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

I.Vv I i I 1 1 I 3 THE "WAIL STREET JOURSAL i tfaUlah aily. tiMt teas. bow, JONES CO Jaaaph Castas. IteNttn K. A.

Haaslaa. Tnutm. 44 U. Jtew Tk. X.

T. Talaafcaaa: Oaa Braaf vats fafcb ni 4 uton cimcvlatiox thai a WTHBm AXKmCA.1 FIXAICIAI. rCMUCATIOX. aaainlsilian ti: yearly. II Matklr.

cau Altr. Mr althar aoatage aaid In tba United "tataa CAa. Unit. Ftoarte Rtea, CI nam. pmtlppln.

Itlaaea. Rawarkui It! lads cat Cuba. Feralc oata II adlllonaL AcMnn wMl be cAanffej fraquantly aa deatrad. (sat -Ik every caet I St old addraaa alaa ahaald ba lira. Aararttaajaeats: Rate irm ba farnlthad on reqaast by a ar aay respstnalal aJrartlilnj aaancy.

nail matter. 61 8H 104i 128 159Vi 11 OH 115T, 153H 107 161H 59 -a 334 115.0t 80.19 102 im; 9.C2 13.02 1W IS li 2i(nj3 1' la l1! 3S, i lot 1.0 Tke Iralb la lit araaar MARKET DIARY 1912 Jan. 31 Weak. 10,939 $3,118.300 $10887,500 The largest transactions were Price Up Off Sale, Stocks 1911 February 1 Stron. i Silts of stocks January 1.

of bonds $3,744,000 January 1 Sale? Price Up Off 21560. 14700 6i 9700. Smelt'g 2100t 80 lVi 13900. 4 St 1520O 131 7100. North pf 21523 130 1 16200..

Lehigh Val. 33800 179a V4 24700.. Central 9700 114S 1. 71000 US 4'4 183900. 163300 139 1 V4 Pac 17346 120 1 143500.

Pac. 66600 1784 327500.. Steel. 143800 ROT, 9400. 20fiO Average 20 railroads 119.10 Average 12 industrials 85.33 .10 Chicago May wheat Chicago May corn 50 '4 New York May wheat 102'4 Now York May corn 58 New York May 14.93 New York May coffee lO.l.'i Call money renewals Time, 60 (lav to 6 rr.os 3(9 4 Commercial paper I.S710(n'4.STl." Sight Sterling 1.86 10ftfl.86 15 Next Iindon Feihruarv 13, 11, and 15.

Tin' r.nrni.il uinn wli 1 mlml, lotlpal thniiKlil. utiiI anil strotiK 111 wrm wher 'larnTat 1 I (rrop. 11 rl'in- nri'1 artu ill" Utter ilor flnil ilram lip drive htm ivltiinut rrfort from all lli rlo where the of Nat. ire bubble up. Xnrdmi.

HOLLAND'S LETTER. (ConfitiMcrf From First Page.) have, hy reason of the opportunity to attack them and to make combinations agninst them, failed to jmin the THRW: ATTACKS TO COME. As soon an thus attack upon (iovcrnor Wilson has spent its force at least three others are to foilow, not in me -broadside but in ferruence. There are intimations that -ither letters or verbal or something in the writings of (iovcrnor Wilfon can lx easily construed into a sentiment of suspicion or of dwlike respecting the iilleged influence which the Roman Catholics of the States ar? gaining in politics and in Uie administration of puhli; aflfairs. There are at prcrent ni details respecting thi contemplatetl attack upon (lovernor If thi attack be made plentv of time will be given tn fuli effect of it to lie fell upon that portion of the American people which is of the Roman Catholic faith.

Then, when this assault has had it-i day, a second one is be maile. presumably the choice (etwee ri the two remaining ones biing the disclosure of the relations which the late drover Cleveland hHil with (invernor Wihvm when Wilf.m wa pre-iilen; of I'r and Cleveland was a tiuJte. of the Mr. Cleveland always felt that he was in tmc mcae-uie reupjii.ibY for the election of I'rofesr Wilson, as he then was, tho qiresidency of Princeton. Not.

until after Mr. Cleveland and Preisident Wilson were brought into close official relation at Princeton did friction begin. There is no doubt that serious friction characterized their relations as long ins Mr. Cleveland iivcd. Many reports hsv? been in circulation which profess to tell what Mr Cleveland's later estimate of the intellectual and tempera mcntsl character of (iovernor Wilson was.

Probably if the second of these coming attacks is made it will be- based upon authoritative disclosure of syiiething Mr. Cleveland raid or wrote about Die president of Princeton, opinions which, according to report, were not very complimentary. THF. CLEVELAND CONTINGENT. It has been observed that the more intimate of Mr.

Cleveland's political and personal friends in this city and tnis state arv earnestly oppoged to tho nomination of (iov. Wilson. Some of them go so far as to say that they would not vote for him if he were nominated. Presumably an effort will bo made to bring these loyal supporters of Cleveland into active antagonism to the Wilson Presidential nomination propaganda. The third of the attacks is, in Its nature, kept secret.

Hut that three ax-hauIU nf this kind are now in contemplation is said by those wjio should know, nnd especially by some who have recently been In Washington, to be certain. That Col. George Harvey and Thomas Ryan are or were, at least, until recently very warm personal frier: de; is beyond Any question. Those who are familiar with the mMiner in which the relations between Colonel Hrrrey and Mr. Ryan were established any that Colonel lianssy would be an ingrate if he did not maintain oil his life the most cordial friendship for Mr.

Ryan. Colonel Harvey, in the days of the highest activities of William C. Whitney and Thomas K. Ryan, was made a sort of Junior member, at least uf one branch of their great businew family. Mmh of the success of Mr.

Whitney mi Jut to the accuracy with which ho measured young men and judged of their ability to render him faKhful, ven brilliant, service. He was a most generous benefactor. At on time he offered Ellhu Root a regular retain of a year to serve in professional ca- pacltjf the crest inUresU which Mr. Whitney, with Mr. Ryan, was building up.

Mi. Root, however, chose to cept tba offer of President McKinley to become Secretary of War, 1 i i READING FIRST PREFERRED 1- SHARE A SEGREGATION PLAJi? LISTING STATEMENT SATS TT CAN EQUALLY IX PRO RATA DISTRIBU-T10N OF ASSETS. rrgtien CtUd RtiMfy Call Part! XW- rriavtfian Sa, Crri Sec-Mid Preferred, Wkiek 5. at 0. a U)U Skirt Would Itmat Up Av Pialn'oMtiaM, is L'ttitlcfy.

credence riven such talk. a nova, it is believed, inspiration largely from tse status oi nsiumorc Readinir'a sesurities. I ir.o i.aKe o.iore oi reprcfents XS's'i tne JiU.uou.uuu 01 tnis lsiue Qf inir. In rase of a "melon, therefore, assuming tnat oniy the common stock participates, the Baltimore i Ohio and 1 Lake Shore together could only share to the extent of 1 r. under present conditions.

With half of their 530,000 second preferred converted into common, how- i ever, their holdings of common would be increased to $31,270,000 or 37.6'r of the $91,000,000 common that would i then be outstanding, would hold water were ii not for the existing uncer tainty regarding just whnt securities would participate. Whether or not Reading can carry through this conver- sion and then segregate without permitting the first pre- ferred stock to come in, there is a wide difference of opinion. The chief contra-arguincnt seems to be that the mar- ket price of the first preferred fails to indicate any such right. On the other hand, tho contentions are, first, that the Ihigh Valley's prefened shored in that company's division, although at the same time it is admitted that the amount of I-ehigh Valley' preferred outstanding was negligible; and second, th.it, through conversion, one-huif the second preferred would share and in consequence, a bona fide charge of improper preference might be made that is, improper preference according to the general understanding of the status of first and second preferred stockholders. To quote from the Reading listing statement to the New York Stock Exchange dated November 22, 1904: "The preferred and common stocks (Reading Co.) hnve equal voting power and ir liquidation or dissolution of the corporation will share equally in pro rata distribution of assets." There is just the semblance of a suggestion here that the first preferred, and the second preferred also for that matter, can participate, since any segregation, by tho method employed by 1ehigh Valley and Lackawanna, for instance, could reasonably be called a partial distribution of aRset.

Another provision in the listing statement reads: "Reading Co. has the right at any time to redeem either or both classes of its preferred stock, at par in cash, if such redemption shall then be allowed by law" The opinion is held hy many that the Reading management in this provision has a "way out" and that nothing could be easier than to convert the second preferred into common and first preferred and then redeem tho of the latter class of stock that would then bo out. at par in cash. It is doubtful if the claim of improper preference could be circumvented by this course. Then besides, such a precedure would lead to no petty financial problems.

i An addition of $19,000,000 or $50,000,000 to Reading's debt is not to be thought lightly of. Already the is loaded up with $74,400,000 deb: which is not Paying its board, as far as can be learned from the regulir annual document. Truly, Reading's segregation holds forth an abundance of speculative uncertainty. LA I'd II LIN STEEL (M). Entire Open Hearth Capacity at Aliqmppa to he in Operation by End of the Week.

Hy the end of the week the Jones 4 Laughlin Steel Co. will have Its entire open hearth capacity at the Ali-quippa plant in operation. This consists of four 250-ton Talbot basic furnaces, with a total capacity of 1.000 tons of steel per day. The output of these furnaces will be Chicago Atrpx, i ZWW TtlU amu SUTMS Aaaou $1SMS ta 4J9 i -Si lawi er $UJU9. SHIRE nport of th CUcf AJtoa Riro4 Caw.

tot I a okktib at Utccooa aid at aWaW IMN DNHMT i 81, 1911, anttiat at follows: 1911 19 JW 4A. nfaiii 1,023 69 Tai. Saaarrt. rut rk. ririaate Saf-J P- $16,057 1.089.575 Cnmnt circulation of the tlmo honorad And hAck- 1 -A.

L. 1 nejad pi4ictton tlat KaidinCi aeon4 preiarroo wa T()tj will be roevcrtad, ore half Into tommon nd on nlf (Entarad at tba New York Poit OBca at ttcoad-ciasi into Hnt preferred, is regarded with more thin the uxaal Eilk Uul 973,972 Dm. Bt, iOlW OtkteeoiM, dabR 54A74 Total inc. 11735 I moat Exp. Ux.

5,973,528 6 moa rtt 1,90204 ict. 400.230 U017 converted into sheet bars at the Allquippa ulant, rcliev- the company was sel! ing the congestion at the Pittsburgh plant of the Jones too dear, and said the 281,744 68,788 192,953 $7,79510 1,910,797 458.SS0 1,157,437 M2.7S77 22668 48)78 178,789 $7,199,954 433)18 331,461 1908 998 tl.078.41S TS1S42 84671 S09.76U 869.58 231.906 2,478,621 TO TETITIOX C03I. COSIMISSIOX. would undoubUdly presede any senreiration of ReadinK's Silie SlaU Ra'Unatt CommUtioner, Will Ptrtmuion to coal propert'ea, and feeling in banking circle tSt aejrre- ArffM9 A9aim Stw Rate Ooas-TJcoeioH. pUSon is practically imir.iner.t rnna high.

i Those advocates of the conversion idea derive tieir Chicago The nine belligerent ittate railroad commis- lionera will present their petition for permission to argue Laughlin Co. The rod mill will continue to operate bil-1 t'n because "it is the greutest promoter of comiictition lets rolled at the South Side mill. The Jones Laughlin there is." He remarked: "The smallest man who makes Co. is doing a fair export trade in tin plate and a small 50 or 100 pairs of shoes day has just us great advan-tonnage of wire and nails is also being shipped abroad, a tages as the man who makes 20.000 pairs of shoes a day." large part of the total going to South America. I have analyzed the arguments which Mr.

Brandeis presented with much force in 1906. because they apply iiisHorui i wirir kpii aimi it itkiv with foroc to tht Tte rxi --y of 31 1NSOI 1(1 I At 11 Khll AtsILITAI lOX. th(J companv ha, nol changed. Only one thing has changed since 1906 to exphin his change of mind. He has been Preside' Bosh Busy Getting the Main Line and Branches by the Western Alliance nf show manufacturers, hi Condition.

orgnniied at the instigation of large manufacturers in St. An operating vice-president of a large western i ommcnting upon improved conditions on the Pacific said that President Bush, to all appearances. is not only paying strict attention to getting his main lines in standard shape, hut is nlso giving much attention to brunch line mileage. "Two years ago," he said, "I had occasion to go over a branch of the Iron Mountain. The line was impassable.

Trains could not run over four miles an hour, if at all, a part oi the time. I-ast month my business took mc over the same line, and I say there is not a better stretch nf dirt ballast line in tho West A speed of forty miles an hour 'can be comfortably If this is a fair sample of what President Bush is doing over the entire lystem, it is bound, sooner or later, to cause some of us managers of competing lines a few sleepless nights." Corporation Tux Receipt. Washington Corporation tax receipts Jan. 31, to date, $56,822,601. ings war in preparation and Mr.

McClure was to named as reseivor. On the very day th first draft of theie papeis was completed th leading rprnUtives of Harper A Bros, war tskina luncheon at the Down Town Club on Pine street. At a nearby table Colon! Harvey aat, and after he recognlud the Harpers wnt over to their table and had a chat with them. They afterward reported that Clonl Harvey said to thim that thlr bouse could be -nmm awuv luia noir taav jir. nitnev and t.

Mr. Ryan took Colonel Hsrvey into their business family Ta Te i ship was unnecessary; whereupon ha wa asked if he would rvlations the 1st Col. DaOitl S. Lamont, just after Col. Lamont retired from his service as secretary of President Cleveland, in 1889.

TUB IIARrta' KMaAJUUAHMtlNT. A fiw years later the publishing hour of Harper A was found to be rlnsncisl embsrtasraint. Th thief creditor Of the house was J. P. Mogn.

The debt laige lon ch Mugan hod mad undeitak the work of saving thi bous and putting it upon its ft. He replied that ha would, and th naxt dsy Mr. McCluro was notified that different arrangement hid been mad and that a young, active, energetic man, thoroughly trained in bulnti, had tkn charge of Harper A Bror Colonal Harvy. That is th history of Colonel Harvey's connection wilh this bout and of his control of Harpat'i Wkly. Nritlier Mr.

Morgan nor Mr. Ryan had In any way influ publishing vuse. Wilh t' con'-ht nf Mr. Morgan, as th choic of Colon! llamy tfi thta post, although the chief erocitar. ILrnpar A Br.s.

i-ikad H. McClui. is the largest rdlU)r of Harper Broa. It wa ntcawary then proprietor of In undeilake to Mc Morgan If ha had any objKtion to tho amploy bring the property bs.k up a round Anmclal footing. nint of Colonal Hrvy In this relation.

From this his-Mr. McClui was elect id of the corporation, Uie iiy it will ba an that tha autpicion that Wall Street int tepie-entstires cf tj llaiveis nrving as ductors. A (Uencis, aklhr the Identified by Mr. Ryan or by Mr, tharcugh on -Mttrled Mr. McCluie that th orga" riamt, control th Harper publication without hour was He ieor.i t.vi Moiusn's edUont to that th Inferanc In this city la that althir rounxi ana Pi' orcrnea inn a itivc was mevi- f(ii malicioue ar lorn iiiinivrro-a persvn ariTyuiiy mis Ubi.

Tba Irja: in GoTcrnor -wawnHoHAND. i (- Louis, who, after trying unsucces'iuliy to lorco spec.ui rates'from the United Co. to th. disadvantage of nnull manufacturers, are now attacking the company through various Mr. Brandeis did not dispose of hi holdings of I'nited Shoe Machinery Co.

stock until after he had been retained by tho Shoo Manufacturers' Alliance and ufter his clients hud taken measures to bring about the prosecution of tho company, the announcement or winch wou.il Ie likely to lower the value of his PEPPF.H VXD SALT. I ii I AT THK ALTO MIOW. groear thirty i.one, Ilie in)- KroHhi. I owe plumber iu-l Hirer I Dip'. I owe a fuo.l-alst'il hill nan ho ttllril f.o tlinMloR- III) my tmi I.

Im' (oliiR to the into lio' tlie niodorn type Mr coal, hut l.l.'ss Iov lite ami lilees tiouio an.l bit 1 call my own. but Mill It all the facts were known. I I owe (ar mora tliaii 1 have pulil upon that little rtaelllna, i But ani not the man who frvta about such trifling thinga aa dabta Pin on my way to-nlnht to see the sutoa they ar i The nUiatean-twalve crcntluna I can Ro on If I cannot buy. And I can train tuvaelf to tell oxnetly which la which: My wlf an.l I w-ntght wtn go tusatlior to the auto shaw And sue shall see tne car in buy tor par ir I war rich. This sort nf spending; sulta as beat: th seal That man of rouney only know, until anrdld.

It lias the flavor SLIGHT LULL IX STEEL MARKET 4 BUT PRODUCERS ARE OPTLMISTIC! CORPOSATIOX OPEKATTNG EA'ERT AVAILABLE! and their Uvea row We'll pick and ehooaa Hie hlgh-prleed stun, (or nothing alae la good anough. An( alt alia 1 1 know sha'd have the baa It It coultl la afforja.1. Detroit rt Presa. lXII.OniNll THH C'ATACOVBS. "Tou heard that story about the poet tlmt ant horn too late, rtliln yonr "No: what about himr "Bard uut." 'hlcat5o Tribune.

I thh Karl u. Kvtr notloa hoar mueh mora IntaraatliiK thlnaa ar that 70U ilon't ondatstsnd? Kanaaa City atar, wiauoM -noM tiic aat. Tom liav muacle, he bAa wraith: Mpvntlliig Iheaa (or win anil braad He iralna lllnoaa, ou train health. hlcb an blither oea to bitT mJm -'hlna frovtrb. A (att youna man iton'l get varr (ar anleaa his fathvr 11 wUlliil te Py his rttnnlna aaaania).

IVosAagelaa Kkprta. OPES HEAITH FUSXACE 80 OF BLAST Ft'EXACE CAPACITT. 0flUi Bujf Op Hawrii SfeefBaieti Opn Afar1 cWpawy! rstmacet Alls JtWam EnovgltDittributiom a PmKjyvaitta Red Onfcr Carnia Steel Co. Kttivid HtU Cut Bridge SaWiffs Firm Pittsburgh ExpecU Revival i The Unites States Steel Corporation ha put into blast two additional blast furnaces, one at Braddock and on at Gry, making a total of ten in operation at the' former place and eight at the The blast furnace capacity of the corporation is now operating at about 80 per cent of capacity. The open-hearth capacity of the corporation is oneratine in fulL In fact, the cornora-' lion last week bought 10,600 tons of open-hearth billets in the open market on account I the Inability of the company furnaces to supply open-hearth steel in sufficient quantities to keep the finishing mills operating at qunnuwea to neep tne nnisnmg muis operating at noiumus rew rate ctan.ifl.tinn on, I dirwtlv to Theie two road are the rhW owners of Reading stocks.

tntewtato Commerce Commission at Washington. Ex- yesird PMty. The Carnegie Steel Co. will furnish men iiumn.s cviiruu.cu grown will make his recommendations to the Com- lor lwo new tne a. merce Commiuion not later than February 10.

when the Steamship Co. recently contracted for. H. ir I). IlKe Shore lOtal i .1 ThA rprnntlv -pahnrtsl roll nrAar nf R7.1 17 i mi- nun mmisw win an inc case, ne toia itate expert uee I Common $10,002,300 oklahomsi State Rllrn rmml.ln that, hornn of Railroad aggregating 150,000 tons, has been divided 11.33791 Second 14,26,000 1426...000 2n.380.0M htw MpptTu, wnt4.ntion a(minrt chn)te in ine w.wu,u.iu common wm in- iwo classification of binder twlr.e ami silos, makine a saving to 100v, to shippers.

COM: ISLAM) FAKE AGREEMENT. B. R. T. tn Charge Five Coifs Between Certain flour h'rom December 15 to May 15.

At a hearing before the Public Service Commission This is a perfectly gord argument and iU reasoning prosecution againat the Brooklyn Rapid Transit Co. with reference to live-cent fare to Coney Island was discontinued on the agreement of the company to grant a five-cent fare between Coney Islund and New York city between the hours of 6 and 9 a. m. and from New York to Coney Island betwean 4 and 7 p. m.

These fares are to be operative between December 15 and May 15. THE RECORD OF LOV1S 1). BRANOEIS, When and Why Mr. Branded Sold Hi Cnited Shoe Machinery Share. Boston The reply of President Sidney W.

Winslow. of th? United Shoe Machinery to the assertions made by Ixniis D. Rrandek agaiiift the I'nited Ce. at the hearing in Washington before the Committee on Interstate Commerce contains ome very interesting stat3ments. In his thirteen-page typewritten letter to Chairman Clapp, of the committee.

Winslow states that Mr. Brandeis in his rjcent statements in regard to the United Co. contradicted his own assertions an to similar conditions six years ago as evidenced in the record of his remarks on April 19. 1906, before a legislative committee ut State House on bill to rjgulate the sale and leaning of machinery; also in correspondence with Erving Winslow in October, 190C. Mr.

Winslow in his letter -ays in part: 1iuis I). Brandeis was a director of the I'nited Shoe Machinery Co. from its mgunixation in February, 1H99, until his reiignation in December. 1906. nearly eight of the twelve years of the company's existence.

Prior to ius formation he had been a director in one of its constituent companies and took an active part in bringing about the consolidation. Up till ths day of his resignation, and his acceptance of employment by ents who have interests hos-tilo to ours, he never any intimution that in his opinion there was any legal tr morn! wrong either in the organization of the company or in its methods of doing buiines. On April 19, 1906. as a director of the United Shoe Machinery Mr. Brands! declared his belief before legislative committee at State House that bill prohibit ing company's methods of teasing machinery would be un- constitutional if pasted; belief in which he was eustained by Hon.

Kichard Olney. In his present role of an expounder of public morala. he seeks to hold this company up In public contumely because it opposed a law he had himself denounced publicly as unconstitutional. Six years ago Mr. Btaiideis argued that the tying clauses of the leases, which he now attacks, were necessary to enable the company to du a large volume of business at a low price, and their removal would necessarily result in the ruin of the small shoe manufacturer.

At that he called attention to the fact that "no shoe manufacturer has appeared in favor of this bill. oniy people here in favur uf it urc shoe machinery manufacturers or would-be shoe manufacturers and inventors." and he declared that nobody cWs could be benefited except thj competing machinery companies, with one of which Henry H. Rogers, nf the Standard Oil syitem, is said to lie connected. He then declared thst nobody could posibly say that ing things too dear or leasing things ompnny was entitled to conimenda- EVA I) A CONSOLIDATED. (Venerif Balance Sheet ns of Vc.

XI. Shntc Profit oi Copper Co. us of December 31, 1911, compares with those of 30, 1910, S-ptember 30, 1909, and September 30, 1908. as follows: 1911 Prop ace; Devcl eqp 7K9.794 Invest ncct. Trim cap st I)ef charges Mat on lid.

Accts eollec Ores in pro Cash Total Cap stock Mort bonds Def liahiiit trust stock Metal re Surp acct Unpd treat metals Accts pay Undiv prof Total lhnt list" (' 2.117,301 215,111 320.017 2.515.8HS 153.21H 21.858.924 9.070.361 361,792 600,520 1 ,828.782 21.858,024 ASHKTS. ltnu $5.17:1,890 760,361. lll.iMIII.OUO 1.5O0 U7Utll2 27 1 1. 91 1 2.929.909 219,177 21.898.50". 51,198 8.360.486 520.118 171.073 2.357.002 21,8118.503 $1,917,091 5.270.OO0 3.041.500 100.503 376.63:; 256.1 IU .041.622 430.000 I I TI KH OF COPPER.

Trader Thmk, 1H08 $1,181,208 1.818,500 793,910 U.4U4.039 l.IAHU.ITItS. S9.99li.970 S9.977.735 JX.OOO.OOO 500 2.781.5(10 2.991,000' 3,073.179 3,122,711 414.430 257,784 ,041.622 178,152 109,176 14,404.1139 STATISTICIAN OK ACCOI XTAXT. Cmirf Expected to Define Form and Detail vf Kruort Are Required to Make. "Sooner or later." say "tin re will have an authority on railway ar- the courts whether the statistician or the accountant is to determine the form umi details of report which the railiouds arc required by lw t. make to the public authorities.

H.therto it is the statistician who has served us html court of uppeuls in planning and applying ha forms tti business practice But the trouble with the -mistical attitude is thai it is primarily interested records as such, rather thin' in results. "The accountant, on tin other hand, is interested in the outcome rather than in the question or formal record, with secondary regard for its bearing upon financial cm dition. Probably tho case which the Kansas City Soutn-ern has liefure tile court now will bring out thi issue. If it should not. some other esse will.

Time will disclose the greater desirability of taking the accountant's view (if things, because it is tnarer in accord with business conditions Ha Seen a White Vttol II ho-1, II Will be a Big Substitute. "Apvw.i. they'll have a saUstitule foi copper in tnc next few yea's." said disgusted trader who was lung of the metal when he should have been short und short when he should have been long. "With metallurgy auvuncinr the next five years as rapidly as it has done in the last live it sliinus to ix'iimhi something will lie found thai will' cost less iiiul do quite if not wholly as Only the other day I saw ii wonderful sort of white metal, not aluminum. forgut its name, but copper was the ba.if.

and it --say. whnt 'look of the copper market, anyway?" Travelers' Leiters of Credit" Payable throughout th Werli -Foreign Cheques and BI11 of Exchange VABLE TRANSFERS Collectioai mad tn all Countries Tbc Farmers' Loan Trnst Co. 16-2 millam Street 473 Fifth Avenue LOJDOX 1 Caakaamr St. a. W.

OU awaai ltrrH E. C. PARIS 41 Baalavara Haaaaaaaaa ANSWERS TO INQUIRERS. "ISTSLCIOEST ISQOI1T is rsra rvauc't easit trtctiai." UI.OHIUO aoi THKRS. UVII .1 as Steel Corporation, 66,000 tons; Pennsylvania1 ih, 1 c.

nnn-. 1 i en i nnJi 'or coafmvcd deehne in the grots earnings of the Colo- Steel 38,000 tons; Lackawanna Steel Co 12,000 tons; radf) Cambria Steel Co. 82,000. and the Bethlehem Steel it u. 1.000 The corporation is receivmg order.

excess of, freight fnm Qf i Jlons as' fjw snipping engnty Mian tonna(fe bjtuminou8 offers the proportion. mu.u uruers on me doors at present tousi more man shipments of these classes of commodities have been verv at any time during the past two years. The Carnegie Jight t0 the current fiscal year and this is given b'v Steel Co. will roll 40,000 tons of structural steel for the interests of the company as the principal reason for the latest contracts awarded to McClintic-Marshall Co. for the continued falling off in gross earnings.

Also lumber, which approaches to te new Hell Gate bridge. -ives the road some tonnage, has been offered in very small Little tonnage is being placed or has been placed with Quantities. Recently the Colorado A Southern leaded ie either the corporation or Independent mills fo, the second (Colorado Springs A Cripple Creek District Railway and quarter ds ivery. It is expected that deliveries made after last November the earning, of that road which total March bring a higher price probably $1 a ton, than; $50,000 a month, have been excluded from the earn-those for the first quarter Plate, and structural are be- ings of the Colorado Southern. Before that time thev ing quoted at to $1.20 and bars $1.15, all Pittsburgh were included in the monthly statements as part of the basis All prise.

i for stee products are firni. Tn. Texas of tJw A steel authority returned from Pdtsburgh dwtrict the slackening in business in that territory. i sunesutiy inorninK. ana suys inui uie leeung among steel 'manufacturers in that section could not 1 better.

He wissoi ri i-ikic. says also that producers expect an unprecedented volume 1831 Will you kindly give me your of Mm- of orders to start about the first week in March, as stocks raafir? When do von think it will be inf oh a divi. of iron and utesl are very low and have been low for dend-pajfing basis, if ever Do you think It a good Hock to eighteen months, consequently when return of business comes bringing new and increased prices consumers will be obliged to Toplete their diminished supplies. buy now, at the price quoted, for an iiwettmei.t? H. C.

II. Answer Missouri Pacific, unless the policies and plans the present management are reversed, has a promising future. As has been frequently pointed out in these columns, the company is one of the oldest in its field, has the pick of territory and terminal facilities and has only needed I'udii idrd the right kind f.f management to make it one of the great railroad properties of the It now appears to have this kind of management. This is indicated bv the remaik- Thi rrunanil th VbvuiIu Ctinsotiilated able change that has been wrought since May. We understand frnm those who have but recently made an in spection cf the property that the new management has pe.rformed'Wondcrs in rebuilding and rehabilitating the line and equipment and that at present the sytem's lines, and particuatly those of the Iron Mountain, have been brought up to an excellent physical condition.

The company's increase in groi- revenues and large reduction in operating costs show the extent to which this improvement has 99 1 000 hrought result-. There however, r.o immediate prospects of dividends. These may come in three or four 120,687 ye, hut the management is not going tr hurry this while 1 2.834 necd? money for improvements and Traffic and business conditions in the rext few years will of course determine tnis question. At present prices the slock is a fair speculation for a 1 ng pull I'NITED ('Mi AK A I' IlEKS. fieiorf for tlir Year Shout Sttrpin of pariup With $5,000 in 110.

1 1. 3hrm ii wp- (. vni- The United Citfar Manufacturers Co. icports for the fiscal year ended Hecemlicr 31. 1911.

mpaied as allows mil Cross earn $2,089,352 Sell admin exp 996.958 Earn fr op 1.092.391 Misc profits int 170,751 Total inc. 1,263.143 Ieductionf I- 'h ntirt nf.lnt on loans i denos Pfd divs Com divs Tot deduct Sur for year S3.718 350.000 675,1100 154,427 After deducting 7 uiua'. to 5.52'. on 1910 1909 lthis $2,332,318 2.103.:;:i. 1.1 06,809 1,165.509 168.581 1.334.090 78.588 350.000 5100,000 1.32.5is.h 5,502 1.217,054 1.603.323 179,441 1.782.764 75,207 350.OGO 1.175.267 007,197 I cn preferred ,000.

IHHI common the l.oyl.lK 1.311 9S7 128,230 1.440.21 baianc i- cjiiipuri 6.04'. on same stork previous via: ST. JOE tiltAXD IS1.WD. ciii'i Stockholdt i Hr'tiy Suit 'o Enjoin From ofiVo Majority I'anfie Lincoln, Neb. Papers have been Sled tne Kedeinl Court, in the suit of the mirority of the St Joe 4 (jrand Island Raiload aguinst the Union I'acitic.

to enjoin the latter road from voting its holdings of nu-iontv stock of the St. Joe, nnd prevent it from spending ny further moneys of the controlled road. Arguments on the motion will be heard, Mondav, be fore Judges T. C. ami W.

II. Munger. Maxwell Evan-and N. 11. IsKim will appear for the Union Pacific.

Wil hum I'. Outline nd Robert A. Brown will appear for the St. Joe, and Samuel CnUrmyer will appear for the St. Joe minority stockholders' proUn-tive coliouittee, claim-to reiirrsent 16.000 of the company's stock.

Municipal 0Mi-utloii of Sula). Albn Senator Eugene M. Travis. Republican, of h.ngs county, mtrisluccd a bill Wednesday providing for a special elect on New York city on Aprl 2. to vuU' on the proposition ir the muniripal operation of subways.

I una jtiHt thlnklnjr. grHiuliuii, I would Uk tlu wlioh crock If oii itk mc lo! -l-'toiu Hi- i bi i lan Plain I'aaiar. I I- -a..