New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-26
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

rha report that four large passenger
an liners. to cost about $1,000 600, have
49,, ordered by the Hill interests to ply
= che Pacific passenger and freight traffic
,.,u,aen Puget Sound. Australian ports
"a the orient. gives forecast of the ex-
tod development of business after the
a,aning Of the Panama Canal. About
.a.o months ago the Hin interests ordered
.ho construction Of two large boats for
.o,.rice via the Panama Canal, which,
aaded TO the four now reported in pros
ct NJ construction, indicates in part the
',,ohable volume of business in the ship
r,,c line which Will begin to show after
,he new waterway short route has been
onened TO navigation.
A Difficult Task.
Attempting to define a standard of
,bvscal valuation for railroad properties
a. about as easy as trying to count a
hsn's teeth. Railroad officials in session
On Thursday, representing practically all
tho railroads in the country, appointed a
armament committee Of eighteen mem
hers composed of representatives of
seven Eastern railroads. seven Western
rafroads and four Southern railroads.
who will attempt to find standard of
values. Eventually the question will be
crystallized. and some sort of a basis for
Estimating values may be found which
will be approximately correct but instead
Of one il probably will result in establish
ing several standards. or a graduating
scale governed by geographical lines, to-
biography and other features which make
one standard practically impossible.
Prosperity on the Coast.
contrast between some points in the
East and on the Pacific Coast is shown
in the reports from the West regarding
the business and money outlook. Out
there they are looking forward to the
opening of the Panama Canal. and are
enjoying an even tenor of prosperity
which does not seem to be affected
by the prospect of tariff revision, the
Balkan war. the movements of steel
prices. nor the depression prevailing in
the Wall Street district. There are few
fluctuations in money rates in the Far
West, uniform rate Of per cent pract-
very little speculation being INDUCED in
except in the orchard districts. where land
values have shown great expansion and
afforded opportunity for speculative profits
owing 10 the unusual yield per acre en-
loved by the fruit growers, ranging from
500 under normal conditions to as high
as s. 600 during especially good seasons.
An Interesting Comparison.
An interesting chart issued by Henry
L. Dohcrty & Co. bankers. presents a
comparison of the increases in securities
outstanding. of steam railroads. industrial
companies and gas and electric corpora
tons The list selected for the COMPARE
sons embraces all the steam railroads in
the United States, all the large industrial
companies listed Oh the New York Stock
Exchange and gas and electric corpora
lions I'm practically all the large cities of
this country. 1t shows that in spite of an
increase in railroad securities outstanding
during the last ten years amounting TO
81 per cent earnings have averaged only
about a. per cent. which corresponds with
the Hadley commissions finding. which
reported that the ratio of interest and
dividends to outstanding bonds and stocks
Of American railroads shows not quite
AZ per cent i'm each case. Among the
large industrials an increase in securities
outstanding is shown amounting TO less
than - per cent with average net earn
ings for ten years of 40 per annum, and
average net earnings OF gas and cleo
trio corporations are shown of SIS per
cent. a deduction has been made of the
average annual amount of securities in
receivers hands per 500 Of outstanding
securities. and the figures are given in
gas and electric corporations at 81 cents,
in national banks, 81 cents; i'm railroads
81 81. and in industrials, s. o.. out of d
total Of 1916. 3l0.31.443 of capital which.
from 1SS2 to 1911 was invested in gas and
electric light companies. all the steam
railroads and all the industrials i'm
portaut enough 10 be mentioned in the
United States. at the end Of the period
the iusovent companies totalled S9.57S.
1873 The receivership risks are rated
per soo as 81 cents for gas and electric
companies. 81 81 for railroads and 81 o.
for industrials.
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