The Wall Street Journal from New York, New York • Page 6

FULLIC UTILITIES. PHILADELPHIA CO. WILL MAKE MANY IMPROVE-MENTS THIS! YEAR IN ITS PROPERTIES IN THE PITTSBURGH DISTRICT. Find Provided by Recent Sal $10,000,009 ef Debs. tare Bonds Washington, Baltimore Annavlis Doing Much Better Smee Reorganisati Electric Bond A Short Co.

Show Large Cow for 1111 Federal Light Traction Co. Report Gain in March Earning. The Philadelphia Co. Is now in position to carry out an extensive program of betterments through the sale of 110,000,000 of iU 5 10-year debnUire bonds, Just author-feed by the etockholders. The bond are convertible at tbe option of the holder Into the -new cumulative preferred stock of the company, on the basis of twenty ehere of atock for each 11.000 of debentures.

Thai ef the company provide or a number of axten-. snon to the lines of the Pittsburgh Railway carrying out terms of agreement made by the company with the city. Many betterments end improvements to the (treat railway property, including addition of new can, will be made. The electric light and power properties of the company In the Pittsburgh district lao will be improved. A now generating system will ba erected in the Pittsburgh district, this being necessary to provide for the Wry mands now being mad upon the company for current.

1 Of the 133,000,000 of 6 cumulative preferred stock, Just authorised, $6,000,000, par value, will ba used to ex-diange for the $6,000,000 6 preferred stock now out-standing. The present atock is not preferred as to astets-' -and is not cumulative, its only preference being as to divi-' dende. It is understood that in tha exchange, holders of the present atock will be asked to pay amount in cash in addition to the turning in of their eharee for the new atock. For the conversion of the new debentures Jwill be reserved. The remaining 9,000,000 will be used for the general purposes of tha company.

The sale of the debenture bonds in addition to provid- ing for these improvement and bettermenta will also ae-aist in building up the working capital of underlying com-names, as part of the proceeds will be used ifor the purchase -of their aecuxities. Funds thus obtained by the subsidiary corporations will be for new construction and purchase of equipment The Philadelphia Co. is controlled through atock ownership by the United Railways Investment which also controls the United Railroads of San Francisco, the Railroads A Power Development the San Francisco Electric Railways and the Sierra A San Francisco Power Co. The Philadelphia Co. doea a street railway, gas, elec tric lighting and power and fuel gas business in Pittsburgh and vicinity.

Its street railway properties are the Pitta-burgh Railways Co. and subsidiary organiastona, the Beaver Valley Traction Co. and the Beaver df Pittsburgh Street Railway. numoer or natural gas companies, aup- jiijruig nawirai gas ntwourgn and adjacent towns. Two artificial gaa plants in Pittsburgh and several electric lighting end power companies are owned.

Under the new capitalization it has $38,951,000 of common atock, of which 124,200,000 is owned by the United Railways Investment Co. and $25,000,000 6 cumulative preferred atock. It pays 6 regular and 1 extra dividend on Its common stock. It earnings, including those of all subsidiary corporations, the nine months ended December 31, 1911, were $14,491,215 gross; $5,528,314 net and $1,143,490 surplus, after all deductions, charges and preferred dividends. Washington, Baltimore A Annapolis Railroad Co.

has issued its report for the first vaar'a nnmtfm. ti- reorganisation, showing surplus after all expenses, fixed wiarms ami oeuueuons, OI The company operates an electric line between Balti- v. snore and Washington. It wa kniH.Kv n.uj but could notcarry its heavy capitalisation and was forced into a receivership. A drastic reorganization was made.

Present company was formed with $3,000,000 common; 400,000 6, tion-cunrulatjve, preferred atock and $5,000,000 oonaa. uperauon nnaer new company began March 31. 1911. jo Report for first year shows gross earnings of V1B; net earnings, surplus, $94,027. For the nrst quarter or 1912, the report gives comparisons with first three months Of 1911.

nnditr tha mraiuarriiin the quarter the gross was $152,015, a gain of rning were a gain oi There was a deficit of $1,627 in the net income of the quarter after bond interest For the corresponding quarter of the ore- ceding year, this deficit was $27,493. The effect of tha reorganisation is seen in reduction of the interest charges from 90.484 far tha flrat nn.rU,. nr 1011 $66,885 for the first qusrter of 1912. The property is ne wmcn secures 11s Dig miciness in tne summer months and officers say that coming quarter will wipe out the deficit and leave a surplus well above bond interest for the six monwis. The Electric Bond Share organised as a hold ing corporation for public utility corporations, makes good showing in ita statement of earnings for the year enaeu uec.

31, mi. uross earnings were $966,257. gain of $26453 over the year eaded Dec. 31, 1910; net $707,212, a gain of preferred dividends $103,333, and common dividends leaving surplus for the year, after dividends and charges, of $443378, a gain of $186,480. The company has no bonds.

It has an authorized issue of common stock of $5,000,000, of which $3,500,000 is out standing, and $5,000,000 6 preferred stock, of which 000.000 is outstanding. It has paid dividends at the rate of 8 -a year on its common stock since July, 1909. Pre-ferred dividends were 5 until February of the present yeir, when rste was increased to 6. Company controls, through stock ownership, American -Power ft Light Pacific Power Light Portland Gss ft Coke Kansas Gas ft Electric and Carolina Power ft Light Co. and its underlying corporations.

The Federal Light ft Traction Co. a consolidated statement of earnings of subsidiary companies (after tlimination of inter-company earnings) for March and twelve months ended Msrcn 31, 1912, compares as follows: gross March net Twelve mo, gross Twelve mos. net. '1912 $111,748 44,071 1305,803 555,645 -1911 Changaa $99,341 Inc. $12,407 .40,546 8,525 1,219,428 Inc.

86,875 533,719 21,926 Above figures 60 not include Trinidad Electric Trans. mission, Railway ft Gas Co. BRITISH TITANIC INQUIRY. fa Oponing Sution Lord Mtriey Said the Aim TFouW Be to fix th Kttpontwuxty. London First session of the British Court of Inquiry into Titanic disaster was held Thursday under chairmanship of Lord Mersey and- was public Sessions will extend over several weeks.

In his statement at the opening of the session Lord Mersey stated that the investigation on this aide of the water will be thorough and will seek to plale th responsibility lor the catastrophe where it belongs. Questions other then that of responsibility which. the investigation will probe, include information in re gard to the disaster and lifeboat accomodations on the ahio. A twenty foot model of the Titanic has been placed in the inquiry room and will be used to illustrate technical ques tion. Financial Note.

Augustav-United States-Mexico Sugar with an authorized capital atock ef $1300,000. has been incorporated here. President and treasurer, B. M. Leavitt clerk, Ernest L.

jacLean. Rhoades ft Co. are offering at $98 per ahare. yielding better than 1 tbe unsold balance of preferred stock ef B. J.

Herner ft Chicago Local real estate transfers in April broke all records, both for number and money involved. Wuhington Corporaiion tax- receipt May 2, daU, $58,401,669. l' rdlWWMITHR ADVICK. rlr 1 Why don't ron SM your son to hitch hi wagon a etar? Pater 21 did. and tollowed from Trk Orteaa.

4JpplnctU' i' December. the -wall strict tiiiday MASSACHUSETTS KLISCTRIC CO. For Ten Month' Inert of $302,000 in Grow. Indicating Ntarly 4 Gain for th Ytar. Boston Croi earnings of the' Massachusetts Electric Cos.

made a rather mediocre gain of $20,000, or 8.3 in. April This followed an Increase of 431.00ft. or 5 in March and a record increase of $51,600. or 10 in February, when the company had the advantage of an 'extra day created by leap year. For the ten months to May 1 the Massachusetts Electric Ooa.

has increased its gross income by allghtly over $302,000, a rate of rain which promlsea an increase for the full twelve months of just under 4. April results were adversely by bad weather. It seems unreasonable to expect anything more than the most modest sort ef an increase in May. STOCK EXCHANGE TRANSACTIONS. APRIL TpTAL OF 16,078,257 SHARES AND BOND SALES AMOUNTED TO NEARLY $60,000,000.

Daily Avtmg of 6iSJ30 Share, and Bond Compared With ftSO.Ue Stock ana Bond 4 in Corrttponding Month UULargttt Five Jfr Day in April tStjst Share the SnudUit St7fittth Largeit Two-Hour Trading. Stock traded In on the New York Stock Exchange during April, 1912, totala 16,078,257 shares and bonds amounted to $59365,000. This was a daily average of 643,130 ahares of stock and bonds, com pared with the daily average of 220,746 shares of ock and $2,404,913 bonds traded in during the 'corresponding month of a year ago. The following table chows the daily transactions on the New York Stock Exchange during April, 1912; Monday Tuesday Wednesday Thursday Saturday Monday Wednesday Thursday Friday Saturday Monday Tuesday Wednesday Thursday Friday Saturday Monday Tuesday Wednesday Thursday Friday Saturday April tShs of Stock Bond Sales 3 4 6 8 Tuesday 9 10 11 12 13 15 16. 17 18 19 20 22 23 24 25 26 27 Monday 29 Tuesday 30 Total Daily average 683,846 656,515 608,623 827304 609,995 948,800 988352 851315 879363 847352 310,242 905,996 768,218 493,770 456,661 327,022 233,713 475,251 671,525 570366 643,296 909,233 344,385 603,924 606,490 16,078,257 643,130 1911 1912 417356 $4,218,769 466,367 2,169,956 256319 2,564.769 220,746 2394,600 BROAD STREET GOSSIP.

$2,985,500 2,805,500 2,491,000 3,790,000 1,560,500 3,100,500 2380300 2,270,500 2,130,000 2,076,500 1,765,000 2,220,000 1,935,000 2,221,500 3,110,600 3,731,000 1,970,000 2,32,6,500 2,039,500 2,431,000 2,117,000 2,669,500 1,256,000 2,327,000 1,955,000 $59,885,000 2394,600 Dally average stock and bond transactions on the Exchange during 1912, compared with the figures for the corresponding period of 1911, follow: January February March April May June July August Beptemner 1. October Dally aver, stock Daily aver, bona 1912 420,368 809,513 565,489 643,130 413,226 406,619 218,561 660379 731,673 439,661 627,216 J82.090 1911 $3350380 3,208,909 2,288,537 2,040,91.1 3,578,615 3,439,538 "2375380 1,760,518 2399,916 2354360 3,733,050 8,697,662 The largest five-hour day during April was 983352 shares and the smallest was 327,022 shares. The largest two-hour day was 509,995 shares and the smallest shares. It can be said for the market now that sentiment is becoming a little more healthy. There is just enough oeariah-ness to make for a fairly good working short interest.

This was not the case a week ago, and the probability is that the change has come about as a result of the Steel Corporation's unfavorable statement Last week everybody was bullish. Now, there is some inclination to sell on strong spots; and many experienced speculators have come to look upon the market was a trading affair In which stock should be bought for a turn when weak and sold for a turn on good rallies. Those who now begin to feel a little bearish argue th4t for a considerable time past there has been no real test of the strength of the speculative position. They assert that numbers of small speculators have bought stocks in expectation of advances much larger than those which have materialised, except in a few instances like Reading and American Can; and that those small speculators are tightly holding other stocks in the expectation that these will yet emulate the performance of the two issues named. As rong as there is ho considerable reaction, such speculators are courageous; but it is argued that a moderate decline would frighten them out of their holdings, and that there is no telling what the market would do if liquidation of that kind were once started.

So far, the big bull interests have handled matters in such a way as ta keep up the courage of the little bulls. If they were accumulating stock they would not do that A shake out would help tbt accumulation. Because no shake out has been resorted to, it seems to be a reasonable assumption that distribution of stocks is going on. IWair Street confidentially expects announcement of further advances in steel prices in the near future, although it is well known in trade' circles that the advances already made have checked the buying demand, and that established schedules are not being adhered to. In a great many places it is flow argued that the open-ing of the Panama canal will help rather than injure the business ef the That will be the ultimate, but twt the immediate effect It is pretty well known that many prominent railroad interests endeavored to prevent the building of the canal because they feared its effect upon the business of their roads.

It was the first few years they considered; and It is almost certain that for a year or two at all events the canal competition will take business away without developing enough new traffic to com-Densate the roads for what they will have lost. Baltre'ft Ohio's recent strength has been partly in anticipation of benefit from the cuttinir of melon by Reading, but has had other foundation in tbe decided improvement in tbe road'a It-isevsrywhere concede that President Willard is doing excellent work; and it is also argued that the Cincinnati. Hamilton ft Dayton and the Chicago Terminal, which at first were a heavy load to carry, will soon cease to be burdensome. a a The remarkable improvement in the earnings of the New York Centra) system excites wonder in Wall Street. In some places it is contended that prior to the reduction of the dividend a year or two ago the result, as reported, did fully represent the earning power'the system that earnings were being drawn.

upon freely for improvements, and that the. road is now showing the effect of the betterment in its condition. Furthermore, the reduction of the dividend -haa left the company In more comfortable position, and Increase of efficiency is making constant J. Jllwieapolla General Electric. Minneapolis Reporte here that M.

M. Byllesby Co. are to buy the Minneapolis, General Electric Co. from Stone ft Webster, at $120 for preferred and $200 for The Bylleiby interests, now controlling about thirtv-flv locations in Minnesota and Northwest, have tlong wanted to get 'nt0 Minneapolis electricity field. nUDSOI lAHilATTAH CO.

GAVE SURPLUS $53,279 LAST YEAH. SYSTEM CARRIED NEARLY 60,600,000 PASSENGERS YEAR ENDING "MARCH COMPARED 50,926,000 IN PRECEDING Grot Income fiJiSMl Againt 'ttlSSjit--DtficU itt Wt Wat Profit and Less Deficit $3Sjl Against MeAdoo'i Report Grand Central Extention Await Sub vey Settlement Efeet of High-. 1 er Far New Jersey Charged Off The Hudson ft Manhattan Railroad Cd. has issued its pamphlet report for the yesr ended March 81, 1912, The income account compares as follows: r-. 1912 1911 1910 Jr' Gross.

all roads $4,165,492 $3,051,486 Op. exp. and taxes. 2,096,017 1350,440 1,464,222 Gross 2,815,052 1,687,263 Int on bonds oustand 2,961,427 2,918,007 1 2,464311 Less int chg to const 585,984 819,192 1,076,981 Balance 2,415,443 2,098.815 1,887329 Other charges 283,751 258,126 122,045 Total deduc fat ine 2,699,194 2,366,942 1309375 ...4. 50,279 HlfiVt 77,888 Being fixed dharges applicable against that portion of the property employed in present operations.

Deficit The general balance aheet as of March 81, 1912, compares ai follows: ASM 1W, 1912. 1911 Prop sects ind work under $115,217,496 10817,18 Mater ft sup and die- used constr plant. Investment. Construction fund. Current cash account Accounts Teceivabje.

Deposits 1 Prepaid insurance. Other Aects. in Def chgs unamort bd disc and PAL. Total 437,169 723,288 1,000 1,000 1,000 18,104 218368 1,608,997 320,850 219,605. 188,467 ,226,003 161,423 202,358 12,942 13,907 37,620 14,602 28,954 89,134 26,428 24,565 19,912 13,927 2.172524 1.905,860 820,097 86363 85,094 64310 120,662,780 112,680,652 LIABILITIES.

"1912 1911 1910 Com. stock ft $39,994390. $39.994390 $39,660,380 Pfd. stock ft. 5,242,151 6,242,151 5,164356 Stks held in reserve 12,909 12308 12,908 ft RR bds 6300,000 6,000,000 H.

ft Man. bonds. 66,423,000 64,379,000 59,675,000 Real estate 42,000 42,000 42,000 T)f Install An ear nnr. chase agreeraente. 1,493,000 1336,000 828,000 Loans 600,000 850,000 Cur.

eccta. payable. 196358 274,143 Accrued bond 486,264 477,133 Accrued car interest. 17,258 15366 Accrued 606,859 379.174 Rentals ree'd tn adr. 18,039 18,391 Contract 1,1 it 377,149 Materia and constr plant 188,458 356,049 Amort' 385,081 Other 27,089 289120 487318 8,450 897395 11388 411,811 421,656 257368 17300 Accounts in eusp 17,461 Total 120,662,780 118394364 112,680,652 President W.

G. McAdoo says: No work has yet been begun on the Grand Central extension or the Ninth streit extension, these being in the same position as stated in the last annual report. It would be unwise to determine upon the final plans for these extensions or to do any work upon them until the general subway plans for the city of New York have been definitely settled. In November, 1911, your directors reached the conclusion that it wjuld be advisable to increase the rate of fare on the uptown line from 6c, to 7c. Accordingly, a tariff was filed with the Interstate Commerce at Washington, and the new rate became effective 00 the 24th of December, 1911, with satisfactory results.

Carrying out the policy heretofore adopted, of charging against income a larger proportion of interest on the company's debt as new additions, extensions and facilities were put into operation, thcreTtaa been charged against income for the months of January, February and March, interest on $60,000,000 of funded debt, as against for the same months of 1911. Beginning with April 14th, 1912, the date of the opening of the Summit avenue station, there will be charged against operating income, interest on $65,000,000 of outstanding bonds. There are outstanding an additional $6,423,000 of first mortgage bonds, but, by agreement with Hudson the owner of these bonds, no interest is to be paid thereon until February 1, 1914, after which time said bonds will bear interest at 4Vi per annum until maturity and will receive an additional 2 per annum to February 1, 1920, if and to the extent that said additional 2 may be earned. There has been charged off, as part of operating ex penses, and accrued as a depreciation and amortisation re serve up to the Slst of March, 191Z, In addition to actual expenditure for maintaining the property at the highest point of efficiency, the eum of $512,794. The traffic for the year has shown a gratifying in crease over the previous year.

The total number of 5c. fares collected 57,416,950 The total number of 2c. fares collected was. 7327341 (The 2c. rate had been in effect for three months 'and eight days.) Equating the 2c.

fares on a 5c. basis, makes the total number of passengers carried on a 5c. basis, for the fiscal year -ending March 31, 60,588,126 Passengers earned on a 5c. basis for the ascal year ending March 81, 1911 60,926380 Increase 9,861,146 SALT LAKE UTAH VALLEY RY. Granting of Franchi for Electrie-Interurban Said to be Part of Kuhn-Loeb Plan at Boue, Idaho, Sale Lake City Recent granting of a franchise 'by Salt Lake for an electric interurban line to tbe Salt Lake ft Utah Valley Railroad Co.

is declared to be a part of the Kuhn, Loeb deal at Boise, Idaho. In asking for a change in the franchise which prohibits transcontinental business, the grantors declare that it was to be part of an electric line extending from Boise to southern Utah, passing through Ogden, Salt Lake and other places, MEETrSGsT INTERNATIONAL P-A-YE TRAMCAR LTD. At the organization meeting of the International P-A-Y-E Tramcar held in London yesterday, Charles Steel, late general manager of the Great Western Railway Co. of England was elected to the board of direc tors. Sir Francis Lowe, M.

wss elected president and O. L. Charles Huppert, vice-president and managing di rector. READING CO. ANNUAL MEETING.

Philadelphia Annual meeting of stockholders of Riadinir Co. will be held June 4, st Resding Terminal. Proxies in name of George F. Beer, Samuel Dickson and Wm, R. Taylor bemg solicited ty company.

1 FEDERAL LIGHT ft TRACTION. Howard Bayne, 4ricsesident of Columbia Co. was elected- director of the Federal 'Light A Traction ce. 1 1 CHESEBROUGH MANUFACTURING CO. At the annual meeting of the Cbesebrough Manufac turing Consolidated, the following trustees were elected: Charles Lamont, 1 nomas J.

connsu, nomas J. Dobbins, N. Cammann, Russell E. Burke, Samuel Draw, Robert S. Gill, W.

C. Cammann, and R. A. Cbese jt 1UDU0 UChhM. Bootblack fihlna! nntlmaa What" tha nrlctt Bootblack Flv en aak, an' tea cwl wn ye doa tfoetoe.

0101. 1 STEAT.ir.OAT r.OOKJXCS XOIir.IAL. Manager Report That Ocean Travel is Kot Checked by tht I'-. Tilaric Disaster. f.

From a canvass oi the leading stcamshln lines It ap pears that the aggregate number of pasoenger bookings is about normal for this time of the year. Advance bookings of the White Star Line are not quite up to the average of this period in former years, but some ftf the other krge steamship companies are doing a bigger business than in previous years. Reassured by the extra Pre cautions new being taken by all the steamship companies tne ocean traveling public still sails on unchecked by the Titanic disaster, In other words, the catastrophe has not tended to de crease the. total volume of ocean travel AMERICAN WRITING PAPER CO. 1 I 1 PLAN TO INCREASE PRICES EXPECTED TO BE REFLECTED TN LARGER EARNINGS.

'i I Vp ta April 1 Company Ha Sold Sit Ton Mor Paper Daily Than in Sam Period Last 'Year For 1911 the Company Report Surplut of $183 JtS, i Equal to fj Per CtnU'on flSfiOOflOO Preferred Stock Against iJt Ptr Cent in mo. 1 wmnmmm With American-Writing Paper's preferred stock sell- inf up to a 'new high record, 41, comes the announcement from the company of a proposed plan to increase the prices of its products anywhere from 6 to 20, Office station ery and ledeer stock will also be increased between 15 and" 20 on account of the Increased cost(of production. for we nrrt quarter or tne nscal year up 10 April American Writing Paper ha sold approximately six tons more paper per day than during the corresponding period last yea. The company at the same time received considerably higher price for its products, Indicating the strong demand for the finer grades of paper which it menu- lectures. Increased production end a higher level of prices gen erally for its many products should be reflected in sub stantially higher gross earnings for current year as compared with last year.

For the twelve months ended Dec. 81, 1911, the company reported a surplus of $263323, equal to 2.1 on the $12,500,000 preferred stock snd in the preceding year $225367, equal to 13 on the same amount of stock. lows: Income) account for last four years compares as fol ion Net $1,400,098 Tots inc. 1325331 Nel Inc. 863,323 Balance 268323 249,664 Surplus 18,759 1910 $1317,242 1,444,834 825367 225,267 249,410 24,143 1909 $1,540,409 1,663,054 660341 460341 ,124,699 836342 1908 $824341 965,073 156316 253,216 249310 505,126 Deficit Dividends have been paid at the rate of $2 per share yea-ly for the past three years." The preferred stock is traded in on the Stock Exchange and the common stock on the New York Curb, the latter selling around 4.

The initial sale of the preferred atock on the Exchange in January, 1911, was at 80 the high for that year being 34.tt and the low 24 H. FRENCH VISITORS RECEIVED BY CHAMBER OF COMMERCE. After the Reception and Addresses, John Claflin Take the Office of PresidentResolutions of Sympathy for Members Loet on the Titanic Chamber of Commerce entertained the members of the French Champlain delegation at the 144th annual meeting yesterday. Hepburn, retiring president, welcomed the guests and responses were made by Ambassador Jusaerand, Gabriel Hanotaux, Baron D'Estournelles de Constant, and orate de Chambrun. The committee of reception Included J.

P. Morgan, George F. Baker, John Ctaflrn, Jacob H. Schiff, Stewart L. Woodford, Levi P.

Morton, Nicholas Murray Butler, Andrew Carnegie, Joseph H. Choate and Henry P. After the reception, John cianin was wauetea mm the office of president Mr. Claflin is the first merchant In be elected to that office since Charles S. Smith was at the head of the organization.

Tie Chamber adopted resolution of executive commit- tee expressing its sympathy of the loss of four of its members by the sinking of the steamship Titanic. The reso lution read: "Whereas, Four members of the Chamber, Isidor Straus, long active in its affairs and ifrom 1904 1908 a vice-president, John Jacob Astor, Benjamin Guggenheim and John B. Thayer, a vice-president of the Pennsylvania Railroad, were lost at sea April IS, bv the ainldng of the steamship Titanic, all four being numbered among those passengers who in time of fearful disaster bore themselves with heorie fortitude; therefore, be it "Resolved, That the Chamber of Commerce orders that their names be inscribed in its minutes with special reference to their usefulness in life and bravery in death; and that an expression of its sympathy be sent to their families with the hope that grief may be assuaged by the memory of their undaunted courage and self-sacrifice." A resolution wrs also adopted urging Congress to appropriate $200,000 for the maintenance of the efficiency commission in order that further investigations may be carried on by which great savings may be effected, "so that' an approach may be made toward that ideal indicated by a recent leader of the United States Senate, who declared that with advanced efficiency, a saving of a year could be made in the cost of the Among the new members elected were Robert Bacon and Collin Armstrong. A. B.

Hepburn announced at the Chamber of Commerce meeting that the committee, on commercial education is endeavoring to raise $500,000 for the purpose of building a commercial college to be run part of the College of the City of New York. Louis Bleriot, he first aviator to fly across the English channel, who epoke at the Chamber of Commerce meeting, says he lives in hope of seeing the day when he may fly from America to France. MR. MORGAN'S SKY PARLOR. Office in the Top of Banker' Trust Building Merely a Place for Conference.

Much has been written concerning the office which J. P. Morgan will occupy on the 31st floor of the new Bankers Trust building wnich has been pure imagination. It is true that space on this floor has been reserved for Mr. Morgan's use, although no lease has been signei.

The Bankers Trust organised some ten years ago by the younger element of bankers who have since taken prominent positions in what is known as the Morgan group of banks, has always been regarded by Mr. Morgan with fatherly Interest While tho building was in process of erection, Mr. Morgan jokingly remarked to. some of the directors that the 81st floor would be a fine place to have an office, hare one could sit in the afternoon, drink a cup of tea and look out over the city. The remark was taken seriously to this extent, that the directors thought it would be compliment to Mr.

Morgan to set aside space at top of the building for his use, and that was done. That is the whole story. This1 office will serve as a private conference room for Mr. Morgan and associates whenever tbey wish to make use of it It. can serve for financial conferences" down-town-ery-much -as hia haa served for tip-town conferences.

It will be no more luxurious in its furnishings than the average brokerage office, and the story that $250,000 will be spent on the interior is characterized by members of the Ann as April Failures. There were 1,079 failures reported to Bredstreet's for April, a decrease of 2 per cent, from March, but an increase of 93 per cent over April a year ago, 23.4 per cent, over April, 1910, and 8 per cent over 1909. Liabilities aggregated $15,073,400, decrease of 15 per cent, from March, but an increase of 133 per cent over April J911, fust EXuEASED POUIiiDS. LEADING MINES OF THE WORLD GAVE A TOTAL OF 810,000,000 POUNDS, COMPARED WITH IN SAME TIME 1911. Principal North American Producer' Gave Pound, em 1 nereas 'of Gains Largely From Miami and Ray ContoUdatei Anaconda Group Show Largest Individual Inereate Green Fall Off fr Foreign-Two -1', Comparimi ''-'i Boston Copper rro4uctlo from the Wiping mines in the world which report monthly operations amounted to 8IO30030O pounds during first quarter of 1912, as compared with 263,000,000 popnds same period last year.

Increase of 47,000,000 pounds. Principal mine of North America, produced increase 80,000,000 pounds "over the corresponding periods of one and two years ago. A substantial part of the increase came from Miami and Ray Consolidated, no producing about 8,000,000 pounds monthly; while Alaska shipments amounting to over 11300,000 pounds tip to the end of March were trifling prior to last May. Here was alight falling off by some of the leading foreign mines. Sit properties produced 19,000,000 pounds of copper, against 21,000,000 pounds last year.

Largest individual train in United States wss that of the Anaconda group, which- turned out approximately pounds, as compared with 64,000,000 pounds in similar periods of the two preceding yeaTs, when curtailment was in force, -Greene output showed the greatest decrease I from a year go-approximately 2,000,000 pounds. In following tabulation will be found a comparison of leading copper properties covering the first quarter of the pan uree years (in pounds) First quarter: 1912 Anaconda 79,700,000 Ike Superior 65,686340 Phelps-Dodge 84,056,140 Utah 24,929341 Nevada Con 17378,018 CaL ft 18,628,000 Alaska 11.491.287 1... Arisona Greene Miami Ray Con ....4 Old Dominion Granby Shannon British Columbia South Utah 9334,000 9334,000 .7,711,648 7,016,944 6,515,000 6,264,027 4338,000 2398,193 772315 Total 290.254,048 4,400,000 83,884,760 21,296,709 15393,748 12,128,925 8,978,000 11,052300 7,036,800 5,410,159 4,748,000 2399,284 1,006,181 241,687,621 First quarter: 1912 Boleo 6,944,560 Great Cobar. 3,431660 Mt Elliot 2,637,920 Cape 2396300 Spasky 2,144,800 Nsmaqnm 1,846,000 Total 18301,140 1910 64,031,000 57320314 85,087,066 183U319 13328,656 13375,000 8,180,900 10,870,000 6,839,000 .6,095,556 4,508,000 2,321,056 24138,967 Comparative statistics of a few foreign mines for first thee months period of two yearn show in pounds: 1911 7,524,618 4,285,120 8325380 2,985,720 1,410,240 1,404,480 21,436,053 A two-year comparison of the world's leading ahows: First quarter: 1912 1911 United States 291354,048 241,687,621 Other countries 18,801,140 21,436,053 Total 810,055,188 263,123,674 COXNELLSVIlLE COKE TRADE PRODUCING 400,000 TON'S WEEKLY. Shipment for Approximate 13,000 CartDemandsof fur noeemen Easing Of Market Being Quoted at ttlStoftSO.

Connellsville; Pa. The Weekly Courier says: The Connellsville coke trade is characterised by increasing production and shipments and an easing ef the anxious de mands of furnscemen, who several ago feared supplies would fall short of "their requirements and compel the shutting down of some of their furnaces. Weekly production now exceeds 400,000 tons and shipments approximate 12,000 cars. Merchant operators, who had $1.60 contracts with a number of furnaces made prior to the time when the Frick wage advance compelled them to increase wages, end who have asked the furnscemen as a matter of equity to increase the price sufficient to meet the increased labor cost, have in most cases concluded satisfactory arrangements with their buyers, so that the threatened shut-down of ovens, May 1, on this account has been averted. Labor supply is holding its own, but there is still room here for more men.

Production last week made a gain of 5,174 tons as compared with the week before, the total being 401,494 tons as against 896,320 tons, The furnace ar.d merchant Interests shared almost equally in the increase. Shipments increased from 11,634 cars to 11,882 cart, a gain of 228 cars. Supply of prompt furnace coke has increased a trifle and this has allowed the market to sag to about $2.50, which is quotable as the market for prompt or May furr.aee coke. A sale of 10,000 tons for May delivery has Just been made at approximately this figure. Demand for prompt furnace coke is hot particularly large, as shipments on contract are better, but there is no surplus production pressing on the market.

The movement is now very smooth, production and consumption being very closely adjusted. Definite bids for coke for second half have been made at $2.25, by furnace interests, while those operators who have declared have spoken of $2.50 as their asking price, so that the market may be quoted broadly at $2.26 to $2.60. 1 Standard Oil Subsidiaries. Following gives the latest quotations of tha Bid Anglo-Am Oil 1614 Atlantic Refin 400 Borne-Scrymserl75 Buckeye Pipe- 15 -Chesebroush 650 Colonial 110 Continental O. 800 Crescent Pipe 58 Cumberland 90 Eureka 290 Galena-Sig pf 185 Galena-Signal 235 Indiana 100 Natl Transit ,86 N.

Y. Transit 290 Northern Pipe 115 Ohio Oil 103 Prairie 275 Rights on. Asked Bid Asked 17 Solar Refining 600 650 483 Southern Pipe 205 210 260 S. W. Penn 135 160 155 Sou Penn Oil 690 610 725 Stand Oil Cal 170 180 150 St Ind new 220 230 950 Stand Oil Ky 875 425 62 Stand Oil Kan 200 225 100 Stan Oil Neb180 220 300 ex-sub 882 887 150 Stan Oil 400 410 242 Stan Oil Ohio 200 220 110 Swan 600 900 33 Union 60 65 800 Vacuum i 150 160 125 warrants 45 65 105 Washington 20 85 285 'Waters-Pierce 1000 2000 fNew stock.

THE SOUTHWESTERN LIMITED Transact today' business la New York, tomorrow's la St Louis. Lv. New York 4t00 P. M. Ar, St.

Louis 4:00 P. M. it Saves a day FALL RIVER LINE f.Ioinc trout and salmon will be Just hungry for your lures wben the Ice goes out. Get posted at 171 Broadway. Fere to Boston, 04 Cit Ticket gracein Broadwaj-Phone 121 Coru.