Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-03-20

COMMENT

Z. H. Harriman's vast legacy was
rounded up with a little block of worth
no fnancier IS. 50 shrewd but that he vii!
at some time in his life be the victim OF
a mining promoter
Attorney General AIcReynoIds says he
has not even considered reopening the
tobacco cases and has had no time TO
look into the matter Until he does or
does not he can not tell what his future
course in the matter will be.
Even the Connecticut Yankee believed
New Haven was as good as a government
bond. reduction in the dividend VIII be
There is scarcely a country of any i'm
pOrtance for which the London house of
Rothschlds has not in its time raised q
loan or carried out some conversion or
other large financial operation. Up TO
1904 ii was computed that the firm had
either contracted for or participated in
loans to the huge total Of E1,50O. 100000,
and this figure has since been consider
ably added to.
Two items in the American Sugar Re
fneTy COmpany's annual report are Of pc
Cultar interest. one of these is in the in
come account. Under the caption 'ad
juStmentS' il showed Sl,Sl6,000 to have
been credited to the years income as
representing an amount of former appro-
priationS for improvement Of plants which
were offset in the amounts set against
depreciation on plant and equipment dur
ing the year. In neither 1911 nor 1910
was there such a credit possible. The
other item Of interest occurred in the
balance sheet 1t showed that the com
pany on December 81 had among its as
sets SIS. 40S, 900 cash. as compared with
S2l.762,000 a year before and Sl9,319,0O
two years before
The underwriting syndicate formed to
buy from Union Pacific S126, $4,000 Of
Southern Pacific stock having expired by
limitation, Kuhn, Loeb K Co. the syndi-
cate managers, mailed checks to the mem
bers for sums equivalent to q of 1 per
cent of the par value Of the stock sub
scribed for This represented their pro-
portion of the guaranty forfeited by Union
solution plan to receive the approval of
the California railroad commission.
1t is expected in wen-iuformed circles
that the new scheme to be worked out
by the directors of the Hartman lines
Will not provide for the sale Of Central
Pacific to the Union, but that it viii be
retained by the Southern Pacific 1t is
stated that the plan will also provide for
an arrangement which will not come with
in the jurisdiction of the California state
railroad commission
The present estimates for capital de
mands this year by the Balkan states are
$3.50, 00O,O 600 Austria wants $3.50, 600 009.
france HlUU,UUUtUUO ana RUSSIA SlUOUUu,-
900. Germany has already made a loan
OF s125,0O0OO0 and is asking twice as
much more for armament. South Afri-
can countries would like 10 finance about
500. 600 600 of new loans Mexico needs
at once from 100000, 900 TO $125.0O0 600.
Here is a total of approximately $1,000
100000 in direct government loans in sight,
to say nothing of colonial loans, loans 10
private enterprises and corporations
abroad.
Since last autumn there has been dis
PEELED one fallacy in which Wall Street
strangely persisted, namely, that railroad
companies could wait until given date,
to be sure of a big freight movement, and
then go into the equipment market and
! buy for immediate delivery whatever
amount of cars and locomotives they de
sired. Previous TO the autumn's large
! buying by the railroads the idea was en-
| tertained that the placing of an equip
ment order was followed a once by APP
pearance Of a supply Of fresh engines and
cars on the tracks OF the purchasing
railroad. Il IS now pretty thoroughly
understood that equipment manufacturers
do not carry cars and locomotives on
shelves, like toys in a department store.
ready to be lifted down by the salesman
and handed over to a purchaser whenever
a purchaser appears.