New-York tribune., 1917-07-31

!, a n q
road will formally open section OF
the newly constructed Chesapeake
Ohio Northern Railway to-day. Up 10
this time the Chesapeake OHIO mas
had no connection of its own with us
controlled property, the Hooking val
lev. The new road will fill this gap
with ninety-three miles OF line from
Limeville, KY, northward to Columbus
Ohio. The section completed eNtehas
from the main line, thirty miles nortn-
ward to Waverly, Ohio, on the Norloik
& Western. Pending the building OF
the remaining mileage, the chesapeake
& Ohio will operate its trains from
Waverly to Columbus by trackage
rights over the Norfolk & Western.
The new road has cost S4,5OO,OoO, IN
cluding S1,5O0,O00 for bridge across
the Ohio River. The estimated cost OF
the entire line is about SlO,Ooo,Voo'
The funds so far expended were OBJ
tanned by the sale of the kanawha
Michigan to the Toledo & Ohio Gen.
trail. The building of the northern sec
ton of the road had to be deferred
because Of the difficulty Of raising new
railway capital.
United States Steel.-The common
stock closed strong yesterday on pros
poets that the earnings Of the company
for the June quarter, to be published
to-day, would be far in excess Of any
previous showing. Estimates in the
Street placed them all the way between
sl3O 900 900 and $4,000 900, compared
with $l13,12l, ,0l8 for the three months
ended March 81, the previous high rec
ord. When the directors declared
special Red Cross dividend Of l per
cent early in June it was announced
that at to-day's meeting the regular
quarterly payment Of IA per cent and
8 per cent extra on the common shares
would be declared. For this reason
yesterdays interest in the action OF the
stock was centred in the question or
earnings rather than DIVIDENDS. Inc
closing price was l24k, up IA points
Marconi Wireless Telegraph Com
pany, Limited.-Net profits for 1916
were S31S,0OO, according to the COM
pany's annual statement of earnings.
At a general meeting scheduled for Au-
gust directors will recommend a final
dividend Of 10 per cent on the ordi-
nary shares and per cent on the
preference shares. This makes a pay
ment for the year Of 10 per cent on
the ordinary shares and 10 per cent on
the preference shares. The directors
will also recommend that $4,000 be
placed in the general reserve and $780,
900 be carried forward to profit and
loss account.
May Do Trust Company Business
The State Superintendent of Banks yes
terday granted the Corporation Trust
Company a certificate of authority au-
: thorizing it to transact a general trust
company business. The authorized
capital of the company is 100000.
Pere Marquette.-Operating gross
revenue in June totalled s1,915,5S4, net
revenue was S624,13O and the surplus
after interest charges amounted to
| $780, ,676. The report for the three
months ended June 30 gives total gross
revenues of S6,137,860, compared with
s5,477,071 in the corresponding quarter
in 1916. Net revenues increased from
s1,5l6,246 year ago to s2,142,6S8, and
surplus from S669,6l6 to Sl,0lS,373.
Iternational Traction Company.-A
new loan of s2,OOO,OOO collateral trust
per cent three-year gold notes are
being offered by E. H. Rollins & Sons
Price yields 6.65 per cent. The entire
capital stock of the international Trac-
tion Company is owned by the Interna-
tional Railway Company.
Interborough Rapid Transit Com
pany.-The company has been author
lied by the Public St-vice Commission
to issue $23, ,O53,OOO in per cent bonds,
dated January l, 1913, and maturing
January /, 1866. The bonds are to be
issued under the company's first and
refunding mortgage, dated March 20,
1918. They are to be sold to net not less
than 1874 per cent Of the proceeds,
S2l ,J54,29O to be used to pay cost of
equipment of the rapid transit rail-
ROADS COnSlTuCleu ullNtI NIlc NNa4
TEN contracts, for operation by the In
terborough Rapid Transit Company,
and S1,49S,7lO for expense of sale of
bonds and for discount.
The bonds are to be amortized out
of income through the operation Of the
sinking fund provided for by the first
and refunding mortgage. The COM
mission retains its right, under the
DUAL system contract, to contest any
item of expenditure charged by the
company. The bonds are to be issued
prior TO December 81, 1917.
The commission also resettled its
order, issued May 25, 1917, authorizing
the Interborough Rapid Transit Com
pany to issue S11, ,436,OO0 in bonds TO
pay the cost of plant and structure and
of equipment Of the third or additional
tracks upon the elevated lines Of the
Manhattan Railway, leased to and oper
ated by the Interborough, and also the
cost OF plant and structure and Of
equipment Of the extensions of elevated
| lines.