South Bend news-times. (South Bend, Ind.) 1913-1938, 1917-09-09
Local and Foreign Markets
Notes OF the Financial World

10 Continental Can Co expects.
% make a noteworthy showing in
the 1917 fiscal year Within the last
few weeks the company has com
pleted the issuance Of 100000 ad-
ditional common stock at 9S. The
cash thus received has enabled the
company TO pay of the bank loans
created by carrying large stock Of
tin at high prices. The average
amount Of common stock outstand-
ing in this fiscal year viii be about
100000 on this average stock
the balance. Il is estimated will be
not less than the % per cent earned
on the $4,000, 600 stock in 1915 on
the entire 100000 common stock
net profits before excess profit taxes
of about 20 per cent are estimated.
This would mean net earnings OF
100000, against S1.790.317 in 1916
and $964,113 in 1915.
One of the leading copper selling
agents announces the filling Of
considerable order for electrolytic
copper for Octoer delivery at.
20 1-2c pound. with more business
pending at the same price At
20 1-2c the market is from ID 10
1c higher than has been noted i'm
weeks. The smaller dealers in cop
per have followed the lead of this
26 lie sale and have advanced their
quotations to 26 TO 26 1-2c. COM
pared with p II 10 26c on Thurs
day. For the last quarter of the
year the independents are asking
from 25 to PC a pound.
The federal reserve bank Of chi
cago has issued a circular 10 the
member banks asking them 10 de
post their rec eipts of gold and gold
certificates with the federal reserve
bank and 10 pay out instead of such
certificates national bank notes, sill
yer certificates. federal reserve notes
and United States notes. Since the
member banks must keep their re-
serves in the federal reserve banks
there is no special reason for retain
ing gold or gold certificates except
in small amounts.
In order TO relieve the local New
York money situation funds held by
the treasury department in the way
OF loans 10 the allies have been
temporarily deposited by the govern
ment in certain New York banks.
Ohicial announcement has not been
made. but 1t is estimated the amount
is around sSO.0OO.OOO Against such
deposits the hanks are required 10
carry the regular reserve.
August sales of s. II. Kress & co.
were S1.24O,9SO. an increase of 19.N
per cent. For the eight months end
ed Aug. 81 the sales we're $685.
676. or 14.9 per cent over the cor
responding period in 1916.
sugar rehners cannot meet
price OF lie this fall and pay any
thing like present asking prices for
their raw sugar says Frank e.
Lowry Of the Federal sugar Rein
ing Co. commenting on the feeling
in the trade regarding government
regulation of domestic prices. The
situation is a strong one. however.
and sellers realize all Of their sugar
will be badly needed before beet SD
CARS will he in free supply. For
this reason they have so far shown
little disposition TO sell at any con-
cessiOn.'
Thomas F. Wilson. president Of
the packing firm of Wilson x CO.
Inc. Of Chicago, has been elected
director Of the Guaranty Trust co.
OF New York.
Philadelphia dealers have receiN-
ed orders from the government Tor
West Virginia coke at $3.50 per ton
and foundry coke at s.. The
amount involved is not known.
The sugar output in Porto Rico
during the season ended in August
broke all records. the crop totaling
500, 900 tons.
Foreign nations are important
factors in domestic metal markets.
France IS buying copper Russia Is
expected TO close for 10000 20 Az
oo0 freight cars soon. and Japan Is
INCREASING steel products on large
scale steel trade authorities state
that Japan's takings are those coH-
modities not included in the emoar-
90 list and add that it is significant
that the prices paid by the orient
Ito, are inst as high as they ever