Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-10-07
Days Financial
News and Gossip.

/ Boston, Oct. g. 1909.
| J. w. Horne, treasurer and managing
director of the Utah-Apex Co, says:
| in the latter part of August, after
| an interval Of two years, drifting was
commenced in the Parvenu tunnel Of
the Utah-Apex Co. towards the west.
The work for the past Is months has
been confined to driving the Parvenu
tunnel north 524 feet, where connection
was to be made with a vertical raise in
length. Connection was made on the
3lst day of August. 1t is asserted by
some who are close to the steel stu
alton that when the United States Steel
Corporation fully completes it's plants
at Gary, Ind. it will control the steel
business of the West, by making Gary
which is in close proximity to Chica-
go, the basic point of the steel indus
FRY instead of Pittsburg. At present
steel products made in Pittsburg that
are shipped to Chicago must bear the
cost of freight in addition to the cost
of steel For instance. steel products
selling at $32 a ton at Pittsburg cost
| the Chicago consumer not only the
price of the product but the freight
| from Pittsburg to Chicago, which is
$3.50 per ton. 1t can be seen that If
|ChicagO he made the basic point, those
VINO purchase there will save $3.50 per
ton, and that this difference will prac-
| tically rule out all the independent
steel companies of the East. This is
the great move, the literal transplant
| ing of center of industry, that is
causing the Steel Corporation to eX-
pend one hundred million dollars in
Gary. Gary will be, however, a much
different city than Pittsburg in the
matter of cleanliness The poisonous
gases which are allowed to escape in
Pittsburg are here utilized for power,
and it is to the great credit of the Steel
Corporation that as city Gary is a
model. both as to sanitation and at
Effectiveness. Its schools, banks, hos
pitfalls, hotels and other public build
ings are models of modern architec-
ture. It's transportation facilities are
constantly improving. The Illinois
Central has recently extended branch
line from Chicago to Gary and the Chi
caeo. Lake Shore & South Bend Road
now runs trains from the Illinois Cen
trail station to Gary every 40 minutes.
The Gary & Interurban Electric Rail-
way operates On Tie iIldlH thorough
fares in Gary and runs a direct line
through the city to Tolleston and the
city of Hammond. These transporta-
ton facilities build up residential COM
munities and enable the thousands en-
ployed in the steel plants to live some
miles from the works.
New York-Having made a good
squirt when it was most needed to Full
the road over a bad season and a
worse outlook, Erie has slowed down
a little and is running almost even
with the corresponding period in 1908.
Gross is a little larger than at that
time, but so are expenses, whereas
year ago gross was oft $1,5O0,O00 and it
vas necessary to strain every econo-
my 10 the utmost to keep un net. AS
it was, total net for the first two
months of 1862 carried a decrease of
more than 100000 from 1913.
Houghton-R. M. Edwards, manager
of the Indiana and North Lake compa-
MES, says: 1t was out all over the
properties Yesterday, and things look
brighter than for some time"
Sharon, Pa-The American Sheet &
Tin Plate Co. has the tin plate strike
we'll in hand here. There are IA mills
in operation, and good quality of tin
is being produced. There has been no
trouble whatever.
Prince & Whtely-It is not improba-
BILE that we shall see further weakness.
hut as basic conditions are still highly
favorable we are inclined towards the
belief that on a scale down from this
level purchases for a turn should
prove profitable.
| The average price of 20 active stocks
at close Tuesday was 1888. decline
| LOG compared with Mondays close.
year ago the average was 1O7.So.
Vice Pres Calderwood of Brooklyn
| Rapid Transit says: I'VE carried 49,
| 2S5. 900 passengers for the period from
| Sept. % to Oct, > inclusive an average
| of about 1.660.000 per day"
A high official states that IN the year
| to end Oct. 81, American Ice Securities
Co. will have earned approximately
| 5A per cent. on it's s19,041,1 100 capital
outstanding. This is derived solely
| from operations of American Ice Co.
about 9S rer cent. of whose stock is
| owned by the Securities Co. This Off
cial puts the net earnings at 81 300 00
From this must be deducted seven
months interest on the S3.000.000 six
per cent. debentures issued early in the
year, which leaves 81, 095, 900.
Chesapeake & Ohio has, in the past
| week, gained about seven points
| Among theories advanced for the rise,
| two stand out prominently: First, dis
| counting of record earnings. and sec
ond, realization of benefits to be de-
| rived through probable acquisition of
Chicago, Cincinnati & Louisville.
Sharon, Pa, After an idleness of
two years. the Sharon works Of the
| American Steel Foundries Co. has re-
sumed operation, affording employment
70 about 1000 hands. The company has
orders CROUCH en- the books to keep the
plant going indefinitely
A director of International Paper
| says: There has never been time
| within five years when the prospects of
| the International Paper Co. were as