New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-03
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

| During July thus year thirteen dPPi'"
tons 10 organize national banks were ap-
proved and twelve were authorized To be-
gin business The twelve banks which
| were given permission TO begin business
have a total Capitalization Of Si50.00o. Of
which eight with total capital OF s-oo'-
600. had individual capital of less than
! $50, 900 and four with total capital OF
$3.50. geo. had individual capital Of $4,000
on over At the end of July there were
1O427 banks organized, OF when -''-'
| had discontinued business, leaving In eN-
| istence 7.49S banks, with authorized capt.
tai of 81 .065. 922.l75 and circulation out
standing secured by bonds. Of SI3N.5O2.-
4OS The total amount Of national bank
circulation outstanding was SI5'.295' III
Of which 500. 790.7S3 was covered ny law
| ful money Of like amount deposited with
| the Treasurer Of the United states on ac-
count Of liquidating and insolNent ma
tionaI banks and associations which had
| reduced their circulation.
Dullest Month in Fifteen Years.
July was an exceedingly dull month for
the stock Exchange. and. in fact IN" most
listless in fifteen years. During the month
b13q141 shares Of stock changed handS
the smallest amount for any one month
since 1895 and decrease OF i4i2'-'N
from June. Bonds were also quieter than
usual only s33.SS3. 900 changing hands
the smallest amount for any month since
1907 and A decline Of S7.8l1.000 from June
During the first seven months Of this year
.une was the heaviest month, with the
in Ct show
ing SS3.25S shares The daily average Tor
July was 2O5, $3.50. incidentally, the month
OF July last year was also the smallest
month in the year in the number oil STOCKS
traded in. The month Of February was
the largest in the transaction OF bonds'
the daily average being S2.1SO.2o5. The
highest daily average last year was ~
.1S.769 for the month Of January.
Competition in Nickel Field.
The international Nickel Company.
which has held the distinction 81 being
the largest producer Of nickel on the
North American Continent. has in pros
pect in the formation Of the new canadian
Nickel Corporation company whi'h
PROMISES TO be a strong competitor Inc
new company is capitalized AT s3O,Ooo,ooO.
The company's holdings include 1000
acres in the sudbury region. on "hioh
property prospecting work up To May l
last resulted in the blocking out oil o.
500 000 tons Of nickel ore. supply sur
6cieni. IL is said. to last thirteen years
on a I. 5OO-ton daily treatment basis rs
Inmates are based on a treatment OF "fo'-
600 tons per annum, with a total cost OF
g. so per ton II IS figured that IN" ore
will WELD thirty pounds Of nickel. twelve
mounds Of copper and 81 in precious met
ais per ton Therefore. net profits on
f40 OO0 tons per year would be about -
67S 900. Deducting sl.2oO,ooo Tor interest
on d.benture stock and sinking iund re-
ourements would leave tl,2on,ooo. or
about IA per cent on the common STOCK
Tn. announcement that the INTERIOR
ough Rapid Transit Company had ls''h
SI2.54l. GOO first and refundiug per CENT
bonds on the New York stock ENch"ns
| * taken To- indicate that the underwriting
syndicate. headed by J. T.. Morgan co.
has disposed Of that amount of the new
securities privately and without the ne
cessity Of "A public offering In the appli-
cation the company asks permission 10
add SI4S.4I6. OO0 of the bonds when SOFA
| which makes the total issue applied ioi
slGOqS7. 600 Under the mortgage Gov
ering the bonds the total authorized issue
ls $500. 0p0. 900 Evidently the INTERIOR
ongh Rapid Transit Company thinks mat
,s0 sb7 200 will be- suffIcient 90 take car"
az the company's refunding and furnish al
the funds for tn. construction and equip
ment Of the new subway and elevated
lines The remaining bonds. to tn"
amount 81 si39.O43. 900 81 the authorized
issue OF $500. 0OO. 900. may h" issued with
the approval Of the Public Service com
mission FOR any additional needs Tor IN"
further construction Of the subway or eie-
waited lines as may be found necessary
and 10 provide funds for additions I" the
proposed system when traffic demands
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