Newark evening star and Newark advertiser., 1915-07-20
FINANCIAL NOTES

FINANCIAL NOIES|
According to textile salesman who
travels Southern territory, dry goods
wholesalers in the North and other
sections of the country have much to
: learn from the conduct of the mer-
chants who make up the membership
of the Southern Wholesale Dry Goods
Association. While they are competi-
tors in a strict trade sense, he said
that these merchants worked on a
friendly basis, and did all they could
to make business easier for one an
other. 1t is not a rare thing, he said,
for a jobber to announce at an asso-
citation meeting that he has some
goods on hand that he cannot move
in his particular locality. Such an an
nouncement is as likely as not, to re-
suit in the disposition of these goods
to other 1obbers who can sell them
and on terms that benefit all. In
some instances. he continued, goods
have been swapped to the mutual ad-
vantage Of the merchants involved in
the transactions. All in all, he said,
the organization is just such one
as it might be expected to find in the
South, and it serves as a good eX-
ample to others.
The New York Clearing House As
sociation will hold a meeting tomor
row to consider the establishment of
a special department for collecting
checks of out-of-town banks at par.
For three years individual banks have
had working agreements with the
banks of certain discretionary
points" in Massachusetts, Rhode
Island, Connecticut, New Jersey and
New York, under which the institu
tions here collected without charge
checks drawn on the interior banks.
While this arrangement was satisfac-
troy as far as it was applied, MEM
bers of the Clearing House Associa-
tion believed it could be extended
greatly if the work here could be put
under the direction of the association.
A committee, consisting of Walter
e. F'rew, president of the Corn Ex-
change Bank; Charles II. Sabin, pres
ident of the Guaranty Trust Com
pany, and Edward Townsend, presi-
dent of the Importers and Traders
National Bank, was appointed last
November by Albert Fl. Wiggin, pres
ident of the Clearing House Associa-
tkon, to study the field of check col
lections.
The oft-repeated rumor that Henry
c. F'rick had obtained from the Penn
sylvania Railroad an option on its
controlling interest in the Cambria
Steel Company appeared again yes
terday and brought forth this state
oy,fa on
ment:
"It can be authoritatively stated
that the Pennsylvania Railroad Com
pany has not-given on option on its
Cambria Steel Company's stock TO
Mr.. Frick, nor is there any basis for
the reported consolidation of the
Cambria and Pennsylvania Steel
Companies. When Mr.. Donner be-
came president of the Pennsylvania
Steel Company he was given an op-
tion on a portion of the Pennsyl
vania Companys holdings, both In
the Cambria and Pennsylvania Steel
Companies"
w. H. Donner and his associates
control the Pennsylvania Steel Com
pany. besides being prominent share
holders of the Cambria and Maryland
Steel Companies. A merger of the
two first named has frequently been
reported as imminent because of the
close relation of stockholding inter-
ests of both. The Cambria has $45,-
100000 stock outstanding. of which
the Pennsylvania Railroad owns more
than one-half.
The Protective Committee of the
first mortage bonds of the old Buffalo
& Susquehanna Railway Company,
of which William Solomon Is chair
man, announced yesterday that the
railway property would be liquidated.
Depositing bondholders may become
parties to the liquidation agreement
by presenting their certificates of de-
posit at the Bankers Trust Company
before August 10. Those not desiring
to become parties to the plan, 1t was
announced, may withdraw their
bonds on payment of their share of
expenses, amounting to $40 for each
81 900 bond.
The July number of the Handbook
of Securities, compiled by The Com
mercial and Financial Chronicle, has
been issued, containing a monthly
range of prices for the first half of
the year on the New York, Boston,
Philadelphia, Baltimore, Chicago and
Pittsburgh Stock Exchanges. The
yearly range of bonds and stocks on
the local exchange for six and one
half years and for three and one-half
years on the Philadelphia Board are
included.
The $4,000 Jersey City Az per
cent. municipal bonds recently Of
fered jointly by Hornblower & Weeks
and Curtis & Sanger have all been
sold. 1t was announced yesterday.
The American Sugar Refining Com
pany, under its new head, Earl D.
Babst, will develop a system of
salesmanship on advanced scientific
principles, 1t was stated in sugar cir
oles yesterday. Mr.. Babst was large
ly responsible for the business organ
ization in the American Biscuit Com
pany and his ideas of business were
sought by the sugar company. 1t is
understood that the sales force will
be enlarged and that Mr.. Babst will
have a free rein.
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