Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-03-21

COMMENT

r. II: Harrimans vast legacy was
! o ouIlded up with little block of worth
NJ fr Iiiinlng stock. 1t is proverbiaI that
no hnancier is so shrewd but that he viii
al some time in his life be the victim If
d mining promoter. ''''' VI
attorney General McReynoIds saws he
t tSE not even considered reopening the
look into the matter. T-ntu he docs ar
uoes hot ne can not tell what his future
course IN the matter will be.
y Even the Connecticut Yankee believed
h NSM maven was as good as a government
oohd. reduction in the dividend viii he
test of faith. ~ NC
mere IS scarcely a country Of any i'm
PBorIahce for which the London house of
49, isoCllscIilIuS mas not in its time raised
loan or carried out some conversion or
Otnef large financial operation. In to
lSUf u was computed that the firm had
telIner contracted for or participated in
a ahiI ms ms 9gure has since been consider
Two items in the American Sugar Re
uhery Company's annual report are of pc
cullar interest. one Of these is in the in
come account Under the cantion "ad-
(ustments, it showed S1,S16,06O to have
Deeh credited TO the years income, as
representing an amount Of former appro-
prlauOns for Improvement of nlants 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
pLIeI item OF interest occurred in the
balance sheet. 1t showed that the COM
pany on December 81 had among its as
SETS SZS, 4OS, 900 cash, as compared with
SZl''o2,OOO a year before and 1919 900
TWO years before.
The underwriting syndicate formed to
puy from Union Pacific S126, $50, 900 of
southern Pacific stock having expired by
limitation, Kuhn, Loeb & Co, the syndi-
cate managers, mailed checks to the mem
oers Tor sums equivalent to 81 of l per
cent OF the par value of the stock sub
scrlbed for This represented their pro-
portion of the guaranty forfeited by Union
racine because of the failure of the dis
solution plan to receive the approval of
the California railroad commission.
II is expected in well-informed circles
that the new scheme to be worked out
by the directors Of the Hartman lines
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
$3.50 900. Austria wants $4,000, O0O
France 500 900 and Russia 500, 900. %
600 Germany has already made a loan
OF Sl25,OO0,O0O 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. 900 900 to S125, 900. 900
Here is a total of approximately 1000,
10000 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 II 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.