New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-20

Wow 1906. and February :. 1891 At
40, time the state Controller ruled that
49, e. tax must he paid on every 100
&C regardless Of par value. Later an
.,,,,aneut on which this ruling was
sa.1d was declared unconstitutional. and
=. ND appear that brokers are entitled
have the excess payments refunded.
: o., a. seems the technicalities of law re-
..,re that each broker must pass through
..,.,,erolo II LITIGATION before ne can
receive his just dues.
Baltimore G. Ohio Financing.
-r,,.r. v,4s some uncertainty for a time
90 nnether the proceeds of the $685.
90 coo a. per cent twenty-Year gold con-
.cr,ihle bonds Of the Baltimore 4 Ohio
,,oold he used for the redemption of the
,,,o iseu. in whole or i'm part. but II is
,ov understood that a decision has been
cached hy the management To nave "a
general cleanup al the end Of the fiscal
year
nv this move the Baltimore a ONO
treasury will be reinforced by free Sc
curities having a cash value Of approx
,ostelv S-500O. 600 With this great re
serve Of quick assets at command IN"
compar, should he i'm 4 comfortable posi-
,;on for such financing as may be desir-
ollie later The substitution Of the
ses o5O OOo 81. per cent bonds for the
eco coo GOO three-year notes bearing
higher interest rate. is said TO make a diff
ference Of only Se50.o0o year In the in
tcrest account
Oncial figures are not Vet available
hut q is understood that the Baltimore a
Ohlo's earnings for February were about
$500 600 larger than those Of February.
1912 and that net earnings will show
slight cnanee. If these figures prove APP
nroximately correct the increase in gross
for the first eight months of the fiscal
yea, will be abou, SS.0Oo.ooo and net
around 100000.
Blue Sky Legislation.
The passng Of the Harlan bill 10y the
Indiana state Legislature has called out
a strong protest on the part of the Ind
lana Manufacturers Association ana the
investment bankers Of that state. The
hill was aimed az fraudulent dealing in
weeitimate securities. hut is reported 10
be so drawn as 10 work hardship 10
legitimate business. and i'm view Of this
fact the bill Wa vetoed by Governor ;. NJ.
ralston. In his veto message the Gov
ernor stated that such a law was com
mendable I'm its intent but that ii con-
tanned features detrimental 10 legitimate
business interests The chief difficulty IN
the wav II securing adequate blue sky
legislation IS that the question or reform
js carried % an extreme, and measures
are introduced which conflict with sound
economies and are mere theories OF un-
businesslike minds.
Proposed s6oo00,0o0 Sugar Company.
The new administration and the outlook
for tariff revision have caused the sugar
interests of Louisiana TO sit mp and take
notice The organization committee oi
the Louisiana sugar manufacturers mas
sent out letter through Sol WeNler. VINO
proposes the organization Of the Lousl-
ana Cane sugar Company. also SUD-
sidiarv company 70 be known as the AgI-
cultural Credit Company. the purpose oil
which will be- % furnish cane growers "lth
necessary funds 10 carry on other plant
Ping operations. The plan proposes the or
ganization Of company with Slo.OoO,ovu
Of first preferred stock or bonds. S-"ooV.-
100 second preferred stock and $4,000 90"
common stock. II the plan works out the
organizers propose TO reduce the number
Of mills 20 fifty instead Of one hundred,
about tho present number when they
claim will handle approximately 2Oo,oVO
tons Of care a day. practically the entire
output. az a great saving in cost Of pro-
duction The advocates Of the new plan
say that should the tariff be reduced T.
point % make cultivation Of cane impos
tble the plan will not be carried out. ana
the enormous sum OF money now invested
IN sugar manufacturing in Louisiana VIII
10 entirely lost. TO say nothing Of the de-
probation IN the value Of land.
Think Outflow Will Continue.
In letter issued by Knauth. Naohod a
Kuhne. International bankers, the follow
ing paragraph relating to the money STU
alton IS Interesting
IT is probable that this outflow Will
continue for some time 20 come although
there IS nothing i'm the situation to indi-
cate that II will reach sensational proper
tons. Because Of the serious compiled
tons growing out Of the Balkan war dis
,urbancc and more especially because Of
the boarding craze that resulted from IT,.
the principal markets Of Europe nave
been 50 dcrangcd as % make II dii1cult
for the great foreign banks to finance the
heavy quarterly engagements OF April J..
The situation has been aggravated by
politics. and it Is question whether the
acute tension Of the last ten days would
have oeeu seen AT Berlin had II not been
4 for the premature announcement Of the
governments plans with respect to the
huge OUTLAWS for armament and the pro
posed tax on fortunes. The April settle
ment has always been difficult one IN
Germany. but because Of the supplies OF
gold secured in New York and London and
other protective measures resorted TO it is
altogether probable that the account VIII
he carried through without difficulty or