Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-03-30
Financial Briefs

Justice Erlangcr of the New York SUI
prcmc Court, has handed down a de
Cision in which stockholders of a bank
arc held liable to pay an assessment
equal to the par value of the stock held
by them, so as to satisfy dcpostors' and
creditors claims. The decision was in
the case of Eugene Lamb-Richards, su-
perntendcnt of New York Banks, against
John g. Robin and other stockholders of
the Northern Bank of New York.
Philadelphia Stock Exchange seats are
bid for at $500, with one offered at $4,000.
The gross earnings of the Federal Min
. ing and Smelling Company in 1914 ag-
| gregated S2,2OO.1Il, a decrease of SlOi76
Surplus after fixed charges was $5j239d,
and after payment Of its preferred div
idend the company had a deficit of $4,000
| for the year
The following transactions "undcr the
rule were made at opening today: $1,000
/ United Railways Investment collateral
IS. 5S4 sold 200 United States Steel 40
bought; 800 United States Steel, t9is
/ bought. There were 100 Philadelphia
Rapid Transit trust certificates bought
at lOA and 10 Lake Superior sold at 65s,
The Treasurer Of the state Of Maine
Will receive bids until p. m. AprIl Is for
the purchase Of S5OO,0OO serial gold high
way bonds dated April /. 1915. and due
600 t9lS-l933 and $4,000 1914 and 1853 in
elusive. No bids at less than par will be
considered.
The annual report of the Consolidated
Gas Company, of New York, showed IL
total income of 81, 425 t2O, against s9.5Gl, ,735
in 1913 The surplus was $7i7OS7, against
%i3,4iO the previous year,
The annual report of the lngersolI-
Rand Company shows a decrease of S5Ol77
in net earnings. The surplus was 1913, 576,
a decrease of Sl92,0Si.
A meeting OF the Executive Committee
Of the trust company section OF the
American Banking Association will be
held In New York tomorrow to consider
the advIsahity of the trust company sec
tion taking steps to test the cUnstitu- I
tionaity Of the Federal reserve act grant |
Ing trust company powers Ia national /
banks.
The United states Smelling and Rehn-
ing Company annual report shows profits
for the year ended December 81, 1914, of
2.265,Gil, against $3,5Sj5S6 for the previ-
Gus year
At the organization meeting of the new
American Telephone and Telegraph Com
pany board, officers were reelected with
the exception of II. b. Thayer and b. f..
Sunny, who have been serving as two of
the company's five vice presidents Their
places We're not filled. Wm J. stout was
elected assistant treasurer to flI a va
canCy.
II Is estimated that New York financial
have outstanding acceptances
TO $0OOO,OOO as compared with
$50 100000 on January / The demand for
acceptances is reported to be large and
the supply Inadequate Philadelphia in
are doing something in this
new business also.
For the year ending December g. the
Mohawk Mining Company reports an in
crease of $780, III in receipts and 1851, ,S@a m
operating profits, There was a surplus OF
1891 ,0j3 against a deficit of 1876 l6O in 1913
Paul Nj. Warburg, OF the Federal Re-
serve Board, today issued a statement
lenying that the board is trying tn en-
roach on state banking prerogatiyes.
The statement indicates that State banks
lnd trust companies have shown resent
nent against the recent resolution nf the
BOARD urging them to enter the Federal
'escrye system, and adds that there an
'arenty has been unfortunate mscon-
truction as to the board attitude be-
'ause the wording of the resolution lends
'eltef to misconstruction." :