New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-24

y
,orroad situation, stockholders. many Of
non, are widows and orphans. will bear
w. hardest part Of the burden if the
'''asords are affected and the rate is re-
- n President Mellen has been guilty
tic extravagances and indiscretion
s;,od "a him in reports he is deserving
,.svere criticism. but abstract criticism
,he road is not the way to correct evils
r,onopoly which seems TO be opposed
.s,eav among the people of New England
y. reason of its oppressive policy.
Affairs in Mexico.
Mexican affairs do not appear to be in
good shane as during other periods
.,,cA disturbances began in that republic.
representative Of Thompson, Towle a
=. who has been i'm the Southwest and
usvico studying conditions SAYS that the
.ortbern states Of the republic are now
- absolute control of the new party, and
h,siness which ran uninterrupted through
,ha nrevious rebelliOns is now seriously
rsstricted largely because Of lack of rail-
Dad facilities. Regarding the mining and
"a, Smelling and Refining Company
ubich had its greatest year in 1912 since
O.. entered Mexico twenty-siX years ago
md which under normal conditions has
h.sn employing 5000 men in its twenty
ono mines in the Republic and 10.ooo at its
Ave big smelters but is now operating
a, 2 basis Of less than one-half normal
naturally greatly
rs1scted in its earnings AS about 70 per
cent OF It's product upon which IL makes
rs greatest profits comes from the COM
nsnvs own mines. some idea OF present
losses may be realized.
Losses from Shrinking Values.
The decline in the prices OF high class
wrurites during the last few years has
mt only been felt in the United States
among the banks. but has been rejected
IN the losses shown by the banks Of
Great Britain. In the annual banking sec
non Of THE London Statist' II is pointed
out that the losses have been very severe
among British institutions and that Il
has been necessary 10 make substantial
rr0ylSlOlS III v al 4OIS way 1tIllN boA.hN
have drawn on the published reserves,
some on inner reserves and others on
their profits. and most Of them on all
three sources. Lloyd's Bank shows that
I'D to the end Of 1911 total Of ts275Co was
written off. although the chairman at the
January meeting in 1912 stated that the
total sum was Fl, 1872, coo. The London Joint
Stock Bank in its accounts gives a total
Of $4,000 in investment decline, but the
amount as given by the chairman is f10O,-
100 The London and Provincial Bank
shows 10000 as provided from profits
but total sum Of fS2S.09o was stated by
the chairman which had 10 be provided
for otherwise. The Lancashire and York
shire account provided $1,000 for the
shrinkaee, but the chairman stated that
a total of $4,000 has been provided
other banks. although not making public
snv information on the subject, We're at
fected more or less in the same ratio.
New Financing Announced.
Additional financing has been announced
BY Speyer & Co.. who will receive public
subscriptions at 9s per cent for $4,000, 900
tVo-year per cent secured gold notes
Of the Missouri. Kansas q Texas Rail
way Company. Payment is 10 be made
in New York funds. $50 per $500. Note
on application. balance on May l. Hold
ers Of the 900 old notes of the com
pany. maturing May ]. 1913. are given
preference in the subscription, Old notes
being taken in payment at par and IN
terest The right is reserved to close the
subscription at any time without previous
notice. The issue Of notes and the issue
end pledge Of the collateral securities
therefor have been approved by the Public
Utilities Commissions of Kansas and Mis-
souri, The 100000 notes are secured
by s24.51s.coO consolidated mortgage per
cent thirty-year gold bonds. The surplus
Of the railway system has increased 81
32l. 600 for the eight months Of this fiscal
year over the same period last year, and
the gross earnings from July l, 1872 70
April "A. 1913 have increased 1890 900 over
last year
At the price of 9s, the notes yield about
els per cent income and a large amount
has already been sold here and in Europe.
Wheeling & Lake Erie Offering.
Daniel p. Ely & Co, the syndicate
managers OF the Wabash-Pittsburgh Ter
minal and Wheeling & Lake Erie, are re-
ported 20 have decided TO include in their
plan. which will be released early next
week, an offering Of s21. 10000 three-year b
per cent collateral notes secured by the
deposit OF $4,000 900 new first and refund
Ing fifty-year bonds. This note issue Will
reduce the total secured debt to slightly
over $4,000. 600 against property estimated
at over $50. 600 900, and which 1t is said VIII
show surplus earnings above all fixed
charges OF 81 .l52. SiS The net earnings OF
the properties operated separately during
the fiscal year are expected to be about
ssee.eo above the new fixed charges under