Daily Kennebec journal., 1910-05-21
Days Financial
News and Gossip.

much disturbed over the growth of the
automobile as they are over the West.
ern land speculation. A Western bank
cashier now i'm the East says: "Al.
though automobiles are not sold on the
mortgage basis openly, to a consider
able extent the country is being mort
gagged to buy automobiles. in the
West more than in the East peopIe
have been giving their notes in part
pay1nent for automobiles and the sell.
ing agents have been negotiating these
notes with the banks. "Our bank. after
Investigation, stopped taking what we
call i'm the West automobile paper
New York-Crop reports by certain
railroads recently have not been cheer
full, but the fault may have been more
the method of collecting information
than with condition of the crops. The
railroads reports are summarized from
reports by station agents in agricuI.
turaI districts. Some reports from
agents do not, however, present a true
picture of conditions. The station
agent is often a busy man. He talks
with farmers whom he meets around
the station, and many Of these throw
themselves i'm his way i'll order to mis-
lead him. They are interested in grain
prices. and for that reason want to
present the condition in an unfavorable
light.
A warm wave which is gradually
creeping mp from the Gulf is forcing
Southwestern wheat harvest to the
front at good healthy rate. private
dispatch from Salina. Kansas states
that the clear favorable weather leads
To al expectation of an early harvest,
that wheat is heading and looks fine
except in spots. and. that the stand is
good This view of prospects there is
against the 10000. 900 bushels predic-
tions. although it may not be quite
broad enough to justify the claim of
IS. 100000 bushels. which the Kansas
secretary of agriculture made some
what earlier i'm the season. Last year
Kansas grew S5.500,O00 bushels OF
wheat This will not be one of her
worst years nor one of her best,
While q readjustment of Erie's rates
for commuters is due, discussion of the
increases to be put into effect has not
advanced far enough to state the actual
i changes which will be enforced. When
the wage situation has cleared up IL is
expected this matter will be settled on
the basis of increased cost then in
force.
Roston-In the brief period of little
over a wear that the Massachusetts
Gas Cos. has been engaged IN th" coal
trade they have been able to bulld up
q business exceeding 100000 tons per
annum and the New England Coat
Coke Co, the operating company.
stands today the largest Individual
handler of soft coal in New England.
1t is estimated that 100000 tons oI
soft coal is shipped into New England
annually, and of this amount the New
England Coal & Coke Co. handles about
Is per cent. and controls 20 per cent
of the entire output of Ned River coal,
New York-The average price of ~
active stocks at the close. Thursday
was ,a2 an advance of .6S compared
with Wednesdays close. A year ago
the average was 1888.
New York-April earnings of Kansas
City Southern will show ar. increase of
about L. per cent. over April, year
ago. This means a gross of approx
mately $564,000, compared with 1884,
S7S in March.
Chicago-President Ripley says Atch-
ison's territory promises an all-round
average crop. He says: Our gross
earnings maintain increase and net
shows some Improvement. The com
pany will finish 500 miles of new road
in Texas this year. Texas railroad
commission has reduced cotton rates
four cents, or nearly 10 per cent. Our
wheat crop will be 20 per cent. and all
crops combined should average that"
Paris-By Cable)-It is understood
here in banking circles that the s10,
900. 900 Big Four per cent. bonds and
the Chicago. Milwaukee & st. Paul
per cent. bonds will be publicly offered
early next week. price ~ L.
New York-White Star Line reports
for the year ended Dec. 81. 1909 profits
after charges $103.3l6
Eoston-The copper product of the
CRANKY Co. for 1910 is estimated at
26. 100000 pounds and the cost is placed
at II cents per pound.
Chicago--Union Pacific crop report
shows imrovement in wheat. with cx-
cellent progress in corn planting and
general crop conditions excellent. Kan
sas wheat acreage abandoned Is esti-
mated at % per cent.
Montreal--The Montreal Stock Ex-
chGnge has Increased the number of its
seats from 60 to Co. 1t is expected that
the five additicnaNsea will he held at
$50. 600 each.
New York-ores. Marston. of the
Farmers Loan & Trust Co. chairman
of the reorganization committee Of At
lanta, Birmingham a. Atlantic. is In
europe. and the plan on which the
committee has been working will not
be completed until his return about
month hence. Before the general COM
mittee can make its plan effective. IL
VIII be necessary to provide for the
$s,OOO0OO joint collateral notes. which
are joint obligation on the railroad
and constructicn company. These ma
tuicd May ]. 1910. The committee look
ing after interests of holders of these
notes has received assurance from the
general committee that any plan OF
reorganization will contain provision
Tor payment of interest and for re-
de'nption of the notes on expiration OF
the tine for which they are TO be ex-
tented. With this understanding. all