New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-06
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

rho total corporate financing reported so
Gov 1918 IS more than $l5O,000,0oO behind
ears figures. There was less fnan-
es done by the railroads in July than
.'.-9 80 env other month so far this year.
"a decided falling off in permanent
.1.cirg has been shown. while the OUT
~ short-term notes has been taken
q, excess of 90 per cent of the new
- brought out so far In 1913 In one
--,act however. the present year is an
.,.ion. as the falling off I'm volume fol-
- the middle of the year has been
nan in previous years. In June this
the total was S144.O0O,OOO. while in
~. the feures show S124. 500 900. or only
.on0oO decrease. In 1912. for instance
~, Iune financing amounted TO SOL, OOO,-
"a while in July only S5S.5oOCO0 was re-
,orted-a difference OF Sl525oOOoo.
Gold Bar Sales Smaller.
rha United States Assay Office for July
-. ranorted the smallest total sales Of
Ia hairs of any month thus far this
So The figures for July showed Sis
80 Cor gold bars. including all amounts
IA m deposit Of 1901, 40 and domestic
l~cbarees for gold coin Of $1.Ssl.7SO. This
s,d not include exports to Europe. which
tainted 10 S5.240. $50. and shipments to
C.nada for jewelry purposes Of S23,S11, or
md total OF S5.e74.lS3 for export &C
mt The combined operations. includ-
- Axports and domestic issues during
T,Iv amounted 10 S477.323. Comparing
-. wear 1913 for the first seven months
,.,,b 1912 for the same period the total
g, ,bis YEAR shows an increase in ex-
csss OF 5000 o00. and indicates that the
asrapd for gold has been larger IN this
r,arket for industrial purposes, and this
hroncb OF the demand is dependent on the
.o,,n,srcial movement Of different coun-
,-,as Of the world which has been draw
ing IN the Uuited States. as this country
has afforded the most available free gold
market
Comparative Pig Iron Figures.
According to the figures complied by the
Bureau Of Statistics Of the American Iron
and steel Institute the production Of all
tirds Of pig iron in the first half Of 1918
amounted 10 I6.4Ss.602 gross tons. against
increase II S33,sS9 tons, or over SO per
cent. In the first half of 1912 the output
was l4O72.o74 tons. Comparing the output
IN the first half Of 1913 with the output
/, the first half Of 1912 shows an increase
Of 2n632s tons. or over Ill per cent.
The production of pig iron I'm the first
half Of 1913 was 552,54 tons greater than
the whole Of 1908. when the output
amounted 10 15,936OlS tons.
Erie Railroads Betterment.
Al. evidence of the possibilities Of rail-
road systems 70 improve their economic
positions is shown in the Erie Railroad
which, according to information gathered
from available figures, this last year
earned a sum sufficient 10 enable the com
yany 10 pay dividends on first and second
Preferred stocks and 10 leave an impress
sive amount for distribution on the COM
mon. Judicious management, which has
made possible a great increase in earn
ngs. the practical cutting down of eX-
penses I'm various departments and an en-
arged income from the coal holdings OF
the company, are the essential factors IN
the splendid showing made by the Erie
during the last twelve months. Fries coal
properties, bituminous and anthracite, are
estimated to be around 10000 acres, and
this last year dividends from the coal
companies have made II possible for the
Erie TO carry on the work Of improve
nents which were begun in recent years
and which include double tracking the
system from New York 20 Chicago and
q reduction OF grade which IS expected TO
be finished by October this year. II may
be said that Erie al the present time has
as favorable an outlook as ever before IN
its history. and with a development OF
business in trade and industry It's future
should be prosperous. The accumulation
Of funds since the stoppage Of dividends
In 1877 has created fund Of about s-5'-
s0C0O for capital account, and prohts
turned into the same channel until neces-
sary improvements shall be completed
although deferring dividend payments
would appear 70 offer a reasonable sup
position that dividends may be resumed In
the not far distant future.