New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-08-03
BRIEF NOTES OF FINANCE
Paragraphs Of Current Interest
for the Investor.


Zoe, below the surface. Nothing strange.
as the subway has been an awful bore
for years. BY the way. maybe that's
vhere the bull market has been hiding.
Glad 1t has come out.
Want American Support.
charles S. Haight. local attorney for
tbe Liverpool Cotton Bills Of Lading Con-
fo-snce COMMITTEES. has issued q circular
letter calling attention 20 the enforce
rent OF the central bureau scheme by
Epropean importers, spinners' associa-
lions and exchanges. He makes the re-
ouest that American interests support
.his plan for safeguarding export bills
Of ladlng. The question Of guaranteed
cotton bills Of ladlng is still agitating the
bankers and cotton interests.
New s1o,Ooo,oOO Mortgage.
The Ward Baking Company, a $4,000
100 CORPORATION Of recent development has
fled a 100000 mortgage in Kings Coun-
~. This obligation is TO underlie an Is
sue OF 25-year per cent gold bonds. 81
900 600 Of which have passed on for issu-
ing. The Empire Trust Company Is the
trustee under the mortgage.
Mexican Revenues.
According 10 reports from Mexico. gov
eminent circles are much gratihed by
,he excellent exhibit made by the Treas
,,ry Departments statement Of revenues
derived from import duties during the
fiscal wear ended June 30 last Collections
at ports OF entry for the twelve months
reached a total Of sA643.OS0. compared
with S49SSO,737 derived from this source
during the fiscal year 1910 II, decrease
for the last fiscal period OF SAlSI,Iol. In
view Of the fact that the country was
from one revolution when
the Treasury year began and within
few months became involved in another,
this showing is considered quite remark
able. II was feared that the falling of
IN income derived from the nations for
.ign trade would be rather heavier.
Why Beef lie High.
President Jones Of the Livestock Ex-
change. in Chicago, in commenting on the
high price Of beef, wAich, at 50 IS. Is the
highest In forty years, gives the follow
ing as the reason:
Increasing population due 10 immigra-
ton; crowding Of people into cities; great
increase Of consumers "a opposed to pro-
ducers; opening by Congress Of Western
breeding and grazing lands TO settlement;
abandonment OF cattle raising in corn
growing states, with consequent loss Of
land 10 cattle. and selling of calves for
slaughter by dairymen"
Members Of the Livestock Exchange arc
said to have appealed 10 Congress for
assistance in bringing about a revival
Of cattle raising throughout the West.
No Pionscr Railroads.
From a letter sent out by A 4. Hous-
man & 90. the following is taken cover
ing a point Of railroad development not
generally discussed:
Consider the change Of the last few
years in the employment OF capital in
railroad building. The states have created
To supervise new security
issues The powers OF the Interstate
Commerce Commission over rates have
been so increased and the slant OF the
Interstate Commerce Commission is so
strongly in favor OF the shippers that not
only are the railroads denied the right
10 raise the price Of transportation to
meet their rising costs, but have 10 suffer
piecemeal reduction of rates, first here
and then there. What is the apparent
result?
"Only the biggest and strongest rail-
roads can afford 70 build new mileage or
have the credit to raise tho money to
build Il with. Thus, more and more, new
railroad construction is controlled by
existing railroad systems, which are very
much more interested, naturally, In de-
veloping their own territory than In
opening new territory. The speculative
railroad builder has no longer any induce
nent TO build mileage into new territory.
Where in former years the capital en-
gagged IN building new roads into virgin
territory could take q bonus In stock.
over and above the cost in bonds, and
have a speculative interest in the future,
It is now limited to the cost OF construc"
ton. That is to say. capital is nowadays
expected. for only 6 or Z per cent al the
most. TO embark itself upon the hazard
OF railroad construction IN new territory.
Il 10 expected 10. but II won't Why
should a man take that risk for 8 or
per cent? He doesn't That Is the an
swer, and. therefore. railroad construc-
ton nowadays runs parallel TO existing
lines or is to extend existing lines, and
we have quito forgotten what 1t is Ike
to see men carry two steel rails into a
wilderness. Thus. new agricultural ter
ritory Is not being opened up as fast as
ought to be the case; railroads walt
until business is IN aght and build a
branch to II, instead Of building into new
ground and asking business to follow
Big Coal Interests.
The declaration Of an initial dividend
by the st. Louis. Rocky Mountain q
Pacific Company calls attention TO the
company's resources. The company con-
,rois g13 square miles Of coal lands IN
what is known ss the Ration coal field
of New Mexico, which yields a high
grade domestic steam and cooking coal.
Although the company Is said to have
been earning four or Ave times the divi-
depd Just declared on its preferred stock
for several years. the management. 1t IS
reported, has heretofore not deemed It
expedieut TO declare any dividend pay
ments
Caused Little Comment.
The Stanley report filed long sheets OF
paper on the ticker yesterday and was
read by traders with az much noncna-
lance as the ordinary stock Exchange
clerk exhibits over bill of fare when