New-York tribune., 1913-06-27
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

Russia is surprisingly backward in pro-
viding city transportation for its inhabi-
tants, as is evidenced by the statistics.
which give the city Of st. Petersburg
more than 100000 inhabitants and only
about fifty miles Of streetcar line. In
the central part Of St Petersburg the ia
cilities for transportation are extremely
limited and no opportunity for passing to
the suburbs except by carriages is afford
ed, and this method of transportation is
too expensive for the great majority OF
the people, Notwithstanding that cab
fares are cheaper there than elsewhere.
To add 10 the discontinue of the middle
classes, rents I'm the central part OF the
city of 81. Petersburg nre constantly ris-
ing, and this, together with the conges-
tion resulting from the great amount OF
SPACE occupied by government buildings.
emphasizes the necessity for increased
streetcar mileage with modern equipment.
Remarkable Yield in Notes.
Il is unusual when railroad notes which
have only seven months to run are Of
fered at a price 10 yield Is per cent, but
this is the situation as regards the Min
neapols & ~. Louis per cent issue, now
offered at "a. with a bid price Of only Ss
reported. Notwithstanding that Mime
apOlis & st. Louis may he classed with
the minor roads Of the country. the low
price at which these notes were offered
appears 20 he a reflection of the stagnant
condition Of the investment market. as the
current earnings Of the road are said TO
be- very satisfactory, and that in the state
ment showing the result Of the fiscal year
gains will be reported in both gross and
net. There are 5000. 600 of these s pei
cent notes secured by a deposit Of $1,000
600 of the roads refunding and extension
mortgage per cent bonds Even consid-
cred in the light of speculative issue. the
yield Of 16 per cent is remarkable.
sails Of Trust Certificates.
II was reported Yesterday that local
bankers had purchased the $4,000. 600 chi
cago. Milwaukee & ST. Paul-Puget Sound
x Wilapa Harbor Railway ive-year 3
per cent trust certificates. The informa-
tion was that a considerable part OF the
issue had been disposed Of privately. but
the bankers expect 10 offer the remainder
within a few days at a price 10 yield the
investor $40 per cent These certificates
carry the guarantee as 10 principal and
interest Of the 81. Paul Railway. and be-
hind them also Is a deposit ~ an equal
amount of stock Of the Puget Sound *
Willapa Railway. which the 81. Paul has
agreed to purchase at par at the maturity
of certificates, on June I, 1915.
An Extension Of Time.
The reorganization committee Of the
Detroit. Toledo & Ironton Railway Com
pany, Of which Otto T. Bapnard is chair
man, has announced that the plan and
agreement dated June for the reorgani-
zation Of the northern and southern di-
visions Of the Detroit, Toledo & lronton
Railway Company has been declared op-
crative
4 further opportunity, 81 vas said yes
terday. will be given 10 holders Of bonds
and certificates 10 participate In the reor-
ganization. the committee having extended
the time for doing so 20 July 10. The
New York Trust Company IS the depos-
itary Of tho committee. and copies OF the
plan and agreement can be had from II
or from the secretary Of the committee.