The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1916-09-08
Business and Finances

as early this week as Tuesday morn
/ ing had issued instructions that no
goods be accepted for freight transfer
which could not reach their destina-
ton by September 4; many of the
southern and western lines have also
placed an embargo on perishable
goods of all sorts.
| 1t is significant that in the dispute
which has been engaging the attention
OF our economic leaders at Washing
ton, too little stress has been laid
upon the rights" and the comforts
of the general public, to whom in the
last analysis legislators, capitalists
and labor leaders are responsible.
While the roads are owned by their
stockholders, they are nevertheless
quasi-public property and must be adj
ministered in the interests of the pub
lie. Thus while strike in large
industrial plant would affect only one
community, general railroad strike
would result in nationwide disaster.
Presidents and railroad trainmen can
\not and must not be permitted to put
the vast total of these semi-public
properties in jeopardy under any cir
cumstances. The public are greater
than either railroad officials or their
subordinates, and it is their interests
and not the interests of those who
think themselves the only parties in
terested that must be considered. IN
fortunately, heretofore no one has
been thinking about protecting the
interests of those who are the only
ones really to be considered at all.
/ Meanwhile, reports of earnings
, which have recently been made pub
: lie have been very satisfactory, the
: principal ones being Canadian Pacific,
Union Pacific, and Pennsylvania. The
net earnings of the Canadian Pacific
| Railway for the past year ended June
5 30 last were $4o,225,o 20, according to
, the roads annual financial statement,
: mailed to the stockholders. The gross
earnings were SIPS, 491 1885, of which
: approximately $80,255,000 went for
} operating expenses The directors an
r nounced that Gin consequence of the
extraordinary conditions created by
the present war, it was considered ad-
: visable to postpone the effective date
) of the agreement entered into" be-
tween the road and the Allan Steam
, ship Company and the Canadian Pa
cific Ocean Services, Ltd, for acquisi-
ton by the last-named company of
the capital stock of the Allan Line
now held by the railroad. 1t was
stated that the ships will. however,
be operated by the Canadian Pacific
| Ocean Services, Ltd. The Union Pa
cific system, in its financial statement
: for July, showed an increase in oper-
, ating revenue of more than ST 10000,
} while there was an increase in oper-
) ating income, after allowing for taxes,
of over 100000. For the same period,
the Southern Railway reported an in
crease in gross earnings of $lSl 600,
although net earnings over expenses
and taxes showed decrease of over
$50 600 The Pennsylvania Railroad
Company announces that the quarterly
dividend will be paid on August 81 to
90772 stockholders. The May divi-
dend was paid to 100 stockholders
the largest number of stockholders
of that company who ever received a
dividend.
Money and Business.
Without doubt the most remarkable
feature of the financial situation is the
continued ease in the money market,
in the face of the heavy demands for
financing both from home and foreign
sources. Within two days after sub
scription books opened for the new
$250,0OO000 British two-year notes,
the entire issue had been disposed of,
and it is understood that the subscrip-
tons greatly exceeded the amount of
notes offered. This was one of the
most successful offerings ever made in
the American market, and established
new record n the disposal of big
security offering.
The rapidity with which important
domestic issues are absorbed is ample
evidence of the fact that American
investors and institutions have funds
in abundance for the investments
which appeal to them. While it is
generally understood that there will
be other substantial foreign loans be-
fore the close of the year, the bond
market as a whole has been quietly
advancing. At this time of the year
bond houses usually record the small
est volume of business during the
twelve-month period, so that the pres
emf dullness is no exception to the
rule established in The past There
has feen an unusually heavy demand
for municipal bonds during the past
week New York City issues in par
rticular commanding more than ordi
nary attention as a result of heavy
trading. In bond circles predictions
i