The Wall Street Journal from New York, New York • Page 5

Lee, Higginson Co 44 State Street, Boston CHICAOO OFFICE The Rookery MILLETT, ROE HAGEN BANKERS 3 Broad Street, New York DEALERS IN HIGH-GRADE BONDS riembert New York Stock Exchange Boston. 10 Post Office Square PROCTER BORDEN BONDS Equitable Building New York City FISK ROBINSON BANKERS Government Bonds City of New York Bonds aaa otbar Investment Securities MEMBEBS NEW YORK STOCK EXCHANGE. 35 Cedae Straa New York SB Stata Street BOSTON F. J. LISMAN Specialists in Steam Railroad Securities MEMBERS NEW YORK STOCK EXCHANGE.

30 Broad Street, New York. The Land Title ft Trust Co. Building, Philadelphia. 169 Eat Jackson Boulevard, Chicago. 404 Coon.

Mutual Building, Hartford, Conn. St Joseph Grand Island 4s, Toronto, Hamilton Buffalo 4s, Western Pacific 5s. RUDOLPH KLEYBOLTE CO. MUNICIPAL, RAILROAD and CORPORATION BONDS 27 Pine Street, New York Col. Fuel Conv.

Deb, 5a, 1911, Col. Coal Iron Develop. 5s, 1909, New York Cen. 3s, 1997. New York City 4s, Penn.

Conv. 3-a. NEWBORG CO. Member. N.w Tork Stock Vtlaphon.

8282 Broad. 44-40 BROADWAT. BERTRON, STORRS AND GRISCOM BANKERS, 40 TO. II MrMt, Land Tltlx Balldlaff man a was rail AV, Investment Securities. NEW YORK CITY NEW 4s and ether Hon Taxable Imum BOUOHT AND SOLD.

LINCOLN CO. 18 WALL STREET. IRedimmdatQ. INVESTMENT SECURITIES LETTERS OF CREDIT 33 Pine St, New York UNDERLYING STEAM RAILROAD BONDS PAYING FROM TO George C. White, BBOAB mEH NEW YORK.

O'Connor Kahler. Uunicipal, IUL Corporation BonGx WUi BTM BW COMPLAINTS AGAINST Washington Complaints have been filed with the Interstate Commerce Commission against the Chicago, Burlington ft Quincy and other railroads by cattle ship-Ting associations -protesting against the $2 per car terminal charge at the Union Stock Yards, Chicago, as being unreasonable and unjust A MATTER OF DUTY. England expects every roan to do his -duty. The United States expects every man to pay it Boston Transcript, THE- BOND MARKET. THE WABAS FLAN.

Small, Margin of Profit, in Converting or Not Converting the Debenture. The plan to convert $3,500,000 of Wabash debenture bonds, and $26,500,000 of debenture bonds Into 4 per cent ffty year bonds and preferred and common stock of the Wabash is still the center of a great deal of comment on Wall street. Most of this comment may be summed up to amount to this, that the plan is an excellent thing for the Wabash Railrood, and that the exchange is about as liberal as the Wabash Is in a position to afford From the standpoint of the holder of debenture bonds tho exchange, if the new bonds are underwritten would yield an annual revenue of 2.8 per cent If the preferred stock should ever receive its full 7 per cent dividend, this would add an annual revenue equivalent to 3.5 per cent. The total revenue would be 6.3 per cent, or .3 par cent, over the 6 per cent, to which the bonds are entitled. The bondholder who converts gives pp his right to full 6 per cent before either the preferred stockholder, or any holder of Junior bonds, can receive anything in annual income.

In the arguments for the plan, no advo cate hus put forward the plea that this right of the de bentures can be taken away. The amount of bonds ru'led for under this plan is $21,262,500, carrying an annual Interest charge of $850 500. The bonds deposited will stay alive under this mort gage. The annual interest charge amounts to the lull 6 per cent on the debenture "As," and 2.42 per cent on the "Bs." It is possible that if this plan becomes tffectivo with a minority of tho "Bs" still outstanding, the directors of the Wabash will authorize the full 6 per rent, or U.e "As," and interest on the at the rote of 2.42 per cent These payments would give the trustees of the mortgage sufficient to pay the full 4 per cent, on the outstanding bonds. In this case the bondholder who converts would have an advantage, the difference between 2.80 per cent, per annum, and 2.42 per cent It seems established that these declarations must he made on the debentures, before any interest can be paid by the Wubash on the new bonds because the new bonds are certainly junior to the deben tures, and it cannot pay interest directly from the income account until the debentures have received their full 6 per cent If it be taken for granted that the plan will be put into effect even a minority remains outstanding, it it difficult to see what other great advantage accrues to the depositing bondholder.

Of course, he receives a fixed interest bearing bond in exchange for his debentures, but tho mortgage shows clearly enough that he must also re ceive almost the same amount of revenue on his income bonds. If the plan is put into effect it will practically make the incomes an obligatory charge, prior to the churgi of the new bonds. This does not mean that the incomes must receive their full 6 per cent prior to this issue of $21,000,000 fours, but it does mean that they must receive enough to allow the trustee to pay the interest on the fours out of the interest he receives out of the debentures. The total authorised bond issue is $200,000,000, of which $21,262,500 is needed for the plan. Suppose that the Wabash desires to raise $25,000,000 cash for improve ments through this issue.

This would bring the annual charges to about $1,800,000, which is the full 6 per cent on the preferred, or on the debentures, and the full 0 per cent on the "Bs." If there were any of the deben ture "Bs" outstanding at that time, they would have to receive their full 6 per because this new issue of $25,600,000 would be junior to the debentures, and any holder of the debentures could enjoin the payment of in terest on the new bonds. It would, therefore, appear that before the Wabash can get over $25,000,000 of these new bonds for improve ments, nop-depositing debenture holders must receive their full 6 per cent. The question to lc answered, therefore, is whether or not the Wabash will be able to pay all its fixed charges and the full 7 per cent on its preferred without the use of more than $25,000,000 from the capital account The argument that this conversion would be profitable, us against remaining out, seems to depend upon the ability of the Wabash Railroad io pay 7 per cent dividends on its preferred stock prior to the time when it will he forced to pay the full 6 per cent upon its debenture "Bs" then outstanding. Of course failure to put the plan into effect will in definitely postpone the prosperity of the Wabash. This railroad needs monty, and needs it badly.

It has been hampered for years by lack of absolutely necessary funds, and has been compelled to use all its surplus revenue for proper capital expenditures. If this plan does not go into effect, it will, of course, destroy the possibility of creating a new bond issue which shall be a general lien on the property. It will thereby prevent expansion and internal growth. This is the broad view. Any holder of the debentures who has a', heart tho interests of the rood will undoubtedly convert, giving up his chance of a larger profit by staying out; for the almost certainty of an appreciation in the securities which he receives in exchange, by reason of tht increased advantage of the company in the matter nnancing.

MASSACHUSETTS STATE BONDS. Modification of the Imw Suggested to Give Savings Banks Bentfit of Tax Exemption. Boston It is probable that the Massachusetts legis lature will be asked to enact at its next session a modifi caion of the present law making state of Massachusetts bonds tax-exempt. At the present time the beneficial ef fects of the present law do not apply to savings banks, which are obliged to pay a tax of i on the amount of their deposits whether represented by bonds or any other form of security. It is likely that the state treasurer will recommend the passage of an amendment specifically exempting sav ings banks wnicn purchase state or bonds from the payment of a tax on such bonds.

The effect of such an amendment would be to broaden materially the market for Massachusetts securities in this slate. The chief beneficiaries of the new law have been trustees who are legally obliged to declare on their investments. KNICKERBOCKER ICE NOTES. Chicago The First National Bank has told $530,000 of the $1,500,000 Knickerbocker Ice Co. 5 notes issued in April.

President Fields says the Knickerbocker Ice Co. should earn $500,000 this year. WESTERN PACIFIC. A Call for 6,000 Men to Work at High Wages On the New Lme, The Western Pacific has issued a call for 5,000 laborers to work on the new lines between Salt Lake City and San Francisco. The Stone Company, one of the contractors, offers $2 per day for ordinary laborers and $2.50 per day for team sters, charging $5.25 per week for board.

The Utah Construction Co. will pay $2.25 per dav for laborers and the same for teamsters. It is announced that the work will last from a year and half to two year. i THE WALL STREET JOIMAL Second Section. Second Section.

NEW YORK, SATURDAY MORNING, SEPTEMBER 1, 1906. PAGE FIVE. 1 -1 i a 1 1.. i ERIE. Net Earnings for the Month of July $tf 06,000, Comparing With $185,000 Last Year.

Erie Railroad's report for July, 1906, compares as follows; 1906 1905 1304 1903 July gross. $4,361,024 $3,959,300 $3,930,445 $4,428,262 Exp. ft tax. 8,055,405 2,774,193 2,642,602 2,804,672 July net. $1,305,619 $1,135,107 $1,387,843 $1,623,580 CORN EXPORTS.

Shipments This Year Nearly 30,000,000 Bushels Ahead of Last. Thus far this year corn exports are slightly less than 80,000,000 bushels ahead of last year: Since January 1 there have been exported 159,481,000 bushels. Last year 130,113,000 bushels were shipped abroad and 98,585,000 bushels in 1904. Last week had the lightest exports in the period since May 26. For August exports have been, as follows: WEEK ENDING 1906, BU8.

1905, BUS. 1904, BUB. August 4 4,430,000 6,353,000 3,469,000 August 11 6,161,000 4,918,000 8,840,000 August 18 4,249,000 4,288,000 4,720,000 August 25 8,945,000 4,777,000 4,761,000 AMERICAN WOOLEN CO. Cross Business of $51,000,000 a Year No Common Stock Dividends at Present. Boston The 40 plants of the American Woolen Co.

are running about 85 capacity, and the company is doing a gross business at the rate of $52,000,000 per annum. Seven years ago, when the company was organized, the gross business was only $22,000,000. In 1904 the gross business was $39,000,000. This tremendous expansion in gross business has necessitated a large addition to working capital requirements, but it is doubtful if from now on the growth in the business approaches the strides which have been made yearly since 1899. When it is known that it takes almost 11 months from the time the raw wool is received and manufactured into cloth before the Woolen Co.

gets back much of its money, some conception is had of the amount of liquid capital required to run the business. At least 30 of the gross business, or say $15,000,000, is fre quently outstanding in accounts receivable. At the present time the company's worsted mills are running full time, although in the woolens, which depend for their popularity more or less upon the vagaries of fashion, thorc is less activity. Tho company is 'disposed to buy its wools from "hand to mouth." The woolen mar kct for some time has ruled very firm, and it is not to be expected that on thiB year's strong wool market the com pany can make the same relative showing of profits which resulted from last year's purchase of low price wools. The percentage of operating expenses to gross may, there fore, this year exceed that of ast While common stock dividends must be deferred for the present, the policy of the company in making large sales ot a manufacturing profit of only 9, thus keeping down to the minimum a competition which is very active, must eventually accrue to the benefit of the common stock President Wood is one of the largest holders of the corn on stock, but he will not listen to appeals for com mon stock dividends yet awhile.

He must intrench, him self behind a large amount of ready money to meet the fluctuations of the market for raw material as well as the vicissitudes of the market for his finished goods which are popular or unpopular according to the whims of the people. In time, the earnings of the Washington mills, to gether with those of the Assabet. will alone supply the 7 necessary for dividends on the $25,000,000 of pre ferred stock, leaving the remaining mills to fumish the dividends for the common. It is not generally known but the Washington mills alone have a capacity equal to 100,000 suits of clothes per week. President Wood says that 98 of his business is necessarily with the Jewish merchant, and.

contrary to the opinion of many, they ore honorable to the last degree. The losses of the American Woolen Co. since its inception, through bad debts, have amounted to less than 1-10 of 1. The Wood Worsted Mills at Lawrenee will shortly bo in active operation, and when working full should add $1,500,000 to the annual net profits of the American Woolen Co. WESTERN GRAIN CROPS.

fOrpe Corn Production Promiaed Wheat in the Canadian Northwest. Chicago F. D. Updike has been looking over the sit uation in the southwest and says that it old corn does not move forward to market next month it will be a sure sign that reserves in first hands are very low. "We are getting much less corn this month than we expected," he says.

"The new crop prospects, in my opinion, indicate 8,000,000,000 bushels. The growing crop in all the ern states is enormous, borne of our trade correspJi1-a. who distribute through the south are expecting to do much less business with us this year, on account of the big crop outlook in their own States." A carload of Kaffir corn was received in Chicago re cently by the Albert Dickinson Seed Co. A German grain dealer, who is making a tour of the American markets, says the reason for the limited demand for wheat in Germany is the overstocked condition there as the result of the advance in import duty last March. He says that farmers have held their wheat and dealers have imported heavily.

Recent charters for wheat to Buffalo from Chicago. arc immaterial. Buffalo is congested. Some shippers say it has taken them 30 days to get grain through to Boston. Freights on the lakes are working higher.

The Northern Elevator of Winnipeg, estimates the wheat crop of the Canadian northwest at 85,000,000 bushels, the same as last year. UNITED RAILROADS OF SAN FRANCISCO. Company Will Soon Have Large Number of Men on the urouna. The strike situation on the United Railroads of San Francisco is outwardly unchanged, although advices from San Francisco indicate that there is some prospect that the strike may break down at any time on account of the fact that the sentiment of the public is not with the strikers. About 1,800 men are on their way to San Francisco, and will begin to arrive shortly in large number.

It. is expected that as soon as a considerable number of them is on the ground it will be possible to begin ODeration on something7 like the ordinary schedule. It is the intention of the company in any case to make a vigorous endeavor to operate a service this week. A VOICE FROM LONDON. Yankee boonu (like new brooms) sweep every thing before them; but it is only after the dust they raise has had time to settle that their real worth can be gauged.

London Financial News. -A -f -s LONDON SITUATION. Bulk of Union and Southern Paeifie Believed to Have Passed to Amertcan Hands Insurance and Kaffir, London Events of the past week have left a vivid impression on the minds of city people, for in that week has been crowded more excitement than has been witnessed for a long time. We have to hark back to the days of the Northern Pacific corner to find a parallel to ex. isting conditions in the American market The unex pertedly high dividend declarations on the Union and Southern Pacifies resulted in a wild outburst of speru lative buying, and the prices of the two shares chiefly concerned soared in a remarkable manner, and we had the interesting spectacle of a large street market on a Stock Exchange holiday.

Throughout it all, however, the public here refrained from taking a hand in what is considered by many people a dangerous game, while pro fessionals merely follow on New York. This phenomenal rise has not brought joy to all thi side, for some operators had the temerity to go short of tho shares which have enjoyed the boom, and it is possib'e that financial embarrassment will be shown at the settlement. Mr. Hairiman's coup is regarded as the rmartest piece of work seen in the American market for many years past It makes ono think of the days of Jay Gould but the American market cannot be said to have gained in popularity with the public this side as a result of recent developments. In fact the reverse is the case, and advantage has been taken of the rise to sell large blocks of shares, particularly Union Pacific.

The bulk of this stock has now passed into American hands, and Union Pacific may some day be as limited a market here as Lake Shore. In fact some market men predict thac in a few years there will only be one or two epecu lative counters left on this side. The American boom has had its effect "upon Lombard street Already very considerable parcels of American bills are coming forward for discount, and the supply of this class of paper is not likely to diminish in the near future. The gold coming from the Cape has not yet been absorbed by Amerira as was at first supposed, but con ditionr arc working to that end, and the autumn is likely to bring anxiety to Lombard street. Our fire insurance companies have not been seriously alarmed by the Chilian earthquake disaster, as, owing to the prevalence of such disturbances, most policies contain specific earthquake clauses, while the extent of the damage cannot be compared to that caused by similar disturbances at San Francisco.

In view of the ill effects of the latter, however, there has naturally been some uneasiness in the gilt-edged end home railway markets, which were the chinf Bufferers from the San Francisco disaster, owing to large sales cf stock by insurance companies to meet losses. While the Stock Exchange was holiday making Paris took the opportunity to start a general revival in Kaffirs London accepted the position with avidity on the re-open ing cf the and consequently a boom took place Brokeis reported more interest in this section on the part of the general public, a factor which has con spiciously ubsent hitherto. Paris seems anxious that the improvement shall be permanent as on any signs of slackening support is generally forthcoming from that quarter. It is certain that a sustained Kaffir revival would he followed by general activity in tne Stock Ex change, so that the trend of events in the South African department is watched with no little anxiety. During the last few days interest has rather waned, for the public appetite for there shares is apparently soon satisfied.

COPPER DIVIDEND PAYERS. Income Returns on Prevent Quotation Companies that May Increase Rate, Boston Tangible evidences of prosperity in the cop per industry are seen in increasing dividends, but local speculative interest refuses to enthuse over the situation, notwithstanding the profits are piling up in copper company treasuries as the result of a year of 18V4 cent copper. Amalgamated is expected to increase its next dividend to at least on 8 per cent yearly basis, while Anaconda may ueclare $2 quarterly, or 32 per cent, per annum. ceola is also in a position to distribute more than $12 per share to its stockholders, while even at the present rate its stock is earning over 10 per cent on the selling price. North Butte und Utah Consolidated arc also in line for increases soon.

Wc present herewith a partial list of the copper divi dend payers, with the percentage of income return on the basis of the lust declared dividend, and it should be said that these payments by no means measure the extent of dividend possibilities: Close Aug. SO Amalgamated $109 Anaconda 278i Butte Coalition 32 Calumet Ariionn 120 Culumet Hccla 730 Copper Range 78 Gr.tnuy 124 Greene Consolidated 25 Mohawk 61 North Butte 93 Osceola .......1144 Parrot 26 V' Quinry 91 Utah 60 Wolverine 158 Ex-dividend $20. Pi v. Rate $7 1.60 14 80 6 1.20 2.40 6 8 12 1 10 5 18 I NOOME RETl'BN 6.3 7.9 4.9 11.6 10.9 7.6 9.6 9.6 9.8 8.5 10.4 3.7 10.9 8.2 11.3 MANHATTAN BRIDGE. Construction Company Make a Contract for Si, 000 Tons of Structural Steel.

Philadelphia Tho Ryan-Parker Construction of New York, which in April last secured the contract for the Manhattan bridge, has awarded the structural work to the Phoenix Iron of Phoenixville. Pa. It is understood that basic open-hearth steel will be used. The contract awarded to the Phoenix Iron Co. covers about 34,000 tons.

It does not include the cables, which will require about .8,000 tons. It is understood, also, that the question of anchorages is still unsettled. Tho total quantity of steel required will be about pounds, or 41,985 net tons, divided as follows: Anchorages, 5,395,000 pounds, or 2,697 tons; lower, 25,270,200 pounds, or 12,635 tons; cables pounds, or 7,951 tons; main span, 17,983,600 pounds, or ,992 tons; and sido span, 19,420,000 pounds or 9,710 tons, When the specifications were made public last year, acid open-hearth steel was specified. Later this was and it was announced that either acid or basic open-hearth steel would be accepted. As tho Phoenix Iron Co.

is a large manufacturer of basic steel, it is quite likely that the bulk of the material to be used in the erection of the bridge will be rolled from steel made basic open-hearth furnaces. -v- IRON MOLDERS ON STRIKE. Sharon Over 300 iron molder are on strike in this district, Sharon being the only town not affected. The molders want an advance of 60 cents a day. They are receiving $3.

It is said that the strike will spread to Pittsburg and that over 1,400 men Will be idle within at week. In addition about 600 pattern makers will be forced out by the strike. i BANKERS AMD BROKERS, ItoWa fch AmgtBim WivwV AMSTERDAM. AMERICAN BONDS AND SHARES. PROPOSAL.

SEALED PROPOSALS CHy ABMp.ll M4 Will b. received by the Mayor. Counsellor and Aldermen of the City of Annapolis, to opened ml 12.00 o'clock, noon, Sept. 4th, at the Council Chamber In Annapolis, for 12,1.000 bonds of the City of Annapolis. Cannot b.

old for let than Sar. Raid bond ar. In he laaued In flve-year aerlea, dated ctnher let, luos, for t.1.000 In eauh aerlea, 11,000 each bear-Ins Interest at 4. Aeacsaahle hauls tS.Hon.ooo Tax AO rente per I1O0. Bonded Indebtedneea SI.tx.00O.

of which $13,000 will be paid In 1007. In Kinking fund, I3T.1W.46. For further Information addrpia JOHN P. Dot May.r. WISCONSIN CENTRAL.

Independent Preferred Stockholders May Contest the Ait nual Election of Director. The preferred stockholders of the Wisconsin Central are beginning to take an active interest in the coming election of directors, at which they claim the right to elect a majority of the board. The management concede that the reorganization agreement specifically provided that in tho event of the failure to declare a dividend on the preferred stock within two years after the expiration of the voting trust, the preferred stock should elect a majority of the board. This two years expired in July, and no dividend has been declared, though it is claimed that the actual earnings are much more than sufficient to justify it Sev eral influential member of the present controlling syndicate were members of the reorganization committee and signed the agreement, and all of the stockholders were parties, as they deposited their old stock or bonds and took their present stock under it terms. Representatives of the preferred stockholders point out that, regardless of any technicality, it is in the power of the present management to carry out their signed agree ment by giving the preferred stockholders the majority of the board.

The bondholders ef tho old company surrendered their bonds and received their preferred stock on the faith of this agreement A large preferred stockholder when asked Friday a to the claim that this provision of the reorganization agree ment was contrary to the Wisconsin statute, referred the inquiry to his counsel, Robs, Reed Charles, the same firm who represented the minority stockholders' commit tee in the Wells, Fargo contest Mr. Reed of the firm, gave out the following statement: "I have not yet seen a copy of the articles of incor poration or charter. This was drawn by able counsel and was no doubt in accordance with the reorganization agree ment If so, it contains a provision giving the preferred stockholders the right to elect a of the board, upon the contingency that has now arisen. While the gen eral statutes of Wisconsin, adopted in 1898, provide that each share of stock of a railroad corporation shall have on vote in the election of all directors, a later statute was adopted very shortly after this reorganization agreement was made in 1899, expressly legalizing and confirming such agreements made with a view to reorganization. It was carefully drawn to fit this case and would seem to do so.

This would give the preferred stockholders the right to elect a majority of the board at the coming election. "As the stock is now non-dividend paying, probably a large part of it, standing in names of brokers and former stockholders, has never been transferred. Any preferred stockholder who may wish to vote his stock at the meeting of October 9lh, should not fail to see that it is transferred to his own name, or that of his brokers, before the books are closed on September 8th; otherwise it may be voted by the stockholders of record to defeat the interests of the real owners. It is still possible, of course, for the director to declare a dividend before October 9th, but if they do not do so, an effort will be made by the independent preferred stockholders to elect a majority of the board." A TAX ON SOUTHERN AGRICULTURE. Depreciation of Southern Cattle on Account of Tick Placed at fwstantnn Annually.

One of the reasons for the slow progress which southern agriculture has made in improving the quality and quantity of live stock is the more general prevalence of insect enemies in the warmer latitudes. During cer tain months of the year a regular quarantine line stretches clear acrcss the continent, north of whirh no cattle may go without nist passing the required inspection and treatment necessary to keep the pests from spreading. Of these the cattle tick is probably the greatest cause of loss to live stock values. The United States Department of Agriculture, reporting on this subject, says, in' a bulletin just issued: "Below the quarantine line we have s-imcthing over 15,000,000 cattle, the total farm value, of which is given by the last census as nearly $183,000,000. The dairy cattle are credited with a value of ubout and the other cattle with over $124,000,000, From observa tion and experience I estimate that a shrinkage in value of 20 in cattle other than dairy cattle is duo to the fleets of the cattle tick.

In round numbers this would mean a loss oi lor ocei cattle. "The dairy cattle, being better cared for and to at arge extent confined in lots where the ticks do not flour- sh or even exist, suffer less damage. Nevertheless con siderable damage experienced in a greet many instances especially in the country, because of the extra feed 're quired and the shrinkage in the flow of milk caused by tick infeKtation. It is believed that on estimate of ba of the total value of the dairy cattle is not overcharging the tick. This means an annual loss of nearly $3,000,000 for dairy cattle.

The total depreciation then of southern' cuttle on account of the tick would be NEW YORK, CHICAGO ST. LOUIS. Surplus Over Charges and Dividends for Fiscal Year, $11,2,000 Deficit of $6000 Last Year. Nickel Plate's report to the railroad commissioner for the year ended June 30, 1906, compares as follows: '1906 1905 1904 1903 Gross 9,651,819 8,651,037 8,599,599 7,962,891 Expenses 7,48,19 0,950,123 6,859,313 6,165,411 Net 2,169,960 1,700,934 1,740,286 1,797,480 Other inc. 39,605 25,613 48,829 40,900 Total inc.

2,209,625 1,789,115 1,838,386 Charges 1,487,374 1,211,204 1,221,303 1,213,876 Surplus 722.231 515,343 567,812 624,510 Dividends 580,000 580,000 580,000 580,000 Surplus .142,251 12,188 44,510 Deficit 'i CAR LOADING. Chicago The car loading of New York Central lines west of-Buffalo this month incroased less than 60,000 compared with 106,000 increase last month over a year ago, The principal reason of the smaller increase wa the enormous traffic last August, while another reason car shortage..