Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-07-22
LOCAL INVESTMENTS
ARE IN FAIR DEMAND
Clearings Show Continued Good
Business All Over the Country.
Reserve Board Plans.
Heavy June Exports From Ne"
York-Financing of the Cities.
Other News.
BY I. A. FLEMING.

Despite the fact that it is midsummer
and that many business people are an
sent from Washington, there is an eX-
cellent demand for investments, not
onlv on the stock exchange. but over
the counter. and large blocks OF notes.
bonds. and even stocks are being traded
in over the counter daily.
Washington is participating in the
foreign loans. although not as freely
an other cities and bankers are in the
market steadily for high grade bonds.
nreferrine early maturities. and also
buyins commercial paper whenever
possible
Business is reasonably good, the
,1asr;nes running well over the one
million dollars day average
The clearings of the United states a,
the principal cities for the week ended
Yesterday were s3.91S.550.977. as against
10 sSa All qe2 for the corresponding
week last wear and s2,643,135,e'i IN
1914 New York city continues to lead
in Increased business. but other cities
are doing we'll
Will Use Post Office.
The federal reserve board has made
ARRANGEMENTS with the Post Office De-
partment whereby the local post office
in towns where there is no member
bank of the federal system. will col
lect checks drawn on banks in thai
town. This will probably mean a cash
remittance or else the non per
hank or banks will have to form an
affiliation with some nearby member
bank.
Local bankers are not participating:
to any extent. in the collection of
checks as planned by the federal re-
serve system
June Exports Large.
Advance figures indicate that the
value of all exports from New YORK
during the month of June was s24o,-
1s4.s3s. For the three months ended
with June the exports were valued at
ss7s.543,ooo from the port of New York
alone
EXPORTS of firearms and explosives
for the month of June from New YORK
were valued at s50,452,521, while other
incidentals motors, cars h sir ehoe .ne etc
a large part of which was for the
allies. totaled s135,1e4.566.
In June, May and April over s3s,ooo'-
oo8 worth of smokeless powder mas
been exported.
The total explosives exported from
New York for the last six months was
valued $37s.234.3os.
Finances Of Cities.
Forty-eight cities in the United States
showed revenues derived from taxation
in excess of governmental require
n,ents. One hundred and fftysix cities,
having a population of 10000 and over,
found a deficit in their revenues.
st. Louis and Washington were the
onIy cities over 800. 900 population that
were in the honor class.
Expenditures for the 2o4 cities in this
list for governmental purposes was
S1,oso,141.126. The average per capita
tax was s34.65.
6reene-Cananea.
Greene-Cananea Copper Company's
production is running on the basis of s.
900, 900 pounds month. and extra efforts
are being made to bring the property
up to capacity output before August.
Copper production in May, the high
record month, amounted to 5,94s,o00
pounds Intermittent operations were
the rule in June. American employees OF
the company were ordered out of Mex
leo on June 81. Thereafter the de facto
government guarded the property and
the mines and works were operated by
Mexicans until July IA. Despite this
handicap the June production amounted
to l.50o, 600 pounds of copper.
with only a few exceptions, all the
American employees of the company
have returned to Cananea.
Condition Of the Treasury.
The condition of the United States
Treasury at the close of business yes
terdAy was:
Net balance in general fund, $685.
1ss.34o.
Total ordinary receipts yesterday. ST.
no. 12-
Total ordinary payments yesterday. 81
652,301.
The deficit this fiscal year is s10,1s4,
$50, against a deficit of 81, $50 ,o61, last
year. exclusive of Panama canal and
nuhlfc debt transa ctions.