The Wall Street Journal from New York, New York • Page 2

rocxDco is. Tlffi TOIL STREET JOURNAL; OR.1UO AXD CTENniO EDITIOnt. FusUsbed dally, except Saaday. by DOW, JONES fr CO. BARRO.

PneMeat. Ki Bttmft. Secretary. Josofih Casfamaa, Treesartr. Sesae St, Tut, X.

T. Telephone: One Breed. URCR CmCCLATIO THAW A 'BWCUl PUBLICATION. tiillpllaM is yearly. i monthly.

fire Miti au. far UWT Mlllni pmu pel In the Ualu4 States as.Uoe. Pawrte Rice, Guaav, PhlUppla Islands, lu-iii taaa aad Ctba. Foreign noauge year 120.1 907 II') IV. 71S I15V4 1V n.i9 i .47 5 a 3 r4c 4.8703i43710 win a changed as frequently a desired, bat im ai4 address alto ahould ba alrea.

Mnnknniii natta will furnished oa request by nqmrn advertising; ageaey. lEatrd at the Raw York Post OIBca ai second-elat) Tne wmt Ha ytwper as. 31 ARRET DIARY. 1912 un Friday, June 7 Irregular. Friday, June 9 Irregular.

U7J Sale of stocks 831,27 January 1...... 47,682,503 Sales of bonds $1,908,500 Since January 1... 4114,873,500 The lanrttt transactions were: Prire Up Off tales Stocks Sales Price Up Off ..1 7700 67 3 19900.. Am Beet Su 8600 65 M. 9400..

Am Smelt 4500 4la 10200.. Anaconda 100 6000 81V V4 17 13100. Valley. 8500 '178V4 17H, 66100.. Reading ....27500 159 J70" 16400..

Un Pao ....24450 186 70S 42200.. 87700 77V 1 1H Am Snuff 4 15650.. Ray 100 174 28 a 11500:. Miami Cop Average 20 railroads 123.10 .14 Average 12 industrials 86.02 .29 Chicago July wheat 92 Chicago July corn 55 New York July wheat 98 New York July corn CSV New York July cotton. Near York July coffee Call money renowals ..14.73 ..10.87 ..2 13 Time, 60 days to 6 2Vi 3tt Commercial paper Sight sterling 43580 4.8535 Next London settlement June 12, 13, and 14.

It i. when our (burden of "hopes Is flipped (beyond hy aome rough wind that wo are the most disposed trture to ourselves what flowers It might have borne. If It bad Bnertohed. Charles Dickens. HOLLAND'S LETTER.

(Continued From Firtt Page.) tie banks of the United States had so conducted their basiaeas as to be free from any reproach they would not tbjeet to exposing their management and affairs to a committee of Congress. The answer to this accusation which has been made here and which has been brought to the attention of the Senate Finance Committee is this the Comptroller of the Currency at Washington haR authority under the law to make frequent investigations into the condition and management of the national banks. He may carry this scrutiny to the uttermost detail. In the psst five years investigation of this kind have been thorough and exhaustive. In the archives of the Comptroller's office at Washington is detailed information respecting the condition and the management of every national bank.

The Pujo ronrmittee could learn no more by an investigation than tS Comptroller of the Currency already knows. (O AUK) THE STATE BANKS. In a majority of the states the banks chartered by tie vtates are subject to at least two examinations a year and sometimes three. On the whole these examinations have been as rigid have been those carried on by the direction of the Comptroller of the Currency. Therefore, vnt there be imputation that the Comptroller of tho Currency at Washington and the superintendents of bank-inr departments in all the states are either incapable or unfaithful to their responsibilities, then it is certain that every bank in the United States has deposited with the proper authorities detailed and accurate information as its condition and management.

These things have not reen concealed unless there have been wholesale dishonesty ard falre reporting on the part of the bank managers. TtIK MAKfBS THE NATIONAL BANK ACT. Those who drafted the national banking law went into every phase of banking before they formulated their firtt draft. Among the matters considered, both in committee! and upon the floor of the House and Senate, was the relation of banks to their customers. From the days of esrly banking until the present time it had been recognized as a fact that a bank ahould preserve confidential relations with its customers.

That was regarded as vital. Customers do not like to have their financial dealings made public, not because these dealings may be properly subject to criticism, but because publicity with regard to them night serve seriously to embarrass business men, especially in their relation with their competitors. was in recognition of this custom, which had the force of unwritten law, that the framera of the national banking act provided that no one but the Comptroller of the Currency, not even Congress itself, could have the right to make any inquisition into the management or affairs of national banks. There is probably not a hanker in the United States who does not feel that the proposed amendment to the national banking act, which, it it becomes law, will permit Congressional committees at any time to make any kind of investigation into the management and affairs of the national hanks, will prove to be a serious menace not only to banks, but to business men. It will make it possible to expose to the country all of the private business of every national bank in the United Bankers feel that.

the injury would be greater to business than to the banks tiiemselves. This phase of the subject has beet presented to the Senate Finance Committee and undoubtedly explains, in part at least, the care with which this committee is understood to be considering the subject. Another phase of the proposition which has been brought before the Senate committee by bankers who do business in other parts of the country than New York is that the proposed amendment to the national banking act will practically paralyse the Comptroller of the Currency, or at least greatly impair his ability to do efficient work. NOT A MCAL It should be reported that the opposition to testify before the Pujo committee or to submit answers to very retailed and sesrehing questions is not confined to New Ycrk city. It is true that the suspicion is very strong that this Investigation was begun chiefly with intent to reach New York exclusively.

But it has been discovered that the banks of New York and the hanks of the entire country are so closely related so far as general question of flnaaoe, currency and banking are concerned that it would be impossible to get at the condition in New York without also learning condition in all the country. The arotcrts which have bees made to the methods proposed by the Pujo committee are quite as strongly worded by backers who represent what are called the country banks as by-any banker of New Yorb Houand. Adams Express BatMlng Bids for the new Adams Express building on lower rrflsdway, which will require 10,000 tons or more steel. go in on Wednesday of next wee, im Duuaing will ever CJr eoritl kiglis, THE WALL STREET JOURNAL, SATURDAY HORNING, JUNE 8, 1912. TIUSCO'S BALANCE FOR DIVIDENDS ABOUT $500,000 UNDER LAST YEAR'S SMALLER SURPLUS TOR DIVIDENDS IN 1912 DUE TO UNUSUALLY HEAVY SNOWS, DE-; STRUCflVE FLOODS AND STRIKES.

St. Uuii $an 0fMalt Glad Situation it So Wort Balance for Dividendt Witl Not Ex-. eetd tlftOO.OOOJXetribution Only on Firtt Preferred Stock Amounting to 1199.7VS 4To OJWals Optimulie, Both ing Good Protpeett on Pro-; ent Crop CondUiont. St. Louis San Francisco Railroad Co.

is earning somewhat lets thus far this year than in the earns period a year ago. From ten months' figures and present indications surplus available for dividends will be shout to 1800,000 under last year's balance. Surplus for dividends was In 1911, compared with in 1910 and $1,514,376 In 1809. A 'Frisco interest says: "We are thankful the situation is no worse. We have survived one of the severest winters of years.

At one date we had snow at one end of the lines, a coal strike in the middle, and floods at the other end. Earlier in the year the lumber business was bad and the spring rains made it almost impossible to get lumber from mills to the railroad or to get logs from the woods. Aj a result there has been large decrease in lumber traffic, which comprised 12 of total tonnage moved in 111, and in coal traffic, which amounted to 38Vs In lflll." Just how muoh will be earned by 'Friaco depends virtually upon June results, upon the Chicago 4 Eastern Illinois dividends, and upon adjustments. The last named cannot be calculated. The fsUing off in Chicigo East-em Illinois net after taxes, amounting to $486,000 In ten months, may cause that company show earninge of about 5 on the common stock after 6 on the preferred.

Last year nearly 10 was earned for the common after preferred dividend payments, and 9tt was paid. Smaller earnings in '1912 mean a smaller dividend for 'Frisco, although the directors will not decide the matter before the end of June. The decrease in "other Income" on this account is expected to amount to from $250,000 to $300,000. In addition 'Frisco's charges will advance about $125,000. Coupled with these the tsn months' decrease In net after taxes of $210,000 makes a decrease of about $600 000 in the balance evvaikWe for 'Frisco's dividend.

Msy results, according to preliminary estimate, show a small loss in operating income. Msy will probably he onset by June improvement, but the gain in June is not expected to allow 'Frisco to show over 81.000,000 balance lor div idends. 'Frisco pays dividends only upon $4,993,553 first preferred stock, calling for $199,742. Nothing is paid en the $16,000,000 second preferred or on the $29,000,000 common. The year's balance after dividends wiM not amount to more than $800,000 and perhaps not over This balance would increase the company's final profit and loss surplus of $4,833,210, were it not ior the annuel yearly charge of "proportion for the year of discount on securities sold." ine auditor nas not prepared mis charge in detail, but it msy exceed 11,000,000.

In 1911 the charge for bond and security discount was $802,253, in 1010 $480,184, and in 1909 ilZ4J. company nnai surplus, therefore, is expected to be reduced to under E00.000 by profit snd loss operations this year. 'Frisco faces for some years a heavy annual charge for discount on bonds, earned in suspense, to be charged out in annual instalments. At the end of the fiscal year 1911 discount still to be charged aggregated 111,59039 On account of sales of securities in 1912 the annual charge to profit and loss will not materially reduce this suspense item. Nevertheless there isn't a 'Fnaco executive who lacks rjptimuro.

only have they the feeling that any change must be for the better, but everywhere along the lines they tee excellent prospects for tho crops. BUFFALO MINES, EARNS 45.11 ON THE CAPITAL. Report for Fieeol Year Give Surplut of After Dividend Againtt WM9 in 18tt More Ore Handled, Saving in General Expense. The Buffalo Mines, has issued its report for the year ended April 30, 1912. The income account compares as follows: 1912 Operat inc.

$853,807 Oth. income Total inc. Trans, ft tr. Operating ft admin exp. Dividends.

1911 1910 1909 $829,337 $785,034 $478,86 3,294 1,964 2,897 15 857.10 1 831,301 479,483 80,463 75,115 53,561 31.956 776,636 734,870 447,527 325,482 343,297 331,201 243,287 451,154 412,889 403,169 201,290 370,000 871,469 320,000 81,154 41,419 83,169 Equal to 43.11 on $1,000,000 capital stock, as compared with 41.29 on same stock previous year. The general balance sheet of the Buffalo Mines, as of April 30, 1912, shows assets as follows: Cash accounts receivable $1,279, ore and bullion $101,379, stores and supplies $36,378, plant, tools and equipment $123,378, plant, Ray lease, $4,619, Mines Water Co. $6,426, mining rights total $1,413,662. Liabilities: Accounts payable $24,084, capital stock $1,000,000, profit and loss surplus total, President Charles L. Denison says: Comparing out production, recovery, and profits with the previous year, the mill handled 6,317 tons more of ore.

The average value of the ore treated in the mill was four ounces per ton less. The total production of silver was 1,525,262 ounces, 15,520 ounces less. Our gross receipts were greater, principally due to highefl prices obtained for silver. Notwithstanding, a greater number of tons were treated in the mill. A saving was made in the general expenses.

New ore reserves about equaled the extraction for the year, The company took over the property known as the "Nancy Helen," under the Ray lease, and considerable low grade ore for the mill will be developed from this property to the advantage of the company. i a GRAND CENTRAL TERMINAL. Contract for the Biltmore Hotel Piano for the Y. il. C.

A. and the Yale Club Building. essBsnsanaasMBast Contract for the fabrication and erection of 14,000 tons of structural steel in the new Biltmore hotel at Van-derbllt avenue and Forty-third street, which has been awarded to the American Bridge is one of three principal consrscts under which the building will be com-pletedC No general contract is to be awarded, supervision being carried on by the engineering department of the New York Central and the architects, Warren ft Wet- more. i Plans arc well advanced for the new Railroad Y. M.

A. building, to occupy the Park avenue front of the block between Forty-ninth and Fiftieth streeta, on the eut side of the terminal grounds. The association building will thus be west of and in the ssme block with the Adams Express Co. building recently occupied. Between the two the power houses for -the terminsl.

development have already been installed. The association building and probably many of the other buildings to be erected ever the tracks will be constructed under the direct supervision of the company's engineers and without a general contract The new borne of the Yale Club, plans for which are being prepared, is the next important structure with which the Central will utilise its "air i i 1 POOB ISAftKAMANMinV rl yoar humn4 aV lark Of hi sheeting trip?" very He accidentally shot the friend who was aolns to take oa an aotomoklm tour, and mhwod the man to waem toe owed a lot of money Amerl- LABOR SCARCITY IX PITTSBURGH, Westinghoutt Companies, SM end Car Plants Advtrtis-: ing for Skilled and Vntkilled Men. Westinghouse Electric and other Westinghouse Inter ettt; and steel manufacturing companies hi the Pittsburgh are advertising for skilled and unskilled isdot. There is the heaviest shortage of labor In the steel-making district that has been eported in years. The mills are putting on all men they can find, and the 'Edgar Thomson 8teel a Steel Corporation plant, in advertising for 8,000 men.

Laborers are receiving 83 per day in some instances. The ear manufacturing plants are not operating in fuil on account of the labor shortage, and are mekinc every effort obtain enough men to operate their plants, as ordem are heavy and deliveries falling behind. Contractora are Importing men and there is great riviirv amo-nor them in Mrintr newly landed foreigners. The Connellsvllle coke district is also suffering from lack of laborers, and officials of the compsnies are bring ing hem to that district from other towns. 'f -UNITED STATES COMMERCE COURT.

Annule 1. C. Pewtwn Orrfsriim Ceetation of Privilege of Billing Granted to NothvUle, Tenn, Washington The United States Commerce Court hss annulled the decision of the Interstate Commerce Commission in which the commission ordered the Louisville ft Nashville and Chattanoosra St Louis Railway companies to cease granting to Nashville, and to dealers located at NaehvUle the privilege or repining or rmnipiniiK grein, grsln prodmcts and hay to polnta in court eustained the order of the Interstate Cony Commission in dismissing the complaint of the Chamber of Commerce of Auguta, in which it was alleged that the rats of 12.10 per ton on coal from Ooal Creek mines In Tennessee to Augusta, was unjust snd unreasonable. An opinion delivered by Judge Knapp of the Com- 4 Wall -J meree Court In appeal or the soutnern tacinc nauroao from a decision of the Interstate Commerce Commission, wsjUprji dismised. Decision reduced rates on green nr lumber and lath, from the Willamette valley, Oregdh, to San Fran cisco and bay points, from $5 a ton to $3.75.

The court approved ths findings of the commission and said no errors of law had been itiado in the case, in compliance with a decision by the-Supreme Court of the United State. An appeal of the Anaconda Copper Mining Co. and the Boston ft Montana Consolidated Copper ft Silver Min-Ins from an order of the Interstate Commerce Com mission which denied reparation on shipments of coke from points in West Virginia via Chicago to Aneeonda snd Black Eagle, Mont, over the Pittsburgh ft Laks Erie Railroad, was dismissed by the Commerce Court The court refused to go into the question as to the rcssonable-ness of ths rates charged. The court approved an order of the Interstate Commerce CommUiion whioh denied the application of the Crane Iron Works of Pittsburgh to require ths Central Railroad of New Jersey to establish through tnd joint rates between the Crane Iron Works and points in New Jersey. NEWSPAPER SPECIALS.

American's Berlin correspondent reports that serious trouble is threatened In Berlin, one mercantile house having already suspended and others bsing on tits verge. Joint stock banks rendered assistance to one or two banks to tide over the difficulties. Although sbout $50,000,000 has been secured in Amerlcsn loans, bankers are seeking money for semi-annual settlement at end of June No reduetwn of Reichsbank rata is expected until after July 1. Money rates practically certain to be stiff in Berlin until begin ning of new half-year. Taeoma di snatch savs that Stephen R.

Birch hss beeu quietly opening up new copper properties in Alaska for Guggenheim-Morgan syndicate, which owns Hone ma mines and Copper River Railroad. Mr. Birch asid that enough ere has been sacked and blocked out to increase copper ore shipments to Taeoma -smelter from 23,000,000 pounds last year to 40,000,000 pounds in IKi wnen Aiasaa coai is available it is probable low grads ores will be smelted Edward S. Marston, William W. Crapo, Charles W.

Cox, Jacob E. Ward, C. Minot Weld are members of protective committee for Pere Marquette 4 fifty-year goli bonds, issued under mortgage dated January 2, 190 1. Holders are requested to deposit their bonds with Farmers' Loan ft Trust Co, subject to bondholders' agreement on file with depositary. Directors elected by minority stockholders of Wheeling ft Laks Erie Railroad, at annual meeting June 4.

have elected officers. The Wabash-Pittsburgh Terminal Co. majority stockholders maintains that election is illegal and that annual meeting, will- be held next Wednesday. With hope of compelling railroad companies, which have leased their property to other companies to pay Fed eral-corporation tax, Solicitor-Genersl Lehmann has asked Supreme Court to review a decision of Federal Court on this point, which was decided against Government. Subway connecting city of Venice wi(h mainland is to be constructed at cost of $2,400,000.

Tube will go under the lagoon from 17 to 40 feet below sea level, and will have openings at St Mark's square and in islands of Guidecca and Lide. Application for the listing of 153,500 shares of preferred stock of American Smelters Securities Co. on Paris Bourse parquet hss been msde by Banque do Paris ot des-PayHBas and Socicte Generate. Onlv Canadian coal will be used in Dominion Parlia ment buildings, Ottawa, next winter, Parliament having decided to exclude American product for that purpose. assssa aaatsaw Cable to Journal of Commerce says arrangements are being made for Issue in London market of $20,000,000 8Vi New Zealand government bonds at 99.

"Cheer Up." "Everybody that comes in here now," said the senior member of a brokerage firm ths other afternoon, "appears cheerful" The reason why is that the interior of his office has been painted a snowy white, as compared with a dark color formerly. tnal PEPPER AND SALT. HIS BCiT DAY. Behold the busy business man; upon his desk a stack of The perspiration from h)m drops and rattles on the sheets Ilka hall: The lady, slaving at her notes, works feverishly, almost blind. As she traneorlbes his ottered thoughts some seven hundred words behind.

Ke yells to get the office boy; he snarl Into the telephone Oh, be'e a mighty busy man, one (hat It'a well to let alone, lie's busy as a hive of bees eay, nx on him no strain or -blame It'a nearly two o'clock, and he must get out to the baseball game. And when he's gone, the office force looks In each others' aaddened eyes; The office by With rubber bands la alaylngT unsuspecting flies: The man who keeps the books turns to the lady who at her machine la bending, and remarks In tones that people might regard i as mean: "Dawgone that man ain't It she me to leave us all that work to dot He's gone off to the game again gee; don't I wish I oonld go, too!" -Dallas News, ANOTHER REASON JTOR IT. -Also, the love of saooer 4s the root of all enterprise. Albany Journal. VRITIClaBO.

Uncle Esra They have Just discovered that the bank cashier a had a weak heart for ten c.s past. Eben There's arovornmenl aupervislnn for you! Bank examiner has been coming here all this time and last found it out! Judge. MBX HHO CAS BK ROtfcHT. There are men who can be bought but their prices are low: they are not picked men who have worked their way to positions of benor and -profit hy honest methods Kd. Howe- r' -f.

room. A boom In politics meets urh a sadden stop That all the booming noise it makes Is Just a pop. Kewe. U. S.

COPPER SURPLUS DECREASE!) 15,450,386 POUNDS LAST JIONTH. COPPER STOCKS IN THIS COUNTRY NOW ONLY 49,615,643 POUNDS OR TWO-THIRDS OF A MONTH'S DOMESTIC Production Would Have Probably Been Somewhat Larger Than Aprtft Dotty Average If It Had Not Been for Befinery StrikeeExport Were Larger Than Ordinarily Would Have Been the Cate for the Same Beaton Seller Look for Further Advance fa Metal Quotation. Stocks of copper by months this year, as reported by the Copper Producers' Association, compart as follows: SToCKa, Changes by Total Changes Pounds a Months Since Jan. 1 June 1 .49.615.643 Dec. 15.450286 Dec.

40.339.052 a may i ,,.,....00,065,029 Inc. 2,698,472 Dec 24,888,666 April I .......62,867,657 Dee. 672,431 Dec. 27,687,188 March I ......8239,988 Dec, 8,840,655 Dec 26.014,707 February 1 ...68,280,648 Dec 28,174,058 Dec. 28,174,052 January 1 .89,954,695 Dee.

22,830,498 Production by months since Jan. 1 from all domestic and foreign sources, together with domestic deliveries, ex. porta and total deliveries, follow: rHODUCTJON. Total tinea May April March February January May March February January Pounds Changeaby Mos. Jsn.

1 126,787,830 Inc. 1,273,193 613,270,600 ..125,484,644 229,957 48632,764 126.694.601 Inc. 861,068163 116,03509 Dec. 8,801,944 235,873,562 110,837,753 Dec 8,558,944 -ROMB8TIC ntXrVBKnCS. 72,702,277 Ine.

8,188,431 67,487,466 66,22,368 62,843,901 Inc. 2,026,380 Inc. 11,259,008 Dec. 6,115,533 Dec. 3,644,578 rxMir riELrvcKitft.

119,387,773 "828,275,858 255,573,581 186,059,735 118,572,269 62,843,901 May. "69,233,610 Ine. 16,238.619 824,833337 April 58,252,826 Dec. 6,527,240 255,847,892 March 5R.779.6K6 Dec. 4.868.530 202.095.586 February 68.148.096 Dec.

17.019.808 14S.Sie.UM) January 80,167,904 Inc. 929,188 80,167,904 TOTAL May 142,188,222 Inc. 19,422,050 653,109,695 April 122,766,172 Dee. 3,500,860 510,921,473 March 126,267,032 Inc. 6.890.568 888.155.801 February 119,876,464 Dec.

23.185.341 261.8S8.26D January 142,511,805 Dec. 2,715,385 142,511.805 Stocks of copper in the United States are now below the fifty million pound mark, or, roughly speaking, are equal only to about two-thirds of a month's taking of the metal by this country on the basis of May's consumption. This makes it more apparent than ever that the metal's price of between 17c and 18c a pound is the result of a world's consumption considerably larger than the present nuitua uutpuk, ami uii unless mere is an immeoiaie ana considerable increase in production the metal is bound to touch new high levels that will make present prices seem cheap. Total production in May was 126,737336 pounds, or about a million pounds more then the total for April. Figuring on the per diem basis, there was produced 4,068317 pounds of the metal a day in May, as compared with 4,182,154 pounds in April.

If allowances were made for the curtailment in production due to the refinery strikes last month, May would probably have a larger per diem production than April, though the increase would not be startling. The feature of the Producers' statement was the lsrgs deliveries to domestic consumers, totalling 72,702,277 pounds, or a daily average of 345,234 pounds. In April domestic deliveries averaged 2,317,128 pounds per dsy. This Is the largest per diem rate of domestic deliveries in more than two years, it being necessary to go back to February, 1910, when the daily rate was 2379325 pounds, to find a month with a larger daily average. Exports were larger than would have been the case hsd conditions in all the copper refining plants been normal.

American Smelting ft Refining shipped more than 6,000,000 pounds of copper from its Baltimore plsnt last month, whioh should have gone into April exports, but which were held up because of the strike of outside men. If product-ion and exports had been normal last wroth. the statement wntild have shown a decroase in itock smaller perhaps by from 6,000,000 to 10,009,000 pounds, but, on the other hand, April would have shown a de crease instead of a small gain in stocks. In view of the May statement the sellers of copper will be powerless to prevent further advances in the price of the metal unless there is some sharp and unexpected change in the metal "-icral business situations. DOMINION STEEL LrfD.

Report for Nine Month Givee Balance After Dividend Profit and Lot Surplut Dominion Steel Corporation, Limited, and constituent companies reports for the period from July 1, 1910 (commencement of business), to March 31, 1912, as fallows: Net earnings after deducting all organisation, manufacturing, telling and administrative expenses $7,388361 Provisions for sinking funds, exhaustion of mineral and depreciation Interest on bonds and loans (less proportion chargeable to construction) and discount on bonds sold Surplus Preferred dividends Balance Common dividends Balance Special appropriation for deprec. and renewals Profit and loss surplus The consolidated balance sheet as of March 81, 1912, shows as follows: ASSETS. Cost of properties Sinking fund cash in hands of trustee. Inventories Accounts receivable Securities held for sale 1,624,806 2,073,305 8,690,150 980,000 2,710,150 1325304 1,484,946 700,000 784,946 816 4,398,678 2,542,954 8,163,773 Cash 285,640 Insurance and other expenses paid in advance 289,058 Total LIABILITIES. Common stock Pref.

shares of the corporation Preferred stock Funded and mortgage debt Loans A bills payable Bank overdrafts Accounts payable Stock divs. payable April 1, 1912. Accrued interest on bonds Reserves Profit and loss surplus Total NOTES FROM SHAKON. 76,666,341 7,000,000 8,000,000 23,595,578 8,784,984 115,066 1,864,072 483,924 295305 485,466 784,946 76,566,541 Cambria Steel to Build Throe Open Hearth Furnace "r' Ground Broken for Street MM, Sharon The Cambria Steel Co. will build three more open hearth furnaces at its' Franklin plant, to be ready for use January 1 next Ground has been broken for the erection of the sheet mill at Apollo, Pa.

The two main buildings and a galvanizing department will le built immediately. Capital stock of the Apollo Steel Co. Is $300,000, of which $250,000 has already been sold. The company now has orders enough on hand to take the output of the new plant for the first eight months. 1 The plant will employ 500 men.

OS PRINCIPLE. "Prisoner at the br. I find you have been sentenced to prison twice before. What you to say why 1 should not nd you there your iionor, Ihe generally accepted feeling against a third term'dlaltitmire American. Travelers' Letters of Credit Payable throughout the WorM Forelgrn Cheques and Bills ot Exchange CABLE TRANSFERS Conecttona aado fja all CWatriet' The FarmciV Loan Trust Co.

16-23 William Street Fifth Arena toirooii v. Oeeksaw W. 1 OM Stead etreet ti, rajua at asaaaovait IT-main ANSWERS TO INQUIRERS. "una-ioiar iwmv ss ras revue's esaat SArseoiaa." 71) COltimft j.mMmj..-M 1 It AL1, 8TKEET Information coneernlnt financial data, and advlca In the matter of 'Males, weald be Halted 4 Me sabloet. advice can ba given In matters purely speculative, saeh aa carrying- stocks on margin, the Immediate future or price, etc The reliability ot Individuals or Arms cannot v.

win, respect to a choice ot brokers, bankers, promote, etc. srrvea ihitmu eossaiuleatloaa. inquirers must slan full nama snd viv hox. or sjroftt number, city and state. Names and addressee are eliminated from the column fnr (h.

in. qutrer. but InUlals are added for Identification. setiera of iMwIry aswald addremdi inquiry Department. The Wall Street Journal, 44 Broad Street.

New York. CORY PROtH'CTS. 19962 Will you kindly edvite me of the nrotpect of a rise in Corn Product common J. R. G.

Answer Corn Products Refinina Co. has outstanding $29,818,600 preferred stock which is entitled to 7 cumulative dividends. The company was formed in 1906 ani the full 7 was paid through 1907. Since then the rats has been 59r, so that up to the present approximately 10'i has accrued. To meet the full 1 on the preferred stock would re.

quire $2,087300 snnually. In 1909 ihe balance for divi dends was 1910, 1911, $2,102,600 and in the fiscal year ended February 29, 1912, $2,050,600. This is an annual average for the four years of $2,176,500 or 73. The actual balance for 1912 was equivalent only 6.84 againtt 7.05 in 1911. To clear up the back dividends would reouire almost $3,000,000, and, while the company, according to the last balance cheet, showed a total surplus of $6,615,670, cash made up only $316,000 of this amount, so that it would hardly seem that the company is now in a position to taki care of its back Rumor has it that the full dividend on the preferred will be paid, but it would not seem, on the past earning power, that the company is in a position to do this, unless it atyoys a phenommal increase in profits, either through an economical management or a greater gross business.

As to the common stock, of whkh there is outstand- 1 ing all the $50,000,000 authorised, it i not in line ror a distribution until the preferred dividend requirements are taken care of. Consequently, its prospects in this direction are rather distant. Its market future de pends upon the -developments with respect to the preferred stock, the market trend of the preferred stock, with which it will move in sympathy, and also the big swings of the maiVt Tr an ait ailntiina uncertainties, you have the prospects of a rife in the common stock in the near future. Surely it can only be regarded, under existing conditions, as a Ejaculation for a long pull. HOCK INC.

VALLEY PRODUCTS SUIT. Prolttting Stockholder Seek to Have Lease to Chartier Oil Co. Set Aside. easaeMssssBv Protesting storkholde: of the Hocking Valley Products Co. who have filed suit against the company to tet aside a lease of its oil and gas properties to the Char-tiers Oil claim that the latter is getting a bonansa from its exploitation of the property.

They allege that between 1.500 and 2.000 barrels of oil a day, with a total yearly valuation of about $1,000,000, is the present yield. The complaint charges that the lease to the Chartier Oil Co. was executed through a dummy board of directors ,1... ti v.it... and one-eighth of all the oil taken out.

Attorneys for the defendants decline to say an thinz about the suit, and the directors of the company are also reticent. SHOP EMPLOYES FAVOR STRIKE. Shopmen's I'uUme on Roads Wctt of Mistittippi Vote Sympathetic Strike With Railway Shopmen. Chicago Returns from the referendum vote of nine shopmen's unions on the roads west of the Missiauppi, to call strike in sympathy with the Hsrriman line's shopmen's strike show that all but one union reported a large majority in favor of a strike. Conference of the international officers will be held shortly in St Louis to decide on a plan of action.

Efforts will be made to get conferences with general manager. About 100,000 shop employes on different roads are involved. Middle West Utilities Co. Chicago The Middle West Utilities capitalist tion for the present will be $4,000,000 6 preferred at $6,000,000 common. The management of the properti remains unchanged because the new company is merely a holding concern.

Corporation Tax Receipts. Washington Corporation tax Juns 7, $66320; to date, $59,711,875. til. Mikll Ms I -e rm, --r'rem The New Vik WorlO..