Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-05-20

experiences quite new. The latest Illus
tration is the failure of Philadelphia
to market sS,000,O00 AS. Philadelphia 8
credit has been high for years, and Is
not now impaired in the least. Inc aV-
erage rate paid on it's loans between
1880 and 1908 was about 1888 per cent.
But It was foregone conclusion .liat
no such basis would prevail now. Inc
change taking place in the munclpai
market is the trend toward hisher IN
terest rates. It has been accelerated ny
events of the past few months. Tilia
delphia is not alone in lis practlcai
failure TO market it's bonds at saiis-
factory figure. Chicago had the saiie
experience a short time ago When II
could not sell an issue OF drainage
bonds except below par. A numpef OF
smaller municipalities nave been con-
froated with the same situation.
Wlnnipeg-The Manitoba govern
ment has appointed an elevator COM
mission to operate all grain elevators
and terminals in the province. 1t Is q
NON nartisan body and controls abso-
lutely the operating of the vast sys-
TEN. 1t will buy at cost all existing ell
eyators, or duplicate them, DONG bus
mess at cost, plus sinking FUNDS Tor
bonds. The scheme will ultimately in
yolyo several million dollars. Farmers
are elated and grain men alarmed.
Saskatchewan and Alberta are work.
ing out similar schemes.
New York-Matters in the Chinese
investment field are beginning to as
sumo more active conditions. Settle
r.ert of rhe $4,000, 900 loan for con-
struction of q portion Of Canton Han
kow railway and other lines among the
four Western banking interests prob
ally marks the beginning of develop
met which the financial world will do
well to watch. So much has been said
of q conjecttral nature about invest
ments in China, that facts definitely
settled during the past few years may
wei be brought out now to give
clearer idea of the actual situation. y
The average price of 20 active stocks
at the chose Wednesday was 1913, a
decline Of II compared with Tuesdays
close. A year ago the average was
1868
Tine full bench of Massachusetts su-
prcme court affirmed the superior
courts refusal to abate 4 personal
property tax of $4,000 levied in 1908 by
Nahant assessors on $f,000,000 personal
property of estate of the late Fred
erick r. Sears. The petitioners neglect
ed TO file with the assessors a list of
property and on advice of state tax
commissioner, the assessors sought to
collect tax on the entire $4.0OO,OOO
New YOrk-The trust agreement by
which Ex-Justice Morgan, j. OBren
and George Westinghouse hold the ma
jorty stock at Equitable Life Assur-
ance Society expires June Is. 1t is be-
lieved by some that both would be glad
to ne relieved of the trust, according to
which they as voting trustees of the
Ryan stock, should say whether the
trust agreement should be extended for
another five years. There is the pos
sibility that j. P. Morgan, who now
| owns 500 shares of Equitable Life stock
| which Thomas F. Ryan acquired from
James Hazen Hyde, for the cash pay
| ment of $2,500000 on June S, 1905, shall
| assume control on the basis of actual
stock ownership.
The Iron Age says: The prevalent
idea concerning cutting down of iron
output exaggerates it's extent. Count
| ing furnaces actually blown out, the
movement represents scarcely more
than 10 per cent. off the rate of produc-
| ton April /. and furnaces now sched-
| uled to go out will not increase it be-
You'd - per cent The Steel Corpora
ticn now has Il idle furnaces out of
| IL?
C,.icago-On his return to this city
with Vivian II. Smith; London repre-
sentative Of the House Of J. p. Morgan
e CO.. after an inspection of United
| states Steel Corps. plant at Gary, Ind
p. Morgan, Jr. said: II have been
| wondering where all the money the
Steel Corporation has been putting up
| for Gary has gone. Now l see, and I
| am not only pleased but astonished at
| the results"