New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-08-06

cor reading MacauIdy III d SIeVt'oI'
certainly a waste Of time TO have
Nracaulay read In Coney Island or in a
~-nu York streetcar, but she might have
80 "a the stock Exchange during the
1u,l hours and entertained the traders.
Good Railway Earnings.
The continued betterment Of Southern
Railway earnings shows the steady I'm
ARMAMENT Of the South. particularly that
oert OF Il contributing to the Southern
hallway traffic. The coming annual re-
rort of the road is expected to show re-
narkable increase In both gross and net
for the year This prosperity has caused
Investors 20 believe that the preferred
s,,aden6 will be Increased from to . per
amt before the end OF the year. The
latter part Of August, the next meeting
~ the board OF directors is scheduled 10
take place, but II Is questionable whether
any action on dividend increase VIII be
included in the AFFAIRS OF that meeting. Ii
che increase is made II will probably be
later this year.
Receivers Sale Of Land Company.
The Burbank Land Company, on the CO.
Iumbia River, embracing about li'Vw
acres OF land, will be sold at public auc-
,,on IN Walla Walla, Idaho, in September
This company was thrown into receivers
hands last December by the Farmers
Loan and Trust Company of New YORK.
on default of $4,000 interest on bonds.
Foreian Money Condition.
The following from THE siatist' OF
July q gives the view Of money condi.
lions entertained by close observers OF
the actual financial conditions ABROAD
ut is O remarkable thing that the rate
~ discount In the open market in Berlin
tor bills Of q months currency and less Is
NV, as low as II is in London. A month
.zo Il will be recollected, rates were very
materially higher IN Berlin than In Lon
don. for the liquidation at the end OF
1une had TO be provided Tor, and people
Looked forward to II with some amount
~ apprehension. The liquidation at the
end OF this month is exciting no uneasi-
ness Neither Is that at tho END or Au-
gust. Consequently, rates for q month
and less are very moderate. In Septehl-
her money in Berlin. no doubt, will begin
20 rise in value, for at the end or sep
tenber there will be another exceedingly
anxious liquidation, when the demand Tor
banking accommodation will again be on
an enormous scale and when naturally
therefore, rates will be very high
High Loan Valuation.
A striking Illustration OF the uncertain
~ Of land and timber values In countries
where colonization and timber schemes
are sometimes put through is shown In
report from Vancouver. The asset OF 1cS
acres Of timber land situated in Jackson
County. Ore, was used by one II. ~
SWAMI to secure loans OF $1,000 from Tue
Commercial Bank OF vancouver. Inc
Commercial Bank he's been closed ana
valuation OF the assets By the vancouver
supcrior Court places the actual Value ol
,be timber lands at less than 81 IL the
es.essed taxes for Iell. While the receiV-
sr,s report showed that the lumber cruised
"a oOo feet OF poor yellow fir and SSoVV'
Feet Of fair yellow pine, not being IN 'iio
timber belt Il was impossible 20 sell tHo
.,,,,her and the land IL worthless 1oI
farnins purposes. Another lot OF oregon
,i,cher land on which loans aYgrcsatihs
se ,Q1 y had been made was allowed 10
ca for q claim of so and interest thc
receiver reporting It not 70 be worth the
comparative pittance.
To Insure Bank Borrowers
Under this heading "The Fnancer' OF
Angus. 9 says that banks will no DOUBT
no interested in p new form of insurance
,,~o,sct,on which has been worked out FOR
tbeir benefit. and which viii be on the
,oA,ket very shortly. The plan Is tostereo
~, ono OF the larger Insurance corpora
tons Of the country, and reduced 10 II"
words makes possible temporary insur-
ance on the life Of a bank borrower sucH
policies are not unknown Ia tho BANKING
world. but under the system mentioned
fbe issuance Of protection VIII De In"o'
essy through the elimination or req tape
methods, medical examinations. ETC. ne
oouc;es VIII be given I'm blank 20 inc
hank, and the flling-in process VIII w.
ou,re no more time than IS taken In the
writing Of 6 note. The policy IS les'u-
,oste Insurance on the life % the Dor
rover during the existence or inc loai!'
runping from three months upward, ana
IS payable In full, 10 the face value OK inc
note. shouid death occur before maturity.
rho bank In this event simply surrenders
The note and collateral, Il any, TO inc
estate Of the deceased, the insurance COM
pany having assumed the claim. The fee
proposed r. 60 moderate al 70 constitute
a very light burden, amounting virtually
20 nothing moro than a fractional IN
crease IN the interest rates.
Sears. Rosbuek's Game.
From reliable sources the adVanced
statement OF earnings OF Seers-Roebuck
por July will show a gain exceeding -
nor cent over July. 1911 On the year
the total gain UP to July was about %
cer cent over the six months OF 1911.
'rhese earnings ore the normal Increase
and insiders say that any reduction IN
sxnress rates or the extension OF parceis
post Will materially add TO the next earn
,,gs NJ this big mall order merchandising
Establishment.
National Bank Figures
The total number OF national banks or
ganized ss Of record July 81 was 1880
after deducting 2,s3j, discontinued, ana
balance OF 400 with authorized capital OF
SOS435O 435 were left. The total circula-
ton outstanding secured by bonds was
S72c e23.l4s The total outstanding oank
circulation on July d was SA'sOo'sai'