The Wall Street Journal from New York, New York • Page 7

STANDARD OIL CASE ARGUED BEFORE IDE SUPREME COURT JOHN G. MILBUfcN DENIES CHARGES OP MONOPOLY AND THE ATTEMPTS TO STIFLE ALL COMPETITION. Standard Oil, He Say, Doet'Kot Control Much More Production Than the Independent Do Buying of Other Concern Chiefly in 1879 Tell How Refineries Were Bought Atstrt "Con-epiracy i Not Vnlik Witch-craft" Questions Asked by Justice. WashingtonThe Standard Oil case was called In the Supreme Court Monday and John G. Milburn for the Standard Oil Co.

began argument. Mr. Milburn addressed himself at first to the question of conspiracy, naming Rockefeller and his associates. He contended that to prove it, the Government would have to show that all competition had been eliminated from 1882 to 1899. It was alleged that the SUndard Oil Co.

had through its pipe lines and through combinations with railroads as to rates sought to stifle competition in working out Its con. spiracy. This he denied. Mr. Milburn addressed himself to the question of com mon ownership and said the lower court laid much stress on the fact that the subsidiary companies had transferred their shares of stock to the Standard Oil Co.

Each subsidiary company was represented by shares of stock and the directors by on share each. Questions as to how ownership of stock was acquired were asked by Justices White, Harlan and Brewer. Discussing the question of monopoly, Mr. Milburn as rerted that in 1870 the production of oil by the Standard was 6,000,000 barrels. It is much greater now.

The production of oil by independent oil companies almost equals that of the standard Oil and yet monopoly and con spiracy are charged. "Why, your honors," exclaimed Mr. Milburn, "conspiracy is not unlike witchcraft." In detailing how the Standard Oil Co. of Ohio, at Cleveland acquired refineries, Mr. Milburn declared that those who sold out their companies received either cash or stock, as they elected.

They sold because they had log: confidence in the oil industry. It was a precarious in dustry. "How were these various refineries brought to gether?" asked Justice Lurton. "By pipe lines, your honor," replied Mr. Milburn.

ton. "It's a matter of importance," observed Justice Lur Mr. Milburn went into the subject of the purchase by the Standard Oil Co. of the various pipe line systems great detail, giving the names of those who took stock in the Standard Oil and those who received cash. In this way many men not originally Standard Oil men be came such, by selling out their pipe lines or refineries for stock in the Standard company.

In answer to a question by Justice White Mr. Milburn declared that the Standard Oil structure had been erected in 1879, and practically acquisition of other companies and pipe lines had ceased. Since that time a few acquisitions had been made, but they were unimportant. John G. Johnson who will close for the Standard Oil is paying close attention to the questions propounded by the several justices to Mr.

Milburn and in his argument will devote much time to elucidating the points raised and meeting them. Mr. Milburn gave a history of how the Standard Oil Co. was formed by giving one share of Standard Oil for twenty shares of certificates in the hands of trustees. Hi capital was then $70,000,000.

He gave a graphic account of how the Standard built pipe lines and tanks in th? Pennsylvania Oil fields in 1882 when the company was appealed to to save the flowing oil which would have been lost forever. The Standard Oil Co. responded. It cost It millions of dollars. Others had not the means to come ft fie rescue.

Little good is said of the Standard, but even its worst enemies are forced to credit it with this. Discussing the reorganization of the Standard Oil Co. in 1899 he said the distribution was made so that the small holders could retain their interest and receive ther dividends. Had they been so distributed as to give such holders only fractional holdings in twenty or more companies it would have resulted in -placing the small holders at the mercy of large holders. The Lima, (Ohio) oil field came in as illustrating the method- nf the Sta-trls-fl.

That flplri" was riijnvarpri In 1900. It was full of sulphur and unrefinable. The field was open to the world. Did any one go in after the oil that was being wasted by millions of gallons? Only the Standard Oil Co. It went in on faith.

The SUndard Oil Co. nf Indians was formed, tanks and lines built. The chemists of the Standard Oil Co. developed means by which the oil could be refined and the Standard is to-day the only company that knows how to refine this oil. The California oil field was next discussed.

It was acquired at a cost of (17,000,000. A new industry, was created. As yet the lower court would have the Standard Oil Co. broken up and its business distributed. To whom; to its subsidiary companies, and Ha power and bencfici-ence curtailed? Mr.

Millburn discussed the growth of the Standard Oil Co. It owned and operated 54,000 miles of pipe lines. It had now 3,573 market stations, against 130 in 1882. It produced 63 of by-products in 1906 and of the oil it produced it exported 66. Coming down to the question of monopoly, he discussed it at great length and declared that because a person bought all of an article he did not consider him a monopolist.

Law does not restrict anyone in what he may acquire, and if he may acquire he may use. "But," said Mr. (Milburn, "I am getting away." "Oh, no," said Justice White; "you are on to your business." In reply to Justice Harlan, Mr. Milburn said there could be a monopoly in coal and not in oil, for the reason that one was limited in amount, while, oil was practically without limit. John G.

Milburn, for the Standard Oil opened the case, and will be followed by D. T. Watson, also for the Standard Oil Co. Frank B. Kellogg will make the first presentation of the case on behalf of the Government.

will be followed by John G. Johnson, who will close the case for the Standard Oil Co. Attorney General Wicker sham will follow, closing the case for the Government. Argument will continue to-day and Wednesday. DnriDERDt, I'TAH COPPKK COMPANr 103 Broartwav, New York, March 10th, 110.

DIVIDEND NO. The Finance Committee of the I'tah Connor Company Has tills day declared the Seventh Quarterly Dividend, of eseventv-rlve Cents (73c.) per share, being at the a-ate of seven anil one-half per cent. Per quarter on th par ptivable March Slat, If 1 0, to stockholders of record at the clone nf business on March 18th. lit ID. Th book for th" transfer of the stock of the Company will clou at o'clnrk P.

M. March 18th. and reopen at 10 oYlock A. M. Starch 'ilind, 1010.

CHAS. K. LiirciAX, Ant. Secretary, TUB OTIS EI.BVATOR COMPANY, 13 Bailrrv Place. New York City.

March 9. 1810. The Hoard nf Directors of The Otla Elevator Com nan ha tliln Ony declared a quarterly dividend of 11.5(1 per ahara upon tlm Preferred Htock and also a aeml-annual dividend of tt.HO per khure upon the Common Htock of the Company, lioth pavolile at this office on April 13, 1D10, to Uie Preferred aud Common Stockholders of record at the close of business on aiarcn wiu. LtHUG BBL.K.ttAr Treasurer. 1)1 MTH-M'PKHiftR tr Arrmx roHPtxv.

The Directors of the Dnluth-ttuperior Traction Company have declared a dividend of one per cent, on the Preferred Block of the Company, payable on and after April 1st, 1910. to the stockholders of record at the close of business on Baturday, Marnh 10th, lino, at the offloe of The Farmers' Loan and Trust Company, 10-22 William Street. New ilork, o. rnuiK mm, secretary. Dated, New York, March lath.

1910. THE AEOLIAN, WBBBR PIANO AND PIANOLA COMPANY. At a meotlnt; of tha Hoard of Directors, held this day of ONE A NX) THREE' SSiSTLS'fLi' -Pn the yoio ma ai.i jnst. to March )). 1010.

WILLIAM E. WHEELOCK. Treasurer. HEirriNQi. Tbe Texas Pacific Railway Co.

Notice i hereby g-lven that the annual meatlna? of the mpennumer- vi niv rmiuv rwiiway company will he held at the office of the Company, No. 103 Broadway. Now York City, on Wednesday. March Iflth. 11)10.

at one Vviu P. AT. for the presentation of the annual report and for the transaction of such other business as may come before said i uiifpuul let- Kr Terk, March 1010. TIIE XiALL STIIEET JOURNAL, TUESDAY MORNING, MARCH 15, 1910. HOCKING VALLEY SEGREGATION.

Edwin Hawley Tells of the Plane With Chesapeake Ohio and tkt Lake Shore. Edwin' Hawley says a deal has been practically settled whereby the Chesapeake A Ohio will take over the Hocking Valley and the Lake Shore will take the Toledo' A Ohio Central, but that the papers have not yet been signed. A director of the Kanawha A Michigan says that this road also will probably be taken over eventually by the Lake Shore, and that a traffic agreemeht will be entered into for its use as a feeder for the Hocking Valley as the letter road obtains over 75 of its coal tonnage from the Kanawha A Michigan. HOCKING POOL CASE. Effortt to Find Out the Extent of the Trading in Connec tion With the Ktene Management.

The adjourned examination into the case of the bankrupt firm of J. M. Fiske Co. was continued yesterday before Commissioner Alexander. Ralph Wolf, attorney for Receiver Ernst, had summoned a large number of members of the New York Stock Exchange and representatives of brokerage firms with a view to discovering the extent of the trading in Hocking Coal A Iron in connection with the two pools of which James R.

Keene was the manager. Mr. Wolf announced that about one hundred to one hundred and fifty of those to whom he had sent such applications had sent in affidavits to his office, giving ths required information. Among those who appeared before Commissioner Alexander were Edmund P. Rogers of Johnson, Wood A Rogers, Emanuel, Parker ft E.

1 C. Randolph, C. D. Sanderson of Hornblower ft Weeks who submitted a digest of the tradings in Hocking Coal ft Iron for the Boston office of that firm, Slayback ft Wassermann Brothers; Isiah Honigman and De Haven. Townscnd ft Co.

A large number of those who have been subpoenaed presented papers which were not explicit enough. Mr. Wolf informed them that he wanted the date, number of shares, broker executing the order, the customer for whom the order was executed, and the prices, of all the tradings in Hocking Coal ft Iron during the life of the two pools. All those whose affidavits were imperfect in these respects ing. J.

M. Fiske of the bankrupt firm attended the hearing. IrvinK L. Ernst said that he understands that James R. Keene is better, and he expects the star witness to be ngain on the stand Wednesday.

The receiver's Jawyer be lieves that Keene could Mve him considerable trouble in setting to the bottom of the Hocking Coal ft Iron disaster, iut he is determined to pursue independent investigations through examination of a large number of brokers with the idea of tracing orders back to the men responsible for the etock's fluctuations. STOCK MARKET COMPARISONS. Three years ago Monday Union Pacific sold at 120, off 254 from the previous close; Reading sold at 91, off 22 United States Steel sold at 33, off 44 Amalgamated Copper sold at 80, off 18; Southern Pacific sold at 69, off 12; American Smelters sold at 110, on 21 Pacific sold at 115, off 12. These prices were made in the panic of 1907. Monday's prices compare with three years ago, as follows: Monday Union 189 4 Reading 168 U.

S. Steel 884 Amalgamated 7914 Southern Pacific 130 Am. 86 3 Years Ago Changes 1204 69 91 77 55 80 69 60 110 23Vs Electric Service to Whlle rialns. Extension of the electric service on the Harlem divi sion of the New York Central from Wakefield to North White Plains was celebrated in the town and cities along the route yesterday. A regular service under the new motive power will begin to-day, greatly improving the transit facilities of the important suburban section be tween Mount Vernon and White Plains.

In connection with the opening of the new service, A. R. Whaley, general superintendent of the electric zone, made public some facts regarding the Grand Central terminal improvement. The total capacity of the new terminal when completed is to be 1,016 cars on yard and station tracks, comparing with 500 to 600 cars capacity of the old terminal. At present the usable portion of the sta tion has a capacity of about 750 cars on other than station tracks.

Owing to the progress of construction operations, however, trains have to be moved in and out of the station and made up practically without the use of yard tracks, Thus it is now frequently necessary to move empty trains five miles out of the terminal to the yards at Mott Haven to make up through trains. Local service trains do not have to be made up or turned around or switched for any other purpose. Approximtely 55 per cent, of the excavation has been completed, and it may be stated roughly that the terminal is 50 per cent, completed. The easterly side of the perma nent suDurDan station is now in use. There are now 23 upper level and 9 lower level tracks in that portion of the station.

Ultimately there will be 42 and 20 tracks on the respective levels. Census Proclamation. Washington President Taft in his census nrwlimi tion, says that it is of the utmost importance that the census which is taken everv ten vears as reauired hv the rnnstitu. tion, should be a complete and accurate report of the popu lation ana resources oi tne country. It is the duty of every person to answer all questions on the census schedules applying to him and his family, and failure to do to is subject to penalty.

The sole nurnose of the census, sava the to secure statistical information regarding population and resources of the country. It has nothing to do with taxa tinn. with armv or lurv service, eomnulsinn of school attend ance, or regulation of immigration, and no one need have any lear mat any disclosures win be maae regarding an individual perton or nit private an airs. Oregon jTCalifornla Foreclosiie Suit. Washington Replying to the Senate resolution of Jan.

24 (Tillman) demanding to know what the Attorney General had oone towards forfeiting grants to the Oregon California Railroad. Mr. Fowler, assistant attorney fteneral, made reply that the railroad received, under two acts of Congress, grants amounting to 3,157 ,000 acres, that it eold 820,000 acres in violation of terms of grants which prescribed 160 acres as maximum to be sold to one pur chaser who must be actual settler; that' approximately 83,000 acres was told in lota of more than 1,000 acres. Suite against the rood nd against the purchasers to for feit the lands are now pending on demurrers filed by the dtfendanU. The attorney general tsays he deems it mad visable to make known future plans.

Change In Street Opening Bureau. The been tendered of John P. Dunn chief of the Bureau of Street Openings; Thomas C. Blake, first assistant, and James S. Quigley.

Ten assistants, nine deputy assistants and five junior assistants in the bureau are elated to go. The changes will be the result of Mayo Gaynor's letter to Corporation Counsel Watson when the latter took office declaring that the Bureau of Street Open ings needed complete renovation, and that many condem ration proceedings which ordinarily could be done in a few hours had been dragging along for months. Will of William Sellgman Probated. The will of William Seligman, who died in Paris Jan 6, was filed with the Surrogate Monday. Tho estate is valued at over $10,000.

David Washington Sotigman, son, is appointed sole executor and trustee. After speci fying various bequests for servants, the will directs that the residue of the estate be divided into seven parts. Each of the six children is to receive one-seventh, and the other seventh is to be divided among the grandchildren. Besides the English will there is a French will cover ing the property of the deceased in France. A clause in the will is that at their marriage each of the grand' children shall receive 2,500,000 francs, the amounts to be deducted from their share.

CORRECT. The time that money makes the most difference In peo pie Is wbsn they don't have It. New Tork Press. CAMBRIA STEEL CO. LAST YEAR; NET INCOME BEFORE DEPRECIATION SHOWS nc.

fr rent. inv, inc. Equip add. Rl Sund Invnt acct. fcpec Cash Accts recv.

Bills recv. Total 6.64 EARNED ON STOCK. Total Surplut-of Lost Year Compared With in 1908 President Stackhoute Soys That in Kino Year 1 10,000,000 Hoe Been Paid in Dividend and SIS, 000, 000 in Improvement In Excellent Condition To Sell Unissued Stock. The Cambria Steel Co. hat Issued its report for th year ended December 81, 1909.

The income account compares as follows: Net. 1909 1908 1907 $824,159 $3,888,199 $38,086 2,403,707 Tot Accts chg off 43,065 ft $2,403,707 $2,356,218 $2,328,193 Credit. Net income, before charging off deprecia tion, shows 6.64 earned on $45,000,000 capital stock, ai compared with 3.81 earned on same stock last year. The general balance sheet as of Dec. 31, 1909, com pares as follows: ASHf-TS.

1909 1908 1907 1906 Prop acct. $33,090,304 $33,090,304 $33,090,305 $33,090,305 Plant add. 12,635,124 11,785,577 11,303,497 9,317,479 1,001,282 925,620 838,665 320,788 2,951,310 1,518,638 9,032,866 6,334,726 1527,623 3,540,352 83,227 $43,756 2,856,218 $2,399,974 3,733 3.190,015 4,758,730 138,107 $12,267 2,357,227 $2,369,494 13,276 888,090 326,462 1,518,638 7,192,232 1,000,000 1,186,518 5,070,590 678,420 1906 $4,897,704 808,239 1,067,690 1,094,755 510,971 Total inc. $2,924,278 Fixed chgs. 888,191 Net inct.

12,538,086 Dividends 1,800,000 Balance Deprec'n fd Balance Betterm't impr. fund Prev, surp. $738,086 500,000 $1,891,849 898,093 $1,493,756 1,350,000 $143,756 100,000 $4,982,954 420,687 $4,562,287 1,350,000 $3,212,267 800,000 $238,086 $43,756 $2,412,267 200,000 2,400,000 $5,408,675 444,672 $4,964,00) 1,850,000 $3,614,003 550,000 $3,064,000 8,000,000 $64,003 2,278,710 $2,343,713 14,514 728,168 298,808 1,515,563 7,983,108 1,250,000 692,654 4,311,206 285,100 $63,900,734 $62,062,507 $62,254,751 $59,472,391 LIABILITIES, Capl stock. $45,000,000 $45,000,000 $45,000,000 $45,000,000 Gen dep fd Inv dep fd Bet A impr fund Accts diva pay surp ings: 8,7150,600 8.250,000 105,000 8,150,000 800,000 2,650,000 9,600,000 9,400,000 9,400,000 7,000,000 3,152,006 2,398,728 1,903,799 2.403,707 2,048,533 2,356,218 2.465.164 2,357,227 Total $62,062,507 $62,254,751 $39,472,391 President Powell Sturkhouee remarks in part as follows: At a meeting of the board of directors, Jan. 20, 1910, dividend of 2H on the six months' business, ending Dec.

31, was declared, the dividends to be hereafter de clared quarterly. In connection with this increase, it is proper to say, for the information of shareholders, that at the time of the reorganization of the present Steel in August, 1901, it was atated that the earnings of the com pany, over and above a conservative return upon the actual amount of cash then paid in, would thereafter be applied in large measure to building op the property. This policy has been adhered to -during the past nine years, with the result that In this period the sum of $10,000,000 has been distributed in dividends and over $16,000,000 of the earnings has gone into improvements, betterments, de preciation; increase of inventory and other corporate purposes of advantage to the property. The value of the ore end coal properties has increased also in the nine years, without regard to the above expenditures upon the works. The present result is that the company is in better physical and financial condition than it ever has been and the directors are of the opinion that the time has now come when the cost of further improvements and betterments necessary to reduce manufacturing costs, should be at least partially provided out of capital subscribed by the shareholders as needed, and consequently a larger percentage of earnings distributed in dividends, The improvements now authorised and in contemplation, as already referred to in this report, for completion in the next few years, will require the expenditure of approxi mately $7,000,000 and the $5,000,000 of stock remaining un issued will be offered to shareholders for subscription from time to time, as funds are required for the payment thereof.

Weekly Railroad Earnings. The following roads have reported weekly gross earn Alabama Great Northern: 1910 1st week March. $69,992 July 1-March 7. $2,798,068 Ann Arbor: 1st week March Detroit United 1909 $02,490 $2,466,208 Inc. $7,502 $326,860 1st week March.

$43,148 $38,772 $4,376 July 1-March 7.. $2,766,224 $2,442,490 $323,733 Central of Georgia: 1st week March. $256,500 $237,200 $19,300 July 1-March 7. 8,525,200 8,060,300 464,900 Chicago Alton 1st week March $258,875 $232,438 $26,437 July $9,411,543 $8,826,842 $584,701 Chicago, Indianapolis Louisville: 1st week March $117,044 $95,006 $22,038 July 1-Mch. 7.

$4,026,962 $3,571,958 $455,004 Cincinnati, New Orleans Texas Pacific: 1st week March. $171,684 $131,666 $20,018 July 1-March Denver, Northwestern Pacific: $15,782 $10,617 4th week $13 fi68 $122,340 $17,528 Month Feb 666,248 483,339 80,907 Jan. 1-Feb. 28... 1,182,625 1,012,450 170,175 Grand Trunk: 1st week March.

$769,177 July 1-March $26,749,873 $3,005,092 London Underground: Week end. Feb. 19 29,800 Wetk end. Feb. 26 30,138 Jan.

1-Feb. 26... 237,003 Louisville Nashville: 1st week March. $1,043,725 27,838 27,426 224,106 $767,801 $5,165 $624,373 $144,804 1,462 2,712 12,897 $900,215 $143,510 July 1-Mch. 7..

$35,455,030 $31,623,456 $3,831,574 Mobile Ohio: fst week March. $179,244 July 1-March 7. $7,092,204 Dee. $189,467 $10,223 $8,729,793 $302,408 Rio Grande Southern 1st week March $9,309 $9,575 July 1-Mch. 7..

$354,484 $401,851 Southern Railway: 1st week March. $1,187,466 $1,041,772 $95,694 July 1-March $35,719,107 $3,515,597 Toledo. Peoria 4 Western: 1st wek March. $19,806 $19,209 July 1-March 7. 821,614 767,263 Toledo, St.

Louis Western: 1st week March $61,911 July 7.. 42,583,753 $2,848,836 Twin City Lines: 1st week March. $133,959 $122,191 Jan. 1-March 7. 1,242,727 1,121,531 $597 64,351 $433 $235,397 $11,768 121,196 $2G6 $46,807 Interborough Hearing Postponed.

In order to give the Interborough Rapid Transit a chance to show what can be accomplished under the new schedule initiated Monday the Public Service Commission has postponed the hesring in the matter of the Broadway service for two weeks. Roosevelt at Khartoum. Khartoum Theodore Roosevelt and pis party arrived here on Monday afternoon, and the former President had a most enthusiastic reception. PHILADELPHIA STRIKE SITUATION. General Call to Quit Seem to Have Hid Little Efect 1.

Banker ttet Disturbed. y. Philadelphia The general call for all nnion labor not already out to go on strike Monday seems to have had little effect. Large taken a milk dealers, whose men were called out, reported thhey were entirely At the Baldwin Locomotive Works it is officially stated that many men have returned to work, and that there are less still on strike than were out last week. Many of the departments are running fully.

Officials of the Philadelphia Rapid Transit Co. say the situation is satisfactory. There were 1,176 cari in operation Monday, compared with 740 Sunday 1,160 on Saturday. Traffic was good Sunday, and three fourths as many passengers were carried as on week days with half the number of cars. Officials of the large baking establishments in the city all report a normal condition as to the number employes at work, and state that their men have not in timated any trouble as a result of the union call for bakery men and drivers to walk out.

A large number of banks expressed the opinion that the radical order of the labor leaders to the members of the trades union to withdraw their deposits from banks will have no material effect, and the order is not taken ee- liously in the financial quarters. The amount of depqsiti in banks and trust companies of this city is about of which $326,000,000 is in national banks. The local printers' onion has taken no action toward sympathetic walkout, and it is net believed that they will go on strike under the union's constitution. The local cannot strike without the consent of the national board, and this consent has not been asked. AMERICAN TELEPHONE.

Real Earning for the lAiet Fiscal Year Estimated at at Least It Per Cent. BostonThe American Telephone report for 1909 is likely to prove disappointing upon superficial reading from the standpoint of share earnings. In 1908 the company earned 11.4 on its capital stock, against 9.0 for the fiscal year just ended. There are several facts which must be borne in mind, however, if the investor is to get a fair measure of the earning capacity of American Telephone. To begin with, share earnings are calculated this year on $97,998,700 more stock than a year ago, and the great bulk of this new stock had been outstanding on an average probably less than six months when the fiscal year closed.

On the average stock issued during the year American Telephone earned at least 10. The real earnings of American Telephone for the twelve months just concluded were at least 12. This, of course, is making proper allowance for its equity in the undivided earnings of the subsidiary companies, and for the very heavy maintenance charges of any previous standard in the company's history. The total of these two items amounts to an addition of at least $7,900,000 to the balance for dividends shown in the report, making a combined total of $30,995,000, or 12 on the capital stock. While this calculation is, of course, somewhat academic, it does serve the useful purpose of demonstrating that American Telephone has not been anxious either to strip the treasuries of its subsidiary companies or "skin its main' te nance charges, in order to make a strong rhowing for its own stock.

For the current year American Telephone interest charge will be at least $3,000,000 less than in 1909, due to the conversion of ao many of the bonds and the paying off at maturity of the $25,000,000 notes on January 1, last. As no financine is to be undertaken this year, with the same measure of increase in earnings that has prevailed for the last two years, American Telephone should in 1910 earn hut ween 10S, and 11 on iU share capital without allow- ing for extra charge-offs for maintenance or undivided earninc. of the subsidiary companies. Th balance sheet contains an item of $22,500,000, rep resenting indebtedness due Western Union on account of the approximately $,000,000 New lorK leiepnone stoca purchased last summer. lAt this figure it may be calculated that American Ttlephone secured the minority interest In the hi New York company for but $140 per share, a re markably low price considering the figures of $200 to $230 per share at which it was commonly appraised.

The 500,000 due western union is psysoie in inisim-nts about $4,500100 per annum, beginning this year. LOUISIANA ARKANSAS. January Surpfiis tlt.Sit Decrease and Seven $7187 Inereate. January surplus. Seven months gross i Expenses and taxes Seven months net i Other income Total income Charges 7 mos.

surp. Months The report of the Louisiana Arkansas Railway for the month of January and seven months ended January SI, compares as follows: 1910 Mileage 255 Jan. gross $106,891 Expenses and taxes 74,151 January net Other income Total income Charges 1909 226 Inc. $114,519 Dec. 72,207 Inc.

Chances 29 $7,629 1,944 $32,740 $42,312 Dec. $9,573 9,620 7,822 Inc. 1,798 $42,360 $50,135 Dec. $7,774 25,805 20,997 Inc. 4,863 $16,495 $29,138 Dec.

$12,642 745,974 684,582 Inc. 61,392 482,216 507,736 Dec. 25,520 $263,758 $176,846 Inc. $86,912 61,237 62,600 Inc. 8,637 $324,995 $229,446 Inc.

$95,549 165,631 140,570 Inc. 23,062 $159,364 $86,876 Inc. $72,487 II KIKE NOT TO BE TRIED TILL FALL. Owing to the ruling of the U. S.

Supreme Court in the case of Charles R. Heike, secretary of the American Sugar Refining Co. his trial must be postponed until after the summer recess of the Circuit Court. The trial of tht five other minor officers and employes of the Sugar Com pany, who were indicted with Heike, will go on to-mor row. Henry L.

Stimson said Monday that the decision of the Supreme Court denying the motion to vacate the order of Judge Lurton allowing a writ of error in Heike case acts as a stay in that case, but he is confident that the Supreme Court will not sustain the writ of error. "The mandamus granted without prejudice' he said, "is merely to amend the ruline of Judge Martin, so that the Suprem Court may review the records of the trial on the plea at bar. "It was not a mandamus to make Judge Martin ruling a final judgment, as has been erroneously claimed That could not be done, as the ruling was In no wise Judgment. Heike will be tried on the indictment." MEETINGS. GREEN BAY WESTERN.

At the annual meeting of the Green Bay Western Railroad C. C. Cox was elected a director to succeed C. W. Cox, deceased; other directors were re-elected.

Philadelphia At the annual meeting of tha Phila delphia, Baltimore ft Washington Railroad, the directors were re-elected without change. The anual report was approved. Paper Company Aetlon Against Employes Glen Falls, N. Y. Paperfhave been filed naming employes of the International Paper as defendants in civil action for $100,000 for damages to property and business growing out of tha present strike.

British Budget. London Replying to a question, Premier Asquith said in the House of Commons, that it is the intention of the Government to obtain the assent of the House to the budget before the spring recess. FACED TOO "Walter ask the orchestra to play something; different." "Any particular selection, slrT" "ComeUilna- slower. 1 can't chw my food properly la walls time." Kansas City Journal. IMPORTANT AMMiWTRD rori'FR A e-nnsarlMm ketweea VOM STOCK.

MIXES as rftO. my risks' i In thit week' issue MINING NEWS BUREAU 13 Wall Street Pample copy free oa request lfw Yarlu Kentucky Coal Land and Mine FOR PALK A aroint mln In eastern Kentucky, tally qnfhped with standard snare rail road and sidinrs, miners' houses, stores, onlces, cars, etc. K.OCK) acres of coal land with three seams ot fine coal, located Immediately on railroad. A seniilne opportunity and bargain for rlaht man. Price only $13.50 per acre for land and equipments.

Address GILMER PRrOR Lexlnfton, Ky. BROAD STREET GOSSIP. The two greatest corporations in America will declart Iheir dividends within a week of each ether, and in both cases the rate may be innreated. Tha directors of tha United States Steel Corporation will act on the quarterly ivtdend on April 26, and the directors of the Pennsylvania Railroad will on May 2 May 1 falling on Sunday act upon the rate of dividend to be paid a month later on the stock I tneir company. About May 17, Southern Pacific, company entitled to rank amona- the most important in the land, will declare its dividend, and while the board will act conservatively the bounds of conservatism might not be transgressed by a declaration at a 7 rate.

Few per sons would quarrel with such action in view of the large earnings of the system. It is evident that there is a tre-nendous potential bull force in all these possibilities. Whether the market will discount the possibilitica remains to be teen. Much will depend on other factors. If general business develops in the next few weeks to the extent that rome banking interests expect, then the market will prob my to a great extent discount the good news.

If it does not, It will almost certainly respond to the increased distri- outions ii made and in that event Wall Street would see none of the usual mid-summer dullness. Of course the money outlook is bound to be an im portant factor in the stock market for a considerable time tc come. Present conditions favor a year of activity in the money market, and the conditions may become so tight as to interfere to a considerable extent with bullish operations in stocks. With loans showing a renewed tendency to rise above the level of deposits, the money situation will demand close watching. a E.

Button A in adverting to the highly pros perous conditions of mining, manufacturing, agriculture and transportation on the Pacific coabt, say that the instal lations of hydro-electric and petroleum consuming power iants that have marked the past year are powerful agents the business uplift. Enterprises that barely, made both nds meet when steam engines were used with low erade and high cost coal are now doing well with electric or pe- roleum engine power that costs $30 to $6o per horse pow year, as compared with 1 17a to $22o per horse power year with the steam plants that were formerly used. The ery low freight charge of 90 cents a case from California orange groves to the great consuming cities of the north Atlantic states, and similar low freight charges on all other kinds of products of the fruit and canning industries of the Pacific coast account, in part, say Messrs. Hutton, for the recent advances the market values of California or chards, and stocks in canneries and of railroads that serve the agricultural belts of that state. CURB MARKET NOTES.

The following table gives the movement of American Tobacco for the month of March daily, also high and low for many months, and years, together with the yearly dividend rate: March High Low March High 1 410 4C5 8 430 429 2 415 415 9 432 430 3 425 415V4 10 433 434 4 43S 422 11 437 433 5.. 425 420 12........ 47(9 434 7 430 423 14... 480 467 Following is the high and low monthly far the past eight months: High Low Lew March 480 403 Nov 435 413 February ....410 390 Oct 400 442 January 430 387 Srpt 460 443 December ....430 415 Aug 478 430 Following is the high and low yearly for the past five years, together with the yearly dividend rate: 1910 1909 1908 1907 1906 High 480 478 393 385 513 Low 387 325 210 174'i 350 early First quarter. Total sales of American Tobacco for March to date amount to 2,352 shares, as compared with 1,545 shares last month and 3,361 shares in the previous month.

London 3Iaklng-Up Prices. Settlement ending March 16, 1910: Mar. 14 Amalgamated 81 Anaconda Copper 104 Atchison 120 Baltimore Ohio 1151a Canadian Pacific 184 'i Chesapeake Ohio 88 Vi Chicago Great Western. 32 Vs Chicago, Mil St Paul. 151 Denver Rio 43'.

Denver 4 Rio Grande pf 82 '4 Erie 32 Erie 1st pf 62 V4 Illinois Central 146' Louisville A Nashville. Kansas 44 New York Central ....129 Ontario A Western 48'4 Norfolk A 105 V4 Northern Pacific 140 Pennsylvania 704 Reading 86V4 Rock Island 51 Southern Pacific 133 4 Southern Railway 29 Southern Railway 70 Union Pacific 194 United States Steel 904 United States Steel pf.125 Wabash 23 W'abash pf 50 Div. Rate "10 35 25 Feb. 23 Up Off 78 3 10 1184 14 115 4 185 4 854 3 324 150 1 42 1 82 4 30 2 47 4 146 4 1544 3 444 125 4 46 104 14 139 68 44 874 2 504 129 44 294 Vi 67 3 191 34 824 123 2 22 1 484 1 New York equivalent. Thirty active international show an average net advance of 1.737 points.

31 A MI ATT AN BRIDGE 3-CEXT LINE. Public Service Commissioner Bassett held a hearing in the Manhattan Bridge Three-Ont Line application for a certificate of operation across the new bridge. John C. Brackunridge was on the stand and was questioned closeiy by Charles A. Cullen, attorney for the Brooklyn Rapid Transit regarding the financial status, prospective operating methods, and other matters in connection with the new road.

Mr. Brackenridge presented figures and tabulations which the opposing counsel deslied to have in detail, and it was decided to adjourn the hearing until Tuesday to place these figures in the hands of the Brooklyn Rapid Transit attorney. -aasaaBssBBBBSBBBaBBs-aBSBBBBaa--aBaiBBBSBsa DIVIDENDS. ROYAL BAKING POWDER INCREASED DIVIDEND. The Royal Baking Powder Co.

has declared a regu. lar quarterly dividend of 14 on the preferred stock, and a quarterly dividend of 3 on the common stock, both payable March 31 to stock of record March 15. Tha last common dividend was at the rate of 24. A RIO PLATA DIVIDEND. The Rio Plata Mining Co.

has declared a quarterly dividend of 2, payable March 31 to stock of record March 19. The last quarterly dividend was 14. Duluth-Superlor Traction Co. has declared the regu. lar quarterly dividend of 1 on preferred stock, payable.

April 1, to stock of record March 19. 4 A.