New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-01
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

Tor me investor.
Newspaper reports say a long haired
man from Montana had all his money
taken from him IN New York. Can I
blame Wall Street in this case, stock
market IS or a holiday.
Bankers Convention Programme.
At the opening session Of the annual
convention Of the American bankers AS
ISOLATION, TO be held in Detroit on Sep
tember 10 and u. addresses Of welcome
7ill be delivered by Governor Osborn o.
Michigan; ". =. Thompson. Mayor OF
Detroit; George II. Russei, president o.
the Detroit Clearing House, and Homer
Warren, president of the Detroit Board
of Commerce; Rotert j. Lowry. president
OF tl1e Lowry National Rank. Atlanta, re-
spending for the association. After the
annual address o: the president and the
annual reports OF other officers and OF
committees OF the association, Robert W..
Bonynge, OF Denver, will deliver an ac-
dress on Banking and Currency Re
form" At the afternoon session reports
will DO submitted by the various sec
tANilo oAiN W cPNtIdi NV.AbHNNSN'i "HN
Il. Townsend, United States Senator from
Michigan, will address tho convention. AZ
the morning session on Friday. the 18th,
Charles a. Conant, OF New York. VIII
speak on Land and Agricultural Cred
it's" and Andrew NJ. Soule. of Georgia,
will mako an address, TO be followed By
the report Of the committee on agricult-
ursl and financial development and edu-
cation. In tho afternoon reports viii be
GERS will be elected
Dividends Declared.
The q. ewing dividends have been de-
clared: H. !. du Pont de Nemours Pow
der Company, regular quarterly . per
cent and extra J per cent on the common
stock, payable September 49, and q o.vi-
dend Of ~ per cent on the preferred.
payable October Is: Hsrwood Electric
Company, initia. semi-annusl per cent
on the preferred stock. payable septem
Der s; Celluloid Company. regular quar-
terly Ia per cent, payable septembe, .;
West Penn Traction and Water Pow sr
Company, quarterly III Per cent Oh the
preferred stock, payable September IT,
Big Now Tsxss Enterprise
Further details of the plans announced
a month or two ago for developing . large
sulphur property in Texas and creating
port near II, at the mouth Of the Brazos
River, have been made public. The lead
Ing member Of the syndicate controlling
the enterprise is the local banking house
Of 8. NJ. Swenson & Sons, with National
City Bank and other large interests
among its associates. No wharfage
charges will be levied at the new port,
which is to be called Freeport. and which
the syndicate hopes will become con-
siderable shipping point with the opening
Of the Panama Canal The new town Will
be formally opened on November %. The
syndicate plans the installation Of vari-
ous industries there, and the Freeport
and Mexican Fuel OIL Company Of Tam
pico has already arranged for building
storage tanks At Frceport. The extensive
sulphur deposits, which are a few miles
from Freeport, Will soon begin TO he
worked, as the plant for recovering tho
sulphur is practically completed. Oh
from the Tampico fields viii be tho fuel
used In operating tho plant.
VIII They Succeed?
In their weekly letter Henry Clews g.
Co. have the following:
At last the United States appears about
ready 10 take its share OF the worlds
commercial activity. ono great onset 10
political disturbance is the unusually
bountiful harvest now practically assured.
TINS Is tho best diversion from politics
that could have happened. In all perts or
the country merchants sre preparing 10y
active business this autumn. Factories
are already filed with orders TO supply
anticipated demands. The steel industry
shows srester activity than ever. and y
in sight. The demand comes chiefly from
railroads and new building enterprises.
Railroads are sure 10 be heavy buyers
for long period ahsad, simply TO satisfy
imperative demands for better equipment
and better facilities az terminal points.
This condition also Will compel tho rail-
roads TO make large additional capital ap-
plicatons during the next few months.
How they VIII succeed, considering the
high rates which new capital nov de-
mande. remains 10 be seen.
Higher Railroad Efficiency.
Discussing railroad earnings, \. \.
Housman q Co. say:
As for railroad earnings, we hav. been
inclined ourselves 70 fear that the net
earnings were more likely 10 shrink than
TO expand, owing to tho rising cost Of
labor aud 70 our acquaintance with &C.
spundent railroad people. but the symp-
toms are showing differently. For the
month Of July two Of our great railroads.
the Atchison and the Baltimore & Ohio,
have exhibited net earnings corresponding
10 the large increase Of gross. Tho rail-
read people often work better than theY
know and are surprised At their orn re
SultS. There has been a campaign Of cdu-
cation 10 promote efficiency In railroad
operations and also TO enlist the co-opera-
tion OF shippers, and II may be that tho
effects are near at hand. If, on top Of the
great crops, Yo can obtain a proper ratio
Of net TO gross railroad earnings. we shall
see a tremendous speculation for the rise
In securities. all the more uncomfortable
for having been deferred.
An Optimistic View.
Summing up the whole situation, Was-
fler DickeTSon closes With the following
paragraph " their weekly review.
In view OF all the circumstances tho
outlook cannot but be regarOc1 with con-
n6encc. Such monetary demands az de-
Velop VIII be incident 10 EXPANDING trade
requirements, and thOse related 10 move
ment Of the crops purely temporary III
character. The rapid progress toward ac-
cumulation OF large divislble SURPRISES