The Wall Street Journal from New York, New York on March 11, 1911 · Page 7
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The Wall Street Journal from New York, New York · Page 7

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Saturday, March 11, 1911
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i utslilg steel ::n chewed . BY TEE UidlEASHiG DEIAKB. MOIRE LIFE AT THE MILLS AND MANY PROBABLY WILL BE RUNNING AT FULL CAPACITY IN A 6H0ET TIME.' vC:C Pw nm firmer Them J Month With Good Salt of Dif ferent Grade and StUer Kot Quoting Far Ahead I-':- v Sale of Bare at Advance of $1 m Ton .; ' ' r, Heavier Specification Than, for Many .-.,... - - y noVw Larger AJifl Oper- ' . i-tion Pipe Order Pend- ,: Opielal CwnwNtMM to Tfce Wall llmi JeauraaX) . . Pittsburg New orders were reeeived,by many local iron and steel plants last week, which give the market a decidedly stronger tone.' A noticeable Increase in the activity of the local mills and factories has resulted, and Indications are that moat of the mills will be working at full capacity within a short time. " . . The pig Iron market has taken a Jump. It is firmer than it has been for several months. Many sales 01 basic, foundry and malleable grades have been reported at advanced, prices, and sellers are not quoting far ahead. , -Consumers are attempting to cover for full requirements over the next several months, and in some eases In-. quiries call fof delivery over one year. ' The sale of 2,000 tons of open-hearth sheet bars by a nearby independent mill for delivery up to April 15 at $25 Pittsburg, an advance of $1 a ton, is causing a great deal of comment, and has Moulted in some of the other mills practically withdrawing quotations of $24 Pittsburg. While there is not a great deal of trading in the open market, large consumers being covered by contract, speci- ncauons are Heavier than at any time in mouths. As a result mill operations have been materially increased. ' The Csrnesrie Steel Co. is one ratine its 64 open-hearth fur naces at Homestead, and is running some of its Ohio steel milU to capacity. The Cambria Steel Co. at Johnstown is also operating all of its 24 open-hesrth furnaces. The Republic Iron k Steel Co. is operating its works at capacity, and the Jones & Laughhn Steel On. has also put on additional mills. It is likely that some of the new open-hearth furnaces of the Republic Iron ft Steel Co. at Youngstown win be started the latter rait of next month. Some light' orders for structural steel were placed with leading fabricators, and as a result local bridge plants are working at about 75 of capacity on the orders si-ready booked. , v ' A number of flaTge orders are pending for pipe, and It is said many of the leading pipe companfes of the West and Southwest will shortly enter the field for their spring requirements. It is also said that a number of the vine line companies are looking forward to the extension of their lines this summer, and the plans if they are carried out mean the working at fullest capacity of the many pipe mills of this section. Wire makers are satisfied with conditions and the orders that are coming in from all over the country aeem to warrant the confidence of the people in the return of prosperity. The wire mills are working at capacity and a number of additional mills will shortly be nut on. The tin plate makers are also satisfied "with conditions and the shading of prices has disappeared from the mar ket entirely. CHICAGO PRICES OF LIVE STOCK. Prices of sheep at Chicago last week averaged $3 a hundred below the high of 1910 for the first week in March. Below are comparative quotations of weekly averages as given for sales at the stock yards: Hogs Cattle Sheep Past week..,. $7.04 $6.80 $4.35 Previous week 726 6.15 4.25 Cor. week 1910. 8.84 6.75 7.35 Cor. week 1909 6.47 6.20 ' S.10 Cor. week 1908. 4.40 ' 6.45 6.45 Av. 1903 to 1810... 6.32 6.40 625 Lambs $5.90 6.10 8.95 7.55 ' 6.70 6.70 The low point in live stock prices was in 1908, when in March hogs sold down to $4.46, or 68J below last week's average. DIVIDENDS Alf O VmOUBST. WttNBBAA MOTORS COMPANY. M.ib a 1st, The Board of Directors bf OENERAJi MOTORS COMPANY hu declared dividend of Three and ftne-haif hl.hi Per Cent, on the Preferred HlocK of Ilia Company, to be pain on prn j, inn. 10 me mocanoiaers or record at toe Close 01 ousinesa saarcn 10. im 1. JAMBH T. SIIAW. Treasurer. OKXERA1. MOTORS OOMPAXT. PrelaneJ ajtaeac True I vrtlaMu . Referring; to Ilia funtKolim nolk-e of General Voton Company, cheoka fur the dividend when received will be rnalled to the tiolriers of preferred took trust certificate 01 reoorn ai ma none or nusinese auirr-h 13. 101 1. . CKNTRAli TRUST COMPA.VT OF NEW YORK Aaent for Voting: Trustee. The Western Union Telegraph Company NEW YORK, March 8U, 1911. , ' DTVTDBWD SiO. 188. A nuarterlr dividend of TJIRRK-VOUTITHR rw nvf PER CENT, baa been declared upon the Capital (Stock of inia company, payable at ine omce or toe Treasurer on and after the 15th day of April, 1011, to ahareholdera of record ai im ciowi oi ouaineea on ine uin aay oi ataroo, 1B1I. The transfer booka will remain open. A. R 11REWER, Treaiurer. THE MAY DEPARTMENT SI ORES CO. IS Breaa Street. New York ClMr. M.rr-h 1 inn The Beard of Director hare thia dnv dc-Url a miarterlv dlrldend of one and three-quart ere per cent, upon the preferred capital aiock of Ttee May Ix-nartaient Stores Company, payable April 1. 1111 1, to tho preferred stockholders of record at the ciuee or Doatueai on uarcji xira, ivit. t iircka will be mailed. DAVID MAX. rreatdent. . DULITH-MUPRHIOR TRAOnOH tiOMeur. The Directors of the DiilnU,-lnr!op Trtin rAMM.. have daclarad a quarterly dividend of One and One-qoarter Per Cent on the Common Sotok of the Company, payable on and after April lat, in 11, to the atockholdera of record at ine cioae oi ouaineaa on aiaron mtu WW, at the onVe of The Karmar loan Truat Company, No. 10-'J2 William oireei. new iorn. n. i. c. u. KKiuHTBK, (Secretary, New York. Uarcb 9. 1911. DI!IJ!TH-i;PKHt(m TRAXTHMH CihMPA.VV. The Director of the Oukith-tfuperfor Traction Company have declared a Quarterly dividend of One Per Cent nn the Preferred atock. of tha Company, payable on and after April 1st. 1911, to atorkholderfl of record at the clnae of ouaineaa weaneaaay. aiarcn luin.aiiui, at the omoe of The Farmera Loan a Trust Company, Noa. 16-2a William Street. New York City. 8. h. RE1CMERT, Secretary. .iflv tun, wnw v, tiii. UNITED SHOE MACHINERY CORPORATION -. The Director or thl Corporation nava declared a quarterly dividend of lftft 37tto. per eliare) on tha Preferred eaaMtal atwk, and a dividend of (00c. per share) on the Common capital atock, both payable April nth, 1011, to piodinoiaers or recora at lite close or business March lath, . ' Ll A. COOMIKIB, Treasurer. ' CANADIAN CAR at FOUNDRY COMPANY, IJMITKD. ' . Tha reentlar wiarterly dividend of nna and tlvrne.n, Af ters DOT Cent. 1&) haa been declared llnnn the Drfn-4 Htoek of 1 his Company, payable on April !!5th, 1911, to niuwiuiurr. u& ivwiu t viusv otolHinBH jnarch .1 1 BE, 1011, , ii . iit i vwinpany wm remain open. Cbecka will be mailed. . ".A. BKEI.TON. Secretary. OrFICB Or THIS BlflTBO OA" IMPROVF.MKNT COMPANY. . vmwmw r i in Area ma. t ... Philadelphia, March .. 1911. The Directors have thl dav de;lared a auiu-tri am dend, of .two ter cent. (tl.OO Der aliaiwt. r,Av.hl Anrii , 111. to atockholdera of record at the close of business Men' 81, 1911. Checks will be malted. LEWIS LUU, Treasurer, VB&rmGt, THK ilOIATBT AND CtftOAOO RAILROAD COMPANY. ' "annual st uu ,81L ' Tha fltockhnldera at Tlia Jollat and Ch tmn T) t, ii.a.j Company are hereby notltled that the Annual Keetlna of aid Company, for tha election-of Dlrectora, and for the transaction of such other baalnem as may be presented, will be, held at the Offlca of the-Company. Room No. (tin. Rail, way Exchange Bulldlnsr, Chicago, Illinois, en Monday the wuf v.j vi flllllli , tf . , m Iv.WAfCIVUI A. at. The tranater booka will be closed at tha cloaa of Kn.i aeaa hours an tha 'lHth Inst, f "d re-open en Uie Fwirtb wm tiay m opru peau . n. a.- wwu, ateoratary. orricH of THE MISSISSIPPI. RJYER BRIDGE CO. Chlcato, January Slit, 1911. Owners of bonds of The MUiliwlppl Hlver Bridg-e Company are hereby notlfled that the United (States Trust Com. IEXICAN FINANCE 1IINISTER : : h ' y ; DEFINES COUNTRY'S ATTITUDE. ; (Continutd from Fint PogtJ 'Y ? 1 Into the situation at Mexico, inasmuch as his company has tetany thousand dollars employed in bonding Mexican government employes. . '."! After ills eaU Mr. Joyce said: "After my talk with Senor.Limantour I am satisfied that tiie health of President Diss is in" satisfactory condi- tion, (AysicaUy and mentally. At present be is at his desk working eight and day Senor Llmantour assures me of this, . There does not seem to be any around for the sensa tional articles that hsve appeared. I am also entirely sat isfied that governmental officials ia Mexico are fully able to cope with existing conditions. The revolution is practically confined to Chihuahua, which is 1,000 miles from the capital -. . -"v..; : - v-v.-A". "I have complete confidence that the Republic of 'Mex ico intends to ehd the insurrections at once. - There is no ustiflcstion for apprehension on that score." ' From President Taft's train that is carrying him to Atlanta came dispatches Thursday nighthat removed any doubt as to why 20,000 Federal troops, practically all available in the country, were rushed to Texas and Lower California.. First; the Government feared -the formation of an In surrection government in Lower California. '.. -. - Second: fearing that American property in Mexico might be destroyed, it was desired to vrotect H and foreign interests, which with the Monroe Doctrine in mlndj natural ly would look to the United States for such protection. Third: It was determined to stop friends of Mexican insurrectos from carrying contraband goods from Texas across the border : ' . Fort Sam" Houston, Tex. Major-General William H. Carter, commanding the division, will arrive Saturday morning and at once take charge of the big war game. The details and extent of the manoeuvres will be worked out in the early part of the week. The scene of field operations will be chiefly in the territory south and west of here ad jacent to Mexico. The preliminary plans can for man oeuvres ranging over a border territory Jor mote tnsn 1,000 miles. ' "- , It is expected by the Federal authorities of this district that mobilizing these 20,000 troops in Texas and distribuv ing them along the border will serve as an effective barrier arainst the sendin into Mexico or stores or eontraoana goods for the use of the revolutionists.' It is well known that a well-orsranlzed olan for sending arms ana ammuni tion across ihe border from isolated Texas points has been in effect for severs! weeks. It is expected that this ptsc- tice will now be quickly stopped. Craftier Sent to Tehuantepec. WaAinrton The cruiser Tacoma has been ordered from Puerto Cortex, Honduras, to Puerto Mexico, the ter minal of the Tehuantepec Railroad. PRINCIPAL DOMESTIC EXPORTS. Tk:rHi.K4nhi MilXoa. I)atlar Inmate in Export uisi Month Over February, 1910. Washington The chief of the Bureau of Statistics, Dmartment of Commerce and Labor, reports the principal domestic exports for February and for the eight months ended Februsry as follows: February 1911 110 Breadstuff .f 11,230,777 17,306,788 Meat & dairy prod... 10,793,507 9,596,482 Cattle, hogs, etc 824,091 1,398,977 Cotton 68,057,323 Z4,B6Z,lt Mineral oil 7,053,373 6,252,644 Total $87,959,161 149,417,065 Eight months ended February: Breadstuffs 76,194,543 $95,853,404 $122,299,477 Meat ft dairy prod... 76.182,732 76,764,285 96,920,103 Cattle, hogs, etc 7,01418 10,492,197 12,417,139 Cotton 601.21M53 848,052,606 328.413,733 Mineral oil 57,539,828 62,950,971 68,730,466 ToUl 18,142,904 S594,113,553 f 626,780,918 WESTER LUSINESS teEQ-;, XWli LINE OF CUIinENT ISEEBS. MANUFACTURERS AND MERCHANTS LQ0K FOR MORE ACTIVITY WHEN THE COUNTRY . ; 1 : ; ' ROADS BECOME PASSABLE. . : ' ELECTRICITY'S TART IN THE ; DEVELOPMENT OF THE SOUTH. George Wettinghoute TeUtof the Wonderful Invent tone of Recent YearsJow Futurt Generation TTifl' .''Av,' Benefitted. , . ' : Atlsnts Ceorge Westinghouse, 'speaking before the the Southem Commercial Coneress. took for his tonic "Electricity in the Development of the South." He said in Hsd.a Jules Verne eooght to imagine some universal servsnt of msnkind, he would well .have depicted some magis agent which would apply Nature's Torces ts.do man's work; which could take the energy of her hidden coal, of the air, or of her falling water, carry it by easy channels and ca'ise it to give the light of a million candles, me power or s thousand men, or to move "greet loads faster then horses 'could travel, to troduce heat without combustion, and to unlock chemical bonds and release new materials. No such wonder was pictured by the imagination of the seers of the past; and yet a subtle force 1909 $10,001,371 11,645,382 1,211,472 34,586,826 6,333,631 $63,778,682 RAIL AND LAKE RATES ON COAL. Carriers Concluding Argument Before the Commerce Com mUtymShippert to be Heard. Washington-Arguments on behalf of the Norfolk ft Western, Chesapeake ft Ohio., Pennsylvania, Hocking Val ley, and other carriers, in support of their proposed increased rail and lake rate on coal from the West Vir ginia fields, from $U2 to $1.21 per ton, which have been progressing for several days, will be concluded to-day. The coal operators, tne snippers, wm do ncaru ue- . .. -a 1 . . T . . L -, - ginning April iu. Attorney uyon oi me inwnnw Commerce Commiesion has piaoea nrteen agents in tha field to ascertain the exact cost of transportation per ton. He says this will be a comparatively simple matter in the esse of coal, which moves in traintoads from starting point to destination. He expects to obtain some interesting figures showing the cost of the haul and the revenue derived by the carrier on each ton. ConsioVroile Grata to Come Forward Before PlaiUing Be- gineDry Goods Houeet Report Some Eaeter Trade . Monk Shoe Sale Vp S0 Money Market ' y . Continue Baey'-Ckicage Report LU- . : V', to Demand for Railroad letue ." . Labor Union Becoming . : V ' Rather Active. (Saeelal CarrMBeadeaee te Tfce Wall Itreet aVraraal.) v ChicseoWesteni business as a whole has chanced littTe the past month. Its quality is excellent because it moves in the narrow grooves of current need's. . The recent decline in traffic merely measures the decline in trade early this year. Hesitation was csused mainly by high osti. Prices remain the same except on the farm. Manufacturing in general has nulled forward slowlv but steadily for several weeks. Industrial confidence in tha future is indicated by some large borrowing at the local oanxs. Merchandising la irregular. Dry goods houses to-port some rushing of the Easter season whenever the wea. ther turns warm. Unseasonable weather has been the csuse or much Irregularity. Current absorption for immediate consumption of staples has shown no recession, nor. has rorwara ordering increased materially, except in certain lines. A local manufacturer of boots and shoes renorts early March sales of fall lines up 20, due to steadily ad vancing prices after several months of the lowest-level in years. . - Bank clearings are off 5 this year whereas they were up B (he first ten weeks of last year. The ratio of decrease was only 2 the last ten weeks of 1910 and the volume of decrease was only 30 of that since Janusry 1. Domestic exchsnge on. New York the past few weeks has averaged about 12 premiums, compared with 6 discounts a year airo. Since March 1 the interior pressure has given local money rates a stiffer front, the range being still 4 to 6. Grain held in first hands is never lost. There should be a heavy movement of farm products this month in spite of low prices, if country roads get in good condition. Currency shipments for -February were $500,000 less than a year ago, and for the year to date they are $1,-600,000 less, whereas February receipts from the interior were slightly more than a year ago and those of the year to date are $7,500,000 more. Currency receipts from the East are negligible, the total for 1911 being little above $3,000,000, compared with $4,500,000 a yean ago. Absence of speculation of any kind, except the holding back of grain in some sections, and close buying all around have kept the money market easy. The leading bank hers reports-March 1 deposits at the high point Borrowing demand from mercantile and investment , sources is light. Bankers have not sought commercial paper below 4 as a Tula, nor even large collateral loans at 4. Investment sentiment hss been helped by the rate de cision, broadly viewed, but there has been little absorption of Tailroad issues. There is fait general demand for 6 corporations and municipals, while the short term notes by railroads have been taken by some individual investors ss well as by institutions. At this time last year the West was locking up an enormous amount of capital in irrigation, industrial, public utility, drainage, timber and other projects, for the most part legitimate, if properly financed. ihere were too many of them at one time. Naturally enough, farm land speculation was rife then also. Invest ors have learned caution. They prefer sessoned issues but want at least 4 14 yield. The approach of apring is the signal to labor unions to don their war paint. Every warm day this month hss brought some disturbance. The only serious strike is thst of the plumbers. It is entirely the result of a factional WlOfrUfcV 4(1 IHC WUIlUlllg W .UGD, A BlClIIUUV 4UCUM7U U (lift I . . " . - for a closed shop something that the company says a pub- lna engines, not ss aa vyu,. .. lie utility cannot arbitrate and should not consider. If coal annually. If there were no water-power available there be Any general disturbance here this season it will j wethods would bs.adopted lor producing power ana eonserv-be over closed shop or jurisdictional issues rather than on tof at whieh would effect a saving ef over onealf of account of dissatisfaction with working conditions or rates , we coai now consumea n ine woria. nere is a new w of pay. agitation against waste of eur natural resources etrrpvssing Labor leaders insist that recent troubles were insti-, all others in importsnce. gated by employers to prevent further organization of! Now, what is the signiflesnce to the Sou of these unions or to pave the way for wage reductions, and in j facts? How can the, South, which has almost everything some cases to weaken existing organisations by setting one against another, thereby forestalling demands from any quarter for further concessions or closed shops. IDLE CARS FOR FORTNIGHT ENDED 7 MARCH 1 SHOW INCREASE OF 9.3. NET SURPLUS IS 18,175 LARGER THAN IT WAS ' TWO WEEKS AGO GROSS SURPLUS . - STOOD AT 192,673. - , -1 i -.' SeSaiaaea-Baaaaasei ,'.', All of Increate Largely Due to Exoes ef Coal Care in the Middle Atlantic State and the Middle Wttt-Olher - Change Accounted for by Local Condition . fco Change in the Northweet Small - ' ' ' - , Decreo4ee in Soulhwett end Fur ! ' -' ' WettConiparitoni With v - . Remit Figure. The fortnightly bulletin of the American Railway As- sodation states that on March 1 the net surplus of idle cars oa the lines of "the United States and Canada stood at 189,842 compared with 173,609 two .weeks before. The which transcends the powers of the tmaginstion is daily difference Is 16,175. or 9.3. 1 The lWtnber of idle ears ot ooing an tnese Mings- vitalizing force, which is already stimulstlng the physical recovery of the South; and if we still think of the present as the era of steam and steel, unquestionably the coming epoch,, whose dswn we are privileged to witness, will be known as the in of elec tricity, -' "I " - ; : '.';"' It often happens, when eomethinff is arestlv needed for any great purpose, that as a mult pt a lively ap. preciation y many of the existing need, there arises in due course invention or discovery which meets the demand, ana so it was m the matter of invention and discov ery which rave us a sinrale static device, consistine ef two coils' of copper wire surrounded bv sheets of iron. which could, withodt an appreciable loss of energy, trans- rorm alternating electric eurrents of high voltage and small quantity, dangerous to life, into low voltage cur. rents of large quanity, safely available for all power, light, heat and other purposes, As a result of the development of the aHernatinc cur rent and of years of experience in the manufacture of electric transformers and of insulators for supporting electric conductors, power is now successfully transmitted by alternsting current over distances of two hundred miles or more. Thus walmspower tin whnott inaccessible places swalti.only the coming of er.gin&rs and of . capital to be msde available for industrial purposes. ' it is estimated by those who have made a study of tha sources of water-power of the Appalachian mountains that there can ultimately be developed from 6,000,000 to 7,000,000 horse-power during the dry season of the year, and a much larger quantity at other times. This great water-power is brought by Nature to your mountains end bills in widely varying quantities and will continue indefinitely; but the maximum and minimum flow of the waters of your rivers csn be affected by the works of man and by a wise conservation of your (forests. Notwithstanding our familiarity with the present uses of electricity few of us really comprehend how universal and fundamental is the part which electricity is destined to assume in the life of future generations. Nothing else can convey, distribute and apply power in a way which Comperes with electricity. From one dynsmo csn be taken the power of operating the telephone and the telegraph, the power for lighting, the power for operating street csrs and railroad trains, the power for operating mills and factories and mines, the power for electro-chemistry, the power for heating. Electricity is a universal applying power for doing the physical work of the world. ' Furthermore, the use of electricity will conserve the coal deposits of the world for those industrial processes in he performance of which it may always be an indispensable element Te illustrate what a conservator of the coal resources of the country water-power may prove I will only mention that to produce for ten hours each day from coal the five million horse-power which msy be developed from southern water-powers would require, with the most efficient the gross surplus wss 192,673 compared with 175,609. while the shortage increased from 1,944 to 2,831. 1 Ia the two weeks ended March 1 tha coal car suralua increased from 86,703 to 103,742, but the box car surplus decreased irom eu.ssy to 38,881. s : 1 Practically all the increase was due to the larn nnnt-r ber of coal ears idle in the middle Atlantic states and the : middle West Ia those territories the ear surnluses at. tsined high figures for the. year. Elsewhere changes in the number of available carriers were not unusual and', probably reflected local conditions. The Virginias and the Carolines reported decreased traffic along line operating in tnat section bet farther south the difference was very small. That very important barometer of traffic move ments, the Northwest, showed practically no change. The ' number -of idle ears in this section, however,' is higher then at any time last yesr. An almostr negative increase -of 4 cars was reported from Canadian lines. Throughout Kansas, Colorado, Missouri and the en tire Southwest and on lines in the Far West a total de crease in idle cars amounting to about 1,200 cars, gross. was gnown, mis decrease was of no psrticular importance. Following is a table showing the surpluses and short-' ages at various recent dates: . Surplus 192,673 175409 156,355 122,297 110,432 62,118 53,915 STATE OF TRADE. The moderate Improvement in industrial and trade conditions since the beginning of the year continues, says Dun's Review. This is most noticeable in iron and steel. before it in the matter of industrial affairs requiring the aid of modern achievement, by foresight and by promptly grasping the opportunities which are presented to it, hasten its industrial development Increase its wealth, improve the health of its people and increase their happiness? Truly, here are subjects not to be circumscribed by the wisdom and judgment of one tnsn, but calling for the united counsel and effort of the wisest and best among us requiring not merely the knowledge of the scientist, the in which an increase in pig iron production was made in f t BANKERS' AUTOMOBILE TRIP. Off to Springfield to Inirpeet the Cart Turned Out by Orton Automobile Co. The Orson Automobile Co., organized less, than a year by 100 prominent New York bankers, is now turning out cars of a high type. These bankers, it wiu oe remembered, decided to co-operate in having their own cars built and to this purpose arranged for their construction at Spring-field, Mass. ' About thirty of the bankers interested will make an inspection of the Springfield plant to-dsy, and have arranged to have a special car attached to the Springfield Express, leaving the Grand Central Terminal at 9:15 a. m. On their arrival at Springfield a luncheon will be served at the Nyasset Club. Finished csrs, turned out at the Springfield plant, have for some time past been on exhibition at the Belnord Apartment House. The bankers have endeavored to produce a car which would meet the requirements of users of the highest type automobiles at a reasonable cost In this, they assert, they have been successful. ' IMMIGRANT TRAFFIC CONTROL. Februsry, and in which the aggregate of unfilled orders reported by the leading producer has expanded. It is less evident in the dry goods trsde in which curtailment of -production is maintained and price reductions are being made. Yet January and February sales in many cases showed gain over preceding months. Some growth in activity in the boot and shoe market is reported. Hides are in steady demsnd, but no further Urge sales have been effected. Two important elements of strength in the situation are the existing low stocks of merchandise and the existing larg stock of money. Other favorable factors are the in- : . 1 v t... .1 j i: i. Cleaning reserves ui wic a-n. vnu&s, me uvcune iu inei Konlr tt V.nalunA raim nf ilinnnf tn fid tViA f.tift,ln(i . . ' - - , jfftight revenue.;, change for the better in our foreign trade; the signs of ji.a&8emrer revenue large accumulating credits abroad, and the generally ex- nn... leiiciib uuiiuua iur nupa, bv t,ai as uiey van now uc lore.- ca;tcd. . Chicago Western roads complain that arbitrary routing and ticketing of immigrants by steamship companies prevent the proper colonization of western lands, and favor absolute control of such traffic by Government Immigrant Commission. An official of a western road says: i "There is reason for the commission to assume control. The presnt immigrant agreement 4s detrimental to the interests of the (various roads and the country. - What the Government ought to do, is to establish one channel for the ticketing of business in the city of New York and other ports. ' All outside ticket agencies should be disbanded. The Government should take it under control and 'f it seems advisable to divide the business in accordance with the rules of the association, it ought to be done." , FOREIGN GRAIN EXPORTS. panr VI aewiiw ru-.r n tivwi uim my ,ui oonus numbered, jbS, le, ISft, ISO, SIS, KM, 814, S4R, tm, aTS, I SMS, air, 3, bis, frM, as, are, aw, at, east, ana, tm, OM, etV To be redeeaied as required by the mortgage u a Dlnli In- V i n H ftawm.nt .4 n . 1 1 , L J fronds to be redeemed at the 1- Irst National Bank, No. 2 Wall Street, New Tor- City, New Tork. . interest ea bonds defigMtad. as above .win cease April , "'sous' IMaaisiirw river amnxia co. ' ' . , , .,, ... -r M A B. yQOO, Secretary, The weekly cable from Argentina to the Produce Ex change states as follows: Wheat: Planting of the new crop continues. The weather ia favorable, being mild and wet Stocks are increasing, and receipts liberal. Corn Late sown corn shows a fair promise, being improved by recent .rains. Linseed : The market is weak, with sellers cautious and buyers withdrawn. Argentine wheat exports 8,692100 bushel, corn CS 000 bushels, oats 1,550,000 bushels, flax 853,000 bushels. Indian wheat exports 760,000 bushels. Australian wheat exports 2,480,000 bushels. , . Argentine visible of wheat 4,844,000 bushels, Increase 664100 bushels; corn 272,000 bushels, decrease 43,009; flax 1,193,000 bushels, .decrease 83,000. .. . . -. . i ..;,;,...':...,, - n :-,-.v;V, i " Illinois Traction .Co. v ' 1 1 alio the broad view, the enlightened experience and the high endeavor of our greatest statesmen. CENTRAL OF NEW JERSEY. January Operating Income $169,077, en Inereaee of ti77t Seven Month ftSOJtS Let Than Year Ago. . , Montreal A group of American bankers has exercised an option on a large block of preferred stock of the Illinois Traction Co., held by the Sun Life Insurance Co. of Canada.- The latter originally financed most of the construction work of the traction concern. - ' v . Bradstreet's saysr The presence of numerous buyers in the principal mar kets has tended to produce a moderate degree of improve ment in house trade, and early farm work 4s progressinf under favorable conditions, while fall-sown grain appear. to be in good shape. Incidentally the progress of the sea son has imparted a little more sest to retail trade. . Yet conservatism is everywhere visible, buyers, especially of textiles and clothing, are purchasing cautiously, and mill owners are selling goods made up from high-priced materials at little or no profit. A policy of small-lot buying appears to be favored by most purchasers, and the efforts of the larger purveyors to force sales meet with little response. The coming session of Congress, at which various tariff schedules may .be treated, together with the probability of action on the Canadian reciprocity matter, tends to produce more or less chariness. , Flour remains dull, lumber is quiet, and though building should pick up somewhat from now on, the figures of permits and estimated expenditures show that extension work is hot so active as at this time last yesr. PIONEER TELEPHONE & TEL. CO. The Pioneer Telephone & Telegraph Co. reports for the year ended Dec. 81, 1910, compare as follows: 1910 1909 -1908 1907 Gross .. . 81,844,654 $1,534,180 $1,356,703 $1,125,388 Expenses . 1,385,515 1,147,053 998,071 847,565 Net .. .. 459,139 887,127 358,632 277,823 Interest- 88,617 112,721 189,781 88,403 Surplus V '420,522 274,405 168,851 189,420 Dividends V.- 867,924 250,892 , 146,100 125,475 Surplus . 62,598 24,013 22,751' 63,945 Equal to 9.1 on $4,624,500 capital stock as com-Dared with 6.1 earned on same stock previous year. The general balance sheet as of Dec. 81, 1910, shows assets as follows: fcxenange ana toll putnt, i,vuflvt. real estate, $467494; office furniture and fixtures, $51,641; tools and vehicles, X3Au; supplies, zwz4o; casn, ioo,-206; bills and accounts receivable, $255,812; prepaid ex-Donees. $3,484: stocks and bonds, $92,350: total, $7,266,251. Liabilities: Capital stock, $4,624,500; bills payable, $1,321,107; accounts payable, $107,217; accrued liabilities, 86,913; unearned revenue, $110,541; replacement reserves, $835,272; surplus, $23Uf9tf8; total, $7eai. ' General Situation Satisfies Bankers. ' Chicago President Otis of the Western Trust Co., who is just back from New York, says bankers expect a quiet business and easy money for some time, but feel com fortable over the general situation. Washington The report, in detail, of the Central Railroad of New Jersey, as filed with the Interstate Commerce Commission, for the month of Jsnuary and seven months ended January SI, 1911, compares as follows 1911 631.85 $1,578,324 824,476 46,025 61,177 2,010,003 163,874 805.183 81,688 42324 1,14938 WWUts.Wi WOi 844,964 78386 76,077 March 1 Feb. 15 Feb. 1 , Jsn. 18 Jan. 4 Dee. 21 Dec. 7 Nov. 23 43,066 Nov. 9 84,581 Oct 2 29,131 Oct 12 83,735 Sept 28 ....v 42,469 Sept 14 54390 August 81 60,022 August IT August S July 20 aiy o June 22 Shortage 2,831 1.942 1,287 - 7,477 8,508 10,705 11,901 14,673 21,000 21396 . 20,419 17,941 731 9,298 5,081 2,788 1293 969 2,729 Net Surp. 155,068 114,820 106,924 61,418 44,014 28393 13381 7335 13,3U ' 24328 47,076 50,729 78,679 102,781 183301 142,863 122,915 78,760 105364 184,584 143,824 125,644 The bulletin says that while the situation so far this year is unprecedented, it is noted that the box car surplus hu been stationary since the beginning of January with a slight reduction now. This apparently sustains the the ory that the difference between the surplus this year and last is due largely to milder weather and the 100,000 more available equipment NEW POST OFFICE FOR NEW YORK. Contract for Building at Thirty-first Street and Eighth Avenue Let for $!,515f f7. Washington The contract for tfce New York city post office has been awarded to the George A. Fuller Construction Co. of New York, at its bid of $2,515367. The building must be completed in twenty-three months. It will run from Thirty-first to Thirty-third street, and from Eighth svenue west to a new street cut through the center of the two blocks. BROAD STREET GOSSIP. Non-transport rev. Total operat rev Maint way struc Main of equipment Traffic expenses. Washington-Corporation tax receipts ifor March were $9369; to date, $26,629,018. A i , 10 Genera! expenses.. Total operat exp Outsiuo oper, deoit Total net rev... Taxes Operat'g income. July 1 to January 81 : Freight ' revenue.. .$10,721,741 Passenger revenue. 2,867,132 Other transpor rev 832,548 Non-transport rev. 871,641 Total operat rev. 14,28,064 Maint way & struc 1307,635 Main of equipment 2,195,445 Traffic expenses... 223,1224 Transportation exp 4,149,661 General expenses.. 276,356 Total operat exp 8,352323 Net operating rev. 5,940341 Outside operat, net 109,032 Total net rev... 6,048,874 Taxes. , 663,643 Operat'g income. 5,386,331 1910 Changes 66735 Dee. 36.50 $1,438,802 Inc. $189,521 308,724 Inc. 15,751 48,616 Det. 2,590 61,540 Dec. 363 1357384 Inc. 152,819 139,896 Inc. 23378 805,074 Inc. 109 26,188 In:. 5,498 p'o 1,,. 37.al?! 87,139 Inc. 6,685 1,077,054 Inc. 72,783 tov.odd luc. 'in.oii 6332 Do:. 8,949 774.877 Inc. 70,586 95,578 Dec. 16,686 . 678,804 Inc. 87372 $10372,521 Inc. 2,709318 Inc. 336,632 Dec. 404,279 Inc. ' 13,72337 Inc. . . 1300,297 Inc. 2,195,728 Dec. 205,629 Inc. 8,703,508 Inc. 284397 Dec. 7,689,460 Inc. 6,138,786 Dec. 189328 Dec. 6,323,615 Dec. 686,520 Dec. 6,637195 Dec. $449,219 157.S18 4,083 82,638 559317 307,338 283 17395 446,053 7,940 72,762 192,945 70,795 273.741 22,977 250,763 z Canadian Steel Companies. Montreal Orders placed with Canadian steal companies Indicate that 1911 should be a banner year for th steel industry in Canada. Orders already placed include $3,500,000 from the Canadian Pacific, while the Canadian Northern up to the present time has placed orders for 90,-ooo tons, remeuntiiur a total expenditure of close to S3.000.000. , The Grand Trunk is now in the market for rails to carry out its plan of doubling its track right through Canada, from Montreal to Detroit ' Weekly Railroad Earnings. Canadian Pacific: ' , 1911 1910 Inc. Dee. 1st week March l',726,000 1,597,000. 129,000 .... July 1-March 7 9177430 63,081,790 5,995340 Denver ft Rio Grandes - 1st week March 872,600 402300 .... 80W July 1-March 7 18,178,500 15367300 811,300 ...... .'. Wabash:' v -.v;-.:'. 1st week March, $546358 $564,623 .... $17,6.70 July 1-Mch. 7., 20,898,686 '19,915,668 978,118 . ..... EVaMOU". ' : f' ' When a man says its Is willing- to meet oj half way bu S Bgurtng upon ttie peat of the bar-aln. Atchison Oloba . The most notable feature of the market of late has been the power of resistance shown by stocks to unfavorable news of a kind directly concerning values. The action of New York Central is a case in point The dividend wss reduced, but the stock did not decline. It might be expected that the investor whose return was diminished would sell out, but he did nothing of the sort Since the dividend was declared New York Central has fhown greater strength than before. Numbers of railroads have published earnings for the month of January that were not particularly encouraging, but in not a single instance did the fig-1" urcs depress the stock of the road concerned. The securities of roads which submitted good statements and those whose figures were unsatisfactory fared alike. The market was professional, end all stocks advanced together or reacted together, moving not in response to what might be called the intrinsic factors but to those of an extraneous nature political for the most part Reductions in dividends were so generally forecasted last year, and an- -tkipation f a decline in earnings have become so general that the market seems to have entirely discounted developments of that kind. It may alto have discounted unfavorable decisions in the anti-trust caser, although in the event that the decisions were very drastic stocks might suffer sharp but temporary decline. The things long expected appear to have been discounted; and an unfavorable factor, to be an effective bear weapon, must come unexpectedly. , a a That the ease in money was an important factor in sustaining New York Central on the reduction of the divi- dend may as well be conceded. The dividend yield on the ' present price of the stock -is, of course, much higher than the money rate. With six months' funds at 3 ' and call and short-term rates much lower; the yield of nearly 6 on the market price of a high-clsss stock like New York Cen tral is attractive. The road ehould never have gone on a 6 basis, but the maintenance of a 5 rate is believed to be easily within its possibilities. As the outlook for busi ness improves, the price of the stock will probably begin to discount a restoration of the 6 basis, although ia all conservative quarters the hope is expressed that the com pany will make no undue haste in again elevating its rate to that level. It ehould try to forget that it ever psid it except when it needs a reminder of the dangfr of excessive optimism. www There is no apprehension of an advance in money ratet in the .near future. The situation might be even easier than it is were it not that New York hss been lending money heavily jn London. An enormous amount of American credit has accumulated abroad, and with the decline in rates in London some of New York's funds may be drawn back here to be loaned in Wall Street on such terms as can be obtained for them. At all events there is every prospect that if a bull movement starts after the decisions in the anti-trust cases are handed down no difficulty will be experienced in obtaining the funds to finance it. MARKET OPINIONS. Posner k Co. say: We look upon the business situa tion as being on the threshold for betterment, though there may be a few black spots there is not enougn oi mem to spoil or darken the outlook. The buyers of good stocks are right . . ' . Finley Barrell k Co. eay: Little or nothing is ex-netted of market and in fact the Street has about made up its mind that there will be no activity until some of the court decisions are nanuea aown. Eastern Roads Withdrawing Increases. ' Washington From the rate at which cancellations of their advanced tariffs are being tiled it Is evident that all of the eastern roads will have been heard from before the time limit expires on the 14th inst. RQ The latest facta and figures analyzing ' Reading, together with Shattuck's Report about the stock, may be had eo request. Bab&oo System, 24 Stone St, New York t , .

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