of
the business turnover is effected in
steh a way that it ?:? .apear
? all. That will ap?
pear from a glance at the fol!, i
he Ameri?
can Bankers' Association. They
show total clearings an?! total bank
fifteen important
three months <. nded
June ',-j; ,
Clear : | "
\
$499.710.000 $1.701.465.000
Uc-.nvt... . 709.470.OCO 1.629.620.GCC
Inciiunap'lis 173.644,000 544,669 000
lee. ' ..22..0C9 2,822.?53.?0OO
Lor? An-re's 387.267.OCO 701,776,000
DM 706,590 000
'31.073XCO 567.7C9.CC0
Min'&t ? 710.COO 1.714.81.?.C00
N?w Or***? 4-53266.000
Oaaha. 440.955.000 1.173.312.CO0
llchmond.. 312,79e.0C0 1,755.021,010:
in'eo 1.155.278.0CO 2.875.299.0C0
.831,000 1 COo,725,000
Seattle . 27-'?,69''.C00 60v.S22.CC0
137,669,000 640,400.000
TtUll $7.193,132,000 $19,212253.000
ftejn these figures H appears that
(Wrings accourt"! fpr no mo*e
teas 31 per cent of the total turn
c-wr. Moreover, there i wide va?
riation f;oin week to week in th*"
ratio ot clearings to total bank
iNasections, thi.-, further empha
?'linf* the defects of the former as a
?esBute of buoiness activil
Ajjang the major troubles of in?
dustry is the :shortage of coal, due,
to? a- the rh'.rt
*?fe of freight ear:?. The situation
taSw i-, riiu.-ii better than it was early
h the year, but there in no c.
Mce that, with a return of adverse
??rather condition ? a* d furth< r r?
??'vction in industrial ma*; ?
ption and enlist]
the coal problem may not become
??cute agaii. in spite of all efforts to
?olv? ?t. Nothing could be more se
rlt)Ub for a nation at war than 'ack
of power to keep the wheel? i
?????try turning at top bpeed. It
?sight be derirable, theiefore, if the
proper authorities would fivs
oua connideration to th? fea?.
<*' rapidly developing water power,
especidlly where unutilized water
tower? are located at point* from
"?kich tran9nt.ir-.iori to induntrial
?tatres would be p* v u In
tr-vlible amount of powr l| going te
"??ste because, whether rightly or
?eagly, roneorrettoalsts have ob
?*ru<*t*?d rlevelopasent by privat?
"??pita: The eontrevei y has
Cnj-jfe-aj along for year*, but it
Mold \,<: settled ar.d sett ed speedily
*? ths ?athoritiei? ?hould take .
?toestion as a war measure. Wats'
tower plants can ins erected quickly.
??> i? of record that units producing
?O,?'*00 horsepower daily have been
"-elivtring current within e\y
"in* months after construction work
?to? started. Datier pre mis
"dariti might be erteaptetod la six
|**eeths or 1???. Impartant saving?
?* ?ever?! would result.
"irrt, there would be a tavjng of
tool; Meend, a saving of traneporta>
***???, whbh would w> a long way
"??ward reliering the shortage *>'
tors, and, finally, there would be a
??Utari?.-.; ?Aving of man power,
"?*?**??? the production, and in some
****** the application, of electrical
energy generated by water power
requires less labor than the opera?
tion of steam plants.
Money and Credit
New York Clearing House Statement.
The weekly report diaelosed a de?
? ef ? ::,l.".!,ll') in surplus ic
. whicb now btand at |)0(
179. Aggregate reserves amount to ;
IMMTI.eoo. Uoaa and diaconal
tho member banks increased 111,71.'?,
?00 la tba ?.(.'--regate last week, ?
reserve? bo!?! with the Federal Reeerve
Hank of New York dropped eg t',:>.
"?"'?"""? Tb? itab ?tant folla
and diaeonnta.$3,773.538,000
'C?th m vault? <?t Ftdtral
Rttervt mi mbtn.' 97,912,000
is Fed. Kcs. Btak 381,239.000
?e in vaults tf state
banks and trust cos_ 153,430,000
rt in depositories.. 66,509,000
INtt demand deposits_ 3,544214,000
Net time deposits. 202.427,000
Circulation . 30.157,000
-'??.''regale reserve. 601,178,000
Excess reserve. 106,891,570
'Not counted as reserve. tCnited '
States deposits deducted, |*,4t,SJI,.
The chatiges from a W??k ago win :
Loans and discounts_Inc.$11,715,000
Cash in vaults of Fed. Kes.
members .Inc. 1.559,000
n Fed. Kes. Bank.Dee. 49,415,000
?ate banks
and trust companies. .Inc. 9,784.000
i;< crvo in depositarios.Inc. 4.188,000
Net demand deposits.. ..Inc. 9,184.000
Net t i ni. deposite.Inc. 1,479,000 ?
Circulation .Inc. 197,0001
?ggn-gatc reserve.Dec. 35,443,000?
Exc?s? reserve.Der. 37,154,000
Hank Clearings.- The day's clearings j
at New York and other cities:
mees.
?rk.$538.625.821 $57,775.238
Baltimar?. 0,849,9*7 715.395
. 42.194,827 7.320.524
Philadelphia.... 40,700,783 6,635,175
Silver. Bars in London, 39%d; New
If? altaa do?ai
lakeTreasary. New York bank? lost
to the Sub-Treasury $1,1 i?;.?n>< .
Acceptance Hales. ( urr?nt bid prices
.? follows:
. i ry: BO d?) 10 days
niembe?
La-iks . 3-:?% 3t\% 3".%
pa-Npber b#nk?.. Z^u"? 3-j80o 338"0
bit bank
bills . 434*. 434% 4)4% I
?'T.?. r bunks.
... 4 "o i
lilla. 5'_?.e
Maaei |n (in illation. Wathingttn, |
in ciiculatiriTi || ?
country on July ', compared ..
ago, a fa] ?
*u!v 1, '17 I
<,?.'?] toin- $764.412,156 $630,190,647
Qtld ci
.... 1,747,8*111,829 1,414,302.939
dollars... 71.829.961 66,348,855
Silver ear- ?
tifleatea.. 477,507,136 490.786,334
S u I? Hillary
Bilver.... 194,415.104 169,995.821 ?
Treas. I
|. 1,970,414 2,098,262
tots*- 336,251,854 341,891,669
Pod, i
note?.... 544,749.215 173,372,845
?. : i
banknote! 12,699.660 8.966.370'
Nafl bank
tOf.... 698,632,391 720,039.763
tal... $4,850 359.720 $4,018,043,555
Dertnan Hank Statement. Berlin, I it
? ? Tient of tbt
Imperial Bei 1 July j
following chang
T'iarks:
?Dion. .Dec. 48,979.000
. Dec. 56,236,000
..ry notes.Inc. 61,346,000
0? Stbai banks... Dec. 1.511,000
?iiscounted.Inc.156,030,t-*?0
.Inc. 10O,CC0
.hie. 3.721,000
?.ties.Dec. 60,085.000
tiOS_Dec. 11.103.000 '
.Inc. 147,464.000
Oth?r liabilitiijy.Dec. 25,739.000!
Total gold holdings, 2,401,41
The Dollar in Foreign Exchange
The outstanding development of la.-t
-ft ua?
rttk break la tba RnaaUa rate..
, a taw low n cord of
, centi 1 oward ti i end ?f the
?
<tV?akn?aa in i
eid?td witvk tha tellaptt <-f tbt B
. and tht indications that the
?onal ("overnrnciit was mattini
with '? Only t mod
?rate volume of sales wan reSPOnalbl?
for the frcKh break in the atuiaiaa I
rate. ?I value of the ruble I
Itral exchange* attract?'?! atten?
tion during the week, prnr-pally
franc?, wblck rot? 10 a hiicb
fOr ?he war period The rute was
tht dollar, ?fair*!' a par
? ,t |.llt4, Tb? embargo p!a?*e?I '
? states Mecrrntncnt <**i export?
. .train ii felt in thi* nii.r -
inj th? amount of axebangt eta
? | Thi?* force? person? wbo detirt
.....-, ?.? SwitaerUnd,
? ?tanc? to pay a hi-fiier rat* f'ir
..nge. The ?ame influence It at
Work m the m?ri??t for exchange or?
.randina*. lan countrie?, ral
? n m ark ??n.i ?wegen havini*
?I into t much stronger position
Federal Reserve Banks
Washington. July 28. -Total resources of Federal P.e.*ervc bank?, the
board's statement of conditions July 27 ?how?, total $2,021,237,000, a reduc?
tion of approximately $114,000,000 during the week. The ?Utement ?how?:
RE.SOURCES
July 27. July N.
Gold coin certificate? ir. vault. $460,761,000 MM, 119,000
(?old settlement fund. Ui."..7''?,000 1'JI.*'.!!.-i'lO
to.1.1 with foreign sgeneies. lljlbQ?SS 52,500.')00
TotBl gold 1,,-ld by l>aiiks. tStSJSSS?SS $941.110.000
Geld with Federe! He*--?**ve agents. I14,1M,9M 12:;.--'' |;<H
Gold redemption fund. '.',ii*.;7,.)00 11.691.*;'*)
Total gold reserves. SU62.26.',"0*) |14SS,S2S.0N
Legal tender notes, silver, etc. ? I.:*?'.?,ouo ?o.'Oi.ooo
.?. $1,411,012.100 S1.4.rHl.':.'l."0.)
BiIIi- discounted members. 13 M 5 9. POO 161, -
Ight "i ?'pen market. ItT.llTJH 197,72"'.000
Total bills on band. $,,.'3,556.00*) $:i.'?9.ni.'.i**o
srnncnt long term soearities ii,r:."?,ofl?i 42.26.->,909
United Btetei lovorumt short tena secarities. 3..,*-.l* ooo IS^50,S*?S
Municipal aarraata. M?;'?,ooo 2.1K6 ????->
Total caita . . $41I.97\000 ?4'?>',hl2.100
Due from other Federal Reserve bai.l..
net (*). 11.19*V'00 4,in.?00
. 204,7.r>??.000 212.907.000
Tote] deductions from nr?-^ deposite.... $ i <?.?;, SSO, 00 i $247,ee0,oe0
ive pi i lemptioa fand against l,"ed
?ral Reserva Hani; notes. '00,099 ."lOO.lOO
AU other resources. 1.0..7.000 I.6I1.H00
Total resources. $2,021 237,000 2.116,12 I,fOO
LIABILITIES
Capital paid in. $.'>7,r?2.-..000 HT,721.000
(?iivernment deposits. 143,032,000 184,631.000
Dos to membera reserve account. 1.135.4..':.0QO 1,164.995.000
Due to non-member banks clearing account.. i?,547,OQ<) 4,767,00)
Collection items. 137,M.>,000 165,2!? 1,000
Total gross deposits. $1.424,8.>O,O0O $1,519,677,000
Federal Reserve note.? in actual circulation.. $534,015,000 534,226,000
Federal Reserve Hank notes in circulation
net liabilitiei. 2,459,000 2,306,000
All other liabilities, including foreign gov?
ernment i redits. 2,0.*<S,000 2,192."00
Total liabilities. $2,021,2.?7,000 $2,116.121,000
Percent. Tprrent
Gold reserve against net deposit liabilities . 74.6 71.2
Gold and lawful money reserve against net deposit
liabilities . 78.8 78.1
Gold reserve against Federal Reserve note? in
actual circulation. S3.0 81.5
Federal Reserve Bank of New York
RE.SOURCES
Gold cois ?al sold certificates i .lui July 20.
' : .?!. $120,867,004) $1
a ills.- 234, Bfl "?'*' 268
Gold with foreign agencie?. I8,U2,M0 1S,112,M0
Gold with Federal He. erv<? agent and in re?
demption fund F?deral Reserve notes.... 17?,020.265 167.211065
Total gold reserve...... $662,136,731 1669,370,567
i '?tes, silver certificates and sun
,v coin . $37,301.'.:.*? ItorSST
,..,,'1' " V*.*'"i,',-'. $689,627,790 $?0**,230,214
B 11 ted ami bought: uyitsn
??:'.;::::::::::::::::::::::. ??
-_toa .t $114,913,132 $13:.
' .... .? .f r-?
bond?. ??-ff
Ipsl warrants . I ? lll,4S.
Total. ?ll?*::. - 177,017
All otl ? ?sa. ::.i,!!2
Total re-nul-ces. $71>a,?>l 1,052 $T4I I
I.IAHILITIKS
.??.. $12
ta met. i
.
. |0,1 I
Hut; to ? * bankl set ?... ; , in, 1
I nel . :
. 1716411,062 $749,1
? indina.......... 240.IT? .
which then* is deposited wltn Federal
Resei
ll money. '?*.*'?'?- l?l,066
Commercial paiier .? '.114 77,094,!
from G'rrnany to Holland and Scanc
navia, hii ttttmpl is being made to r
aitnith th< told itore oi ti??' Reich
bank by cenflltating ail the metal th
. ??? banda. A Ge
man ntwspaper itattd tbji week th
valot of S00O00.000
?no,nun,nun markt has been hoarded I
ptoplt :n G< i man?, ? t;,> hopt to pitl
by It after tht ?'lui "f tbt war.
Il >ou calculate thu cost of the dolli
in term:- of ?"??reign money -that is, i
If yon wi | doll iri with pound
It? value at thi tl )
compared ? uh a yei
tgO, '.? Quid Dt about ti folli
Coit of ope dollai
Y? * 'dl '.. Y i 'i r ag
onty... $1.02 $1.02
In I'l inch nioiiey.... 1,11 1.14
in Hutch money. 1.01 .98
In Swiss money.88 1.C1
In Swedish money... .85 .90
In Russian money... 2.38 174
In Italian money.... 1.40 1.27
Cloting rate-- yesferda.., compare
i w?ek ago, an* given i? tb?tabl
m bankers have |*g|
p?ttd?d all dealings in German an
Austrian exchange, so that daily o,ut
lations for eitner marks or kronen ar
no longer available. Weei
Yesterday, ago.
il? ? i? -4 rii'llar* t?i th? pound.)
tg, .?? mand.$4.75*, $4.75'
ays-4.71 "4 4.71V
Sterling, cab]??,... 4.76 ? 470-'
g, ninety days... 4.69?-.) 4.69'
(Quoted unflai to th* dollar.)
Kranes, dl mand. 5.76-q 5.76'
Francs, cabUi. 5754a 575
Lira, checks_. 7.23 7.221.
t.r?, cables. 72?? 7.2^*.
. 4.59 4.66
S? -, cables. 4.58 4.65
iQuotrd cent? tn |h? onit.)
Quildirs, cheeks. 41,1 41'.
Guilder?, table?. 41A 11?
Rubles, cables. 21.40 21.9?
St.ickholm. br., eh'ks... 3220 31.2*.
inhtgtn, kr., th*fct. 29.35 29.0(
Pi Mtas, ?hscka. 22.90 22.8'
Below is given th?? current exchange
value of foreign mon? y in dollars an?:
cents, together with *he inmune gob1
parity, as calculated by 111? I'nitet
Btetee Mint: Current
exchange Intrinsic
value. value.
found?, iterling. $479 *, 4.86**t
Pranet . 0.17.3 0.19 3
Onildtn . 0.41'a 0.4O 2
; Bttblot . 021.40 0.51 2
| Lire, check?. 0.13 8 0.1? 3
? ? | Denmark )_ 0.29 35 0.2?? 8
; Crowns (Sweden). 0.32 20 0.2? 8
Tha above raies expreas thn coat of
foreign money i? Umi al the Ameri?
can dolli*. !?? buy in English pound
$4.79i\. liie Utrintie
ptritj . ? Ai?'.'? per pound. That, ye?
?lay eitbai that pound? are at a BTO*
II tbtl ?ollar? a?e at a pre
' iinuin, wii.cii is owing to the fact that
In England the itmand for ?lollar?
with which to settle accounts in this
country I? greater than th? demand in
thi? ?ountry for pound? with which to
??ttlo accounts in England.
News Digest
New York
Ad.snce In Marine Rate*, t ause? Nr.
Surprise. Th" announcemen' fron
Washington re?tente** that the govern
I ment war risk insurance rates on both
I hulls and cargoes would be ?advance?'
i frein :, to li *-.. f -r Cent after A'J*-'il.-t II
.apparently created no surpri-c snong
j l'Til marine umia'rwriters. M h[ a
in bo the prevailing opinion last
I raise IS rat"? \?,as created not ..,, nuieh
j un arcaaiint of the reported wicrea u.^
?menace of thp I Saat.? .. - .'..i? !>4
\ reason S? a gradual working out of the
I required premium rate SSCOSSSrj te
j charge in order to make the l'iaieial
I bureati self-sustaining.
I 1 he new rates a, announced went
I into effect on all risk? assumed f?
I day, but insurance brokers were ?u
Ithorised ti> sssore client-i that in even)
af ships sailing on or before A'i.'ii?t | j
(be additional 1 Va per cent, collected
1 will be refunded. In event of delay in
! .-ailing until after that date the full
> new rate will be retained.
Corporation Returns
ISew York, Ontario <t WeMern
IS!. IS1I
.'une gro?? .?804,718 5?*28,01fl
Net after tax?? . 236.434 272.321
(entrai of (,a?i.r?i,i
i .lune gro.a $1,249.901 1969,545
'Net after tJSMO. ... 279.017 175.976
Dividends
(?uaranty Sccurilleei ( orporation.
* Iiividend of 2 per cent for the nuar
? Ifr elided .lane M mai reported on
Juin fl as b' lag the annual dividend.
Buffalo. Rorhnter ft PltUburfh Railway.
.. *eml-anniial ?Inidend ?af .1 rer cent
..a. t?.? i>ref?rr??il and I per cent on th? eum
r.aon ?turki, beeth i-?,ab> Aun.u?t !5 to stu?-l?
l.a.l'ler? ..f r?*?-"ri1 Au
P.urkete Pipe Line. Regular quarterly
avaleiirl a.f >J. peuraM? S??t??alall l? to
?taxkbolal??? o? reenrd Auk i?' .
Imperial Tobar???, laterun ?Imalend of I
I ? r rer.'. trea nf Ini-oirie ta?.
Wrttrheater Annu? Hank. Quarterly eta. a
?I? I'rt if la I Si ? ???''? and '?-* "' '? ft
rxlr., payable Auguat 1 to ?tockholilera ui
ra-rord July 30.
- a> ?
Must Issue Stock
As Well as Bonds
Tr?nton, N. J., July 28. The Wee?
Monmnuth \V?ter Company having
aaked permi??ion of the State Public
Utility ("ominlaainn to (?SOS *8,00fl
??a-orth of tlrst mortgage I per seal
boni!? to cover espenditures, th? com
miaiion to-day found: "Heretofore Ott
have approved the isaue of $?.0"'i si
stock und 112,000 iiiande. The pr?'??nt
laau?' waaubl reault in a capitalis?t.O]
of $20,00.) bond? and $1,000 Bteek. 1V(
1 ?re of the opinion that there >hould be
, more i??ued in en enterprise of this
Ikind. We will approve the itaue of
$4,000 bonde end $2,000 ?tork if th?
application i? amended te petition
therefor."
500,000 Tons of
Sugar Destroyed
By Revolution
Fireswept Districts in Cuba
Uncleared and 1918 Crop
Will Be Small
UpWi 00 ton.? of sugar were
destroyed by tire during the recent
outbreak of revolution? in Tuba, ac- I
cording to a report received by the
Department of ? ommerce from Henry
H. Morgan, American Consul General
at Havana. But for these disturbances
'17 crop of sugar, so Mr. Morgan
tcp?,rts, would have exceeded '.'.:?<
ton?. Now the output for thi?. season '
I ?xpected to exc. : - . u tons. ?
Thi.? compares with ??lightly more than '
Una produced la !
Predoction next waaoii ia _I-<> ex
10 bt cur- mit of
the havoc wrought la the can?? field* b>
'
"The destruction of cane caused by
disturbance? in the Oriente district :
from Alto i'edro to Santiago and from !
liayumo to Caimanera," Mr. Morgan
writes, "make.? it certain that next
season's crop in this territory will not
exceed that of 1917 because not more
than 10 per cent of the cane fields de
itffoyad by fire havt; been cleaned, and
the new crop on I rill be from
15 to 25 per cent le?? than it other?
wise wou'd h:i\.? brii. Whilt the seed
in most eattl liu? not bttn destroyed
the r ' of being
.1 month.*- bihinl In Iti growth,
m.?I tht cane thai would have come to
maturity in Dec net be har
: until April or May, and then
the yield will hi II I i 21 pt* ceni les-'?'
than it weald hart seen had tha burned
cano been cut away and the fields
clean?
1 ire Swept Di.'lrirt?
"Thi ' the auger plan
. ' a m anaa,
. I m and others of
minor ?Ott in thi? ction of the prov- j
mce, patied through many tho
roye?
by lii? tnd found tempi had j
? ?? ol,| cane.
The etf"i't of this, too, v.:!! bt I
' cutting the cane
next ;. in the !
groun ; '1! as
"In ' ' i and
ll rutl i?in of
turb
. very
ki i f*..
id, . largt
numb? ? ! ami
?ere
? have
?
i
\ ... and this will .soon bt
h d from H
Cuba. In '
!
i there
. ?
Dice bei
tu repair tha i burnt
i
"Whilt ' ? ? many thousand
I between
ti. tnd tht
In thi?
R Wil'
until
the mills in thi.
1 .m mill a?
.1 (laragua, will
Prodi??
bul the i '
mills ?sill all be between M and 70
1 per ' The
?prospect for s target trap in this ?ec
tion tl the iiltnd yeai. hen
? ? i nt, tnd the pita ten
rtl . ? i;tionh
Will be i? 'm | I : than
'
Great Destruction in North
"|t ? t part of tht diitricl
i and Dtlitiat, where th"
large--! ittgtT mill* in the world are
? ., tpt lity of over
:? about I ?
sola burned and
? ,oo,,.mi,, ar-robti 1"".
000 lontl if cant, bringing down the
sstimtti 1 : : 78,671 torn
of -.o.-, which,
the mana? ritor, will
the mill?
\ All
tho burnt fields belonging to
plantations tin**, are pwntd by th.- Cu?
tmtrictn Company have been
?(?leaned, and it is I i tha' with
favorable conditiona tbt yield of next
ytar*a trop will be ttntidtrably in ex
I the ??-tiinated 1917 crop.
"in CaaMgney and Bt tt <"lara
pin. inei - th< dealr>. ? -?l by
' tr than that
I'rovince of Oriente.
. railway bridge of ?he i uba Rail?
Company between Camaguey und
Artilla wai destroyed or dtmagtd, a
?* el! as ?very hri'lge bft?
-. ai I nearly all the
tiens. Praetlcally one-half
m' ihn tan? crop v.?- di -"-", . ,i. The
? an-? fll i.'" ,lo
i? !."
: number of wugar mill.s in
l'ulia during the year llllri-*17 was Ml.
; number x ire in the Province
?I llio, Jl in the F'rovince
ot" Habana, 10 in tht P
?ati/.a?, 71 rot ince of I
i Ura. in in tbt Province of Cama
11 in lb? Provine? of Oriente.
'If the total, ?is are tWHtd and operated
I nittd *-? '
Pourtten mills tbtl rave BOW stopped
for 1 "W a pr??
.
estim?t-??! produ
? dinfartatt of ? Il toi -. ?r 19.01
per cent, all ?iue to the dtttrnttil B
by the revolution!?!?.
A iiunili. * null? now in
curse of constru?.*..,n will, it is re
I, be ready to grind next De
?? r.
French Coal Output Increase
An increase in coal production in 'he
i'.iene district, according to the
r? port from 'he American Vice-Coniul,
.n made possible by a readjust
i men*. workers and a closer
tf transportation problem?, the
4 v.hich has caused an
.'.'.'es of till?
II. ' .if eon] by motor lor?
ries, in ailditiiin l?i other commoditie?
by a fleet ?if beery motor truck? pur
I ami operate?) by the n'y or St.
Etienne, a recently inaugurated ser?
vice which has aided distribution and
rrhef tf congestion materialU'.
Labor Troubles
Add to Cost of
Producing Copper
Shattuck Arizona Reports
Drop in Output and
Smaller Profits
Owing to labor difficulties and the
rising price? of matar?ais th? cost of
production of the Shattuck Arizona
Copper Company increased almoat a
cent per pound of copper in the three
rceatha estted June "J last. The quar
? ??}erating statement issued ye?
terdap showed a surplus available for
divtdends of $?'?'.0,732, equal tu $1-88 a
-hare for the three month? on $3,600.
C00 of capital slock of $10 par value
or an annual rate of $7.62 a share.
Tin? compart d with an annual rate of
$7.88 a -share in 1916.
The strike and conditions preceding
it caused ? ?lump in the tonnage mined
at the company's property. Total re-,
CfVeriaC ?*>r the quarter amounted to'
:?,F>24,2y? peeaaS of eoptr, compared
with 4,3.*t?S.?92 pounds in the preceding
quarter. The net operating cost per
! ounal of refined copper was 12.2't!'
Mate, compared w.th ll.''-18 cent? in
the previous three months.
The report ?ays: "On June 27 pro?
duction was cut off entirely by the call?
ing of a strike by the Metal and Mine 1
Worker?' Union No. 800, a branch of
the I. W. W. Unreasonable demands
were made and refused, and the strike
call was answered by all underground
er.iploye?. The mine working? ?re be?
ing kept in repair by shift hoeses and
a few loyal workmen. The property is
in good condition to withstand a ?hut
alown. P'iiips are being operated with?
out lUturbance."
An official of the company ?tatet that
the miner? are returning to work and
that it i.s quite likely that production
will be brought up to normal in the
near future.
Bituminous Coal
Rates Readjusted
Washington, July 28. General read?
justment by .September 15 next of rates ,
on bitasainoss coal from mines in '
Pennsylvania, Maryland, West Virginia,
Virginia, Kentucky and Ohio to. Lake
Erie ports for transshipment by ves?
sels was ordered to-day by the Inter?
state Commerce Commission.
The commission held that, because
el abnormal conditions prevailing at
present, it could not determine the
res 'tiableness of rate? in effect, but
ordered the following adjustments:
I "in ? h a- t*Hnilari'l?e, Hocking an.l No.
ri.i .n ul-.ia. : uni. ie?a than from
?I.-- PUUbui-gh distract.
F roan th? Connclbvill? ilit.tri.'t ?', ccnta
Ki?at.;r than from the Pittsburgh diatri?!
friar: ? dbtrict H cents greater
I than th? Pitt?bu?-fh dii-trn-t.
I kJr-aea an .h.tri.-t, in U. ?
Virginia-?, Is C?ntl Kreattr lhaia from the
?Uatneta named lit ?11,a.
I ?rum the M'.yer-ilale ?Jintrict, 1*.
!frnm laati
. ille.
n tl.e ?' ?mla<?:lar.il-Pieilmiint district,
I In Pennsylvania, Maryland ami Was?! \u
gii.iu, 12 cents greet, than fn aa ;!.< .?"?ur
nia.nt dutrtet in Hi>t Virginia.
ai th? Kanavvala?, K.iii.va-Th?ck?*r
; and Kentucky diet nets li cant? uraiater
tlaa'i fn.ni the thr?-e Oi.in aintrict?.
Prop ?M N te? Hi4?'r and Pu.-!a;n;a? dis?
ta, na Virnjina. '.'. ? ?. Virginia, I '
? III.- ..a .ratal ?M ?<? ?
.
Charges lor line haul and dock ser
al present lumped in on? Agttr?,
irderod skews separately in th?
m *.v ta
Relevant Facts
Atlantic, fiulf and West Indies
-?leaniship I ine?.?Operating and other
income of ?iibsidiury properties for
Muy, which amounted to $4,U44,'-'"*.
howed a I'n'n of $'J80.0.">7 .-aver that
month in 1916, Net income after oper?
ating espenses, interest on the bonded
debt, reat?is, St?., totalled $1,007,782. a
Cam of ti 40,409. and a new high rec?
oral. This is the tir?t time in the com
? history that net income crossed
<l.laai.ooi). In July, Ifff, net income
amounted to $998,32?), the previous
high record.
.Norfolk ?V Western Railroad.?June
iiperating revenue*? aggregated $5,693,
;:'->, an incicase of 12 per cent com
parel with the corresponding month
if 191?). Operating expense? were $.'',
fMjk,nt an increase of 28 per cent. Net ;
income amounted t" tl?SMJUS), a de?
crease of 21 per cent from a year ago.
For the first SIS months of th? current,
year the Nurfolk system earned net
income of .-l".l.'.'t,M'.', ? decrease of 7
per cent compered with the correspond?
ing per'od of 191'V
New York Telephone ( ompany.?
??ro-? earnings *.n June amounted to
f;>.l0-..47ii. SS laSfSaSS over the cor?
responding month of last year of $501,
010. N.t ass $l,9''1,ll?'. an increa*e
of $145,9f?0. Net operating revenu? in
rsl sis months of the current year
-.Mounted lo $ll,'-2y,7t**4. ?n incre???of
1,830 over the corresponding pe
I of 1911
Springfield Body Corporation.?
Stock!" iden have approved a plan to
increase the capital ?tock to $3,250,000,
of which |TM-9M will be 8 per cent
cumulative first preferred stock, $1,
? - ner cerr. cunvalative MfOSd
tferrsd and $l..">i,o,'.")0 common. Suh
er i't;oi,a have been asked for the new
? preferred stock.
British Inland Waterways
Number Over 4,000 Miles
There are over 4,000 miles of inland
waterway? in Britain, and if the??
wera organised on a modern baai? much
of the congestion on the railway? could
b? relieved. It is possible to travel
from London to Manchester by eanal,
nnd it it only the ?ntiquated m?thod?
employed which m?k? th? undertaking
not a commercial ?ucc???. In th? mat?
ter el canal making CkitM led th?
world, and even to-day ?h? ?tand? f?r?t
among th? nations for the ?kilful utili?
zation of her tnUnd v.a*cr*\a> a. 'ne
0? the latest canal? tn Britain was ?on
itrtMted ?i the tim? of Napoleon, when
the Mythe militaiy canal wa? bui.t, ?o
?a to rat "if Itumney Mar.lie? 'r?ni th?
mainland. Thi? ?eherne, u wa? ks
heve.I. would ?ff?ctively prevent th?
Oor?ic?n from Unding in Kent. Dun
<4a? Advertiser.
_____^___ . ? ' -*
S^ alely
ccurcd
ervice
With a Guaranteed Income for Life.
Write today for booklet ''What Are Annuities?"
The NATIONAL Life Insurance Company
MONTPEUER VERMONT
_ T<
Energy Shown in
Developing Trade
With Far East
American ExpressCompany
Opens Branch Office at
Shanghai, China
American commercial interests are
developing the Far fatten Bald with
much energy. Announcement was mailr
yestenlay that the American Kxprcss
Company has ?Steaded i's organization
in that part of the world bv opening
an office at Shanghai, China. This is
the third office opened in the new ter?
ritory, the other? being in Manila and
Hong Kong. In Btpttttbtt it is an?
nounced that a fourth branch will be
opened in Yokohama, Japan. The com?
pany it? preparing to handle a large?
ly increased business through these
branches.
Interests familiar with the Far East?
ern territory assert that in a few years
American manufacturers may find it.
advantageous *o maintain permanent
stocks of merchandise in Manila from
which to supply the Chinese and other
markets in that hemisphere, without
the delay that ofte? takes place in till?
ing orders at the present tune. Cam
menting upon 'i' ; foetale, the Mer
chants' Association of Manila b |
following to say:
"Prior to ameritan occupation the
imports of American goods into the
Philippines ranged arouinl 1600,00
annum. The ?.?land? aiv at p|
using between $25,00< I ISO,
00 ?rerth of American pro
??ach year, but this amount la as noth?
ing compared with what it will be, for
the potential weattk I itched
and the purchasing power ?
??I? ?? . imall.
"U hen ths Phi
in agrtcull ?
onlj ? o h si al?
ready attained, i
thl ni of.!)
Porto Rico is now taking, it will mean
riie eeneumption of nearly
000 W?rth of Am?Mean products each
year.
"T1- ? will
control, for
ail articles inio.. -. i Philip
i . etc pi when
| from th,! United t>(
than they
man >? .?> that
tre ml
"1 itv< lepmi ni e III
ands to a point trhert thty tre con?
suming upward
(500,000 ? ?
nets mean that An1 I
urers v. ill be trarranl
mg permanent, stock? in Man.la from
which to supply ilii - 11 ide.
?*Th' ? .....
-erve the trtdt tf ?tuna and other i il
fattern teuntriesi tad an tdvai
??.ill lit at the hand of American com?
merce which it i:ol p.tastd ! ?
competitor, for i 0 Kurop. .,
???nil territory s?i favorably
ihu trade tf ? hicl il eontrt
?,.i- . ?uming ca?
pacity will compare with that of
Ian i? when developed.
"Thus the .'b?nese im-rchan* will be
?i,;. ? .
to two wi l?verai
-lonths to get from Europe or the
1'nited SUtet."
Tin Industry in United States
Depends on South America
I?? reviewing the fituntion ?I
country ^o far as thl supply of minor
li J5?i I i
E.W.Wagner&Co.
Established 1887
V? ?> Vori? .Vloia? F.si hangt
i, \ cl? Yort} Cetlem h'.xchang?
Memben: Vr? n,/,an? Ceitm* Eatnt
/< micnje fiiarj of J'raJt
Cbietge S'oclf /' schlinge
33 New Street .^r;;:::;') N?w York
ODD LOTS
Business in fractional
lots solicited.
Correspondence Infile?.
"Evening Stick lettir" tint gratia.
Fractional Loi Service
Order? executed in ?ny amount of Slock?
?ml j'ond? for caih.
**e carry 10, 20 or 50 ?hare lot? of ?<?
toned, stft ?lock?, dealt in on any of lh?
Exchange?, on margin.
On the ( onsulidated Exchange ?II our
1 order?, report? ?nd quot?lioni ?re lran*>miile?i
by ?ignil. affording in?tanl*neou? tervlce.
( eriined accountant?' ?lalenlent of audit
! of our book? publi?h?d quarterly.
Wilson & Chardon
Urn.1er. C0.,i?uu<lH?d HU?-k Y.i Isafe et N. T.
52 Broadway, New York
IVIrpbun-? llnmi 1*130.
Partial Payment
Combinations
gtu
Chan**? la? ? ?m
. . . fr?.??
Ill I In ''ircul-u?
M -? tod T-?i
John Muir & ?o.
***> smjoAUStt in ^
Odd Lots
HsaUier?? N. V. *?!???-t\ Kiebaat?
Mmhi ?Uli,?'. ?1 lir?n??????. N. Y.
-, l.nlyn
i . Navark.
?'.un
, ?
rr
A very intrrciting
Current Market
Review
jutt ittued
. .1-, .?.*<???' en requeit.
Toole, Kenry & Co.
, It i i hangt
. i,.?,?
Equitable Bldg., New York
DIVW'KND NOTICES.
WESTINGHOUSE ELECTRIC
.Ml \i II KIM. ( OMI'IM.
s, . . -.- per ttv.i.
?, . ?iMM'kN ?'?5<*'.t,
. ,i . Uat Jun? }i),
... : ? i ttoiMioitlera
i .
H A 1.17., *l*r??a?yr?T
metal? is com-erned, an article in
"lh.? Military H.st?inan and Eeono
poiata ojt thut fur tin w? ?re
virtually dependent on South Ani?rica.
I itkl | '?*s ui a few ton.?, ?nd ther?
? pttibilitiei in North Carolin?,
South DaWa and California. The
world- | tal ' induction in 1115 is
? Kl pouadi, and tur
impon line V'-ar at 116,<i3"l,
Agoree -?'? cer
ny we are
o , Bolivia and
China, which ihowa a' a ?.'lance how
. in the control of the
Pacific.
Significant Relations
Money and Prices:
Stock of money gold in the country. .
Loans of all national banks.
Total lesen*? O. c, cash in national
hank vaults and on deposit with
Federal Itexerve banka).
fiafio of this tola! reserve to grn.-.s
deposit liabilities of national banks.
Bills di*?r?.unted and bought hy Fed?
eral l{?'*aerv?' ??ankn.
Federal Reserve note-? in circulation..
Total gold reser.es .
Average price of 15 railroad stock? .
Average- price of 12 industrial ?tucks.
I'ood cost of living (Annalist index
number) .
Production:
Infilled I . S. Steel orders, ton?.
No?.
$3,088.711,272
M?? 5 i?u
$8,751,000,000
$2,33V,4t??Q|4
? a/??' tatUit
1.^25X00,000
11.7%
$3315;VoOO
?3015,000
. To? ?la* latfofa.
?08.78 10?37
06.75 96.'7
Tti? *-?k balnea.
265.014
?.?7.7.114
11,38.'; .287
'09,002
1,206,000,000
10.8%
A fOt ?4
$111,048,000
'M.fmoOO
M7-V1M.?00
A root *ta.
117 .'S
a ???r ta**
147.120
Pig iron ?daily sverafe), tons.
Active cotton spindle?. 33,463,940
11.386.591
ai
110,23$
Wheat crop, bushels.
Corn crop, bu?hel?.
Cotton crop, bale? (exr. Iintera).
Distribution :
Net ?hortase of freight cars.
Net ?urplu? of fr?ight cars.
639,C86,g00
2,5S3,241,()00
11,356,944
. a I
1C5.127
A - ? ..-.
9.?40.411
A ?? ?m
107,0(3
A ..i aam
33.459,160 32,261,114
"?raraaa? ??a?'? mom
;'i.uoo.ooo
3,05*.C*0O^Ot)
ii/?a,i7i
am i
148^27
,,roa? railroad earning?
- I -rit?
?
12.9?,
? a?
1.1'
Hank clearings . 43.8e.
rtaarrajae trnym
M >ntt? ?**
?la.
M7? r i ?
14.7?,
If. a,,M not?
Ta? ar-<* ttttrs
? 282?.
Commercial failure?
1,136
1.2*J?
* ron a-a.
j-m??
lut yomt.m.
Jan 1 tare
**i?r II
171 marta).
*n
laat '??v _
V??l ti*, ri?!?,
r25%
A iHiita
1.22?
?(.old held kf Reiaerve agent? against rirrulalinn Included In general
fund beginning June 23, 1917. For parpo??? of comparison It Is Incleded
In the 1916 figures.