South Bend news-times., 1917-07-29

syndicate were in excess of the
amount of the issue. Many of the
banks and bond houses that have
been advised Of their allotments
have requested larger participations.
According 10 figures compiled by
the treasury department, the per
capita money in circulation in the
United States on July / was $46.57,
compared with S45.49 on June l and
$39.2S on July 1, 1915. Two years
ago the per capita circulation
amounted to s35.59, and three years
ago $34.53.
on account of the delay on the
part of the bureau of printing and
engraving in Washington, the Fed
eral Reserve bank of New York has
been unable TO issue all of the Lib
erty loan interim certificates re-
quired in this district. There is
practically a shortage of $50 and
500 certificates. but the bank is fill
ing them out and distributing them
as fast as the slips of paper come
from Washington.
Ray Consolidated Copper prom
ises to make the best showing in
its history in 1917. Nine output in
March registered more than 5000
600 lbs. and this was exceeded by
Mays production OF 8,S15,2S1 lbs.
a new high record. A yearly output
of about 96,O0O,OO0 lbs, and 26-cent
copper would make possible profits
of about S14,400,000, or more than
SO a share. Earnings in 1915 were
Sl66 a share.
Curtiss Aeroplane has practically
closed negotiations with the allies
for 1000 Curtiss motors These
will average about $4,000 each,
which means an order of approx
mately s5,OOO,OOO. Deliveries will
probably start at five motors a day
BY the fall of 1917 l. is expected 10
daily can be delivered. Filed notice
at Albany. y. Y. of an increase in
capital stock from S6.750.OO 10 81
SIS, 900. Two million dollar Curtiss
Aeroplane & Motor Corp. first and
convertible s percent serial gold
notes, dated Jan. 1. 1917. and ma
turing 100000 Jan. 1 of each year
from 1918 TO 1922, inclusive, are be-
ing offered for sale The notes are
convertible into common stock vot-
ing trust certificates on the basis Of
90 shares Of stock for each $1,000
note and are callable at 102 II and
interest on 40 days notice.
Oil City, Pa.,-Galena Signal Oil
Co. has arranged TO purchase all of
the Franklin crude oil that has ac-
cumulated in the tanks of the
Franklin Pipe Line Co. since the
Galena Co. began, on April 1. 1915.
taking only 20 percent of produc-
tion. There is about $4,000 bar
rels in storage. which is worth "a
a barrel.
The Empire Gas & Fuel Co. a
subsidiary Of the Cities Service Co,
has just brought in a we'll in the
Eldorado field at the 2.345 foot lev
el. The we'll is flowing at the rate
OF 1000 barrels a day, with drill
ing operations still in progress.
IL is believed in eastern financial
circles that higher prices for crude
and refined oil will result from con
ditions now existing in the oil in
dustry. Consumption is exceeding
production at the rate of $4,000, 600
barrels.
Traders took another whack at
kf11 rsD
siderable action on the downward
side from General Motors and
Studebaker. In the streets opinion
a big short interest has been built
, up in these issues and signs Of COW
ering transactions have been lack
ing. As tirne passes indications
point toward a close cooperation be-
tween the automobile concerns
which make their own parts and the
aeroplane makers. The WHY'S
Overland Co. has already made
known its alignment alongside the
Curtiss Aeroplane K Motor Co. an
arrangement which should be bene
icial to both.
The Sequoyah oil Co. is reported
I 10 nav 2 nlOuEHl III a new WtiA W tQ-
nesday. flowing 500 barrels a day.
Conservative people are buying this
stock around 81.
The Merritt oil corporation this
week brought in deep sand well
on section No. 81 in the Big MUDDY
/ field in wyoming The we'll pierced
| the wall quickSand az a depth OF
about $500 feet and the flow OF oil
! is the largest vet obtained in the
+ field This well IS locaced more
centrally in the field than the 9TH
/ ers recently brought in and gives
I additional proof OF the existence OF
/ oil throughout the Merritt holdings
7 The United states Steel corpora
: ton has incorporated the Federal
/ - -.