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

E. H. Harrimans vast legacy was
rounded up with little block of worth
no hnancier is so shrewd but that he will
at some time in his life be the victim of
a mining promoter.
Attorney General McReynolds saws he
mas not even considered reopening the
tOpacco cases and has had no time to
Iook INTO the matter. Until he does or
does not ne 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
oond. A reduction in the dividend will be
There is scarcely a country of any i'm
Portance for which the London house Of
Rothschllds has not in its time raised a
loan or carried out some conversion or
other large financial operation. Up to
1900 1t was computed that the firm had
either contracted for or participated in
loans to the huge total of 1900 OO0, 0OO
ana this figure has since been consider
ably added TO-
Two items in the American Sugar Re-
nnery Company's annual report are Of pc
cullar interest one of these is in the in
come account Under the caption "ad-
gustments' II showed $1,Sl6, 600 to have
been credited to the years income. as
representing an amount of former apprO-
We're onset 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 S,4OS, 900 cash, as compared with
S2l.762,OOO a year before and S19,379,0
two years before.
The underwriting syndicate formed to
9u! from Union Pacific $l26,65000O of
southern Pacific stock having expired by
limitation, Kuhn, Loeb & Co, the syndi-
cate managers, mailed checks to the mem
oers for sums equivalent to - of l per
scribed for. This represented their pro-
portion Of the guaranty forfeited by Union
Pacific because Of the failure of the dis
solution plan to receive the approval Of
the California railroad commission.
It is expected in well-informed 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 will 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. 100000. Austria wants $3.50, OOO. 900,
France S1OO 900 900 and Russia $iOO 900, =
| 900. Germany has already made a loan
of S125, 000.0 600 and is asking twice as
much more for armament. South Afri-
can countries would like to finance about
500, 600, 600 of new loans. Mexico needs
at once from 500 100000 to 1925, 900 900,
Here is a total Of approximately $1,000
600, 900 in direct government loans in sight,
to say nothing of colonial loans, loans to
| 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 a 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 at once by APP
| pearance of a supply of fresh engines and
cars on the tracks of the purchasing
railroad. It 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.