Evening star., 1916-08-06


lacks in bulk. The railroads in the
spring wheat territory will handle
tremendous lot of grain freight from
now on. Nearly all the large systems
being operated at a relatively small
expense and are benefiting from tho
policy Of rigid economy which became
such a factor in railroad management
as soon as the European war disturb
ance developed.
Business Large in the West.
A large volume of business is being
done in the west, and retail trade. as
we'll as orders handled by mail order
houses. shows surprising gains over
other years.
The current government report show
ing condition of the growing cotton
crop on July IS was received with great
disappointment by the financial mar
kets this week. and its immediate e1-
feet was a sharp increase in the quota
tions of cotton futures.
The government makes the condition
of the cotton crop on July 20 as 'S.S
per cent of normal crop, compared
with S1.1 on June % of this year, 7o-4
on july rs last year, and 1876 the ten
year average on July 25. The total in
dicated production as of July 2b Is
l2916,000 bales, but the final output
will be larger or smaller than this fore
u,
better or worse than average. With the
single exception of 1909, this is the
lowest July rs condition for fcrty-flve
years
Money Demand Broadening.
Bankers report a broadening demand
for money, and while there is little evil
dence of a tight money situation the
banks in the middle west continue to
predict a rising rate for money in the
early fall. All classes of borrowers IN
that territory are increasing their de-
mands. which. however. can be amply
provided for. These conditions point
strongly to greater f1rmness in interest
rates, with broader total borrowings
from now on.
1t would seem as II money market
ing more interesting. The rise. in the
English bank rate reflected the broader
demand at London, in response to the
rise in discount rates in the United
States.
Never before in so short time has
drawn SO much gold from the
rest of the world as the United States
has received in the course OF the pres
ent inflow from Canada.
During the present month investors Will
receive s15O,725.46 representing dividend
and interest disbursements. according to
the usual monthly compilation Of the
Journal of Commerce.
Remarkable Investment Returns.
This is a new high record for this period
and compares with s120.750,5os in August
4 year ago, or an increase Of $26,274,957.
Two hundred and four corporations will
distribute IN the aggregate fs2. 725, ,46s to
an increase OF $26,274,957
This total covering dividends is based on
payments to be made by $50 industrial
and miscellaneous companies, twenty-four
steam railroads and twenty street rail-
ways. This remarkable showing is due
to many initial payments. increases and
extras. Some concerns will make pay
ments on larger capitalization than
year ago, and it is also worthy of note
that the compilation is nearer complete
than in 1915
Interest payments will call for $685.
900, 900, against s64.300o, 900 last year.
the increase being due to new bond and
note issues. The city Of New York will
distribute only a small amount in the
way of interest. A summary Of the
August dividend disbursements, with COM
parsons. follows:
Railroads ...... sss, 2 ,4ss. 1873 s25. ss $50. $50
Industrials ............ 42.371 .147 27,16s, ,295
Stree: railways. $685., ,1s0 3,44s. 1888
Totals ....ss ss2. 7o5, ,4e5 s5e45o, sos
w S. COUSINS