New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-27
BRIEF NOTES OF FINANCE.
Paragraphs of Current Interest
for the investor.

the REPORTS received, the outlook
-, the syndicate formed TO merge the
~ 80, lines OF Chicago will have undis-
ua .-a control of practically every share Of
pU'' ,,,dorlving companies stocks and
w" ,ioto corporate amalgamation of the
It'd roads is expected. New financing
',' - necessary 70 refund $SOOOo.OoO OF
'',-,.aro Elevated Railway per cent
-. dine on July next year which it is
ia has been practically arranged. The
o,e nj this combination, il is
',,rnt will be beneficial to Chicago, as
:. iii unity the various systems and
sbould insure better service. In this way
-, Increase in earning power is expected,
~.hieb NAV add to the underlying strength
~ the merged securities.
Growth of Cement Industry.
=, a., early '7Os cement was introduced
.,,o this country, and since that period its
deduction has become profitable indus
80, One of the impressive developments
hoe been a decline in prices of Portland
a(r,ent during the last forty years. In
,r-o Portland cement in bulk at the place
- me-
.rd ,en years later. in 1880. the same price
u,os maintained. In 1890 the price had
,.en reduced to s 90. in 1900 the price was
una in 1911 Sl4 cents and in 1912 the price
was a.S cents a barrel. Up to 1895 cement
r-as nroduced at "A reasonable rate OF IN
crease. but in that year the demand be
gan 10 spread rapidly, and production
from that period until 1907 was remark
ohlo The panic Of 1907. however, caused
a reaction and checked the ratio of i'm
movement. In 1912 the cement output was
SSl.19l barrels, valued at S67,f5l,5l5. This
COMPARED with a production in 1911 OF 49,
5l7q5s barrels. valued at ssS. I05,lG6.
Better Tone Of Bond Market.
The Improvement in the bond market
which has been apparent during the last
month is stimulating TO corporations which
are in need of money and have new
financing issues ready to be announced
when an opportune period shall arrive.
So far the new financing made public has
not been on a broad scale, except in some
instances of short term issues TO tide over
the period Of depression, which until re-
Gently has been very pronounced in the
money market. A few instances OF bond
issues that have been undcrwritten have
been reported lately. and, like straws IN
dicating the direction of the vino, these
cases show signs of a returning confl-
dence in the investment situation, both
bv the bankers and the public. Even
though the improvement be slight, 1t is
comforting TO note change toward the
better at a time when political affairs are
very much unsettled, and while many OF
the elements which contributed TO depres-
sion in the past yet remain they nave
ceased TO be looked upon as dangerous.
A Prosperous Industry.
One branch Of industry this year that
has not exhibited any signs OF depression
IS the manufacturing of farm implements.
The demand for farm machinery, as re-
suit of the immense crops of last year,
has increased the business in farm i'm
Elements for this season from 20 TO % per
cent over the previous season. Many OF
the large concerns have not yet reaped the
full benefits of last years crop, as the
orders for future delivery arc reported 10
be exceptionally rare. An encouraging
feature Of the situation is that prompt
collections are reported by the implement
trade, showing that the farmers have
been in comfortable circumstances ana
have been provided with sufficient cash 10
meet their requirements. Among the eA-
ceptions where large machines were soId
under ordinary term payments lns'a'-
rnents are said 10 have been well kept up
Wages have increased slightly in some
directions among the implement factories
but. generally speaking. there has been 10
disturbance in the implement trade ana
manufacturers report an eAceHen'
prospect Of very heavy business durihs
the remainder OF the year. Many OF the"
report they are oversold and will not De
able TO catch up with their orders before
next year.