19
THE CHICAGO BANKER
November J, 1908]
companies. These had an aggregate capitalization of $1,240,000. One concern made an increase from $20,000 to $25,000, and $35,000 in foreign capital was distributed over the state, outside the two large cities, making a total of $1,280,000, and a grand total for the entire state of $14,879,750. This one concern which made the increase had assets amounting to $24,891.52, with liabilities of $7,704.62.
Tr*
Auditor Makes Statement
Little Rock, Ark., November 1.—State Auditor Moore has prepared a statement at the request of Gov.-elect Donaghey, showing the receipts and expenditures of the state government for the past two years. The governor wanted the data as a guide in making recommendations in his forthcoming message to the legislature.
With the balance on hand at the beginning of the biennial period, October 1, 1906, together with the amounts since received, the general revenue fund heads the list, the total for this fund being $2,042,558,40. The common school fund comes next with $1,812,281.06.
Out of the general fund for the two years there has been expended $1,761,410.60, leaving a balance of $281,147.80. From the common school fund there has been apportioned for the same period $1,709,758.30, leaving a balance of $102,-522.76.
Other interesting items showing the amounts received, expended and balances for the two years, are as follows:
Confederate Pension Fund—Received $826,-994.92, expended $712,123.11, balance $114,-871.81.
State Capital Fund—Received $58,581.73, expended $186,551.43, balance $362,029.80.
Penitentiary Fund—Received $310,335.40, expended $309,293.60, balance $1,014.80.
Morrill Fund—Received $73,181.82, expended $67,727.27, balance $5,454.55.
The total receipts for the two years were $7,-044,332.38, total expenditures were $3,947,543.73, and the balance on hand $3,096,797.17.
,V*
Uniform Bill of Lading
The new uniform bill of lading approved by the Interstate Commerce Commission went into effect on 416 railroads in the official classification territory this week. Hereafter every shipment of freight in the territory east of the Mississippi and north of the Ohio must be made upon the basis of the new form unless a shipper objecting to the terms agrees to pay 10 per cent more than the regular freight rates. It was customary to charge 20 per cent extra on shipments not under the old bill of lading. The new form is believed to be universally acceptable. It has a distinctive color (yellow), adopted at the suggestion of the American Bankers Association, for all “order" bills of lading, which are negotiable and enable a shipper to obtain an advance payment through a banker. The difficulty of fixing a definite basis for the settlement of claims prior to shipment is also minimized.
The Pennsylvania Railroad announced that they had more than 10,000,000 copies of the new form printed. It is through bills of lading chiefly that a record is kept of the country’s commercial activitv.
Tr*
Peoria Banks
With deposits aggregating nearly $20,000,000, showing a 10 per cent increase in total deposits during the past twelve months, the banks of Peoria—five national and four state banks—hold a high place in financial circles of the Middle West, and Peoria and the surrounding territory may be rated, comparatively, of course, as the richest and most stable of the entire state. Peoria is the financial metropolis of the state, outside of Chicago. The various banks are all substantial, solid as a rock, and are progressive.
Australasian Banking
The Australasian banking averages for the June quarter have been published, and reveal some features which are well worth consideration, says The London Times in its financial supplement. There are material differences in the experiences of the various states in regard to deposits, but taking the returns of the whole of Australasia, (that is, including New Zealand,) there has been a shrinkage in the deposits of ¿513,000. New South Wales gained ¿1,664,000, and in Queensland and South Australia deposits also improved; but Victorian deposits showed a shrinkage of ¿877,000, West Australian decreased by ¿605,000, while in New Zealand the reduction in deposits was no less than ¿1,500,000. There was a general and substantial rise in the advances, which have increased by nearly ¿10,000,000 during the past twelve months. That there has been an increased demand for accommodation at the banks has been shown for some time, but, nevertheless, ¿10,000,000 is a big sum. If this rate of increase were to continue, we should soon have a distinctly dearer money market in Australia, and, indeed, there have been indications of higher rates for some little time past. The position in New Zealand, with a decrease of ¿1,503,000 in the deposits side by side with an increase of ¿3,232,000 in the advances, is, indeed, almost startling. However, it has not all been due to the people indulging in overcommitments. There was still a good deal of wool and other produce unsold during the June quarter, and, naturally, advances were obtained against them from the banks.
New Capital Invested
Jefferson City, Mo., November x.—The month ending yesterday was a record-breaker in the capital placed in new domestic business enterprises to which certificates of incorporation had Ixeen issued by Secretary of State Swanger, including previously incorporated concerns which made an increase in their original capitalization and that portion of their capital placed in Missouri by foreign corporations, to which license had been issued during the same period for conducting their business in this state. The total aggregates $14,879,750.
In point of numbers there was a falling off from the monthly average in the companies incorporated, there being only sixty-six of them, but in the capital carried, which takes with it the increases made, the sum goes far beyond the average. One concern alone, a St. Louis enterprise, increased its־ original capitalization of $1,500,000 to $10,000,000.
This total of $14,879,750 is distributed as follows: New companies, $2,498,000; increases, $8,-818,000; foreign, $3,563,750.
St. Louis got twenty-nine of the companies. These had an aggregate capital of $1,081,000. Five concerns located there, which had been previously incorporated increased their original capitalization, of $1,795,000 to $10,563,000, a net increase of $8,768,000, and of the foreign companies’ capital placed in Missouri $3,503,750 went to that city, making a total of $13,352,750 for St. Louis alone, and leaving but $1,527,000 for the remainder of the state. The concerns which made increase had assets aggregating $12,767,286.23, with liabilities amounting to $1,-053.7I9-I7•
Kansas City got seven of the companies. These had an aggregate capital of $177,000. One firm there increased its capitalization from $30,000 to $75,000, a net increase of $45,000, and $25,000 of foreign capital was placed there, making the total $247,000. This one concern had assets amounting to $22,657.58, with liabilities of $4,042.81.
The state at large got the remaining thirty
Commerce Movements
Washington, D. C., November 1.—Leading internal commerce movements for September, ]908, indicate an improvement in the business situation of the country from the depression prevailing during the earlier part of the year. The return of more normal conditions is shown to some extent by the increased activity in the coal and iron trades, though production and traffic figures in these fields are still considerably below the corresponding 1907 record. The improvement in the traffic situation is due chiefly to the heavier movements of cotton and grain, particularly wheat, figures of the live-stock movements showing but slight increases.
Receipts of live stock at seven interior primary markets during September, 3,865,486 head, were in advance of like September, 1907, totals of 3,805,654 head, the gain being due mainly to the heavier receipts of calves, hogs, ana sheep. Kansas City, Omaha, St. Louis, and St. Joseph report larger receipts than a year ago; Chicago, St. Paul, and Sioux City show smaller figures. Combined live-stock receipts at the above seven markets for the nine months of the year ending September, 30,792,513 head, show a normal growth over 1906 and 1907 figures of 29,749,280 and 30,301,186 head, Sioux City and Omaha being the only two markets showing declines as compared with the 1907 season totals.
Grain receipts at 15 leading interior markets for September, 113,218,026 bushels, show large increases over the corresponding 1907 and 1906 receipts of 97,517,864 and 79,456,409 bushels.
Shipments of packing-house products from Chicago during the month, 233,885,163 pounds, were 27 per cent in excess of like shipments during the preceding month, besides showing a normal growth over like 1906 and 1907 figures. As compared with September, 1907, totals, gains !are shown in the shipments of fresh beef, cured meats and lard, while the heaviest decline is shown in the shipments of canned meat, corresponding to the decline in foreign shipments of this article. The shipments during the nine months of the year, 1,795,971,276 pounds, were below those for the two preceding years; all the larger items, with the exception of fresh beef, show smaller figures for the year than in 1907.
V»
Sub-Treasury Change
As the resignation of Hamilton Fish as Assistant Treasurer of the United States in charge of the Sub-Treasury in New York takes effect this week, that institution will hereafter be in charge of Charles H. Treat, United States Treasurer, until Mr. Fish’s successor is appointed, subject, of course, to the release of the bonds for $800,000 given by Mr. Fish. It is not expected that the President will appoint a successor to Mr. Fish this week.
Cashier Gibson of the United States Treasury and six assistants left Washington to take charge of the Sub-Treasury in Mr. Treat’s behalf. Air. Gibson will probably remain until Mr. Fish's successor takes charge. In the meantime, however, the office will be run as usual by Deputy Assistant United States Treasurer George W. Marlor. Before Air. Fish’s bonds can be released and new bonds given by his successor the money in the Sub-Treasury will have to be counted. That work will occupy a force of sixty special men about five or six weeks.
V•
Chicago Brokerage Houses
Chicago brokerage houses report large October investment demand for stocks and bonds. One brokerage house says half the recent business has been cash.
Tr*
The Bank of Mountain View
A. J. Robinson has been elected president, and R. W. Costello, vice-president, of the Bank of Mountain View, Cal.