New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-04
BRIEF NOTES OF FINANCE
paragraphs Of Current Interest
for the Investor.

- 1912 Brazil imported foreign
Dnd;se amounting 10 about $30O.oV,-
nv NV "a of this total the United states
Wv rs,,ed nearly one-siXth and stood
con-, r,ong the countries of the world
tmU pritain and Germany leading, but
uie"' case of Germany the advantage
III small The official statistics show
wa. Wa, che United States exports to Brazil
Una. I5s per cent of the total imports of
WEI oountry in 1912. as compared with
u'"t 1911 showing a gain of 2.3 per cent.
90 ,,y other country to increase its
'e,,va proportion of trade to Brazil was
Iony France showed a small loss In
'-,antage, while Great Britain sold only
p y onr cent of Brazirs total imports in
~ s compared with % per cent In 1911.
Bond Sales in September.
r...or the month OF September the
..unicipaltles in the United states soiu
los and bonds aggregating in par Naiuo
-. ne 1874 as compared with sis5ooo4o In
.~gust and S46J6.719 in September 1872
'aording 10 the compilation made by the
~.oklv "Bond Buyer" Included In these
sS,,res are temporary issues, which VIII
80 ,aken I'D during the next six or twelve
..o,,hs. and as true comparisons cannot
,oda with these loans included, we
- nrepared a table showing only the
H".-oanent financing. This table COW
.-s the six months period by months
,.or, April l to September 80. The inter-
Ting fact disclosed is the steady de-
'.ases IN the output of municipals in 1913
- 1912 during April, May. June and
Nv and the correspondingly big in
..,oses in August and September, bring
- Tia total decrease for the six months
ns,,od down TO only 1915 IA. This sud
-. cbange in the trend OF the market
Wv ne emphasized by adding up the de-
rr,ase for the first four months, or over
100000.
RECOGNITION of Efficiency.
Ths passing of the administrative con-
,ro, of the Peoples Gas Light and Coke
cornany, Of Chicago and New York, to
ch,cago adds another link In the chain or
geographical independence which mas
S.,n gradually developing IN the West
during the past decade. There Is another
6istnction In this new arrangement ana
transferring Of power. II emphasizes the
General policy of organizations now to
recognize efficiency, and the selection OF
Samuel insult, who assumes the admins
,,st,ve control of both properties, is in
lima with the times. AS rule comoina-
tons are formed and mergers are MADE
enough the influence of stock holdings by
powerful interests, but in this case IL is
aid that up to the time when Mr.. lnsuli
was selected he did not personally own
any PEOPLES Gas stock, and he was
chosen by the board of directors as
compliment 10 his ability. instead of any
financial interest in the People Gas
Light and Coke Company. The death OF
Anthony n. Brady made possible the new
arrangement, which gives Mr.. insult,
without having any important financial
interest. the power TO dominate the policy
Of companies representing a capltaiiZa-
ton in excess of S2oo,Oocoo.
Mining Dividends.
Dividends for the first nine months OF
tbe year amounted to s540l5,S94 for United
states mining companies, &7,23,66O Tor
iron. industrial and holding companies
and SS.e54, 423 for other North American
companies, as reported by THE Engi-
neering and Mining Journal" Dividends
for September of United States mining
companies making public reports amount
10 SE5,5s7, paid by thirty-one companies;
ron. metallurgical and holding companies
psy aS.4A.Sl6, and Canadian. Mexican
and Central American companies N,olZ'oH-
This compares with thirty companies pay
ing S,&s2s4 in September, 1912; with 49,
M,s7 paid BY industrial, iron and holding
companies, and $16lO1s1 paid by Cana
dian, Mexican and Central American
companies. This increase is shown de-
spite decrease Of 10000 in Calumet and
Hsclss dividend of this and last Septem-
bsr. The effect of the strike in the Mis-
sour lead region Is shown in the ~ 10
Der cent cuts in Doe Run and ST. Joseph
Lad company's dividends; Calumet and
Hecla and Quincy reflect the Michigan
Disturbances. Grand Central, OF Utah'
takes this occasion 10 pay a oelated July
dibursement and Bingham-New Haven
PAYS for the first time since July, W.