New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-04
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

PaTdUT dpllS VI Cuii Ciit tiItCi col
for the Investor.
Now there is talk Of an all-year session
.,congress. Perish the thought. Business
"a the stock market are handicapped
enough as II Is
Sears Roebuck Earnings.
The reported earnings of Sears Roe
,,,ot A co. for August amounted to s5,-
sst 400 an increase Of 26.01 per cent over
,,g,st. 1911. The July earnings were
s.etA276. or 44.66 per cent increase over
,,lv 1911. Earnings for the eight months
- 1912 rs reported, are s49.922.165, a
iroip of 25.26 per cent for the same period
Of 1911.
American Can Company Busy.
An the plants of the American Can
ro,pauy are reported to be running at
Elcapacity, and earnings are said TO be
he heaviest in the history Of the COM
Amy There is hope expressed that the
company will be able to pay off back divi-
binds ia addition to the regular per
cent on the preferred.
iron and Steel Production.
& According to a report issued by the
United states Geological Survey the iron
ave marketed in 1911 in this country
amounted TO 4o9S9.SOS long tons. valued
At sS6.419.SS0 at the mines, compared
with 56,SS9.734 long tons, valued at S140.-
1a5sO7 in 1910. Minnesota and Michi-
gan produced the bulk of the iron ore, the
former 2S,39S, 400 long tons and the latter
seA.39S long tons.
production Of pig iron in 1911 amounted
No 23.o57,2Ss long tons, valued free on
hard at the furnaces at sS27.23A624,
compared with 26.674,123 long tons. valued
Al s412,162.4S6, in 1910. a decrease I'm
ausntity Of 3,416,SS5 tons and in value
ofss4S27.S62. Pennsylvania produced the
greatest quantity of pig iron, 1851 100
long tons: Ohio was second, with 5.971,-
s7s long tons, and Illinois stood third, with
s,03s.0s1 long tons.
Total quantity Of steel produced in 1911
was 23,675.5 sol long tons. against 26,os4,-
efs long tons In 1910.
Total marketed production OF iron al
loys. or ferro-alloys, in 1911 was 253,S7b
long tons, valued at sS,S77,S32.
Standard Oil Earnings.
Earnings OF the Standard OIL Company
and many Of the subsidiaries are shown
IN a booklet compendium published by
Z 4. Smithers & Co. New York. Ac-
cording to the general prospects as shown
by present figures, forecast is made
that capital increases and distribution
will be in order during coming periods.
Following are some OF the estimates
o. earnings given: Atlantic Refining Com
pauv. 200 per cent: South Pennsylvania
OH Company, $50 TO 800 per cent; Vacuum
oil Company, Is per cent; Standard OIL
Company OF New York, 100 per cent and
Standard Oil Company. of New Jersey
a. per cent. The Prairie on and Gas
Company. which paid q per cent divi-
dends last year and has so far declared
ls per cent this year. is said TO be earn
ing largely in excess Of current disburse-
fments. besides having derived much bene-
FIT from the advance in the price Of its
Scrude oil on hand.
Capital stock increases, from which
shareholders are expected TO benefit large
Is II is said. are likely 10 be made by the
Atlantic Refining Company. the Standard
Oh Company Of New York. the Standard
oil Company OF Kansas, the South Penn
sylvania Oil Company and others. The
y book value OF South Penn stock, based
upon its Settled production" is estimat-
= Cd at 81 800 a share.
August Failures Large.
There were l.lO2 commercial failures re-
ported TO r. G.. Dun & Co. in August, as
COMPARED with S26 in August. 1911, sl9 In
1910 and 81 in 1893. These defaults repre-
sented total Liabilities of Sl6.l5S,166, COM
pairing with Sl6,09S. 4sO in July and ST.
Sl7.7u in June Of this year, and with Sll,-
1851 IN August. 1911. and }l2,4i2,063 in
August, 1910. With one exception, that OF
1913 the months Liabilities were heavier
than for any August in fourteen years. The
failure exhibit does not as yet reflect the
Improvement which characterizes the
business situation at this time; II reflects
past, rather than present, conditions.
There were 2Ss manufacturing defaults
q considerable Increase over the preceding
three years-the total liabilities OF these
defaults being 81. Is, S4s. larger than for any
month Of this year. with the exception OF
February and March, and comparing with
s,2s,os8 IN August. 1911. and S75l,e4 in
August. 1910 The trading defaults num-
bered 7e5, q large increase over the corre-
spending month in the preceding three
years. The trading liabilities amounted
TO t7,22.305 an increase over the preced-
ilg. two months. but falling or as com
pared with the FIVE other months of the
year. The trading liabilities compared