South Bend news-times., 1917-07-29
Notes of the Financial World

The United States government is
now spending at the rate OF S25,-
600. 900 a day. Since we went into
the war the daily expenditures of
the government have been steadily
mounting. AS compared with the
average daily expenditure of 5000
600 in the normal month of March,
the average daily expenditure in
April was $9.9OO,00O. This was in
creased 10 s1O,5OO. 600 in May, s13,
100000 in June and practically $780,
100000 for the = days of July.
Americas gold imports during the
fiscal year ending June 80 totaled
$997.175,026, a. shown in figures
compiled by the department of
commerce. The excess Of imports
over exports was s6S5.254,sO1
against a net import Of S4O3,759.753
last year. and $25,344.6O7 the year
before that.
Earnings of the Tobacco Products
corporation for the six months end
ing June so were at annual rate of
between $40 and $11 for common
stock after regular dividends on
preferred stock. Those earnings
compare with $5.42 for the full
year 1915 and $3.50 for 1915. June
earnings were the largest of any
month Of the first half year run
ming at annual rate of $3.50 for
common shares after preferred divi-
dend requirements. July Will show
close TO June. Sales for the first
three weeks in July increased 90
percent.
Six manufacturers OF motor
trucks that have been awarded con-
tracts for 1O,65O trucks by the
United States government will re-
! quire about "a tons Of steel castings.
I inquiries for which are now in the
market The United States govern
ment awarded additional contracts
requiring distribution Of about 90
\ 600 tons of rolled steel among the
mills. Through the iron and steel
Institutes plate manufacturers have
l been allotted rollings for about 12.-
/ 600 tons more OF steel plates re-
: quired in construction of "a subma-
rines and "A torpedo boat destroy
\ ers.
Lee. HiCginson & Co. announce
that the $2,OOO,OOO issue OF Sim
/ mons Co. Z percent cumulative pre-
/ ferred stock offered by them yester-
/ day has all been sold.
4 The Indian Refining Co. has de
/ cIared another disbursement on ac-
/ count OF accrued preferred divi-
/ dends. this time percent. Since
I Feb. 26 this year. the company has
paid 2S percent in back dividends.
/ leaving about 10 10 percent due 20
date.
Earnings Of the Cuba cane sugar
! in its grinding season just ended
were rather disappointing. The bal
ance for the 100000 square OF com
mon Of a bit better than s12 a
share contrasts with expectations OF
SIS. which had been entertained up
to almost the first Of May.
Corn Products Refining six
months ended June so. 1917. surplus
/ S7.141.663, increase S4,S47.634. This
is equal 20 S24.O1 "A share OF the
preferred stock. against $3.50 last
year.
Indiana Refining Co. has declared
a dividend OF : percent on the pre-
ferred stock. payable Aug. 20. This
distribution covers the accumula-
tion on the issues for the four quar-
ters ended Sept. Is, 1916.
General Chemical co. reports for
first six months OF 1917 total profits
Of S5.55S.9SS. decrease OF S305.092
as compared with corresponding pc
riod last year, ana surplus after all
dividends and depreciation Of $3,-
/ 323, SIS. decrease S631,O7s.
The public is not buying stocks
and IL is not selling, either. IN this
deadlock lies the basis Of some un-
comfortable thoughts among the
short interest. Unless the opinion
Of numerous competent observers OF
market conditions is in error, the
short account has been expanded q
a stable whole in the last six
weeks. Al the same time. despite a
steady flow OF unfavorable news
from abroad and news Of an uncer-
tain quality from Washington in re
spect to financial possibilities, the
shorts have seen their paper prohts
accrue rather slowly except in Ger
tain motor issues The bulls say
they are satisfied with the techni-
cal situation or the market. but they
admit also that no one may CUES.
the trend OF future movements.
Bankers who will offer early mex
week the s1O0.0OO.OO0 OF two-year
i percent notes OF the Dominion o.
j canada at sS. al which price th'
! securities will WELD 6.07 percent
a said today that the applications foi
= 49, 49,