New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-09
BR|EF NOTES Of FINANCE
Paragraphs Of Current Interest
for the Investor.

q, fciires prove anything. those COM
"a nv SIason Thompson, head OF the
t..p NJ railway statistics. must prove
the railroads are burning the candle
10Th ends These figures show that
average freight receipts I'm 1912 We're
- than for any other year since 1900
~. wages paid during 1912. on the other
- were higher than at any time in
history Of American railroads. the
IN damage claims was the heaviest
record. taxes reached n new high
~ and irrespective Of the fact that
Is revenues were the largest ever re-
ted the net income of American rail-
Ids last year was lower relatively than
N snv wear for quarter of a century.
Selling Municipal Bonds.
The law of supply and demand cannot
~. ignored in the investment market any
.,o,e than 80 can I'm commodities. and
,s,aiciiy does not always mean the sue
..s, Of new ISSUES. At the present time.
,sile there is q plentiful supply. there is
.sly admitted demand for new investment
..,ies of the municipal bond class. The
,s,y Of San Francisco has just expert
,nced disappointment in its failure to
.su S2iSoo0 OF bonds Of which S5,l0i.0cO
wsre S. and $4,000 were siss The city
has but two courses open. One is TO wait
mill money gets easier and the other is
70 retail them direct at par. A few fail
rres TO underWrite municipal and state
securities may result in future offerings
icing made directly 70 the public with
ont having TO pay underwriting expenses.
Traffic Conditions Better.
In communication received from r
c. Powell ice-president OF the Southern
Railway ana Queen and Crescent route.
can't 10 A. S. Thweatt. Eastern passenger
agent Of the Southern. is the following:
II Is stated that ell passenger trains be-
tween Cincinnati and the South on those
lines are on a regular schedule and all
freight and express traffic, both carload
and less, between Cincinnati proper and
ne South is being carried on without de-
lsv and confusion. This report is reas-
suing regarding the interruption Of
transportation to points south Of Ohio as
a result Of the food"
States Sinking Funds.
AS a result OF a resolution OF tlfe Sem
ate. State Controller Sohmer presented
report OF the condition OF the state s
sinking funds Of which he is trustee.
This report shows that there are nine
G, these funds. but that the irst has ma
,ured and the bond issues against - have
teen retired. He states that the others
all have been created by separate stat
utes fixing rates Of taxation, payable an
nually. The constitution provides that
taxes imposed by statutes shall remain
IN force and be collected annually until
the proceeds shall be sufficient TO pay the
debt, when no further tax shall be lev
led. Based on the faith and credit OF
these taxes. several Issues Of bonds were
sold. which imply q contract between
the state and the bond buyer. protected
by the Constitution Of the United States.
The Controller proceeds to explain that
some Of these funds have accumulated
much faster than would be necessary 10
retire the bonds at maturity, owing 10
the rapid growth Of the states assessed
sa'uation. which never can be fOreseen,
and the anxiety OF the law makers 70
make the bonds an attractive investment
OF course from the bonQholder view
lc.nt. that fact enhances the value of his
security. The total authorized bonded
oeot Of tine state Is now :2zoool.oo9. OF
this amount. less than half has been Is
sued TO date: but about 100000 Of bonds
are 10 be sold this year. For these. new
sinking funds must be created and new
rates Of taxation fixed, IL the bonds are
ro fa r1arpefabla