The Wall Street Journal from New York, New York on August 1, 1914 · Page 5
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The Wall Street Journal from New York, New York · Page 5

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Saturday, August 1, 1914
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aw , w'l oay. asanas a) w' "'l n h 1 : i t f 1 I I I. Second Section. Second 'Sedon. : : JDUM! f -t t-':. .'" V . A vr, i: NEW. YORK, SATURDAY MORNING, AUGUST 1, 1914,: PAGE FIVE . I JX.yi .:-iSJ :.sU J.01.JLIO . if- UNITED FfcUIT COMPANY Five Per Cent Coupon Gold Notes " ' ti. May lt, j;';S'Prlce'to yield about .S0 '. Lee, (i::::isc:i & Co . -- :': 48 Escuaage Place , - . ':utm?.-? NEWAYORK: '.Cbktf' HICCIRSON CO.t LONDON a Down , ' A good method of ensuring a purchase of 1 00 shares at about low - price' you desire is to put In orders lor 25-sharc lots on a scale down v : Sena for Booklet N. - "Odd hoi Trading. JpKnMuir&fa SpeoalktsIn; Odd Lots ' InWn New Ysrk Stank Bntun jaunt orriCB 74 oadwat,k.y. ; - BRANCHES: 424 flt. ft B'wuy lAng&cr BulWin, N. T. . 12nth St. & 7th A v. Hotel Therein, N. T. , Net I State Bank BulMlns Newark, N. J. ''V,':'.i' -if 1 ..... . . . .. CORPORATE FINANC3.VG DURING MONTH OF JULY ' AMOUNTED TO 193,000,000'; .;. ; : Lwtl Amttmt for Any Itaitjk SUmm Xmrwt, IH-pSvw f ArtW Ital $lSfl00,000 BtMU Oli'vai fstl,- ooo.ooo'ltm Tim ,i W-Wrly HoV'-"'. ' ' . Tf Befmnimj ',..: o. . '.V'-' . During July only $93,000,000 of fliuuiciiif u done by tin rsihvadt, public utility sad industrial conpaniw cf thb country nd approximately half of Ail ti for refunding. TbJi ii tbo ButHett omotrot of oorpormto financing that baa beat dono In any month stact Aovat, 1913. It U 32130,000 behind tfca amount for July last yw, bat 84 600,000 abort tba total for tha correfpondinf Donta of 1912. In Angurt last year only 140,000,009 of corporato Dnaneiiiff wu coBSomatai . : (,M.;.,:-J-.i ' During too first seven months of tha current year 1 (088,000,000 of srporata finaadng tas besn arrssgad. This 1s fl63,O00,OOO less Osn dona in tha sama period of last year and 3321,000,000 below 1912. Financing so jar this year compares 'by months with the pact two years as follows: . . , , -(.''- - '1914 1918 1912 January ........ :.$103K)0,OOO $85500,000 3217,60000 17600)00 18800,000 220,000,000 827J00J00 21lK)0,0(V) 68,500,000 168,000,000 196,000,000 160,00000 i 160,000,000 25400,000 118V500,000 17800,000 15700,000 12tJSO0,K& 144,000,000 WfiWflW 124,500,000 GOODBODY & V CMBEBS SfBW TOSUC STOCK S2X CHANGE. Securttlea Boosht ana SoM on ConmlulOB.- Coupons Caahed : ' and Dtvldanda CoUeotea. Orders Executes ea tha V . LONDON AND DUBLIN STOCK . JEXCSANOKE 0 BROADWAY. MEW YORK TeU 8239.6 Rector February March April May June July Total .v. ..... . . 1.083,000.000 1400.000 UOUMjm 1 Ftnandsg dona during July was more evenly divided between bonds, notes and stocks than in any previous month of the year. The gain In amount of notes, however, was due t the iasuanos of $22,000,000 receivers' certin cates, which are placed ia this classification. Stock financ ing was proportionately greater than in any .previoos month this year, but about in the same proportion as in the previous two years. , Division of the financing for the psst two months and for the first seven months of the year as to the form of security used was as follows: " Julv June Seven Mos. Bonds .............341,600,000 $67,000,000 $560,000,000 Notes .. 29,000,000 '. 88,000.000 402,000,000 Stock 22.600.0OO, 1,600,000 121,000,000 Railroad financing made up over half the total for the month of July, a larger percentage than in the previous month, but about the isms proportion a in the .seven months of the year. Division of financing among the different classes of companies for July and in the first seven months has been as follows: Railroads: , Bonds otes Tele Teeaa 1S3T Pm MaiWMtte rrlig 4a. SStf rMda. ttl 4Ke,lSS2 K Y Railway. iM as, IMS heta eckeat 4 imw rae Hral Hatate 8a, SSSS WOLFF & STANLEY STANDARD wiLLinrr UBookeye T..1i. SC Indiana Pipe X 23 B. O. of Ky. 60 Union Tank U 7 r VTLl, OLL Kurtka PIpeL, , I SS New T'k Trans T nr. KiMh.m V. Il I 8. a of Emuu I LITTLE INFORMATION IN 6 ; ttAFLIN ANNUAL REPORTS STOCKHOLDEBS HAD NO INSIGHT INTO THE OR. GANIZATION OS f INANCINO OF TOE.,' ' HSi PARENT OOMPANYvi .v '& Then Operutioiu Were CendWited 6y Jthn Clolin Under Vwm e VnUei MtreantiU CmpaiM, lmi H. B. ' ; . Claflin Co. DiuxmnUd KoUCompoift r ' ' : - , ''jf' Report , Mode So Mention of " r;. riUss Conoiiiwirt HoMtfiee ''': i AAcomparlsoB ,of the last balance sheet rut out by the H, 8. Claflin Co, and the one recently Issued by the receivers of that company furnishes a rather remarkable illustration of what one does not learn about a company by examining its annual reports.' : :' , .'; v: - ; ; Th Ulance sheet of the H. B. Caflin Co. as ot Dec 31 last shewed total, assets of $15,716,715, whereas the balance sheet' of the receivers place total assets at 355,- 59S24. The explanation of this is simple enough. The company's balance sheet included none of the investments in controlled companies which were recorded only in the books of John Claflja under the name of the United Mercantile Companies.: On the liabilities aide of the com- SOUTHWEST UNEASY OVER , ; U THE PROLONGED DRY WEATHER RECORD LOW PRICES FOR ; MNY STOCKS ON TpiiRSMY' DEPRECIATION . tN MARKET VALUE : FROM . 1914 a HIGH PRICES OF 100 STOCKS TOTALS ::r:?--- v v about $1,400,000,000'- ' Lory ; Sumber of Promintnt Xuttread Sfeartttes, ew raetreoVty'i fireeis, Soli Under tki Lorn Mies So- V- ;. i. toriei In tk Ptmet of, 1907 tmi Mi '. - K Oavrent of From Ton -''"V "' r l to Sixty Petals The governors of the New York Stock Eachange an nounced yesterday morning that the Exchange would hot' open. Tnls snnouneementl was Immediately followed oy sm- Fsnya balance sheet the only currant aoeouf shown were 84,50lJW7 open accounts of the B7n.a- Co. No mention wu made of thecontingent liability 'of $3U6609 in discounted notes nsvable of controlled com panies. VV;V,y"V;,.v"v;;;yA The accountants who prepared the receivers balance sheet make the following comment in regard to contingent liabilities and the security behind them: ."We have included in this balancs sheet the liability represented by indorsements of paper of the controlled companies and have set forth oa the other side the investments in those and other companies recorded in the books of John Claflin kept by him under the name of the United Mercantile Companies without determining any question of ownership as between Mr.. Claflin and the H. B. Claflin Co, but assuming for the purpose of this resort that the investments in ouestion have been turned over to the H. B. Claflin Co." - ,.' Wftat Had become thbVmore unnortant end of the of the H. B.C)afh4 Co. the ornnitation and July Seven Mos. $25,000,000 $281,000,000 24,000,000 264,600,000 49,000,000 11,000,000 3,500,000 13,500,000 28,000.000 4,500,000 2,000,000 9,600,000 167)00,000 19,500,000 565,000,000 151,500,000 96,000,000 40,000,000 287,500,000 124,600,000 48,000,000 63,000,000 230,500,000 CARLHPFORZHElMERSiOO, rtaaw 4tu-l-l-S- Bra. 3i ara4 at., H. t. TIME-TESTED BONDS for Investment MJcwYork Utel - We aaieMMee Sa 4S I PBblto Serrtea OmW9 A. Q. Biclonore ft Company '.a B. a js-b au'a, ie-n r caattv. atee, eaee, sie an ruta a ssjT.rsa.ii Bear Taafe Notloe ta baraby siven that the City of Fort Ban ton. Montana. wlU Mil a public auctloa to the hlcheat Wdcler. 17- tn that amount of Seventeen Thousand DoUare I S17.OO0.0U0. for the purpose of ooiMtmctlnc. purohaalns or . abteinlna- an electric ught plant for the city. Bale wtll take i.Uce in the City Hall of said lty at o'clock p. m. on ' . ml nt Z - a liaanlaa in eaiesi TrtW VrjrmntV VataVIaa. V dsemlble after twelve years at the option of the city and ?hy will but interest at tha rate of five and one-OaU per cent ? annum. Inter. waWej-annuaJh. TK Tlir aiiUUII. iraJBSHV - hsw wS(T - - - .-' a kl. .i,ui fi. K I lulu nannia ID UH tunton. must aooomnany ch and every bt3. to lairurs aooa faith . JOHN F. MUHJ-MT. city uai-K. , iaun. . . . .. .. , JTort Banton. Montana. Stock ............ Total Public utilities Bonds JUotes Stock Total .. Industrials: Bonds Notes Stock .. Total Approximately half of the financing dene during July was for refondinr of maturinx aecuritiaa. This is a higher percentage usa in the former months of the year wnen taken as a whole. The following table shows the -amount of capital that has been raised during each of the past seven months for new work and for refunding: J New Capital Refunding January $58,000,000 February l484o,ooo March .......120,000,000 April ,...180,000,000 May 118J00.O0O June AV. 76w,wuu Total Below is given details of th- July as compiled by Dow, Jones Company: ' Security Northern Pacific Bonds fWabash receert. .'. .........Notes Pacifle Gas Electric Stock Chicago Elevated Bonds Chic Je Eastern HI. ret cert. Notes Northern Elertrie Co ..Bonds American Power & Light... Notes Bigelow Carpet Co. ........ Stock Temple Coal Co.. Bonds Temple Coal Co.. ....... ....Stock Lehigh New England Bonds Twin City Rspid Transit.,.. Stock Columbus (Ga.) Electric... Notes Quincy Market Realty Co.... Bonds Wifc-Minn. Light ft Power.. Stock Buffalo, Rochester ft Pitts. .Bonds Miscellaneous Total it AAA AAA ' .000.000 Torate sT: Rate 4 PRESIDENT TAKES STEPS TO PROTECT THE COUNTRY EforU to Suek Organioatiin of tit Federal Retervo Boari McAdoo Soys AloWcA-VrIoti4 ilet ul 6e - . . Retorted tq if Nemeaty Waahiiigtoiv-Presiaent Wusob haa taken atrong step, to protect the United States ajatnat tha tremendous financial and commercial pressure caused by the European I :'i . war. He practically has made up feU rmnd to send one Fi-; and possibly two nominations for . the , Federal Board to the senate before the doss of theday no that the bosH can be organised within the next few days. ? He d id Secretary of the Treasury MeAdoe to take all I v posskiXeteps to insure the financial tabily of ttf . Na-f tion andihe approved the closing of the NewTork Stock fl- It hasJbeen urged on the chief executive that ie fe" i i.avr sold exnort inoveinent of the pant few days could I ' ihave been stopped if the Federal Reserve Board had been 'S . 'organised and he is determined to force we onrannsatMB v Vf this beard on the Senate at once. , J fWmtarr of the Treasury McAdoo ssid: We are , - keeping in close touch with the situation.. The Treasury Department will fcelp as far as it legitimately snay la " New York or In any ether part of the country where it iiefiomeeaDnarent that sesistance is needed. 'Tb, Aldrkh-Vreeland Act, as amended by the Fed eral Reserve Art, is still in force, and the terms upon . which currency may be issued under that act are now so favorable that resort may ue maas ouKKiy and eneeuveiy to it to ineet any emergency. ' v - . . , , ; - It must he remembered ?st there is in the Treasury, printed and ready for issue, $500,000,000 of currency which the banks can get upon application under that law. Thiris in addition to the resources of the treasury. ; 1 "In view of the closing of the foreign atqck exchanges, the action of theJew York Stock Exchange, of which I ; ' have lust learned,. in closing temporarily, is a reasonable I measure of prosjetion to Aimerteas. mterests." ' ' ' '' '!"' 11 ' " " '"';':i!Hv Weekly Important Herdbandlse " Imports "U general merchandise at port of New York follows: '';.i.f;-jii;'--'c't".'-i..'j; " ' ' ended July 18, 191.-. i..--.. V"; rs 6 6 6 5 6 6 6 8 5 6 8 7 4tt $50,000,000 20,000,000 40,000,000 124,000,000 65,000,000 50,000,000 45,000,000 394,000,000 financing for Amount 320,000,000 16,000.000 12,500,000 7,000.000 6,000,000 . 3,500,000 8,000,000 8,000,000 2,320,000 2,000,000 2,000,000 1,900,000 1,750.000 1,600,000 1,500,000 1,000,000 . 8,000,000 . 93JrTO,OOC busl Itnsnclng of stores through which to market its products. wss entirely hidden from the public view in spite of the fsct that the securities -of the company were listed on the New York Stock Exchange which required the pub lication of an annual report setting forth the earnings oi uie company and. a "true ' statement of its financial condition. ' The company's balance sheet showed a profit and loss surplus as of December 81, 1913, of 31,945,728, whereas the receivers balance sheet as of June 24. 1914 showed a profit and loss deficit of $965,900, after charging the capital stock liability of 39,000,000. The account ants who made up the receiver's balance sheet explain that it was practically impossible at the trrne to give a res sonably definite estimste of the value of tha ass Vol the company in liquidation which were therefore eei down for the most part at book value. However, current and working assets were subjected to such deductions as were considered necessary to bring them to a conservative going-concern basis, which deductions worii probably be enooga to explain toe profit and loss deficit reported. As to what the bquidating value of H. B. Clafiin's assets is, those ia touch with the situation express a wide difference of opiirfos, especially ss to the value of the real estate holdings of the company. The aecountanU will, shortly make another report in which they . will ea d savor to get closer te the real value of the asseta of the company, than they were able to in the limited time they naa m wmcs to prepare tne last Da lance sheet. Corn Damaged in OfcloAeetev UUeovrt, and Farts ef No- bruko ant Kansas Pastures Noedini Uota HiffXsr CattU Prket ProdioUd - 1 -- Kauai City Live stock and grain Interest are un easy ever the continued dry weather in the 8tothweat. Corn has been damaged in Oklahoma and in a few portions of Kansas and Nebraska. Damage in Missouri is exten sive. However, heavy rains within a week would Insure large crop tn this section. " " Pastures are beginning to need rain, and a few forced shipments of -cattle have been received. . However, conditions are much better than a year ago.. Demand for stacker and feeder cattle ea the focal yards is disappointing, owing to the dry weather. ' Sharp advances in prices are pre dicted if rain comes soon. Hay ia yield in a large crop, but quality il rather low. Pnlria ii M U II nnilai. - nvlnta a mmttli in while timothy has declined $1. Alfalfa has advanced $1 to $2 1 .announcement by the Consolidated Stock Exchange, the - a ton n the last fortnight en account of excessive rtina in ?isw x ora vuro associaaou, we. vonee a-xenange ana w Colorado, which delayed the movement from thst state, I Boston and Philadelphia and other out of town stock ex- Colorado is the third largest producer of alfalfa In- thai changes. Deliveries of stock were also suspended. The; country. . s I Cotton Exchange opened as usual at 10 o'clock, but shortly Kafir corn, xeterita. mflo matse. cane and other pry i ,fc . n. .. A tn weeper roughages are in excellent Tuesday. Little or ne private ssles werl dems becsuse of vTlTUt n te T CrP U.UUPnrion of deliveries of stock. There are practically . ne quooiuons I or sweae in we ouvn. TVa Uuit kM.V In t, lmk. tlAns'a eMitlnV TkMAs IjARGE COLLIERIES GOING ' , I brought nut stocks to record WW orlees. showinc declines ' THREE DAYS' A WEEK fton !' hl ranging from ten to sixty points. Cane- man racuc recoraea us greatest oecune zrom ivie s nigo, being off U points, American Tobacco fell 41 points, Texaa Co. 37 points, Reading 8614, Soo $5, M. K. ft T. pfd. 82, International Harvester 31ft, P. LorUlard 80, Amalgamated 29tt, Western Maryland pfd. 28, New Raven '27, Panhandle 26, Mackay 26 and Baltimore Ohio 2. . Depreciation in market value of stocks has been enor mous, mrom Wis s hlgn prices to lnursoay s low we one hundred stock i tabulated below show a total depreciation of 81.SO9.370.00O. A complete list would -undoubtedly bring this total well over the two billion dollar mark. ' Some of the larger losses ia market value were as fouows: : Canadian Pacific $167376,000, United States Steel $84r 506,291, Ansconda $61,737,977, Union Pacific $54485,508, . Pennsylvania 358,015,000, Northern Pacific $58,820,000, Great Northern 351.366,305, Amalgamated Copper 344,-: o , n or n tr. 11 tn t in, VT Vwt (ii - . 27070, Baltimore & Ohio $40,173,7, Southern Pacifle 837,878,338 and Americsn Tslephono and Telegraph 3o,- 328.910. Many prominent railroad securities at Thursday s ww , fell below the low prices reached in tha panics of 19UT ana 1901 among these were Baltimore ft Ohio, St Paul Chic ago ft Northwestern, Denver ft Rio Grande, Illinois Cen tral. Missouri. Kansas ft Texas, Missouri Pacific, New York Central, New York, Ontario ft Western, New Haven, and Rock Island. Some industrials mat are under 1901 and 1907's low are: Adams Express, American Express,. American Locomotive. Pacific Mail and Wells, Fargo. The following table shows the number of points decline scored by one hundred stocks at Thursday's low from the high .of 1914, also the low points reached in the panics oi 1907 and 1901: Decline From High Low High Low Low .Railroads: 1914 July 30 1914 1907. 1901 BIG WAR CLOUDS ABROAD Atchison ..10 89 100 66 42V4. Lehigh Coal d 'stvotton Alone Aperatinq Fully-Con- earners Not Baying, and the European Teniwn - Restricts Sastnsse Bit amiitous Trade Plot . The best Index of conditions in the anthracite trade ia that most of the Urge collieries continue to operate only three days a week. The Lehigh Coal ft Navigation Co. ia a conspicuous exception. Its collieries are being run at full capacity. The Reading ran four days this week, but there is no indication that this is significant of sny par ticular change in trade conditions. Consumers hsve not come into the market for full requirements to sny great extent, and the uncertainty over the effects of a European war on domestic business has beta a restrictive factor in that regard; Price shsding on the smaller prepared aixes was again reported this week. Anthracite operators do not take seriously newspaper reports that an txodua of European laborers to the scene of war in Europe may cripple the collieries. Labor is over abundant sow. and it is not believed any large percentage of aliens will leave . in the bituminous coal industry, trade is fist, a a it has been for some time past Production U on shout a 50 basis and prices show no improvement Producera, however, profess confidence in s change for the better within tha next month or two, and show their faith by musing to contract for large amounts of coil at present low prices. Spot business is readily accepted at current quotations. There is some expectation that the war in Europe, if it becomes general, will stimulate the trade through a demand for coal for steamer purposes and eventually ftrongh increased operation of steel mills. CHICAGO C03IMENT OX TnE Atlantic Coast Line. 17. ii. Reoenhoum Say Shipments of Wkoot Abroad Hnve Baltimore ft Ohio. . . Been PetwfyeedWekn . Arnold First National Sees Our Opportunity in South America From Black HARVEST ALONG ST. PAUL . EXCEEDING EXPECTATIONS President Earling Say TkatJ VDaetage Rut and BUgni t Really Intignifieant A. J. Earling, president of the St Psul, who came east to attend the directors meeting, said: "Harvesting of the crop of small grains in St Psul'a territory has begun, and the yield ia exceeding expectations. The damage from black rust and blight along the St Paula lines Is insignifi cant Grain harvested snows a yield per acre larget than the average for the last ten years.'' St Paul is adding men to its repair shop forces, so ai to have all bad order, ears in shape for the heavy crop movement, beginning about September 1. Work en the electrification of the Montana lines is pro gressing satisfactorily. Outside of that, the company has no large construction work under way. Some ballasting is being done en the new lines in Montana, and the tunnel under the Cascade Mountains is n earing completion. BOND NOTES Application has been made to the Stock Exchange to list $18,710,000 certificates of deposit of the Central Trust Co. of New York, for the collateral trust 4 bonds of the Chicago, Reck Island ft Psdftc Railroad, of 2002, with authority to increase the amount by an additional 857,840,000 from time to time en official notice of the issuance of the certificates in exchange for outstanding bonds deposited. Buffalo A total of 3325,000 bonds was asked for or authorized in communications to the Board of Aldermen, at its last meeting of the summer here this week, for pending improvements in the city. : .. Baker, Watts ft Co. of Baltimore were awarded $80,-000 20-year 6 sewer bonds of Charlottesville, Va., on their bid of par and $500 premium. Z..::- CONSOLIDATED GAS DEBENTURES Appticotion to Sorviee Beard for Authority to teene tSr ' The matter of the application of the Consolidated Gas Co. for authority to issue $26,000,000 in debenture bonds was again before the Public Service Commission for eon-aideration. Commissioner Cram insisted that action should he taken on the application immediately, etating that it is an injustice to a large osrporatiotr Vjiter of such im- portsmos W inwouuieiy euer Kuon. ... ' ; ; Comrussioner- Maltbie, in the absence of Chairman MeCalL who o resided, stated that in deference to Chair man MeCall. whose views en tne application ne unoerstooa. were favorable to, the granting of the request we. asked that the matter he laid ever until Chairman MeCall might be present It was euggested that it go over until September. To this Commissioner Cranytrsnuonsly objected and carried his point that the matter might be brought up at any future meeting- of the commission. -h r - . ,! f Week ended July 26, 1918.; 1VV oi if Xo Hoot Market M x rw uneaas . VV -There wiU he ne spot market at New Orleans until Canadian Pat Ches ft Ohld '.. C M ft St Psul Chic A Northwest..., Del A Hudson Den A Rio Grande. . . Den A R G pfd...... DeVLack ft Western, Erie Erie 1st pfd......... 17 Great North pfd 21 Illinois Central Kan City Southern. Chicago E. M. Rosen beam, of J. Boeenbaum ft Co said: "All business by the golf ports has been discontinued. There is no business for wheat in any place in the world. The war situation has paralyzed shipments of wneei aoroaa lor toe ume being, and there will be no im provement until the war cloud has been dispersed. There are millions of bushels of wheat to go out of this country Dots dj eastern ana guix pons." John J. Arnold, vice-president and manager of the foreign exchange department of the First National Bank, Lehigh Valley says; u ucrmany enters toe arena ol war, the most Louis at .Nash important competitor of the United States in South America will be removed for some time. England, atsum tag it is not also one of the combatants ,ia a. strong Competitor for this trade, but Germans do .ar the larsest proportion. But Germany with ports blockaded or at leaat handicapped cannot feed her immense commerce in South America, Africa, China and other points, and a great chance will have arrived for American manufscturers. General war will smash the system of exchange without doubt The exchange ia now very h but if all powers are drawn into this conflict, there will be a slump in other directions.- 12 26 64 26 .22 10 1 , 15 22 16 12 RAILWAY STRIKE THREAT II. B. CLAFLIN CO. AFFAIRS sasawMaaasssanHaBBSBBm Court Permit Minority Creditor If trAeVew Represent. tl Uvot M General Committee Uttltcd States Treaittry Hi'-: V ' : v July 30, 14 , June 80, '14 July 80, 13 la banks ;.V,.v.,$55Jl88 $98.888,M6 $688696 Net baL ia ge. f.,14SJ922w 148,885,602 , 181,700624 Current receipts , 3K&tiiJK&Ji2& tS48J41 Current payments . . 3,49170 3668 . 8.NU02 Surplus this months . 2435.0M 7185.699 ; 1240266 Surptoa this fiscal yr i,186,wb Bank notes ridsamed ,t983TS 83,78462 t12,10255 19049 ' 168)29 ' '' AM -tear WfcO M tkat over SWe? He always drank. ' ' : v- : ' . ' rwkfisna-rhat,s one ot the aaleee peeeeegara, ataaav euffaie Judge Hand in the U. S. District Court signed sn order, Thursday afternoon, permitting certain minority creditors of the H. B. Claflin Co. and the Defender Manufacturing Co. to withdraw their representation from the general committee formed at the meeting of all the creditors on Friday of last week before ex-Judge Holt, eneeial msster. Before signing the order Judge Hand made it dear that the members of the genera committee who were dissatisfied with the actions of that body would have to withdraw by having their resignations officially recorded, before he would permit them to intervene as representatives of the minority creditors in the bankruptcy pro ceedings. Three of the four members who were present in court then tendered their resignationa, and the reslg- nstion of the fourth member was made by Lawyer Meyers, who represented him.- Those who withdrew by resignation are: Holmes J. Corbett Milo M. Belding, J r, John H. Love and Steven D.; Conger. .. . . Jndse Hand said that he did not authorize the con struction of any committee, nor could the court refuse to permit the intervention of any creditor or body of credi-tors who might wish to be represented either by counsel a, mmmittee in the bankruptcy proceedings. lawyer Rosenberg, counsel for the general committee, stated that the action of the four members withdrawing did not alter the status of the general rommtues wnicn was appointee at a meeting of all tne crooners. . ; LONG ISLAND RAILROAD JIAIL Te bo Handled From the Pewxsylveaie Railroad Stalion, : ' -. : r .:. Mooning QuAekpr Tronefer Beginning Monday, August 8, the Post Office Depart-f the Long Wand Railroad wiB change the sys tem ef uuidlin' the United States mail, which heretofore has been moved to and from Long Island CHy. The mail will be handled to and from the Pennsylvania Station and the Post Office at Sth Avenue and 83rd Street There will be through service to Port Washington, to Far Bockaway Rrwh- Mootauk. Greenport and transfer service to all .k. Mtnta.'i'"; V--- . ' " This aervke wiU mean a quick transfer of snail frdts sil points of the country and should facilitate the move-mmt of snail to and from, the Island by several hosrv :,; I ::;rAntlinu!it4j Collierie Cloed :'v? PolkThe antoracite coiiieriss of the Reading CoaJ ft Iron Co. dosed oewa last night and will resume opera- Itwaa tMXt Wedneeday mernintv Union Ofidalo Talk of a CalUhU Augutt 7, if Mediation ts Not Accepted MStPftSSM.... M K ft Texss M K ft Texas pf.... Missouri Pseiftc N Y Centrsl N Y Ont ft Western New Haven Northern Pacifle Norf A Western Penna P C C A St Louis.. Reading Rock Island Rock Island pf Seaboard Line Seaboard pf Southern Pacific Southern Rwy Twin City. Union Prclfie Western Maryland. 9 7 ,. 38 14 85 14 32 22 19 13 27 21 8 10 26 85 15 23 T 11 14 11 13 52 22 Chicago Union officials announce that the strike of the 55,000 engineers and firemen on 98 western railroads tuum i-a11H for Friday. August 7. unlesssthe railm&ria I Western Msryland of 28 .MBt the nlan of settlement proposed byhe Federal I Wis Central 18 board of mediators. Chicaro The Daily News ssys: "Strike of 55,000 en gineers and firemen on ninety-eight western railroads has been called for Friday, August 7, according to union officials, unless railroads accept plan of settlement proposed by Federal Board of Mediation. Washington President Wilson took the first steps toward tattling the threatened strike of 53,000 railroad engineer! and firemen on the roads west of the Mississippi, when he con ferred briefly with Judge W. A. Chambers, chairman of the Mediation Board. On leaving the White Houm Judge Chambers said: , "A strike at this time would be a calam ity. There are 18,000' freight cara carrying perishable roods between San Francisco snd the Mississippi River. and millions of dollsrs worth would bo ruined if a strike ICal Pet were declared." Wis Central.. Industrials:' Amal Copper Adams Express Am Beet Sugar Am Can Am Can pfd Am Car A Foundry. Am Cotton Oil Am Express Am Loco Am Smelt , Am Sugar Am Tel A Tel.. Am Tobacco Am Woolen Anaconda 3IAY BRIXG AMERICANS II05IE Secetery, Government tfu1 Charter Enough Vtucl to Bring Cibtient to tk Unitod State Cent Leather , . . Chino Copper ., Consol Gas .... General Electric Inter Harv N J Inter Harv .Corp Laclede Gas ... Mackay Mexican Petrol Natl Biscuit Wsthinston "If necessary," sid Counsellor Lanrfng, f the State Department, "this government will charter nonsrh vessels to bring every citieeu of the United States 1 National Lead tMtii AountrV. ' Teal svaiemenv was niaac in .iseponas I racuic w . . - ...u aa ta what atone the deDartment would take I Lorillard to relieve the American tourist now threatened with de- Pressed Steel Car . .i i vmiuvlm ia the auanension af trinuHantlf I Ren Iron ft Steel iniwi hi " 1 m ' . i " . . e-i , Ain tmffie Ho to the fesr of international rcDrieals. Rep Iron ft Steel pi STOCK "DELIVERY RULINGS : The following statement has been issued by the Stock Rxehanrs: "During suspension of business en the Ex change clearing sheets will not be returned on Saturday momioz ss customary, but members may have sccees to rtusn at tha Cleariof House." ; . ; . ' Tha Consolidated Stock Exchange has issued the fol lowing: 'Pending the reopening of this exchange all deli- varies are spended.' v :yS;;' ; -; ' ' - ' t To Study Wood Product xumeiy... Seara-Roebuck 8loss-Sheffleld Tenn Copper Texss Co U 8 cast iron ripe.. TJ S Express........ U S Rubber......... U 8 Steel U S Steel pf....v.. Utah Copper.,-.... Va-Caro Chemical . .'. , Wells Fargo wasongntnias ,,,., 29 1 10 15 15 9 14 mi 17 20 9 10 41 8 13 14 11 12 23 11 31 29 16 26 20 19 10 12 30 12 8 13 10 27' 15 12 37 4 14 18 1 6', 13 13. 25 18 i 89 114 72 150 41 85 126 140 4 8 890 20 32 118 105 21 18 127 102 10 27 8 77 18 50 97 97 105 64 137 1 15 47 84 16 94 112 13 30 29 49 91 19 19 80 44 32 100 20 50 100 114 215 12 2' 16 26 32 110 138 82 83 85 Bl 53 120 41 17 160 84 18 78 8 170 19 24, J12 0 72 , 44 50 109 45, V 80 65 nr-i-rtl, . ....... 14' 89 Washington H, K. Beneoa, recently appointed onv Weatero Union..;. .MS 68 mial arent to the Bureau of Foretga and oooxeeu Commerce, Department .of Commerce, for the study of markets for 'wood by-products, before sailing for Europe on the LusHanla ea Aug. 4, will visit Buffalo Kew York digt Wihamftoa, Pel, ana possuxy Boston, II ,106 100 126 98 220 68 10T 136 150 19 81 406 32 49 134 115 28 16 141 137 24 60 30 96 31 78 118 105 116 91 172 16 25 22 58 99 28 108 164 35 58 48 78 108 29 35 95 63 - 46 110 37 71 109 124 256 . 20 38 30 37 44 139 150 113 112 101 87 73 139 62 29 190 46 27 1 -. 91 18 W - 85 . 86 149 13 87 ,63 67 112 69 84 10514 ; '79 ;103 66 125 Low 1907. 66 68 75 138 23 9$ 126 123 16 63 369 12 28 107 116 18 85. 60 20 63 44 89 28 127 100 56 103 51 70 11 26 63 10 68 100 6 ii 41 150 7 3 34 24 21 175 32 '68 92 88 e 11 25 ii 74 89 40 81 87 . 134 168 105 29 80 188. 24 59 167 124 13 76 15 15 37 69 139' 24 200' 77 42 137 67 24 29 18 7 76 14 60 15 24 19 24 169 22 H 38 103 157. 499 . 13' 28; 187 183 . 58 87 83 - IB 19 30 16 30 1 12' 11 , 15 : 55 26 IT ; -. - a. ..- . ;. . ; va-.; -'.rt. i j fri-; i . -i '; Peoples Gss , ... fOld stock, ,.v; ; y. Dividend warrant deducted from price July 20. Warranto eloatd Thursday at :e .. ., V " : ; , . .: 70 53 13 12 : i s21 24 18 61 ;fv'i 260 130 r..'.-:'(,r.V.l 82 : iilllil "h zx.:y-'T)y 1 -

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