The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1917-12-04
RAILROAD
EARNINGS
REDUCED
Increased Expenses
Wipe Out Gains
In Revenue

The great part the railroads are
PLAYING in The war Us shown by
nzurez in The December trade let
Ter OF the National Bank of Com
merce just or the press. AL rail.
road equipment shops are running
full capacity. with little chance Of
a respite for many months. 10 is
stated Foreign orders for locomo-
lives during October numbered '0i
compared with three IN Sept her
and Isl Ia October, 1915, fhO only
one locomotive FOR domest'- use was
ordered as against 65 The previous
month
Gross earnings Of the steam roads
for September were S2s5.ou0.0oo an
increase OF 80 per- cent over The
same month a year ago, bart because
of The great increase in operating
expenses the net earnings for the
month show a decline OF six Der
cert. NCr earnings Tor he first
nine months OF 1917 were s90l..
O00 900 as compared with $4,000
D00 for the same period IN 1918.
Building operations reached their
Iow est ebb in three years partial
reports indicate one report. COM
prising $50 cities shows operations
totaline S46,000.000 rs compared
with $4,000 600 for October 1915.
In Detroit during October permits
for 2S6 buildings and additions rep
resenting total estimated cost Of
S4gIl.3S5 were issued as compared
with 95A permits and value Of
s5.155.540 in October 1919.
Real estate mortgages MADE by
banks have declined from 1907, 70
ialing s5.b30.0S2, IN june, 20 ISL,
totaltng $3.50 9q. IN October
Liberty loan subscriptions are
given credit for 70 per cent in
crease in bank clearings Of the
country during October over the
came month a year ago. The total
was SOS. 255, 900 400. Bank clearlngs
ia Detroit in October were 1898
01es02.S8 as compared with 1918
12G476,9S in October, 1916.
The letter continues
Merchandise exports during sep
fember were valued ~ $50 Wiiilon
dollars compared with 490 million
dollars n month before and 5la mile
non dollars a year ago. Imports for
the month we're valued at 356 million
dollars compared 271 million dollars
The month before and 1s4 million dol
lars a year ago. our favorable bai-
ance Of trade for September was 220
million dollars compared with the
same balance a month ago and with
S5l million dollars year ago.
Exports OF gold in Septem her were
81 million dollars with imports N
four million dollars. leaving an NM
III f.Hna emf
OF 81 million dollars for the month
since the lrst Of the year imports have
been 545 million dollars compared with
800 million dollars Tor the same period
last year and exports have been 35f
million dollars compared with 96 mill
lion dollars for the same period last
yTHT ffrrfrf * pet tsi4 4 "a aAsieAd
Imports since July lat by 92.I5s thou
sand dollars while for the period
from January fst 90 july LIST. imports
exceeded exports By 2s4I2G thousand
dollars
business failures during October
numbered 104s compared with 9l7
the month before and 252 year
ago Liabilities OF the failed concerns
Were 10 million dollars compared with
~ million dollars the month before
aud million dollars a year axe as
sets were six million dollars CONF
pared with FIVE million dollars
month ago and I'VE million dollars q
year ago. This business failures re-
NNfA a. ANAFAN"AN ~ . fRFNA Nfff' "afe''F
Financing for October totsIsd 80
million dollars compared with ~
million dolia5s in September ard M
year Financing by railroads amount
"a 20 less than 10 million dollars
compared with 30 million dollars
year ago and industrial financing
jotaIed iess than a. million dollars
compared with go million dollars
year ago.
During November dividend and in-
tefest disbursements were made
amounting 20 f73 million dollars con-
pared with 1872 million dollars for
tho same month last year ult idends
Were represented by ~ million dol
lars compared with ~ million dollars
last year and interest payments arc
10g million dollars compared with 9i
million dollars last year.
shares traded ON the New York
stock Exchange during octuh~f mum
bered lS.st3 thousand compared with
1851 thousand the month hr.
fore and @A,t52 thousand iu October
1915 Bond sales were Us million
dollars compared uith 50 million dol
lars tho previous month and 1877 mill
lion dollars IN October a wear GO.
The average price ~ a selected l!st
OF 90 stocks at the close ~ October
was 62.22 compared with $3.50 a
month ago and Sos AZ the close of
October. 1915. Average price ~ 30
railroad, public utility and Industrial
bonds AZ the close of the last month
was ss.2s compared with So a
month ago and 96.5s at the close ~
October, 1915.
Money In circulation on the hrst
Of the month totAied f.efb million dol
lars compared with 1891 million dol
lars month ago and 4241 million
dollars year aEu Population ~
THE uffr1 states Isl now raffnn ated
at iofTfq thousand compared With
01.oo2 Thousand year ago. making
HHn money circulation nUT rHnffn