New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-26


is causing unusual business and profits
for some concerns. As things are at
present. there is little TO guide the pub
lie as TO benefit 10 individual COM
panles.
War Profits Uncertain.
Many concerns have figured on bust
ness 10 which they are unaccustomed
and may find little profit al the end Of
the contract Material is higher, the
work is unfamiliar and I'm many cases
plants must be roadjustod and work
men trained and placated. Specitlca-
tons may not be easy 20 meet when
the time arrives for the test before de-
livery. Some corporations. IL is known,
are charging cost of new plant for war
business direct 20 current profits, but
this is far from universally true. When
this abnormal present demand IS hlled
there may be many of our INDUSTRIAL
concerns that have unpaid for facilities
Of which they can make little use, while
steady customers that would order year
after year have been lost.
Such iderations as these had 1T
tie weight lu the urre trained Specula-
ton Of last week. On the other hand,
dividend paying railroad stocks that
formerly Ted the market moved in small
volume. Those who sought issues that
could be purchased 20 be sold at proht
avoided the railroad list because OF the
poy--bflitv of renewed selling from
london. In addition. railroad receipts,
i'm spite Of a little improvement IN re-
cent months over last years poor re-
suits. are still low Reduction OF oper-
atjuE expenses makes net earnings
how better than gross. This is not 10
be all aScYibcd 20 overnight approprla-
tiors for maintenance Of property IN
GOOD condition The lean months nave
made Coeratiug officials use money more
nrvdcntlv than when funds from
abroad added TO our own encouraged
lavish spending. Then, TOO, some OF
Che expenditures for more direct lines
and easier grades and curves are be
ginning 20 tell in more efficient hand-
ling Of traffic. ,-
While gross receipts show no clearer,
sign Of recovery, however rairoao
stocks are in comparative dlsiaVor
Yet as trade and industry of the couh-
try expand, and cumulative signs m
d-cate that such progress is steadlly
under way, income OF the carriers
must expand also. Their business de-
re~5. mon movements of goods from
place 70 place. and as more goods are
moved AlDrr lfNf I.Nn 44iN'N
Traffic Conditions Vary.
The country as seen from the point
Of view Of railroad men is at present
divided into regions varying WldeIY as
10 volume Of traffic created. The Souln'
that so largely depends upon ITS sa4c
of cotton. still must purchase NIUE
as it has been able 10 dispose OF less
than usual Of its great money crop.
The great food-produclng terrIVoi
that stretches through the centre o.
-he country west from the MISSISSIPPI
has sold bouuuful harvests at good
priccs. Here, though a spirit OF econ
omy ami caution has limited PuI-
clascs. railroads for the hScal year
JUS, ended have received about as
much for traffic as IN the Twelve
months preceding
Further north. the territory is more
sparse,y settled. and, though Indlyldurr
ally the inhabitants may be as Wei Oh
as their ncIghbors 20 the south, tht.e
are not enough Of them 20 lGrhl9n
sufficient business by merely meeting
current needs. Up TO two years aEo
roads in this region were employed m
carrying material Tor conS'rucSl'as
facilities for future expansion. Now
AN.lfNE u business 49,
nal. their receipts have fallen o"
The loss grows as one goes Iur'n NJ
north. with Canadian lines doing the
worst of all. In the East manuIactu'
ing has seen duh months, and even
nov benefit of war orders is irregular
lv experieuced Recent months nave
Given greet Improvement IN TINS SEE
lion as compared with those carrier IN
Accumulation Of funds in the banks
-brour1ou- the greater part OF INC
country indicates a volume OF CcHcf"l
trade still light r. this city the 't,
turn of gold shipped abroad and ian.
,lre Of me customary demand Iron"
the interior for currency 20 pay L"'- -
vest hands has aided 90 buac u2 "
Great surplus in spite Of n !afge III
creage in security holdings OF our
financial institutions. IN ne l"'''I
r.,- of last week call loans renewed
gt ~ per cent while fixed date Iuhu9
ON stock market collateral were al one
time as low as pa per cent for Sky
days.
London Discount Rates High.
The London money market was DIS
turbed by the imUense payment VI
account Of the war loan Day-to-o"!
funds which had been abundant a.
around IL per cent last month went
20 4 and higher. Open market as
count rates were above the mimi" IN IN
OF the Bank of England at TO . q
rer cent. Normally a return on iunuS
abroad so much higher than that pre-
vailing here would mean those "ho
had credits in London would lhSieau
Of drawing bills Of exchange "4io%
them TO remain IN the Brush caP''"'
more probably employed. ,.
A. present the customary balance
betwecu our shipments to Great Brit
ain and our payment for services and
for tourists expenditures added to her
exports to us, is disturbed. with our
oNnnrLs nnmsuallY hcaNY and custom