New-York tribune., 1910-02-02


and institutions. came as a surprise TO
the Street ir general. In addition 10
other activities. Fisk & Robinson for
wears maintained one of the best
equipped statistical departments Of any
banking house. and also issued a
monthly bulletin Of investments" in
which the financial outlook and the gem
eral conditions of the securities markets
~-ere discussed and analyzed
SCOPE OF TIL BUSINESS
In addition TO its connection with rail-
rosd promotions. the firm of Fisk & Rob-
inson has always done a large business
in government state and municipal
bonds and IN the bonds of well known
railway systems. The business IN gov
ernment bonds, however. for which in
the past q great many national banks in
all parts Of the country have been among
the firms customers. has not been ex-
teasive Of late. ant il is denied upon
authority that the recent decline in the
price of government bonds had any part
In causing the firms onnbarra ssment.
In July. 1906. Fisk & Robinson were
&.9aa.oeo each Of the S300oao coo issue
of Panama Canal > per cents, the bids
heins respectively 1o423. 1910 and
fG3 So This was the only time the =
per cents brought 1e3 or over. At that
sale II may be remer oered. Samuel BY
erier. the express company clerk, was
the euocessful bidder for S5,S19.5S0 of
the bonds. the award costing him only
tHo cents for a posta sc stamp and net
ting him several tlacusand dollars. Fisk
& Robinson also bought the last issue Of
100000 5 per cent New York State
canal bonds. and have from time to
time been successful bidders at sales of
New York City bonds.
CHARACTER OF E. & s
The Buffalo & Susquehanns is both a
railroad and railway. The Buffalo 6;
Susanehenna Railroad Company, inooT-
poreted in 1891, with which ten small
lines have since been merged. was the
promotion of Charles W. Goodyear, a
wealthy lumber man, whose properties
are in Northern Pennsylvania The Buff
fslo & Susduehsnna Railroad Company
owns all Of the securities of The Buffalo
and SUsouefanna Coal and Coke Com
fany and the Powhatan Coal and Coke
Company. owning extensive tracts of
bituminous coal lands in several counties
O. Pennsy ylysIiia.
The line OF the Buffalo & Susauehanna
Railroad extends from Ss sgamore, Penn.
about forty miles northeast of Pittsbure,
10 Addison, Y. Y, on the Erie. and TO
,sySl,
Erie
Mr. GOODYEAR, three or four years ago,
conceived the idea of extending the line
from wellsville to the Great Lakes at
Buffalo. and enlisted the cooperation Of
Fisk & Robinson in the enterprise The
Buffalo & SusaBehanra- Railway Com
pany was incorporated built the pro-
jscted road, eishty-six miles in length,
sn6 leased for 999 years, from July /,
1907. the Buffalo & Susquehanna Rail
road Company, she consideration being
the payment of interest on the latters
ton6s enc a guaranteed dividend Of
per cent a year on its 81, ,65e,9oo common
and s4fssloeG preferred stock. Fisk &
Robinson hold about $4,000 of the pre-
ferred-
The railway company, which operates
the railroad company as part of its own
system. has s1de0o, 600 ca pital stock. Its
bonded ipdeBtedness consists Of So 0oo, 600
first mortgage 4iz per cent ffty-year
bonds, af which Fisk e. Robinson are
said 10 hold about Sl2o0, 600. and the in
tErest on which issue has been payable
al their Office, and equipment trust bonds
q
ard - also being payable at their office.
interest on the se.5Jo.0eo first refundiHg
mortgage 4s and the SCI. 500 first gold
mortgage 5s Of the railroad company has
also been paid at the Fisk & Robinson
Office.
The Buffalo & SUsquehanna Railway
Company has never been a paying prop
erty. and as the receivers statement
notes. the securities have been shrinking
ia market value. The Company's report
fcr the fiscal wear ended June 30. 1908,
showed 8 deficit Of 1894 926 Within the
last year. however conditions have i'm
proved to some extent and last August
the company reported the heaviest
freight movement for any month in its
iiistory.-
II addition 10 their relations 10 the
railway. coai, iron and steamship COM
-rsries bearing ;he Buffalo and Susque-
hanna name, Ffsf & Robinson have been
identified with u number Of railway pro-
motions in The South and West, in some
~ which also they have been associ-
ateG Nth NJ Goodyear and with the
keystone Telephone COMPANY. II is un-
5erstood that their holdings of the bond.
o. these companies have been pra cti-
caily entirely placed with Investors
Several of these companies are dividend
PAYERS.
OTHER FINANCIAL INTERESTS.
Among the other companies in which
tne frm Is financial Interested is the
New Orleans -ireat Northern Railroad,
running from New Orleans TO Jackson,
Kiss. The road is two hundred and sev-
elty miles long and was completed last
scar. IL has S7.JoooO0 , per cent first
mortgage bonds and -$5,2i2.200 2teck
outstanding The interest on the bonds
j. payahle at the Office OF Fisk 6, Robin
scn IN February and August Of each
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