The Wall Street Journal du lieu suivant : New York, New York • Page 2

if i xi- 1 2 THE miX STREET JOURNAL SATURDAY MORNING, APRIIi 11911 1911. I i ti't- rOCXDRD IMS. THE WALL STREET JOURNAL MO KM TO An EVKXIXO Published datty, except Funday. by DOW, JONES S. CO.

CHAni.RV OTM, PrraMBf. Joseph Cafhman. Secretary. II. A.

Hopkins, Treasurer. 44 Brand New Yark, Y. Telephone: One Itroad. fin pprn mrofr rmci i.tio rni any OTIIKK A KH If 1 I lVAClt. PI Ill.IC ATIO V.

tiu yearly, II monthly, or Ave cents rtailv. for either postage pi In the United S'atea. fana.tn. Mexico. Puerto It I.

o. Iluvn, Vhlllpplne. Julanda, Hawaiian Island anl t'uba. Kurtlgn postage 14 a year Addreaaea will be rhanired an frequently a desired, but In nirv the old address also should be (Wen. AdvertlaeaafBlai Hate will be famished on reojest by ol or any responsllVc advertising agnncy.

(Kntcred at the New York Post Office aa aecond-claai mall matter TVe trnlat la It royer as. -MARKET DIARY. 1911 1910 Friday. March 31 Weak. Friday, April 1 Dull.

251.2'1 Sales of stwis 244.12", 27.630.620 Since January 1 53,943,907 $107.000 Sales of bonds $1 .881.000 $221, 377.000 Since January 1 $230,580,500 The largest transactions were; Price Up Off Sale Stocks Sale Trice Up Oft 370(. 15300 7I1; 109- 7jimi. 111', 221 27s Pac lM'i "HSi 313nu. Krie 2oO I 1 1 West 103 35no. 44000 1 4 1 i 33000.

280ml 77'a 1 51000.. I' 00 'n An Car Ch. ffll) 117.71 .82 Average 20 railroads 121.7''. Ave rase 12 industrial. 89.71 SO' 4 Chicago May wheat 115 47 Chicaero May corn rn New York May wheat 121 New York May corn 70r-4 1 1.29 1 Now York May cctton 1 I 5 lit Hi.

4 2 New York May coffee li.sil 2-' money renewals f.o to (ri' Commercial pape -i vii: J4 4.Stitn i.S0" S'ip'it Merlint: 1 S77'K I "77." Next lonoon setllemcnt Aptii 10. II. and 12. HOLLAND'S LETTER. Coi' 1 1 1 t'rii From l'irf' I'afjt) to the anli-tlul law ha-- lorn that men niijrht violate it in trood fa th.

fhm knowmp that they had commuted an illeiru! act. NOT I'KSTHI I'TIVt: Tt A the counsel upon each in tlie hearings he fore the Supreme Court in these t.v., are persuaded that, whatever else the court ni.i reach in an interpretation of the anti-trust law. it will cleaiiv dciino the Iwundary between lawful and unlawful oinoinatnms, it has been observed recently, the interests of the country have been persuaded that whatever the interpretation of the Supreme Court may he, it will he in sympathy with everything that makes heiie-tly and fairly for the material prosperity of the 1'nited Slates. Yet it may be that the cunt will so decide this question that many reorganizations will be necessary. The Standard Oil and the American Tobacco Co.

may be compelled to abandon the organizations under which they now operate anil create new ones in conformity to the interpretation of the ar.ti law. or time. then, there may be some demoralization, anil it is for this son that the larger business interests do not feel at i time like nuking any great commitments. They are maintaining the supply of products so as to meet the normal demand, and are doing no more 1 he general feeling is that after the interpretation by the Supreme Court of the anti trust law as applied to the Standard Oil and Tobacco cases the business inter-est-- of the. United States will as speedily accept and ad just thoniseVcs to this interpretation as the railways ot the United States have been doing with respect to the recent derision of the Interstate Commerce Commission, in which i' gives the reason for its refusal to permit the railroads of the United States to increase traffic charges KETTI.INT.

PAY. Iii Ihis city, and presumably in all larger cities, the great settling day. at leaft for investments which carry dividends or interest, is now Jan. 1. But April 1 stands good second, and there are to be distributed in this city on April 1 of this year approximately a hundred and fifty million dollars, more or less.

Yet so plentiful is money, so easily are great disbursements of this kind handled this year, that in all probability the disbursement of so great a sum of money as this will be accomplished with trifling effect, or. possibly, with no apparent effect upon the money markets. These figures of themselves justify the statement of those who havi been saying that the business of the United States, from one point of view, at least, has leen good. In fact, when tt is now said that business this year has not been up to expectations, the meaning is that the expectations were very high, or that there have been many promises of revival of great business prosperity. But tho demands for food, shelter and c'othing of nearly one hundred millions of people of themselves make imperative very large business operations.

There do appear to be some hints pointing to a considerable increase in business activity during the upring months, but the most competent of our business men, those who have shown thcmBelves in the past very forecasters in the movement of business, are now more than ever persuaded that the great revival of business, of investment and the exploitation of the resources of the country will not come until after the presidential election of next year. RAlUtOAD CAME OF- STRATEGY. When the Grand Trunk Railroad, with what neemed to be audacity, ventured into the heart of New England, necking to extend the single line which it operates from the Canadian border to the ea' at New London, so that it could obtain terminals at Providence, it undoubtedly had in view the great traffic which it commands in the West and Northwest, and also tho very large traffic which originates at Providence. That extension should be concluded in the course of another year. It will give the West an independent outlet at one of the great ports of New England.

But it was inevitable that in taking this step the Grand Trunk would challenge the New Haven Railroad management, now dominating almost all New England. The challenge! has been recognized and accepted, and one of the most interesting of the games of railroad strategy now in progress in the United States is being played in New England. This in part explains the new alliance established between the New Haven Railroad and the Boston .4 Albany, which is now by lease under the control of the Naw York Central. The rumors which were circulated her few days ago that- flie -New Haven Railroad had attempted to purchase the Boston Albany were absurd upon their face, for in the first place the New Haven, through its control of the Fitchburg Railroad, is in possession of trunk line to the West In the second -'place Massachusetts would not permit the New Haven Railroad to buy tho Boston tt. Albany, nor is.

purchase i'-'yy: necessary. Intimate community -of Interest and of owner-'itl: has been established between the New Haven and V' Hv" the 'New -York Central, which makes possible such operation as will jnable the New Haven to utilize such nortions of the track of the Boston 4 Albany as it may expedient. This utilization will aerve, in least, to flank we Grand irunu ttsuroaa jhoujukd. v. AMALGAMATED COPPER COMPANY'S PLANS TO REDUCE COPPER COSTS.

.1 MERGER AND ACQUISITIONS OF PROPERTIES HAVE ADDED LARGELY TO COMPANY'S REVENUES. Will htcreat, Inromr. to the Kxttnt of $600 a Year Thtltugh A rqn tuition of the United Metals Selling -Introduction of Eeonomiet Hare Cheapen, Copper Coat Reports That Amalgamated Will Knter Into the Manufacture of Wire, Etc. Developments over the last year or two huve placed the Amalgamated group of copper properties in much stronger financial and physical condition. Economies introduced, which have greatly reduced the cost of produc ing copper, acquisitions, have resulted in an increased earning power, which in turn should mean better dividend returns to shareholders as soon as mital prices take a turn for the'- better.

'I he Amalgamated group during several years past has greatly changed its methods of producing copper. Mill ions of dollars have been expended for the installation of machinery driven by electricity and the'introduc-tion of economies has been genera! in the mines and smelters. The neM step was the merger of the so-called Amalgamated proerties in the Butte district, and the acquisition of the lark copper properties in Montana. Then followed the purchase of the United Metals Selling Co. on a basis practically of book valuation.

Control of the In ternational Smelting Refining tho largest refinery of its kind in the world1, went with the Selling Co. Amalgamated is row in a position to handle its own product from the mires to the refinery. Reports, which seem to have some foundation, are current to ti effect that the Amalgamated Copper Co. is negotiating one of the largest plants in the Uniteu States engaged in the manufacture of copper wire, sheet copper and Urass products. If such a deal is put through Amalgamated would then a position similar to that of the Unit.

(I States Steel Corporation, inasmuch as il would rontr. I the situation from the mining of copper to its convert. on into finished products such as wire, sheets, etc. Throuiri its acquisition of the United Metals Bellini; Co. the Am; Igamated will benefit to the extent of at least $000,000 a e.ir.

The net income of the United AleUls is in the neil oorhood of a year; the charges on the i notes amount to year, therefore Amalgamated benefits to the extent of the difference between tl'o tw.i mho or minuaiiy. Benefit-; in the way earnings will acso accrue a result of the recent reni -al of copper refilling contracts for ten years. The merge of the Butte properties has resulted in a saving of MV. ral hundred thousand dollars a year. Should Amalgamated enter the copper manufacturing business or.

a large scale earnings should show a good increase from i his source The Amalgamated, as the largest seller lopper. would naturally use its bet efforts to increase tl. consumption of copper. It will be recalled that a sli. time ago Amalgamated interests brought considerable oressure to near to induce manufacturers of certain lii.i I ed copper products to come down in their prices to a livel commensurate with the price of the raw product.

Amalgamated interests held that as a result of this inenu: ilv of prices between finished and raw cop per produc consumption was being retarded The i-, inion in copper circles is that as soon as the Supreme ourt hands down its decision in the Oil and Tobacco ca es I he question of merging the important cop-per eopipa ues of the country will again be taken up "ffn Amalgamated, through its own product and that handled by United dctals Selling will naturally dominate the situation I The ar i ual reports of the Amalgamated aril Anaconda Copper companies will be issued soon and pite of the low prices that prevailed for copper in lillo they are expected to show a fair balance after dividend payments. Dl-LA WARE. LACK A. WESTERN. February Income Deereatc of 1 ti -on 10:0 Iterrcmc Washiio ton The report, in detail, of the Driawaie, Lackawanna 4 Western, as filed with the Interstate Commerce Comn ission for the month of February and eight months ended Feb.

2. compares as follows: February' Mileage Freight revenue Passenger revenue. Other tranp rev. Non-transp lev. Total oper rev Mt of way A struc Mt of equipment.

Traffic expenses Transp expenses. General expc uses Total oper exp Net oper rev Outside oper met) Total net rev. Taxes Operating income 1911 93H.09 SI. 8201 -20 189, 150 15 1 2.994 2.177.77 i 3s: Ki7 80O.O17 05.9011 1.58 1.10(1 89.:.:. 77 910.841 77 810 1910 hanges 930.79 Dec.

.70 I $1,958,908 Dec. $138,881 434.212 Inc. 152,060 Inc. 11.781 Inc. 2.550,901 Dec.

109.088 Dec. 412,737 Inc. 57,084 Inc. 783.234 Inc. 51,292 Inc.

1.477,037 Inc. 1.079,924 Dec. 18.840 Inc. 1.098.771 Dec. 118.050 Inc.

9SH.121 Dec. c.241 T-240 1 '21' 79.183 1 1 28.019 1 ,982 70.782 1 I clik' July 1 to Feb. 2S: Freight revenue Passenger revenue. 5.007.101 $17,740,151 Dec. $437,311 4,083.181 Inc.

413,920 Other transp rev. Non-transp Total oper rev Mt of way 4 struc Mt of equipment. Traflir expenses Transp expenses. General expenses. 1.302.877 1 20.980 23.8;ii,10S .3,42 50 473.847 7.21 474,1 12 1,352.002 Inc.

98,487 Inc. 23.874,120 Inc. 2.009,229 Inc. 3.190,547 Inc. 424.900 Inc.

0,449.902 Inc. 453,607 Inc. 10,874 28,499 15,982 fi72.92o 230,302 48.886 762,047 20,504 Total oper 11.102,914 Net oper rev 12,528,248 Inc. 1,634.600 11.345,877 Dec. 1,618,683 207,506 Dec.

46,485 11,553,44 1 Dec. 1.665,169 1.041.400 Inc. 41,680 10.512,044 Dec. 1,706,850 Outside oper. met) Total net rev.

Taxes Operating income Itil.OjsO 0,888,274 1.083,08(1 8.805,194 lt A XI) RAPIDS STRIKE SITUATION. Xinety-five Per Cent, of Members of Furniture Carvers' Vnion Decide to Walk Out. Grand Rapids Ninety-five per cent, of the members of the Furniture Carvers' Union of Grand Rapids, which numbers 200 workmen, decided to walk out with the Furniture Carpenter Joiners and Finishers Union on April 1, if the union's demands for a 10 increase and a nine hour day is refused. This brings the total of members of unions which have voted to strike about 5,000. It is asserted that there are about 6,000 skilled workmen employed in the city.

AVERK IN DRY GOODS." Increase of About in the Sales of Woolen Dress Goods Conditions in Chicago. Chicago John V. Farwell Co. in their weekly review of the wholesale dry goods trade says: "Last week's wool dress goods business has shown a remarkable increase over the corresponding week a year ago. The figures actually show an increase of lfl'c Cream, tan and gray mixtures are the best colors right now.

"Orders by mail and by traveling salesmen on the road for both immediate and future shipments continue to be pormal, but the arrival of merchants in March is not up to last year's record." Chicago Marshall Field Co. say: "Business of the week in general Increased confidence in the belief that trade is slowly expanding. Healthy conservatism is being exercised by merchants. All business is heavier than last year, however, and immediate shipments this week show increase over year ago. Wash dress fabrics in wide range are in good demand.

Report from authoritative source says it begins to look as if prices are pretty near bottom. It is a fact that loss in manufacturing print cloth is about cents a pound, and this cannot test 3 I I 10" 303 180 510 181 Y'C lfi '-'S "01 301 I I STEEL MARKET QUOTE!) STRONGER. Declared to bt oh 'a Firmer Than for Month Price Cutting Exceptional. Steel prices, says a steel authority are on a more Arm basis than at any time for the past eight or ten months. There is at present, he states, practically no price cutting except in exceptional eases.

For instance, the order for 60,000 tons of structural bridge material recently placed with the Steel Corporation by a Canadian interest, wag sold at export prices, as it wss a' contract for material to be used on Canadian soil. Prices in Canada for American-made steel products are not ruled by any quoted market, but vary according to conditions, such as location, competi tion, etc. For some -products the United States Steel Co. receives the same prices In Canada as it does in this country. As an illustration of this, the price for steel hoops are the same to the Canadian consumer as to the buyer in this country.

The business of the Csrneg'e Steel Co. was as good in February of this year as in the same month of 1910. An official of that company states that March will hold the gain made by February. The local office of the American Bridge Co. placed some large contract for bridge and other structural material last week, and there is still further encouraging tonnage under negotiation.

NKW YORK, N. II. JIAKTFOKI). February Operating Income tt7 J.S.HI, a Ih-rcane of Eight Month' f.t.i!i,:i!l Vec-aer. Washington The report, in detail, of the New York, New Haven Hartford, as filed with -he Interstate Commerce Commission, for the month of February and eight months ended February 28, compares follows: 1H11 1010 Changes Mileage 2,041 .1 1 2.044.72 IW.

a.61 Freight revenue. 1 $125,114 Passenger revenue 1.727.701 1 In-. Other trans, rev. 30:1.730 olH.22u Dtc. 14.4H4 Non-trans, KU.O'.io 91.012 0.477 Total oper.

revs. 4.1S2.774 4.23H.942 Do-. 50.168 way 432.327 Dec. 107.310 I Maint. of equip.

4Si' HtiO Inc. Traftic 27.100 2173 Inc. Transpor. expenses l.K.'o.UV. Ii.

13H.7H3 (Jeneral 13.r.93K Inc. Bio Total oper. exp. 3,032.303 I i.e. 130.r,03 Net oper.

revs l.l.VMln 1.337.IK2 ivr. 1H0.071 Outside oper net 97.42o 01177 Inc. 30.247 Total net rev- 1.247.K30 Dec. lf.o.423 Iieo 7f.00n Oper. income l.i'ls.JOo Dec.

75,423 I July 1 to Fb. 2S: Freight revenue. SlO.fKlS.OJii Inc. Passenger levenu-. 17.7"0."'.lo 1 r.

Inc. 1 "lO.IU'i Other trans rev. 2.70,"..22 'in Non-trans, revs. Inc. Total opei revs.

41 32.V71.". liu- 1 Mil "7: 1 Maint. way A str. I h- Maint. of equip.

4.77n.K."i 1 Inc -loo. 13 Traffic 22K.K7K 2n2.04:t Inc. 20.23: Transpor. 10.290.I1K 15 lr.c. 1.2n::.!HH General 1.173.040 1 Inc.

Total oper exp. 27.004.310 2.i."4 .019 Net oper. revs 14.201,39 1 I K13.042 Dec. 552.244 i 'Outside oper (net) 954.41'S M.7f9 Inc. 00.019 Total net 15,215,807 1.V0W.4O2 4K2.r.!4 I Taxes i 2.402.00O 2 .005.001 1 Ie.

Oper. 12,753.807 Dec AMERICAN TEL. TICI.F.tiRAril. Jtenies That There Will Stock hur I'Unt'j of Cah Hand. Boston The statement may oe emphatically mad" that there will be no financing by niencan Telephone Co.

before fall. Rumors gf the imr issuance of a block of are without fonn cation A leading of of tho company says; "Amc loan Telephone directors have not even thought as to definite time or amount of new financing. In a genera way we know that financing before the end of the yea- will probably be under- taken. But we could finish 191' ithout financing if we desired. The company has 5:2.001 to $14,000,000 cash and has money loaned 011: the street.

We are no'. borrowing a dollar or uie uank- and snai. noi. our posi- tion distinctly on 'easy sirei-: President Vail will leave to-morrow for a four or five is" trio to Enrone. It is pleasure trm.

taken nartlv i for relaxation and health. Mr. Vail lias been working hard and desires a brief respite from his heavy duties. PACKIXCi INDUSTRY ACTIVE. I lMrgc Increase in Hog Stauahter Last Week Compared I t- With Year Ago llV'cr Parking Figures.

Chicago This week's packing operation at leading (centers includes the slaughter of 495.000 hogs, or 150,000 more than for the corresponding week last year. There 1 Peking of March of ist vear, when packing was 'ess for of 19H9. Tiie winter (season, which closed with Fe Sru.irv showed a decrease of hogs a compared wilh the winter packing season An increase of between 60,000,000 and pounds of meats will le shown nt western pack-' ing centers this month as compared with the output of last month 1EIPEK AND SALT. ii.i i ix orr, ftSnme mn are f. il to Opportwnltr that thev refuee In apeak to him mi the anil other are Irreverent that tl ill him Oeiiliiil his back aa "Old Man opp "1 Tlie l't friend Hint yon've got In nil th' world la Old Mho opp He, passes ley your bouie ea-'- tv an' aleayV mnkea a atop ll Isn't Willi time, of our si- he hasn't lone to stay; But If you're watchln' for him he will help mow your hay.

An" Ol.l Jtan Opp will help th' (llooni Hod's line o' Uope; He'll boost op th' ladder with a freah aupply of hope. You'd better fl-c tlmte ahnUy steps, an' oil yorjr front-yard aa'e. An' don't foraet that Old Mm Opp has not much time to wait. Wiien hear a spooky tappls on th' frosted window pan. Or lher comes a low-toned rappln- throush th' ratlin' o' th' rain.

Don't get frla-htened at It. neighbor, thotifh yon'r shy of Kilns nn' lead Don't think I I some bold huraier who would steal your slove an' bed. Don't let ynur face get fcare-1. nor think that bad men lurk O'lUlde: But bent It toward the sound you hear an' ope th' front d3nr wide. The wolf waa nut there yesterday, with hli dentistry In view, But now It's likely Old Man Opp who wants to talk you: -sj.

N. BefTel, In National Magailne. APRIL FIRST. Don't believe everything that everybody tell yon today. Ileierve a little confidence In human nature for future occasions.

THR niF-KKRENCF-. "He'e alway worrying: about the money market." 'IVes. and hi wife la always worrying about the marknt money." New JTork Bvenlng Telegram. BE OARBFVL. Trust In spring but don't forget to keep your feet dry: Washington l'osV VBRlf A I.

STEMS. Hud, duda, Kreahet and floods. Gay butterflies on the wing; Hat, gnat. Karmuff and spats, Such are the factor of Bee, trees. Blooom that freie.

Bird that dollghttuliy sing; Bills, pills. Fevers and chills. Kuch are tbe taotori of spring. PitUbsirg Post RBIJAbH.H. old' man! How much does your new baby' weigh?" "A lun." "uiili vour klWld" lloiiestly.

I'm a coal dealer aud I wnlgbtd the boy on mt own seaies." Toledo Ulada. 'V -ee-Sw PENNSYLVANIA-NEW HAVEN LM AND ITS TRAFFIC SIGNIFICI NCR N. Y. CONNECTING RY. WILL MAKE A CONTINU- OUS TRANSPORTATION SYSTEM FH0M MAINE TO THE MISSISSIPPI.

Projected Line. Will Materially Shorten Prerent Pimstnger and Goods IlaulInrreased Traffic Convenience to Sew York and S'ew England and Impetus (iveu to Industrial Settlement of Long Isldnd Will Justify the Expenditure of Pennsylvania Railroarl. Work upon the link which will bring about the connection of the Pennsylvania with the New Haven and establish an unbrrVen transportation line from New England to the Mis. river, has been begun and, unless untoward conditio, arise, will be completed during the next four years. Ground has been broken ut Ast)ria, L.

I. for the con struction of the New York Connecting Railroad bridge, designed to connect the New Haven with the Ixmg Island Railroad and by means of the latter and the East river tunnels, with the Pennsylvania system. This bridge, as projected and practically accepted will cost an estimated total of $20,000,000 inclusive of excavation work for piers, construction of approaches and cost of acquisition of the right of way. The total length of the bridge, with approaches, will he lO JoO feet, or practically three miles. The bridge will cross from Long IslanTl.

at Astoria, over GatcUhe bidanr''haTin ideb'over to Vards Island, rom Ward's Island, over Little figures for a year ago. The Central Vrkant Gate to Randall a Island and thence to Mott Haven or Eastern is a small branch line feeder about Port Morns, rom Ward sland to Randall Island the and while it is valuable it is not, strictly speaking abs haVin vital. The terntoo through which th Cotton of 1,020 feet and a height above mean water level of 140Belt runs one of a great future and in the next few Tu should he reflected in improvement the towers at either end of this large span will be the of thr road, feet high and each will contain rooms to be used by tht-i railroad for various purposes. The annroaches to these wokmi tk a -o. reported the fiscal vr IQ11 towers, or the bridge proper, will be supported on steel.

and concrete) viaducts. Work on the rail line of the New Connecting; Ricilway has been under way practioally since last sum- mer. Grading work is nearinvr. completion in the Middle Yillage section of Long Island and the extension line from Kay Ridge to Last New York avenue is now in a fair way toward completion. The entire line has been planned primarily to convey passenger traffic, hitherto handled over the Mott Haven ferry, by way of tin- tunnels at Long Island Citv into the Pennsylvania te initial and the ca -e of freight traffic around through to Hi.j Ridge where it will be transferred in unbroken bull, to floats and ferried across upper New York harlior to the Pennsylvania yards at Greenville.

11 distance of about three miles This will do away with the present necessarily slow and time-consuming haul of fourteen miles from Mott Haven to Greenville Trains coming into the Molt Haven yards of the New Haven road will be broken up and that shipments way-billed to points South and West ran made up into new trains. As a result of this arrange ment much time will be saved inn! the Pennsylvania will hA enulilffil to humlle ireiiter vohimi. of New Fni-lnnrt freight without being obliged to break bulk. With the completion of the New York Connecting Railroad and the Buy Ridge freight extension, the vast New York passenger and freight terniinr.l plans nf the I Pennsylvania, involving an expenditure of sioo imhi imio. i will have been completed.

And the increased traffic ci.n- venivnees afforded New York nml New F.ngiand by the 1 establishment of an unbroken transportation system from Maine to the river and the impetus given to I the industrial settlement of Long Island ultimately wil! all stand in justification of the large expenditure by the Pennsylvania. ANSWERS TO INQUIRERS. "IXTR.LIIIB.NT IN4CIBT TH PCBLIC 1 OSE1T tAriGlilD ST. IS SOI TIIW KS TKHN HIIMI. 19358 Kindly gi' )or opttiooi of the SI.

Louis Southwestern Consolidated from the ot an tnveittiifnt or a ttpeculat'ni1. An- 'in it a sound. ireV secured obligation or a slrietht rperiilut i one' Also iii iou know a road called the Central Arkansas 4 Limt- Is il allied the St. S. and.

so. is i' i 0111 li'OM varttcitiarlu vital to or r(iniio' to this rami' fntrr tin St. S. HV .1 Louis Southwestern consolidated -Is are refiirileil ns lnir iittraclivi nronoslt ion tor niisiness men. The vield this level is approximately 0' which shows that thev cannot be classed as a stri.tlv high-grade in vestment and that there is "a certain speculative element attendant upon their ownership.

The earning power ot the road is not lin to lis eaoitauzation nliil It nil il 1 that divnlends were initiated too soon, dend on the preferred was 2'. in 1900. to which the preferred is entitled was paid, but in uary. 1911, the seiiii-annual dividend was reduced to 2r: In the past few years there has been a fairly rood margin aUive the charges, but." after the payment of the dividends in 1910. a deficit of $178,210 resulted, lmprovc- St'i "right in, ma'am! 'A .1 ''X ij Plii Vli'i lli.

Tlie initial divl- 1910 the full Vou Travelers Letters of Credit Payable throughout the World Forelsm Cheques and WIN of Exchange CABLE TRANSFERS Collections made In all Countries The Farmers Loan Trust Co. 10-22 William Street Fifth Avenue i.oMMinr 15 rrkaar St. tt ni.kfVftacalc. PHI 41 Ronlevard Hon.maaa. M'WIL CONDITIONS in the Stock Market Writ, foe fYnf 8pec1a! Letter CLEMENT B.

ASBURY ST. Broad St. New York ment is being for Smr. Co. a goon v--l)t, uom coimulcr Scar pircm-e ut ti price, rfe you think it likely to recover decline fS.

V. AnMver- in s. Roebuck 4 Co. was formed in 1906. but 1 oeiore as a private busi- 111 "0.O00 preferred, of which is outstanding.

The rate is 7'i enmol-tive. which been paid regularly. There is authorized rf which was outstanding as of Decer lK-r 31. 1910. but the balance will shortly be issued as stock dividend to the common stockholders.

The v. iiim i i-oioaiy i.i, Ihis was increased to 1 V. in August lOUO. and 1" i binary. IS.

In. which rate has been paid l-i 1- hrui-n the ron.mon stock was 1-3'. (Mm dividend, pi.vi.ble ill common stock st.ii khoidfi of Marc 15. In the past lto .9, am; to I -v .1 quarterly -given a April 1 t. five yci.r-prrfi rreil Tic 011 1 (lends the fic wars lhe a vi age annual available for the liividi-nd.

has Ixrn 19 and in 1910 it vas vkiiii.o in I'ter preferred divi--urplur the con.in. has averaged in the about 1 and in it was equivalent to on the s.iiMioii.iMio cicnnwui then outstanding. ye ar i nded Jnne 3o. 1 1'7 grons sales were "rounil LH 'n the fisc am! had gixiwn 01 329.792 in the calendar war 1910 The op. rating expense- iinied 03', in the former yea ami 90- in the latter war.

Cash was as of ec -iibc V.l. Ipiis; M.ii74.lHO in 1909 and 1 .123.000 It would seem that this is a rathCr small of cbmi in proportion to the large grosn busi-ne-. This especially noticeable if a -tudy of current Labilities dt.ring this time is made- The company owed and other open accounts $2,780,000 as of hicciber ll'cs: 1.5:19. ooii in and in 191 o. In addition the 191 repo $1,00.000 as bill- payable These items would apparently indicate working capital.

Another point which is worthy of connienl is that the profit and I. -s surplus as of De-cem'ner 31. was only which, in relation to the gross is not excessive. However, the extra stock dividend above mentioned is evidently a capitalization of $10,000,000 of this surplus. In spite of the enormous earning power of the company i uch policies are not aiotig conservative lines.

The common stock has undoubtedly iroveii a bonanza for those vh were fortunate enough to have gotten into it when it was lit the low level of 21 to 50 ba.k in 1907-S. At the present time it can hardly be cla sed as a conservative investment, but is ii. ore t.eaily suited for the purposes of a business or pro-fcsMi'iia' m-n as a semi-speculativt- proposition. Tip Iron Onli-is. Locomotive Co.

has ad.ie,l to it, original pig r- a tott.l of about tons placed in ic p.ist few da. I he General bie.tnc to. is in the 1,1 oi 1 'lf' 1 ron ocks win mow in an aoui'-ionni Turin oiice the neM few days. The furnace is located at 1 a. Corporal ion Tax Reeelptn.

Washinglon Corporation tax receipts for March 31, i "ii; to date. cuu-tame hlui all rlgbt. yi mm toe i afvln Baglstor, and Leaden 1.