New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-15
BRIEF NOTES OF FINANCE
Paragraphs Of Current Interest
for the Investor.

| III wv ''''NSkS's
An impression heretofore has prevailed
that il is cheaper to walk than ride. This
idea may be abandoned I'm the future with
the growing agitation for lower streetcar
fares and other costs of passenger trans
portation. while the price of shoe leather
continues TO rise. This week marks an
other advance in the price Of shoe leather,
amounting to about cents a pound, said
to be directly due TO a shortage OF sup
ply and a growing demand. The decrease
in cattle naturally limits the output OF
hides and feathers. and II the advance
continues leather shoes may be decided
luxury in the not far future.
Trade Decrease, Money Increase.
The falling off in business reported from
different sections In this country and In
Parts of Europe is not without it's sunny
side, as the lessened activity in trade
means a decrease in the demand for
money. This is not a blessing possibly.
but II will prevent a money strngency
and assist materially in carrying through
some financing operations that would be
difficult II the money market were be-
| sieged by a rapid expansion OF trade at
this time. A year ago the international
money market was greatly disturbed by
the outbreak of the Balkan war and the
stock markets abroad were subjected 10
heavy liquidation. while London was n
| large seller of securities I'm this market
At that period New York was importing
gold from London. but the movement was
soon stopped. at the suggestion of English
| bankers. Some time earlier In the year
the outlook seemed to be for dear money
and n possible disarrangement Of the
financial markets, although it was thought
that the situation might make Il possible
for this country to get through without
| embarrassment There were some who
went so far as 10 predict a panic. but the
panic has not come and the present ap-
pearance of the money market Is more
favorable. This has resulted from a
checking Of expansion by the banking
interests of the country. a slowing down
of business and concerted action OF
caution by the great institutions OF Eu-
rope. There Is still tendency on the
Part OF the foreign bankers TO keep this
country from importing gold. and as 1t
looks now it may be possible to get along
without doing so.
About Doubled in Twelve Years.
The coal production Of this country has
practically doubled since the beginning OF
1890 when the total tonnage was 269. eSi027.
In 1912 the total number OF tons produced
amounted TO 534 $3.50 OF this tonnage
In 1900 the South produced 2O2 per cent,
while In 1912 the percentage OF Southern
production had increased to PAS of the
total. The greatest increase In any South
ern state was in West Virginia. where In
1900 22,647, 207 tons was produced and In
1872 the output 6s7S6.6s7 tons, which gave
the state second place among the states
The total production in the South in 1912
was over eight times as great as the total
of the whole country in 1860, about four
times as great as the whole country In
1870 and almost twice as much as the
whole country in 1892. Prior 10 1912 Illinois
ranked second, but West Virginia's pro-
duction made the states rank: Pennsyl-
vania first, West virginia second and Illi-
nos third
Stockholders Given Hope.
President Vail Of the American Tele-
phone and Telegraph Company is reported
as saying:
| IL know that the Department OF Justice
is endeavoring TO reach n solution in re-
spect to telephone matters which will be
just TO the public and at the same time
not sacrifice private interests"
director of the company is quoted as
follows:
There is no occasion for anxiety on the
part Of American Telephone stockholders.
True. the stock has dropped off 8 or 9
points In the last two weeks. but the
stubborn resistance Of the shares all sum-
mer to rcactionary tendencies In the gen
eral market has perhaps made the slump
relatively easier AZ this time.
mo stakeholder OF American Telephone
is going to part with any OF hts property
without being duly compensated. Suppose.
I for example. that the government should
take over the long distance lines. That
means but sl4 share for the stock on
the basis Of its present stock book value.
or less than the decline OF IS points In the
shares from the years high. In other
words. even II the government took the
long distance lines without paying a cent
the present shrinkage has discounted
everything.
II think IT is very far from settled that
the government has any serious wish to
take over the long distance lines for
actual operation. The matter is still in so
rebulous stage that It lends itself TO
exaggeration and to play upon the fears
of the investor. The reality is likely to
prove on amicable arrangement I'm which
stockholders will be fully protected"
BOND DOTS.