New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-11
BRIEF NOTES OF FINANCE
Paragraphs Of Current Interest
for the investor.

j., cannot be denied that the falling OF
.. ,be corn crop. TO say nothing OF dam
- IN other crops. will materially affect
abroad traffic in the territory running
.hrough and contiguous TO the states Of
missouri. Oklahoma, Kansas, Nebraska
.,d southp estern Iowa particularly.
compared with the record breaking crop
- 1919 the indicated crop of corn shows
=. de6ciency Of over 700.OOOO00 bushels, and
mi, large amount, which the railroads
oil not be called upon to carry I'm one
form or another, must materially reduce
their traffic income during the next year.
7, Is not alone the large portion of this
commodity that is transported directly
70 market. but il includes the cattle and
hogs which are fattened on corn. and
which afterWard enter into the livestock
and packing house products. contributing
paying traffic for the railroads. Nat
urally the loss does not stop with the
farmers and the railroads, but will be re-
Aected in various lines OF trade and in
dustry iuscparably allied with the West
ern country. About twenty-four railroad
systems. embracing the Western, North
western and Southwestern group, viii
more or less directly feel the loss to the
corn crop.
Enormous Capital Demands.
In these days the world is familiar with
large figures. but the astounding require
ments Of corporations during the next
few years as estimated by fnancers arc
almost appalling. The president OF the
National City Bank Of New York Frank
=. Nanderlip. before a meeting of repre-
sentativcs Of tho electrical industry Of the
United States recently said that when
We reflect on the larger use Of electrical
energy for industrial power. agricultural
uses and 10 continue developing inter
urban lines, We see a requirement OF
A0O.000040 a year OF new capital, or an
average of $4,000 OF new issues every
week for the next FIVE years. He fur
Their saidc+nat there will mature within
the nve-year period over 5000 10000 OF
steam railroad securities He called at
tention 10 the fact that railroad develop
ment during the last five years had de-
manded about g, 600 10000 in new capital
and that at least an equal amount would
be necessary I'm addition TO the refundinc
operations. on this basis railroads will
need for rcfunding and fresh capital about
S,0oo,ocoOoo. Including state and municipal
requirements. the outlook is that. together
with the electrical and railroad develop
ments, between now and the closing Of 1918
between 5000 100000 and $500. 100000 must
he provided. IL is we'll 10 consider that
these arc only three OF the branches Of
commerce and industry which will re-
Quire large sums OF money. as general
industrial and trade necessities arc not
Mr. Nanderlip may well say
that these are bewilderihG figures. "They
sound more like Astronomical mathe-
mates than totals of round, hard earned
dollars. The raising Of these sums. how
ever is the practical problem that hnan-
ciers have directly in front of them"
One Hundred Billion Dollars.
In an article on Safeguarding the
Issue of Securities" that appeared in THE
Chronicle" Charles A Couant says in one
Tho total issues Of securities in Eu-
ropean, Asiatic and South American couu-
tries we're estimated as long ago as
the year 1900 at about $7j,O000o0,O0o, and
this amount has undoubtedly been in
creased during the succeeding thirteen
years TO not less than sos, 200, 10000.
Thus. in the United States and in other
advanced countries there exist not less
than sl92,000,oCo.oo0 in negotiable bonds.
stocks notes and similar securities In
so far as these instruments are CON
'idered q means OF transferring readily
Inc title TO property, they are more
important in amount than currency,
which, including coin does not exceed
y5. 900 10000 for the entire world, or less
han one-twelfth the amount OF securities
known to he outstanding"
Demand Some Action.
Considerable publicity is being given by
the press of Canada on the failure Of the
United Shoe Machinery Company, of Can
ada, TO comply with the findings Of the
board OF investigation on October IS. 1912,
which gave the company period Of six
months 70 comply with the law and re-
move alleged illegal restrictions in the
.onduct Of trade. On May 10 last the dateI
y expiration, no move had been made 20
ollow out the boards ruling, it IS said,
md there is a demand now that some
action be taken. \ correspondent Of THE
Toronto Globe says that the penalties
inder the act for the failure TO comply
With the boards findings provide either
or removal OF duty, cancellation of pat
mt rights or a fine OF sl0o0 day for each
lay that the company fails to do as or
tered. The onus for enforcing the penal
les lies with the government. Although
.he operation of the combine in question
fleets every consumer i'm Canada and
takes toll on every pair Of shoes manu-
featured, the Minister Of Labor has
taken practically no further move in the
matter.
CIlRB ECHOES.