New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-18

r-i,o COLLAPSE VI wv lihiA W NAs'-'''' N''N
southern Pacific will cost the
~ ny" Pacific Company $1,000 which
% the syndicate as l per cent COM
81, guaranteed i'm case of failure.
M the plan succeeded the syndicate
"" VA have received 3 per cent commits
The syndicate was composed of
ST. than seven hundred participants. and
,,,,~ the 81 $500 among them, il ell
O'r, equally. VIII leave each one Il lit
'n"' cyces- of 81 So0-not a very large
=, when figured IN this way.
The lnterborough's Position.
,.,.o, tine operating contracts for TIE
e,hNav line have been fully adjusted
inv will receive from the INTERIOR
rauid Transit Company its share
V.7 h, construction fund to be applied in
,,out of ouo-haf the cost Of the
Fs,r,,ction contract. The INTERIOR
- company arranged its financing
.1eo,,ch an underwriting of bonds which
80 not vet been offered for pubic sale.
&c bonds were contracted FOR sale rs
l.nov,s. s7S.on0o1 during tho period ending
,a. n this wear, 100000 during the
~
- onding juno 60. 1911, 100000 during
oyear ending June 30, 1915. and $52,coOoO
s.,r,ne the year ending June so 1916, a
...oi n N7oo0ocoo Of bonds which have
I'm arranged for. Reports say that the
,o,arborouch is earning about 10 per cent
- ne stock. or sufficient sum thought
80 10 in excess Of its 10 per cent divi-
s.,d 70 pay the fixed charges of The m
,,rborouch -Nctropolitan Company provid-
%, nor cent dividends on the lnteroo--
ugh. METROPOLITAN preferred stock Hay
den. Stone & Co. say:
There are. however. two reasons why
these earnings may not be regarded as
.v.lable 70 pay Intcrborough-Mctro
"a, preferred dividends. First. the in
crest charges and sinking fund OF both
,ntsrboroush Rapid Transit and the city
=, investment In the new lines must be
,,ovded for and while marlborough
pan,d-Transit retains possession Of its
increased earnings until the new
lines are placed in operation, neverthc-
less the company must apply all its
earnings thereafter in The pooling agree
,nsnt. and there is no assurance that
earnings Of existing and new lines COM
lined will Doe Immediately sufficient 10 pay
IN fixed charges aud largov dividend
than the present 10 per cent rate. Second
~ the lnterborOugh- metropolitan Com
pany itself has outstanding S5LS21,o00 of
q, per cent bonds. which Il issued To- a.
olire marlborough Rapid Transit stock.
and will use portion of any dividends
received from the PETERBOROUGH Rapid
Transit in cXccss Of 10 per cent TO provide
sinking fund 20 retire these bonds. since
Al the end of forty-nnc years from Jan
uary !. 1917 the lease Of the subway lines
viii have expired and only the elevated
Ines will remain 70 Intcrborough Rapid
Transit
Eries Bright Future.
Enc. which has had so many UPS and
downs I'm rs career been pcttcd and
cursed lv Spectators and investors
through many generations in Wal Street.
Gems AZ las; To be reaching a state of
Development which will make il ono OF
ihe most important railroads IN the couu-
ty When completed 20 miles Of double
irackinc viii be part Of the comprchcn-
are nlan of Improvement. and facilities
win b. provided FOR efficient passenger
md freight service which should make
DE Eric "a popular line Just now the
ErIs IS I'm an advantageous position, so far
as anancing IS concerned. According 10
nc balance sheet on December 81 the
road had working capital Of tS,lil.G'.
ard no large obligations arc reported 20
be maturing before June. 1911 Consld-
ring the state Of the money market, rail
roads forced at this time T. make finance
arrangements arc at q disadvantage
Tinelv Questions Answered.
IN the March number Of the magazine
devoted 70 tho interests Of the City Bank
Club Vice President Talbert Of the Ma
tlonal City Bank answers at length some
questions relative 10 discount and eX-
change and the currency reform move
ment Referring TO the Aldrich reserve
association plan Mr.. Talbert says in one
Paragraph Efficiently organized and pro-
iscted. the power Of our stock Of gold
would be g-cater by far than the COM
blned power Of the Bank Of England and
as Blnk Of France the total capital and
surplus Of which amount 10 $1,000 5000,
While their joint stock Of gold IN round
1glres amounts 10 $i,o0.coD,cco The pro
posed capitalization Of tho central re-
serve bank is 100000, while the gold
stock in the United States Treasury
amounts TO something IN the neighbor-
hood Of $3.50 10000 Properly used. that
great mass OF gold could dominate the
Iances OF the world. Ia falling 10 so use
1--WE are making az wasteful an economic
mistake as If We had not developed or
Used our natural resources OF forests,
zines and fields. do not mean 10 say
thus favoring the Aldrich plan that it
could not bc improved upon in many
matters Of detail
American Cotton in HaVre.
A movement is on foot at Havre 10
ehsnge the present method Of handling
1p!tration samples OF cotton in the in
uest OF American shippers OF that com
modlty,' says Consul John Ball Osborne
Under the present system only one set
VI samples is drawn from the bales. This
Rs Is drawn by the buyer (or his repre-
sehtative) 81 the time OF landing. and the
1hsealed samples are taken Immediately
his 1wn sample room. lie then exam
mes them, and II he decides that they are
~ up 10 grade or # for any other rea-
'oh he desires arbitration. the arbitration