New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-20
BRIEF NOTES OF FINANCE
Iporaoraphs of Current Interest
I for the investor.

.o,tootion OF some misguided peo-
~. -, circulation can be abolished by
,orgress. particularly in the line OF com
~a;,ies. has little in the history of price
',reroents and the varying stages oil
.5,ction 10 warrant such course OIL
'0-.ri,g The law Of supply and de-
20, o,arts an unrestra lable influence
IT, the fluctuations Of prices in com
si.i.s as I'm everything else. At the
i-ea,t time this years crop Of corn
fteos+srs TO be an extremely short one
IA the oat crop outlook is discouraging.
|, short crop always means higher prices
- recently corn and oats have both
l., soaring i'm prices helped along by
- ton. which begins really when the
E.,r,er puts the seed into the ground. by
l-losop of the uncertainty regarding the
..o5r.tion of everything that depends on
E1a,oinc seasons and irregular growth,
L.. fsrrper is a Spectator and is dealing
H. ,ptures when ne plants his potatoes or
- his corn. wheat. oats. barley. etc.
l.. no ie taking a chance on the success or
Eouure Of the seasons crop TO insure him
l. nrodt There will come a time, how
- when operations on the different
Loci and commodity exchanges Will be
leo regulated that unfair speculation Will
he eliminated. but a certain degree or
ls,eculation will always be necessary 10
Ereure good market in all branches OF
i,ra6e industry and agriculture.
Mexico's Petroleum Output.
The Republic Of Mexico is the third in
Anportance among the petroleum pro-
ldrcers of the world and has risen 10 this
degree Of standing rapidly since 1907, when
Mexico stood eighth Oh the list of petro-
b4uu producing countries. While no off,
lc'al agures are at hand. the estimated
lrroduction shows that in 1907 MeXico's
loutnut was 100000 barrels: in 1908, S,iSl,-
lalo barrels: in 1893. 2.is7,4S2 barrels; in 1870
u 5s1 sos barrels; In 1911. 12.26s3l9 barrels,
land in 1912. 1855. 26S barrels. About 80
lnsr cent Of the total petroleum produc-
Ition comes from the Tampico region,
where the increase has been due largely
no improved facilities for transportation
no tidewater more than TO development
AZ the close Of last year there were 81
producing wells IN the Tampico district
hut only about one-third Of their possible
loutput was being marketed. American
companies predominant in the Mexican oil
fields. and out OF 50 companies operating
hn 1912 Americans controlled 50, Next
cans o.. and 10 were British. representing
2 total approximate investment Of Sl15,-
b0Oo0 The capital Distribution stood, s97,-
kW0o0 American, s75,OoOOoO British and
k2.5s0.O0O Mexican.
Sinkinq Fund Established.
/ The suIzberger & Sons Company gives
rotice TO the holders Of its preferred stock
that il has established a sinking fund for
rhe retirement Of this stock. which shall
be in the following percentages each year
hpon the amount Of preferred stock out
STANDING on the last day Of the preceding
December: on or before January 81 in the
hears Of 1914. 1915 and 1916, per cent, and
lon or before January 81, 1911 and each
hear. thereafter. per cent. The sinking
fund is 10 be applied 70 the purchase or
redemption OF the preferred stock al not
exceeding 125 and accrued dividends. The
new stock certificates containing refer
ence u such sinking fund will be issued
n exchange for the certificates now out
standing as soon as they can be prepared
of which due notice will be given by the
company.
SPANS Growing Importance.
In a general way the importance OF the
trade relations Of the United States with
Ispain are given only passing thought by
the American public, but Spain has been
making rapid progress during the last
few years, and in 1912 enjoyed great pros
perity I'm commerce and industry, as
evidenced by the fact that the value of
|spain's foreign commerce aggregated
|S7g0l4.293. as against &54,4S2092 In 1911
Her imports totalled $lSS,5i7li6 and eA-
ports $3.50. 457. AZ. compared with a7s,726,so8
and SIS. 1855. 134 respectively in 1911 The
cotton industry Of Spain Is a growing one,
and although the persistent drouth OF last
year had the effect Of reducing the olive
wine and cereal crops 10 an appreciate
extent the abdndAIt crops OF 1871 over
balanced this reduction. Most Of the ag-
lriculturaI Implements used by Spain are
purchased in the United States, and IN
llg2 the total value Of this branch Of i'm
ilOIts amounted 10 S4'--t'D''' al 4i''' '
lS2l92 % over 1911. The return OF the seven
principal savings banks of Spain for 1917
display important increases Of the popu-
lar savings account. In 1911 the value OF
deposits aggregated IS 1858 while during
the first eleven months Of 1912 the total
was Sle.3sl .5s4. The official statistics give
the total amount Of popular savings IN
1911 at S5O.640O00. divided among $4,000 de-
rositoIs while back in 1900, practically
decade earlier, these public savings
amounted to $4,000 900 only, divided among
5000 depOsitors.