New-York tribune. [volume], July 31, 1917, Page 8, Image 8

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

Image provided by: Library of Congress, Washington, DC

                
$100,000
SPOKANE, WASH.
4*/-?% Gold Bonds
DUE JANUARY t, 1962
Exempt from the
Federal Income Tax
Legal Inveittnent for
Savings Banks and Truit Fund?
in New York and MaisachuietU
Acceptable to the United
Statei Government ai Security
for Pottal Savingi Depoiits
Price par and interest
Asl fat circular 7? 814
Remic k, Hodges & Co.
Atcrnb-'i .V'-u lurk stock F.xchangt
14 Wall St., New York
Correfpon t"nis ;
R. L. Day ?Se Co. Boiton
T?M1D
CAPITAL
Capital it often ?poken of a?
"timid.' The inv'e?tor who
hoaids it, however, invariably
defeat? his own purpo?e.
The preten! opportunity it an
excellent one to obtain the safer
securities at attractive pnces.
To the threwd invettor who
realizes thit fact, we will glad'y
?end our booklet, "It Interest
Return An Index of Safety?" and
our 12-page monthly "Bond Top?
ic?."
Thit combination V-315 it
tent free on requett.
/JttB.ckmore&[q
. Ill BROADWAY, N.Y.
NEW ISSUE
State of
California
4-/2% Gold Bonds
Maturing 1923-1930
Eligible to secure Postal
Savings Deposits at 100% of
their market value not ex?
ceeding par.
Legal investment for
Savings Eanks in New
York, Massachusetts and
Connecticut.
Yielding 4.35%
S-- ! Iflfl SflltfiyUvfl C.rculir AK-1SI
The National City
Company
National City Bank Building
New York
EST\W F_ /????
HUTTON ?ftCO.
I lSaw Y-??**?. Cu-tctnnati
?.?????ri
r .v. i, i ... ?, ?te s m. hai?a<
I Kesv Y-jrk ('offon Kichang?
| C???*?n*4(it? Stock Erctiang.
L Chuago Board of Trade
THE RAILROADS
ere apparently earning Into
?VARASH A
toi M thl? ?took a? an
i:..???tm?nt ihoul?* ltiter.it you.
"COMIXd l VI.YTS,"
Our ???kly market llttfll,
lent u^?.n r.q.i' ?"..
:.?:?.? i
60 BROADWAY NEW YORK
i
Partial Payment
Combinations
.".'-? T< -k S*-"k y.x
thing? lr.\??a-' latloaa
to fit any ?living ? ?; ?
H"? v.p '?.?.'????l in (.'.reman
?
John Muir & (p.
** SPECIAJJ .75 IN ***
Odd Lots
Mrrr.t.rr? N. V Mo? k Kjrh-uig??,
Main Office. 61 ltrn?u!-ar. N. Y.
**4**** *\*}y*) ?" M i: ?.nu
A? ??-.ark
:,'' ,v'*,' '
a Up .i A?
"I
Coggeshall & Hicks
Mrr-il.?--? N?~r , ork Mock Fi? h-ang?
Investment Securities
128 Broadway, New York
Burns Bros. Ice Corp. Pid.
Marlin Arms Stock & Notes
Kiely & Horion
30 Broid St.. N. Y. Pkon?? Broid 6911
Ma-rk A. N?.l?I?- Tl.?*??d?.??- ( (?-.??? la
NOBLE & CORWIN
;-. IIr??ad ht. N?-?? lurk
Guaranty Truel Co.
National Park Bank
Lker-ly Nati. Barth, Rlghte
T?i4Vh.?a I 111 B??>?4
Wealth Markets
an
d Commerce
Finance - Economies
WALL STREET OFFICE: Telephone:
Mill? BuUdintr, 16 Broad St. Hanover 6514
Monday, July SO, 1917
Working under pressure the like
of which had never been experienced ;
before, the railroads have made
amazing progress in transportation
efficiency in the last two years. The ;
improvement has not been universal,
but a majority of the roads have
atad* some advance and in cases the
achievements have been really re- ;
markable. Not only has there been
very considerable improvement in ,
car performance?amounting in ;
tome instances to an increase of
more than 50 per cent in the average ;
daily mileage travelled by a freight
ear?but what is equally important,
there has been a substantial increase
in the quantity of freight carried per
car.
Two things have been accom?
plished in this direction which are
of interest not only because they
have made it possible to move the
vast bulk of freight which otherwise
would have literally overwhelmed the ?
country's transportation system, but
also because the experience gained
under the spur of necessity has
shown railroad managers the way to [
accomplish even greater things In
the future. The first is that aver?
age load of merchandise shipped in ;
less than car lots has increased ma- '
terially. The "L. C. L." problem is
perhaps the most difficult one the ^
railroads have had to face, and the
crormous number of shipments in
less than car lots has perhaps con?
tributed moro toward the car short?
?ige than any other single factor.
It appears from such statistics as.
are available, however, that the
average loading of "L. C. L." mer? I
chandise is now much larger than
wai the case two years ago and that
progress toward still larger loadings
is being constantly made. The sec?
ond development is that the average
loading in car lots has been heavily ;
increased. To a certain extent this
is due to the fact that the equipment
added in the last two years, being
well above the capacity of cars al- :
ready in service, has increased the
average of freight car capacity; but
more efficient loading of the freight
(has also played an important part
in the gain.
An instance of the improvement
is to be found in the latest monthly
statement of freight car loadings on
the Sunset lines of the Southern Pa?
cific. The figures, which are given
below, are for June. They show the
.".verage amount of freight per car in
that month contrasted with the cor
i responding period in each of the two
; preceding years:
Inc.'17
,?Av'ge load, tons?, over
Commodity. 1917. 1916. l'*15.'15, pc
?Brick.38.1 34.6 32.9 15.8
Cotton .17.2 13.9 13.8 24.6
Lumber.27.5 24.4 24.6 11.8
Mdse, "L. C. L." 9.0 7.1 5.6 60.7
Salt.39.6 26.6 24.2 632
Canned goods..23.1 19.8 16.5 40.0
Wheat.33.5 29.0 29.4 13.9
Ice.18.6 17.0 152 22.4
' Asphaltum ....32.9 25.6 17.3 902
Cement, etc...27.9 23.7 21.4 30.4
All freight_22.5 20.1 18.0 25.0
An increase of 25 per cent in the
load in two years is a noteworthy
record, and is, of course, above the
average for all the railroads, but it
is evident that there is still plenty
, of room for improvement. The per
cent of car contents to capacity aver?
aged 57.5 per cent in June, 1917,
against 51.2 in 1916 and 43.2 m 1915,
i'.n increase of 826 per cent for the
period. .More than two-fifths of the
capacity of the freight car is unutil?
ized, however.
Money and Credit
No important change was apparent
In the local money market yesterday,
despite the losa of about $30,000,000 in
cash surplus reported in the weekly
bank statement. Call money loaned
unchanged at 24 per cent at the Stock
Exchange and touched as low as 2 per
cent.
In the market for tlmo funds based
on Stock Exchange collateral rates
were steady. Loans against a mixture
of railway and industrial collateral
I were quoted at 4*ri per cent for ?ixty
and ninety day? and four months and
1*4 per cent for five and six months.
Ruling rates for money yesterday,
compared with a year ago, were as fol?
lows:
Yer-.terday. Year ago.
Call money-ZVs'/a ?****%
Time money a mixed collateral) :
60 day?.4'/2% 3 #3'/-.%
?0 day..4'/a@4%% 3 mV2%
4 months... 4!/2@4%% 3'/2'if4 %
4 to 6 mos... 4%**?5,/2% 3!/2@4 %
Gold Currents.?Arrangements were
made yesterday for further heavy gold
?hipmenta to Japan. At the Sub-Treas?
ury l*i,000,000 was transferred by tele
graph to San Francisco for Japanese
Lunker?, who are shipping that amount
of gold to Tokio. Late Saturday an?
other $3,000,000 was transferred.
Banker? withdrew $600,000 in gold
cola ttt-b-, the Sub-Treaaury jrriUrday
for export to Spain. They also took
$10,000 for shipment to South America.
Commercial Paper.?Tha market was
quiet yesterday, with a moderate vol?
ume of business moving at 4*4, to 5
per cent.
Official rates of discount of each of
the twelvfl Pe-Jera] districts are as fol?
lows:
Days
Over Over Over
15or loup 30up COup
less to .'?0 to ?"'* to 90
Boston. 3'/2 4 4 4
New York. 3 4 4 4
Philadelphia_3'/2 4 4 4
Cleveland. 3'_ 4 4 *V/Z
P.ichmond. 3|/2 4 4 4
Atlanta. 3'/2 4 4 4'/2
Chicago. 34/2 4 4 4'/2
St. Louis. 3!/2 4 4 4
Minneapolis.... 4 4 4 44/2
Kansas City_ 4 4'/2 4'/2 4'/2
Dallas. 3'/2 4 4 4'/2
San Francisco... 3'/2 4 4 4?_
Bank Clearing?.- The day's clearings
at New York and other cities:
Exchange?. Balances.
New York.$393.334,157 $43,470.472
Baltimore. 62->5.843 1,187,392
Boston. 33,397,259 9,876.466
Chicago. 21.724,400 4,129,295
Philadelphia.... 47,748,159 6,830,365
Silver.?Bars in London, 39 %d; New
York, 78*14 c?*nts; Mexican dollars, 60*4
cent?.
Sub-Treasury.? New York banks lost
to the Sub-Treasury $2,9H0,OOn.
Boston Bank Statement. The week?
ly statement of the Boston bankr. di*
eleeed n decreaso of BSfi49,000 in loans
and discounts. Surplus reserves
amounted to S17.291.0OO, compared with
$16,024,000 the preceding week.
The Dollar in Foreign Exchange
Another rise in Swiss francs at?
tracted attention in the foreign ex?
change market yesterday, the rate
going to 441 to the dollar, a new high
record for the war period. Curtailment
of American exports to Switzerland
through the working of the embargo
on shipments to neutrals is tending to
limit the supply of Swiss exchang?' in
this market.
Other exchange rates moved narrow?
ly in this market yesterday. Francs
were slightly easier, but sterling rates
firmly maintained. Russian rubles
held steady at 21.40 cents. The export
of $000,000 gold to Spain was without
effect on the peseta rate.
Closing rates yesterday, compared
with a week ago, are given in the table
below. American bankers have sus?
pended all dealings in German and
Austrian exchange, so that daily quo?
tations for either marks or kronen are
no longer available. Week
Yesterday, ago.
1 Quoted dollars to th? pound.)
Sterling, demand.$4.75 ?V $4.75''??
St*ling, sixty days_ 4.71'/2 4.71"-4
Sterling, cables. 4.76-V 4.75-;?
Sterling, ninety days... 4.69' ? 4.69*4
(Quoted unit? to the dollar.)
Francs, demand. b.763^ 5.757a
Francs, cables. 5.75*4 5.7478
Lire, checks . 723' 2 722
Lire, cables. 722'/2 7.21
Swiss, cheeks . 4.50 4.66
Swisss, cables . 4.48 4.64
(Qaflifli r.nt? to th? unit.)
Guilders, checks. 41*-? 41'4
(iuilders, cables . 41 ?'?? 41 f?
Ruble?, cables . 21.40 21.00
Btoekholm, kr., ch'ks... 32.30 31.00
Copenhagen, kr., ch'ks. 29.30 28.35
Pesetas, checks . 22.90 22.90
Below is given 'he current exchange
value of foreign mon?y in d?liera and
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint: Current
exchange Intrinsic
value. I
Pounds, sterling.$4.75.'- $4.86*8
Francs . 0.17.3 O.',?.-*
i Guilders . 0.4138 0.40 2
1 Rubles . 021.40 0.5 ? 2
I Lire, checks. 0.13 8 0.19 3
Crowns i Denmark)_0.29.30 0.26.8
'Crowns 'Sweden).0.32.30 0.26.8
The above rates express the cost of
foreign money in terms of *.he .'?
lean dollar. You buy an English pound
I sterling at, sav, $4."''A. The intrinsic
! parity is $4.SG*'? per pound. Thus, you
say either that pounds are at a cue
count or that dollars are at a pre?
mium, which is owing to the fact that
in England the demand for dollars
with which to settle accounts in this
country is grenter than th'.? demand in
; this country for pounds with which to
settle accounts in England.
Three Years Ago
In Waif Street
Tluco years ago to-day the Xew York
Stock Exchange closed its doors to pre?
vent disaster for ninny of its members.
This decision was reached following a
conference of leading bankers in the
offices of J. P. Morgan & Co., whose
wishes were communicated to the gov?
ernors of the exchange just prior to
the hour for opening.
The previous day, July 3o, 1914, these
Rame benkers expressed confidence that
the great European war would be
averted and that the financial stability
of America would be sufficient to take
care of the flood of foreign selling that
had already carried security ?rict?
down to a level which threatened ruin
to many. That the decision to close
the exchange was a wit! one was evi?
dent on August 1, when Germany de?
clared war on Russia. Then followed
in quick succession the entrance of
France and England into the war.
An indication of what might have
happened to many other firms was
found in the efforts of the Cotton Ex?
change to remain open. Before the
noon hour S. II. P. Pell Si Co., heavy
traders in cotton, had gone to the wall.
Flower A? Ce. also failed.
It was not until tue following De?
cember that the Stock Exchange re?
opened for normTi! business dealings.
Unauthorized dealings in listed secur?
ities in the New Street market had
shown that the danger of heavy ?ni?
dation from abroad had passed. Sub?
sequent developments, including the
boom In the "war brides" and the
events leading up to the "peace panic"
of last December, are now Wall Street
hiitory.
Shortly after the reiumption of busi
neii on the exchange prices started on
an upward movement to discount the
prosperity expected from war order?,
wh'ch in tho case of most companies
did not materially? to th?' extent pro?
claimed. From th?**e high IflVflltj th. re
was a severe decline, particularly
marked lute last year, wkee Germany
made her so-called "peace proposals."
Prices are now somewhat up from
th? low, but only in a few cases do
tr.?y approximate th? l?v?l of th? war
boom period.
Carranza Seizes
Gold of Banks in
Mexican Capital
$20,000,000 Taken to Pay
Federal Army; Condi?
tions Now Chaotic
Gold coin worth $20,000,000, held in
? the vaults of the two largest banking
1 institutions in Mexico, has been com?
mandeered by the Carranza government
' for use in paying the Federal army
and meeting other expenses. This was
learned yesterday from a New York !
banker who has Just returned to the
city after a stay of several weeks in
Mexico City. He describes conditions
as exceedingly chaotic, with indica?
tions that such apparent improv-ment ;
as has taken place is merely of a super?
ficial charncttr.
Tho bonks which have lost practi?
cally all of their metallic reserves '
through the seizure of the Mexican
government ore the I'anco do Londres
JT Mexico and the Raneo Nacional de
Mexico, in Mexico City. The former
institution had $16,000,000 of gold coin
taken from its vaults; the latter $4,
000,000, Carranza officials obtained ac
i cess to tho bank vaults, withdrew the
! Kold stored there, and offered paper of
? a doubtful character as security. Pre
1 vious to this action the Mexican gov
| eminent had increased the reserve re- i
: quin-nii-nts of the banks in the coun-I
I try to a point which made it almost
impossible for them to do business,
j This Mature etas directed principally!
I at the Banco -Nacional and the lianco i
i de Londres y Mexico, both of which <
' have in the past held the privilege of
a note issue.
According to the banker, who was !
i in a position during his stay in Mexico j
I City to learn intimately of the finan- |
I cial situation ihcre. the Carranza gov- i
| rrnment is now running behind at the i
rate of ebon. >2.i>00,000 a month. Diffi- ?
culty is being fourni in obtaining the a
nece-sary cash wit!; which to pay the
Carran/.:i army. This has led the Mex?
ican government to look for a possible
loan from the I'nited States, as it is
admitted in Mexico ( ity that it is im?
possible to float a loan in Mexico.
It is stated that unless the ?arranza
government is able t<- raise the funds .
needed to pav the r.rmy and meet the
monthly deficit there is grave possi?
bility of disaffection among the troops
and generals, a development which
mipht threaten the control of the gov?
ernment now in power.
Relevant Facts
Bituminous Coal Production.?For ?
the week ended July 14, bituminous
mines in seven states produced 77.4
per cent of their full time capacity,
according to statistics compiled by the
Geological Survey. This compares with
7C.5 per cent for the week ended July
7. The causes of the loss from full
time capacity, expressed in net tons,
for the week ended July 14, are given
? ; ?llowt: <;ir shortage, 1-S4I tons;
labor shortage, 14,201 tons, and mine
disability, 11,721 tons.
Savage Arms. It was reported yes
t.niay that this company has received
ar. order from the United States gov?
ernment l'or a lar^e number of Lewis ,
i michino guns. It la understood the ;
order calls for between 10,000 and 15,- !
! 000 of these guns, involving a coat,
including extra parts, etc., of around
$20,000,000. Th? company has orders
already on hand for moro than 10.000
machine gun*. The present con?
tract is the largest ever received by
, the company.
American i*.rai?n.--I>ireetor3 have de?
clared an extra dividend of 11 per cent
along with the regular quarterly pay?
ment of l'-i per cent, payable August
15 to stockholders of record July IL
, This is the same amount in dividends
as was paid three months ago.
Jfwcl Tea.- Total ?ales for the four
week? ended July 14 amounted to $1,
? 140,012, an increase of $223,859 over
! the corresponding period in 1913. For
th? twenty-eight weeks ended July 14
sales totalled *":**,253,881, a gain of $2,
. 173,8.**' '?? ??'?
Chesapeake & Ohio.?Officers and di-1
rectors of the Chesapeake it Ohio Rail-1
road will formally open a section
the newly constructed Chesapeake
Ohio Northern Railway to-day. Up
this time the Chesapeake ?t Ohio 1
had no connection of its own with
controlled property, the Hocking V
ley. The new road will till this g
with mnety-three milec of line fn
Iaimeville, Ky., northward to Columb
Ohio. The section completed txten
from the main line, thirty miles nori
ward to Waverly, Ohio, on the Norfc
& Western. Pending the building
the remaining mileage, the Chesapea
& Ohio will operate its trains fn
Waverly to Columbus by tracka
rights over the Norfolk & Westei
The new road has cost $1,000,000, :
eluding $1,500,000 for a bridge acre
the Ohio River, The estimate.! COOt
the entiro line is about $10,000,01
The funds so far expended were c
tained by the sale of the Kanawha
Michigan to the Toledo & Ohio Ce
tral. The building of the northern s?
tion of the road had to be deferr
because of the difficulty of raising: m
railway capital.
I'nited States Steel.?-The comm
stock closed strong yesterday on pre
pects that the earnings of tho compai
for the June quarter, to be publish
to-day, would be far in excess of ai
previous showing. Estimates in t
Street placed them all the way betwea
|1S0,000,000 and $140r000*)00, compara
with $113,121,018 for the three mont
ended March 31, the previous high re
ord. When the directors declared
special Red Cross dividend of 1 p
cent early in June it was announc?.
that at to-day's meeting tho reguli
quarterly payment of l1. per cent at
3 per cent extra on the common shan
would be declared. For c.is reas<
yesterday's interest in the acion of tl
stock was centred in '.he question i
earnings rather than dividends. Tl
closing price was 1114'/j, up IV* point
Marconi Wireless Telegraph Cor
pany, Limited.?Net profits for 191
were $318,000, according to the con
pany's annual statement of earning
At a general meeting sche.luled for Ai
gust S directors will recommend a fini
dividend of 10 per cent on the ord
nary shares and 5 per cent on th
preference shares. This makes a paj
ment for tho year of 15 per cent o
the ordinary shares and 10 per cent o
the preference shares. The directoi
will also recommend that $32,000 h
placed in the general reserve and $380
000 be carried forward to profit an
loss acount.
May Do a Trust Company Business.
The State Super r.tendent of Banks yes
teiilay grafted the Corporation Tru?
Company .*. certificat? of authority au
thonzing it ta? transact a general trus
company business. The authorize
capital of the company is $500,000.
P?re Marquette. Operating gros
revenue in June totalled $1,915,584, ne
revenue was ?''a24,130 and the surplu
af'i r interest charges amounted t
$320,670. The report for tho thre
maarths ended June '?0 gives total gros
revenues of $8,187,880, compare.! aritl
S",477,071 in the corresponding quarte
?n litlil. Net rever.ues increased iron
$1,8182241 a year ago to $$442,888, an.
surplus from $889416 to $1,018,373.
ltern.iilon.il Traction Company.?/
new loan of $2,000,000 collateral trus
?*a por cent three-year gold notes an
being offered by E. H. Rollins & Sons
Price yields 1.68 per cent. The entiri
capital stock of the International Trac
tion Company il owned by the Interna?
tional Be lway Company.
Interborough Kapid Transit Com
pany. The company has been author
ize.l by the Public Sffhriec Commission
to issue $28,068,000 in ."> per cent bonds,
dated January !, 1913, and maturing
January 1, 19*88. The bonds are to be
issued under the company's first and
refunding mortgage, dated March 20,
1918, They are to be sold to net not less
than 981*1 per cent of the proceeds.
12290 to be used to pay cost of
equipment of the rapid transit rail?
roads constructed unaler the dual sys?
tem contracts, for operation by the In?
terborough Hap..l Tri..-.si: Company.
1,498,710 for expense of sale of
bonds and for discount.
The bonds are to be amortized out
of incomo through the operation of the
sinkiig fund provided for by the first
and refunding mortgage. The com?
mission retains its right, under the
ciual system contract, to contest any
Item of expenditure charged by the
company. The bonds are to bo issued
prior to December 31, 1917.
The commission also resettled its
order, ??sued May 25, 1917, authorizing
the Interborough Rapid Transit Com?
pany to issue $ll,4.'.''a.|J"0 in bonds to
pay the cost of plant and structure and
of equipment of the third or additional
tracks upon the elevateal lines of the
Manhattan Railway, leased to and oper?
ated by the Interborough, and also the
cost of plant and structure and of
equipment of the extensions of ell
lines.
Significant Relations
Money and Prices:
Stock of money gold in the country..
Ixians of all national banks.........
Total reserve (I. e., cash In national
bank vaults and on deposit with
Federal Reserve banks).
Ratio of this total reserve to gross
deposit liabilities of national banks.
Bills discounted and bought by Fed?
eral Reserve Banks.
Federal Reserve notes in circulation..
Total gold reserves.
Average price of 15 railroad stocki..
Average price of 12 Industrial stocks.
Food cost of living (Annalist index
number) .
Production:
Unfilled U. S. Steel orders, tona.
1'ig Iron (daily average), tona.
Active cotton rpindles.,
$3,083,7..,272
M?y 5. 1?17.
$8,751,000,000
A yrsr ?i?
$2,331,494,834
$7,606,000,000
1,525,000,000 1205,000,000
11.7% 10.8%
I .?it week
$333,556.000
534,015,000
1,352263,000
Tiie da? tx?for?.
108."*8
96.75
YrOr.laj
109.18
96.98
I.aai aw '..
261254
11.383287
109.002
33,463.946
Th? ??f?k Mm
267.114
A . ? ?r if ?
$111,048.000
15? <-? 90.000
*4/'5,iG6.0O0
A j.ar ??o
117.10
90.71
A ??*?r ??n
168.609
Wheat crop, bushels.
lorn crop, bushel?.
Cotton crop, bales (exe. Unters).
Distribution:
Net shortage of freight car?.
Net surplus of freight cara.,
> Jlrlrt
639,886,000
2,593,241,000
11,356,944
Juna 1.
105,127
11.886,591
M.)
110,238
33,459,169
Pi?i
Mar 1
148.62?
Gross railroad earnings.
Hank clearinga.
Commercial failures
.-Ir.rr.u?
Tl.lr I ?.<?<?!<
?f I i.v
? 16.2"
L-.-I wrr.
-t 28.7%
Mat
1,186
d*?*r.aa? frota
Month of
May
U7? laathi,
-r 14.7%
MM rri>ta
??*?? k rrfnre
? 43.8%
Ma,
1,2*6
1:
9.640.4b3
? I u ?? i
107.053
32.261,694
lo .?'obo.ooo
3,055.0?O,0?00
11,068,173
A/??r ??i
33,361
lut ?ar
Jan 1 la
Ka
UN r. K_|
-9%
u?t ????/_,
Yrar i?? dat.
-25.1%
A )???- ??-,
1227
?i.old held by Reserve agent? against circulation included in general
fund beginning June 23, 1917. For purpoae? of comparison it 1? included
In th? 1916 figura?.
aaaaaa
Liberty Loan
Instalment Nets
Only $21,000,000
New York District Turns in
Little New Money, Having
Anticipated Payment
Only $16,000,000 in new money was
received by the New York Federal Re
I serve Bank up to the close of business
' yesterday in payment for the 20 per
! cent instalment duo on the Liberty
. Loan. Including receipts which came
in too lato for tabulation and those
; which are in the mails, it is expected
1 that the total will be increased to $21,
I 000,000. Had it not been for the fact
! that $550,000.000 of the $t'>21/)0,000 of
'?? the bonds allotted to this district had
' previously been paid in full the instal
; ment due yesterday would have called
for $124,200,000. Payment has been so
fully anticipated, however, that only
$45,000,000 remains to be paid in this
1 district, according to figures made pub
j lie by the reserve banks.
Of the total issue of $400,000,000 114
i per cent treasury certificates of indebt
I edness which matured yesterday $12'',
: 000,000 were payable at the New York
! a.csa.'1've Bank. A large share of these
! certificates was exchanged tor the per?
manent bonds.
The life insurance interests of the
United States subscribed for or in?
: duced others to subscribe for $98,000,
; 000 worth of Liberty Loan bonds, ac
; cording to a report by Lawrence Prid
? dy, vice-president of the Nation
I ?ociation of Life Underwriters. Of this
. amount the bond sellin*?, campaign of
the association returned $30,000,000
in subscriptions. Tho old lino life
insurance companies and their em?
ployes subscribed for about $08,000,000
I more.
I There have been no recent activities
I on the part of New York bankers in
regard to the next instalment of the
; Liberty Loan, which is still expected
to be offered In September. The ftp?
I apathy here is not due to any
I disinclination among members of thi*
Liberty Loan Committee to begin the
new campaign in earnest. As one
1 banker put it yesterday, "We are await?
: ing tho signal from Washington before
' we c ?heed."
Year's Foreign
Trade Valued at
$8,900,000,000
Export Balance in Fiscal
Year 1917 Exceeds
$3,600,000,000
Merchandise, coin and bullion to the
aggregate value of more than $10,000,
' 000,000 passed through the custom
houses of the United States in the fiscal
year which ended June .30, 1917. A
' compilation b*, the .National City Hank
lot New York, compering the trade of i
| the country in that period with the Steal
? years 1916, 1915 and 1914, shows that!
, the total of all in 1917 is in round terms
: twice as great as that of 1914, which
, immediately preceded the war. The
I total of imports and exports of mer?
chandise in 1917 is set down at $8,900,- !
. 000,000, against $-5,531.000,000 in 1916,1
$4,443,000,000 in 1915, and $4,259,000,
000 in 1914, the fiscal year which ended
only one month prior to the beginning
o?: the war. The gold and silver im?
ports and exports of the fiscal year 1911
a-?rep-ate ?1 ,:;*_?.'.-t.OOO.
The foreign trade in merchandise
? alono in 1917 was double that of any
year prior to tho war, the 1917 figures
being orticial returns for eleven months,
and an estimate for June ba?ed upon
, that of the month immediately preced?
ing, la.iports are set down at $2.''.34,
; 000,000 in tho fiscal year 1917, against
$1^94,000,000 in 1914, a (fun of $740,
; 000,000, or 40 per cent, in tne three-year
period; the exports are set down at $6,
280,000,000 In 1917, against $2,365,000,- ,
( 00 .n 1914, a again of $'',915,000,000, or ,
1 tho total trade at $8,
$14,01 ..as*. $4>2S9,000,000, a
gain o? $4,656,000,000, or 109 per cent.
Trade in War Good?
The fact that the export trade of the
? country h.'is increased only loo per cent
In the three years of the war will
1 donbtleai be ?? surprise to naay who
of growth :n ex
upon the frequently published
ligures showing enormous increases in
a articles, especially those re
qnired for war purposes. Explosive?,
tor example, show total exports in 1917
? moro than 100 tinte? us great as in
1914? horses and mules twenty time?
fta great; Mgni thirty-five times as
much in value; firearms thirty times as
great; zinc and brass sixty times as
I much in value; commercial automobiles
*.;:nos, and eondonoed milk twenty
times as much in value us In 1911.
On the other hand, cotton?always :
an important factor it. our ?*xport
ihowi an ftctoal decline, havinr*
been in 191.') bat
00,000 '.:: 1911. Naval ator.'S, fta
important item in our export trade, in
? 1917 are much below tne figures of
1914 Agricultural implements exported
In 1917 aro about two-thirds as much
in value as in 1914; hides and skins
show a falling off of more than one-half
?B quantity exported in 1917 when com?
pared with l'.'M; sewing machines .;i
1t>17 a little over that of 1914, despite
the fact that values of all machinery
a iron anal steel have necessarily
greatly advanced meantime; illuminat?
ing oil in 1917 materially less than i.i
1914 in both quantity and value; cot?
tonseed oil in 1917 less in quantity
than in 1914; tobacco a slight reduc?
tion in 1917, compared with 1914, and
of lumber in 1917 a reduction of over
one-half in both quantity and value
when compared with 1914.
Food Kxports
The great increases occur in food
and war material. Wheat and flour ex?
ported in 1917 amounted to $388,000.
000, against $142,000,000 in 1914- corn!
in 1917 to $76,000,000, against $7,000,000 ?
in 1914; meat and dairy products in
1917 ?approximately $400,000,000 against '
$146,000,. in 1914; eondonted milh in I
1917 t i $.3,000,000, against hut a little i
1.000. in 1914? ingar la 19171
$71,000,000, against less than $1,000,0001
in 1914; leather and manufactures'
thereof in 1917 $150,000,000, against
$57,000.000; brasa and manufacture?
thereof in 1917 $689,000,000, again?t
-ORDERED OVERSEAS"
is a booklet telling how a banking house with
branches in London and Paris can help in this
emergency.
We believe that Americans in England and
France will find the use of our facilities a great
convenience in transacting business and for?
warding mail.
Copy of this booklet will be mailed without charge
to those interested.
Bonbright & Company
I.-i<-.>rp.->r.v 1
Nassau & Cedar Streets, New York
LONDON PAMi
William P. Bonbnght A Co. Bonbright A Co.
$7?i00,000; zinc and manufacUii?
., against less than $1.000.000;
copper approximately 1300,000.000
against $140.000,000; gunpowder. ?..??'
000,000, against less than $1,000,0<0;
commercial automobiles, $43,000 000
against $1,000,000; tinplates. $28,0W.
000, against $3,650.000, and iron en?
?teel and manufactures thereof, $1.11?,
000,000. against $251,000,000 111 191?.
On the import side the increase oe
curs chiefly in material for manuiaet
tiring. The total importation of rae
materiel for use in manufacturing 1
1911 ia $1.100,000,000. against $694,000,.
000 in 1914; of manufactures for use
In manufacturing. $?166,000,009, rtgeinet
$619,000,000, while manufactures ready
lor DM show a fall amounting to but
$370,000,000 in 1917, against $449,000.000
in 1914. RaW cotton imported in 1917
la -?:'7.000,000, against $19.407.000 in
1914; raw silk, $166,000,000, against
S97.S28.000; india rubber, $1M,OW,000,
against $71,220,000; hides and skins,
7*2l!"?,O0O,0OO. against $120,290,000, and
copper, $122,000,000. a-rainst |64^9af|000.
Sugar in 1917 is $237.000.000, against
SUM,(549,000 In 1914, ami coca-?. $40,00 I,?
000, against $20,79\OnO it; 1014
The movements of th?* precious
metals for the fiscal vcar 1917 were is
follows: Gold imports, $977.17'".,OOii; ax?
perU, $291,921,000; exeesa of imports.
$685,255,000. ST.ver imports, $35,004,
000; exports, ?7*?,2**<i.OOO; excess of ex?
ports, $43,276,000.
roreign
Leadea .Market ("uict. London, July
30. ? Money i??i plentifnl and discount
rates were quiet to-day. The iteck
niai kit eontiinufld on a quietly
course, with sufficient business to main?
tain gilt edged leeearitiet?. The feat?
ure of tiie trading was a recovery in
Br?silien li uei following a rise in
exchange. Shipping, oil and various in?
dustrial nhari's were the most active on
provincial buying. Rubber stocks wen?
tteedy and Maiconi? firm. American
Ktcuritiei were dull throughout.
I'ari? Bourse.?Paris, July 30.?Trad?
ing '.?s quiet on the Bourse to-day.
. nt rtntea. Il francs 15
? eaih; ?.-xchange on
don, 27 frar.es ll centimes; 5 per cer.t
? frenei TO centimes.
Corporation Returns
?' hicago. St. Paul. Minneapolis A Omaha
1917. 1916.
Juna gro.?? .$ 1.792,920 $ 1.614,545
Net after tax . ??43.708 527.26.'
?'anadian Pacific
1916
June gros? .$13.556.980 S11,892,610
tie* alter tux _ M16-9M 3,639.633
Canadian Northern
1917. 1916.
.Tune ?-ros? .$ 4.04S C00 $ 3.377.200
Net . 1.037.?.0 935,000
Mobile ? Ohlfl
1917. 19*6.
June gross .$ 1,234,519 $ 1,021.010
Net afier tax _ 376,674 344,6**6
Cona. C.??. El?*. Light & Power Co. of Bait.
Report for the three month* ended June
30 compare?? as follows
1917. 191?.
Yhree mos.' gro?s$ 2.161.493 $ 1.848.444
Net after tax- 1.007.295 852,728
Surplu.? after chgs 53:. MB 480,690
Dividends
I'.i?k?*|| A Barker dr.?Regular quarterly
dividend of 7!? cent* a share, payable October
- to t-u.ckholder? of record September 13.
National Acme.?Regular quarterly divi?
dend of T.*? c??nt? a share, payable September
1 to itockho! ler.s of r?*cord August 15.
Jefferson A Clearfleld Coal A Iron.?Regu?
lar Itinil flllBUfl* i!!\ ?.lend of '.;.. ; er cent on.
th.? pr?*?rr?d stock, paayabla August 13 to
stockholders of re.-ord August I.
Cripplo Creek Central Railway.?Regular
? i!:vil.i..| of l1 . 1 it flaut M Mam
Mi n ?ir: 1 1 par ?-.-:it on iret'erre-l
payable September 1 to itockhoktori of record
'. 15.
Boston Klerated Railway. Quart.-riy divi?
dend of ? 1.50 a share, payable August 15 to
stockhol.il*:-. ..f r.o.r.! A;:o.j?t J.
Pennsylvania Coal & Coke.?Dividend of
? flflat on the common stock, payable
August 10 to stockholder:? ol* record Au- ?
gust 6.
Rond and Mortgage Guarantee. ? Regular
quarterly dividend of 4 per cent, payable A
gust 15 to stockholders of re-cord August 8.
Interatute Electric- Dividend of 1 per cer.t
on the common Itoek, payable August 1 to
stockholders of r??eord July "4.
Detroit United Rail" ay.?Regular quarter?
ly dividend of ?J per cent. payable September
1 to stockholders of re. ?ud ?VllWl l'"?
1'-..fed Drug. ' .- qaartorl) ?livide: I
if \\t\ per cent on the second prtferrad
??took. pa>able September 1 to ltd
I August 13.
Craa? Cr?**k Petroleum. ? Regular .uarterly
dividend of 3 per cent and 7 per cent extra,
payable August 15 to stockholders of record
August 1.
Current Comment
The situation in the petroleum in?
dustry in California il the cause of
considerable anxiety. During th.
months ended June 30 the production
lor the state was 47,57*D,yOt5 barrels,
an average of ?J?2.IS23 a day. In the
samo period, however, total crudo oil
stocks declined from 44,03ti,190 bar- |
reis to 37,020,:*63 barrels, a decrease ;
of 7,015,027 barrels, or a daily average
of 38,762 barrels. With consumption
already so far ahead of production and
new consumers being added constantly
it is evident that ways must bo found
of bringing in new wells and increas?
ing the supply if the industry is not to
suffer through shortage ef oil. The
lands withdrawn by the *7v.ent
should be put into pr. . u ..?
under leasing arrangement ttaa
if this were done the problc:.. of ob?
taining casings and other lupplies
would remain to b? solved.?-American
National Bank of San Francisco.
Argentine
Government
5% Gold Loan
of 19C9
Denominations
$100 and $500
Price on application
Hartshorne & BatteUe
Investment Securltle*
ftUaaber? **?* v rh B( eh Kxrhaai?
25 Broad Street, New York City
The PARTIAL
PAYMENT PLAN
Th** simple method <?f pur
chasing stocks and l">:i(!s
l>y m-ikin;* m small fir*?t
payment ami <*<?n\ ?nient
monthly installments for
I the balancx* is int.-: ' .ug?
ly eiplnin?ed in ? booklet
?rfaich will be lent upon
I request.
I'nder this plan you may
divide your Investment
among several ??-aunties.
? Dividends o7i itock and
interest on bondl will be
credited toj on v.-lnleconi
pleting payments.
?tkjbr BaaktaiS-B "Partial
Pay nient Purchases"
Member? Sew Vor- S' W? Eichwue
42 BROADWAY NI 1 YORK CITY
'i'^itT:. "3fli
Fracfional Lof Service
Order? executed in ?ay ?nount of St-****"*?
and Bends fajr cash.
Vt'e carry 10. 20 or 30 share lot? cf Mi?
sa ned. safe ?locks, dealt m M auj cl m
Exchanges, on margin.
On the Consolidated Exchange **\j*]
orders, reports and quotations ?'* trantiart**'
by signal, affording instantaneous ?errat*
Cerli?ed accountant?' statement of ttm
of our books published quarterly.
Wilson & Chardon
Ucmbtr? C< .'.?'f1 Bl ? ri * a I? ??* "*? **
52 Broadway, New York
l>lri?ho:iF? aUrou.l 1S30.
a-ianry Clews & Co.
It, it, : 11 ?ad II i'??.? ?*?'? fT M%
KBOUM N V. STOtK KXl'HAWa
Stock?, Bond? and lavestatat **<*j2
bought .?.rid sold on commiision. Also **?"
- conservative term?. Deposit mtmM
received subject to cheik ?t a:ghl.
Interest paid on daily balan.es.
BKaiNca om .?
too tsif,?, Ave ?;5 Th'.rd A*?
wtway
Sqoon 1? O - ' -** B,J^
i?i?
7.:: Fifth Ave.
'
R.CMEGARGEL&Ca
Mrinbrra Nf? \-.rl. *?1?>? k "t.t?-??*???*>,
Investment
Securities
27 Pine St., New York,
ItlF.KKll I*?*-"
Union Ti ust Co. of Ksw York
80 Broadway
riflb At * 3'Ul ?t. tt-mn A? * ***** *
Allovta Inlereat en Depoii?*
Acts at Eitenttr, GBiriiin, Trittst, **>