The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-08-31
TRADE CONDITIONS
CONTINUED from First Page.)

rOa0S ana an uHiHlpOTtdHl gain Wy
the Southern group and the Pacific
coast group, while all of the other
groups showed falling of In net
earnings. Reports in. so far for July
show a gain In gross earnings over
the previous July Of more than
per cent, and these roads which have
already reported Tor Ju,y, comprising
the principal lines Of The country.
show a gain in gross earnings OF
nearly 10 per cent for the first seven
months Of .fis yea cempa-e1 with
the same period Of 1917. These HgtIfs
and to business interests generally,
in gross earnings must be very salts
factory to the railroads themselves
and to business interests generally.
but the net earnings report shows
that something must soon be done TO
enable the railroads to make better
profits on the volume of business they
are handling. Investors cannot be
expected to purchase railroad securi-
ties merely because the railroads are
doing a large business unless they
can also show reasonable proht
Idle Car Report
Another evidence OF railroad eff
cheney Is brought out in the idle car
report of the A. r. A. showing MN
eight thousand freight cars not H
use even though crop movement is
almost at its height. A year ago,
fIfty-six thousand cars were idle and
the railroads have made big increases
in their freight car equipment dur
ing the past twelve months with
more cars and better movement,
serious car shortage Is not necessary
this fall.
Immigration figures are receiving
the attention of students of business
economies Immigration has a vital
effect upon the country's commerce
In June, 1913 thousand souls arrived,
ITS thousand of which were immi-
grants, almost setting a new record
for the month. For the fiscal year
tust closed, arrivals numbered 1,427
thousand and aliens departing num-
bered s12 thousand. most OF the de-
partures being for Southeastern
Europe. There was a considerable
gain during the year In the arrivals
from Holland. England, Germany and
Scandinavia. the same people who
originally settled this country. Ar
rivals of Russians. Poles and Lithuan-
ians also increased.
There has been some quieting down
In iron and steel lines. Mills have
been busy but new orders have not
been coming In rapidly enough to Off
set shipments. The untitled tonnage
Of the Steel corporation at the close
Of last month was s.ass thousand
| tons compared with 5.so7 thousand
the previous month and 5.s57 thous-
| and a year ago. Steel prices have
eased somewhat
Pig iron production declined ma
terialiy during July. sixteen furnaces
| going out of blast. The daily aver
age OUTPUT was eighty-three thousand
rx-ifh
| thousand tons per day during June.
Up to July LIST we were setting a
! new record for the year IN pig Iron
production and as some furnaces have
| been blown in this month II Is still
| likely we shall exceed last years out
| put.
Copper Demand.
| The copper demand has been IN
creasing much faster than the pro-
! duction. although July production in
| creased seventeen million pounds over
pounds under the May figures. An
| Increase Of one million pounds for
| the month was made as compared
with July of last year. =, The visible
supply on the first OF this month
| in this country was about half what
! 1t was on January LIST and the worlds
visible supply only about 10 per cent
| OF the usual amount. The entire
visible supply in this country Is only
enough to take care OF average de-
mands for two weeks and the price
| has advanced more than cent a
pound as a result. The Lake SUI
| perfor mines produced ten million
pounds In July compared with seven
/ teen million pounds in June and eigh-
teen million pounds in July. 1912.
The decrease in production due TO
the strike is affecting the price daily.
When compared with July Of last
year, the anthracite coal production
does not appear large. the output
being 5.4ss thousand tons In July
1918, and Sass thousand In July.
1912. The large shipments last year
followed the ending Of the strike
and WERE therefore, abnormal. The
shipments Of this July set a new
record for the month under ordinary
| conditions.
Coke shipments from the ConnellS-
willie region are running around eleven
| thousand cars per week and our last
report shows 31.42a ovens in blast
out Of a total OF thirty nine thous-
and.
Because Of labor troubles IN the
TransvaaI, the production Of gold for
4 July was only 655 thousand fine
ounces. the smallest months output
since February. 1911.
Commodity prices are more than
per cent lower than month ago
! and per cent lower than at the
| beginning If the yca-.
The total number of shares handled
on the New York Stock Exchange In
July was 5.124 thousand compared
with 9,6SS thousand the previous
month and 7.15s thousand a year
ago. August is showing more activity
in both stocks and bonds. The aver
age price Of thirty-three selected
stocks Is 143 compared with 16S a
year ago and $50 FIVE years ago.
Total bond transactions for July
were thirty-flve million dollars COM
| pared with forty-three millions the
previous month and fifty-two- millions
FIR the same month last year. Bond
prices average 90 compared with 81
a year ago and 9s Ave years ago
The lowest average bond prices In
three years were reported during
June OF this year. The trend Of the
whole group OF stocks and bonds Is
naturally upward.
Dividends Increase.
/ Dividends for August were forty.
nine million dollars compared with
forty-seven millions last year and in
terest payments were sixty-two mil
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