The Wall Street Journal from New York, New York on October 8, 1904 · Page 5
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The Wall Street Journal from New York, New York · Page 5

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Saturday, October 8, 1904
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1.' r '1 SHEET JfflMAL- Second Sectioa. Second Section NEW YORK, SATURDAY MORNINtST OCTOBER 8, 1904. IK VAIL '" ' ,. '. ' .J " .... ( ! 'l : V". : RUDOLPH KLEYBOLTE & CO. . BANKERS MUNICIPAL, RAILROAD and STREET 7RAILWAY BONDS. mum Ial ttaUy ul TIM at.!-, 1 NASSAU STREET, NEW YORK eDTCDCKAXL CHIO-Oft, Denver 5 Southwestern Sjt Ctfs, Midland Terminal 5s, Rio Grande Southern 4s. 1 , And all steam railroad bonds dealt in fer F. J. LISMAN & CO, V 30 Broad Street, Specialists in Steam Railroad Securities. IbakmN.Y. Stock Ezcfaanp. TaU 274 fc 27 Exchange Bonds JfUli' MottrlliM pmyhtg f mnd unter mre rmmptetfulltt 4-9Ufd rr..ji.4 ril a a. fa tfet tyjMrlaattuf aw mffmd fwr mwcurimg higher rmtm mf incomm. t raasast . f.Mr.1 aaafclai haal.raa S.aaoat. CommIuI.. Or... Ubm ta. Mi atask tioMMf . WrTrask&C William and Pine SUM New York 67 State St-eet, Albany, N. Y. Fisk& Robinson BANKERS Government Bonds ' Investment Securities MEMBERS NEW YORK STOCI EXCBAM8 85 CEPR 8TRECT NEW YORK 28 State StuexT BOSTON Brooklyn Union Gas Con v. : 6 Bonds 1909. NEWBORG & CO. . . Mecnbn. Naw Tflrfc Stock Bmh.ni. REDMOND & CO. BANKERS. ISSUE! Letters of Credit Available In all parts of the world. O WALL ST.. Nnw Tort W7 CH ESTN CT ST.. FhUsMphla. RANGE OF PRICES OF BONDS. The following table give the high' and low prices of leading bonds in the years 1004 and 1908. , 1904, . 1908 , High. Atchison. T ft Santa Fe ami 4s.. 108' Atchison. T & Banta Fe ad 4s. .. 99J Baltimore & Ohio gold 4s. ...... 1M Baltimore & Ohio 8 WdlT 3 Vs.. 92 V Central of Georgia Ry con 6s 112V Central of Georgia 1st Income.... 88 V Central of Geonria 2d income M Chesapeake ft Ohio (reneral 4 Vs.. 109 W Chicaao, Burlington ft Q iolnt 4s 985 Chicago, Rock Island ft Pacific 4s 78 Chicago. Rock Isl'd & P gen 4s. .106V Colorado Fuel ft Iron con 6s 00 , Colorado Midland 4s 84 Colorado Southern 4s.... 89 V Consolidated Tobacco 4a T! Erie 1st general 4s 89 Fort Worth ft Denver City lst..U0V Kansas City Ft S ft Memphis 4s. 88 Kansas City Southern 1st 8s.... 78V Mexican Central 1st income 17W , Missouri. Kansas ft Texas 1st 4s. 101 V Missouri, Kan-as ft mias wi 4s. . m Northern Pariflo 1st 4s 106 Northern Pacific general 8s 75 V Oregon Short Line partici 4s. ... . 99 V PennsylTania RR convertible 8sl0nv Reading general 4s 101 V Southern Pacific gold 4s (C P col) 96 Toledo, St Louis ft Western 4s... 82V Union Pacific 1st 4s 106 Union Pacific convertible 4s...... 107 V United States Steel 6s 84 V Wabash debenture B 68. Wheeling ft Lake Erie cons..... 98 Wisconsin Central general 4s ... . 94V GOVERNMENT BONDS. BM. Aslnd. Is of April 1. 1930 reg.104 106V coupon. 8s of Aug-, 1908-18.reg.104X I08 coupon , s of July 1, 1907... reg.106 107 coupon. Ss of Feb. L 1925... reg. 181 182V coupon. Philippine Ld Pur. 4s of Feb. L 1914-84 rag.. Bid. .105 V .10X 181 .110 106V 106 106 183V LONDON CLOSING QUOTATIONS. London Oct 7. Japanese 4 bonds. ... 72 : Japanese & bonds. ... 84 Japanese 0 bonds. .. . 95 Russian d bonds 93 French rentes 97 ComoIs (money) 88 9-16 Consols (account) .... 88 11-16 unui A LOW. High. LoW V 102 V 97 V 87 92V m 100 108V MV 87 90 Bfl 108V 109 03 85. 80-81 88 89 28 100 lOBUi 100V 90 98 t2 M 89 67 101 . 108V 99 9 96V 0 M 80 64 82 94W 82 68V 67V 61V 82j? 88 79U 102 112 101 H Tt 88 74W 88 7l4(f Ml 13 28 96W 100W 96 75tf 88 75 101 104 mu H 78V 69V 90 98U 87V 94U 107W 97V 94V 98V K 88V 92U 84 ' 68 80 68 100V 108V 99V 94U 107V 90V 682 87 65 66 84V 61V 8 98V 86 Out 6. Adr. Deo. 73? .. 84 .. 6 . 92 H 97 .. ' - .. 8811-16 .. 8813-16 .. NORTHERN IRON & STEEL CO. Serious Allegation by tht Plaintiff. ' Toronto The Cramp Steel Co. has instituted an ao- tion in the high court for an injunction restraining John ' AUister Currie, S. H. Currie, C. S. Anderson and others associated with them from transferring the property of plaintiffs to the Northern-Iron 4 Steel Co, Ltd. The " plaintiffs claim that the defendants fraudulently placed m the register of the company in their own names stock eufScient to outvote all the other shareholders at the trfetSny af the eonuian. ?.. THE BOND MARKET. CORPORATION BONDSL" Plenty of New Borrowing in Sight. Trading in bond? on the floor was lighter than it has been for some time past, and the over-the-counter and out-of-town business was reported very quiet The kind of bonds the principal investors, like insurance companies and banks, want, are not to be had in any quantity at the yield they look fort and bullish sentiment in second class issues seems to be a plant of rather slow growth. . ' Apart from the Southern Pacific refunding, which may be expected late in December, and the Ontario & Western borrowing there is another money market item of some size in sight. The City of New York borrowed $30,000,000 on revenue bonds in Paris a year ago, through Seligman & Co. and others, and those fall due November 1st. The money is likely to be borrowed in this market as rathor better terms can be obtained hero than abroad at present There are still some fuirly cheap bonds if pcopb will be at the trouble to look for them. Experts in th bond business have been picking np Ohio Southorn 4s under 80, and Tnroperly regard them as a cheap bond at the figure. They arc an underlying ipsue of Detroit Southern and are not affected by the receivership, while the inter est is absolutely secure. Some Southern Railway 5, five-year bonds were bouchl under 101, and as these arc well secured with four and a half years to run "they proved acceptable' to a conservative banking institution. There is a very fair market for short time railroad notes. BONDS ISSUED FOR STOCKS. Character of the Billion-Dollar Flotation During Merger Period, the 'The 11,000,000,000 or more of bonds created during the past few years by the merger process, in the purchase of railroad stocks and bonds for control, are of several distinct grades and classes. Three very distinct grades may be instanced, as follows: 1. The straight collateral trust bond secured on the stock purchased, put in at the cost price. i. A mixed bond, nartiy secured on property former ly f roe of mortgage and partly on stock collateral 8. General mortgage or consolidated mortgage bonds, which have a clause permitting the use of a stated amount for "acquisition, etc." ' Tbe companies that have used the first method with- Bonds Amount. Security stocks. Reading 4s $23,000,000 Cent, of N. J. O, B. & Q. 4s 215,207,000 O, B. ft Q. St. L. &.S. F 11,409,500 C. ft E. L Sou.-L & N. 4s.... n.827,000 C. I. ft L. Rock Island Is . ... 00,557,000 C.R.L&P.Ry. Rock Island a 17.076,000 'Frisco common Rock Island Ry. 4s. 20,916,000 Choctaw Hocking Valley .. . 7.270,410 HockVal.com. N. Y. C. S'ss 00,578,400 Luke Shore N. Y. C. Ss .... 19.330.445 Mich. Cent At. C. Line 35,000,000 L. A: N. Southern ........ 5.032,600 M. & O. Oregon S. S. 41.000,000 Nor. See. Pennsylvania .... 7,702,000 P.W.ftB. Total $575,512,355 This amount is about 33 1-3 of the total amount of stocks taken out of the market during the period covered. This figure represents fairly well the movement .hat has brought into being tho bond issues which no make up a very large proportion of the trading on'the inciuaea in tne second class mere are also many prominent bond issues. In the following table the 'total amount of the stock retired and the name of the mortgage under which it is placed are given. This security under these mortgages consists of bonds, railroad properties, contracts, etc In some instances the bonds are. part first lion. They are generally classed as "collateral trust, incidental mortgage" bonds, and grade higher than the straight stock. Collateral bonds Company. Amount Bonds Used. Pcnna. conv. S'is. Penna. trust ctfs., 1901. Penna. notes, 1904. N.lLdvb., 1904. Peuna. conv.-N.Y.Cui P.X.E.& V.rcf.(B.ft O.) C.,U.ftD.ref,1904. 'Frisco ref . C. P. debentures. L. ft N. Wiif. B. & O. . .$82,754,800 Cen. New Eug.. . 4,000,000 C. & O 32,000,000 Civ., Lor. & W.. 10,000.000 a, H. & d. pf.. . 8,000,000 K. C. F. 8. ft M. 15,000,000 M.S.P.& S.S.M. 10,600,000 N., C. & St. L... 7,177,000 Reading 27,455,000 Hocking Valley.. 1,000,000 T. E. All. & W.. 5,000,000 P. & L E 8.000,000 Lehigh Valley . . 6,700,000 f Lake Shore deb., 1903. I., I., 1 4,870,500 L. E. & W 11.870,000 C. C. C. & St. L. 11,224,000, Ore. Short Line. 27,334,700 Southern Pacific. DU.UUU.UUUJ-Northern Sec.... 41.000.000j Pere Marquette.. 11,000,000 P., Ft W. & C 27,922,000 W. Va. Cent...! 25,564,000 Western Md .. .J W. ft L. E 19,141,300 U. P. couv. 4s. C. H. ft D. ref., 1904. Penna, gu. tr. ctfs- Western Md. 4s. Wabosh Pgh. term, 1904. Total $476,618,900 It is quite impossible to say with any degree of ao-curacy how Pennsylvania has paid for its stock investments. For instance; its ownership in Baltimore ft Ohio appears to be carried as follows : Pennsylvania Railroad ...$51,778,800 ' Pennsylvania Company (about) 81,200,000 Northern Central 1,781,500 Some of the stock is deposited undor recent issues of notes, etc. Under the $20,000,000 mortgage to buy Pennsylvania Steel and Cambria Steel, Pennsylvania pledged Norfolk ft Western, B. & O., and other stocks. The debentures of Lake Shore are not a lien on these stocks, but the price of the stock is largely met by these bonds. It is now possible to arrive at a fair approximation of the methods used in the purchase of roads during the merger period. The following table summarizes the results Stocks retired with stocks '. $424,429,240 Collateral trust bonds 575,512.855 Stocks under mixed bonds 476,613,900 Total issues (1,476.555.495 Total retired . 1,585,689,990 Balance $111,134,495 The balance probably represents with a iair degree of accuracy the .proportion of stock bought in without the Usue of new. securities. REPUBLIC' IRON ft STEEL. J! etc Bonds to Beat 6. ., Tbe $10,000,000 .first mortgage bond of the Republic Iron & Steel Co, will bear 6 interest All but $3,000,' 000 of the entire issue will be held by the First National Bank of Chiesgo as collateral for. the two and three year notes of the company, on which it has loaned the com pany $7,000,000. Part of the bonds will be distributed in New York, as it is understood that the First National of Chicago placed a portion of the notes with two or three Wall street banks. ' The $3,000,000 bonds not covered by tbe abort term iiotcs will be sold by the company from time to time as its needs demand. They will be marketed through tho First National of Chicago. . . Chicago Now that the Republic Iron & Steel .Co. has made arrangements for its bond issue it is announced that the company will have in the neighborhood of $2,000,- 000 and $2,500,000 to spend in further improvements to the property, after liquidating such obligations as have accumulated against the company during recent years when it has been obliged to borrow several millions of dollars for working oapitaL The new mortgage is to be taken care of by a sinking fund, which, it is -said, will not impair the company's 'chances of returning the preferred stock to a dividend basis next year, provided tho business outlook turns out as wofl as it now promises to. There will be little if any opposition at the annual meeting of the Republic Iron & Steel Co. Proxies already received by the management represent about 80 of th oustanding capital stock. .The Republic Iron ft Steel Co. has definitely ar ranged with Chicago bankers to raise $7,000,000 new cash. A prominent Pilinliurg director of the company has this week been a conMciorublc buyer of both the common and preferred (locks. CHARLES M. SCHWAB'S VIEWS. Turn for the Better Has Arrived in the Steel World. Charles M. Schwab made the following statement: "Tbe only thing I can say is that the turn for tho better in the iron and steel industry has arrived. You vill witness a general increase in production, and if 1905 is a poor year from the standpoint of iron and steel I will be very much surprised. "I am not in a position as yet to moke any statement in connection with the U. S. Shipbuilding Co. Of course there will be a reorganization of the personnel of the company. "As to my reported heavy purchases of Steel Corporation issues in Rnn Francisco I have nothing to say. That is a private matter. "Western agricultural conditions could not be brighter." PfG IRON MARKET. Total of Sales Increasing. i Rogers, Brown k Co. say: Confidence in the pig iron market continues to grow, day by day. In addition to a sense of security from any serioue erop failure the trade shares in the general indifference to the campaign and in the feeling that business can now go ahead on its own merits. ' Buyers of iron are not only convinced that business will he larger after the first of tho year, but are willing to back iip their convictions by purchases for some distance ahead. While there are not many large orders in the market the volume of small inquiries is constantly swelling and tho total of sales is three or four times what it was three months ego. Those in need of nearby iron are covering freely and in all cases would be glad enough to muke provision for the first months of next year at current quotations. Producers, on the other hand, are beginning to assume a stand-off attitude. There is no scramble after the few big orders such as we have vseen for months, and furnaces are indifferent as to whether they sell their current output or store it in their yards. 'They argue that prices cannot be any lower after the first of the year and that any improvement in the coke market would wipe out the small margin of profit in present prices. Few sellers will quote for delivery beyond March, and in such cases are asking substantial advances. The southern situation, for the time being, anyway, seems even stronger than the north. Practically all of the large producers announce that their output for the rest of the year is disposed of, and few, if any of them, will quote for deliveries in 1905. The advance in prices has, however, already begun to cut off business and several large contracts will now turn to northern sources. It was supposed that a considerable portion of iron to go into tho contracts recently closed for the Pennsylvania tunnel castings would be drawn from the south, but it can now be stated definitely that practically all of this will be supplied from northern furnaces. It is probable that at least one large southern company, idle for several months, will resunio operationsjn January. Further than this, any improvement in the Alabama labor situation would be promptly followed by a largely increased output. and in that evetit it would not be surprising to see Birmingham prices down nearer the nine dollar mark agaiu. The improved state of the pig iron market is re flected in a more confident attitude on the part of coke producers, and conditions in general, while they do not indicate that we can expect any great advance in prices, have begun an improvement which bids fair to be more than temporary. , ADVANCE IN BAR IRON. Republic Iron & Steel Co. Makes Sales Above Schedule Price. The Republic Iron & Steel Co., recently made sales of bar iron at an advance of $1.50 a ton above the pool schedule. The Republic is not a member of the Bar Iron Association. Representatives of the company speak en couragingly of the outlook, stating they have sufficient orders on the books to keep the plants running until well into the first of next year. SLOSS-SHEFFIELD. Management's Strike Course Approved. An important interest in the Sloss-Sheffield Iron ft Steel -Company says that President Maben has the full approval of the main interests in the company in his determined stand against the organized mine workers of the Alabama district President Maben say there can be no peace in the district until the operators regain control of their own property, and it is on this line that the present, fight is being conducted. It may take some time but when peace is reached there will be the assurance that a renewal of hostilities will not come soon. CHICAGO TELEPHONE . Chicago Chicago Telephone in September gained 1,056 'phones. Total now in use, 118,704. Telephone orders in hand unfilled, 8,000. ' ' AMERICAN SHIPBUILDING. Chicago Preferred dividends on American Shipbuilding will be earned for another year, as the company now baa orders for fourteen atee) boats on its books. LAKE SUPERIOR COPPER PRODUCTION. September Makes a New High Record An Output at th Bate of ttSjOOOfiOO Pounds Per Annum, Boston Notwithstanding September contained only xo working days, against 27 for August the former month broke all previous records in the history of Lake Superior copper production, with an output of 18,777,200 pounds. Baltic, Champion and Osceola made new high figures and. contributed largely to the month's excellent record. The September output was at the yearly rate of 225,000,000 pounds. In 1902. tho product of the lake mine amounted to 170,325,598 pounds. Tbe Lake mines stamped last month an average of 28,550 tons of rock per day. from which the copper prod net was 801.8 tons, an avcrago of 1.2, or 84 pound of copper per ton of rock. Here are some statistics of the month's work which combines comprehensively the vital statistics of each pro ducing property. It shows the output in pounds, the tons of rock stamped daily, the ton of copper product, tne ponnda of copper per ton of rock and the per cent of copper in tho rock: Percent, Sept. out- tns rock, tns cop. lbs cop. cop in put, lbs. stpd daily, daily, ton rock, rock Calumet . . Wolverine . Champion . Tamarack . Mans Baltic. . . Ahmeck. . .' 6,450,000 5,800 12.5 43 2.15 823,000 1,250.000 1,410.000 210,000 1,163.400 46,000 250,000 1,976,000 1.8S5.000 1,810.000 225.000 706,800 114,000 200,000 68,000 214,000 488,000 482,000 1,000 1,600 2,300 400 480 1,900 3,600 3,500 450 '1,500 260 500 150 380 1.250 1,400 15.5 24 27 4.2 23 .9 5 18.9 36 35 4.5 13.5 2.2 4.2 1.3 3.S 9.4 9 31 30 24 24 23- 22 21 20 20 20 20 18 17 17 17 16 15 13 1.55 1.50 1.20 1.20 1.15 1.10 Michigan . Trimountain Osceola. . . 1.05 1.00 1.00 1.00 Quincy. . . Centennial ; Mohawk . . , Phoenix . . . Isle ' Roy alp Winona . . . 1.00 .90 .85 ,85 .85 .80 Adventure . Franklin . . Atlantic .. .75 .65 UNITED GAS IMPROVEMENT. Important Suit Involving United Electric. Newark Counsel representing the United Electric Co. of New Jersey, one of the subsidiary corporations of the big Public Service Corporation, which was organized in 1899 at thu instance of the United Gas Improvement Co. of Philadelphia a a holding company, served Nathan Bijus of New York and Summer & Adams of this city with its plea in answer to the bill of complaint filed in the court of chancery standing in the names of Adam H Grocl and Allen B. Wallace. By its plea the defendant, the United Electric Co., of its own volition, elects to confine its reply to all the allegations in the complainants' bill, and to resMts cause upon tbe single iseue that the complainants' grievances were considered by the corporation's board of directors, who after due consideration rejected the request made to bring suit in behalf ef all the stockholders. The issua thus raised makes the suit one of the most important brought into tlie court of chancery, and will undoubtedly be fought out to the highest court Tbe complaint made by Mr. Groel attacks the organi-tation of the United Electrie Company and the bona fides of the United Gas Improvement Company in the interchange of securities turned over under the agreement to guaranteejhjtjjayment of tlie United Electric's five per cent boii. five years, Mr. Groel alleging that "the said UniteV." Gas Improvement Company received the entire issue of 120.000,000 of stock and retained the same for its own use and benefit, the original stockholders of the subsidiary companies merging in the United Electrie receiving the $17,500,000 bonds in exchange." The bill prays fur an accounting by both the United Electric and the United Gas Improvement Co. and that the court direct them to make discovery of the uses and persons to which and to whom tlie said $20,000,000 of stock was placed. The cause will b moved next Tuesday in this city. U. S. SHIPBUILDING. C. M. Schwab's Reorganization Work. A clo?e friend of Mr. Schwab says: "All of 1i Schwab's old-time energy ha returned. Very few people realize' the extent of Mr. Schwab's work in connection with the rehabilitation of the United States Shipbuilding Co. within the last few months. Many people still hold the United States Shipbuilding Co. in disrepute, but let me assure yon that within the next five year the corporation in question will stand among the foremost of American industrial enterprises. Mr. Schwab's numerous trips abroad this year moan million of dollars from the standpoint of profits to the United States Shipbuilding Co." TIip statement is made that the reorganization plan of the United States Shipbuilding Co. as well as detail regaiding its future management may be mode within the next two er three weeks, now that the sales of the various constituent companies have been completed according to law. welsbach; l"ofV.'if of Business Increased in Fiscal Year, "x Philadelphia To show a surplus over fixed charges, including sinking fund, the Welsbach Co., in the turnover of its business, has to make a profit of about $500,000, which it has been successful in doing each year since its organization four years ago. The results for the fiscal year ended August 31, 1904, were somewhat disappointing, the net earnings of $524,-162 being about (100,000 less than they were in 1901. But it should be remembered that the output has been steadily increasing in volume, and the cheaper the company sells its products the stronger its position commercially, for the larger the profit the greater the invitation to competition. So the Welsbach Co. selling 16,500,000 mantles and making $500,000 profits for security holders' is better off in meuy ways commercially than when its sales were 10,-000.000 mantles, or less, per annum, though the aggregate profit of the business ha the same. In this connection, it is understood that tho number of mantles sold in tlie 1904 fiscal year were an increase of 11 over 1903. Considering that the 1904 fiscal jear ha been one of lather geneial depression in all line of business, it is gratifying to note that the volume of the WeUbwh Company's business was increased, and to an ex'eut that K-ultd in a decrease of culy $30,000 under the profits of 1108. The current fiscal vear is. understood to.hava tart- cd cfl with quite satisfactory results, particularly si to the better grade of goods which the company make. After the appearance ot tne annual report, and in faet within a few days, the bonds advanced from 67 to 60. There will be 2y2 interest payable on them December l9t. The sinking fund retires annually at many a $105,000 cash wilbuy. At present market prices $175,000 could be retired. CHICAGO EDISON. Chicago Applications to Chicago Edison for current during September were 20 larger than for the same month last year. "COTTON CROP. IfarsAoIl, Spader fi Co. Estimate a Production of ' llMlfiOO BalesS . ' Marshal), 8pader ft Co. have issued) a circular on the American cotton crop for 1904-5. Their report is based on information received from special inquiries made, as woll as other reliable data accumulated during its growth. The report says in part: "We believe it fully pertinent to ask what was in the mind of the government agents in rendering their report, and from what crop or analogy, or by what analogy they have made their calculations. - "We find it hard to imagine with an average percentage of 78.8 for September, and what that means in conjunction with the previous reports on this crop, that ' the southern observers had in mind tlie greater crop conditions. It would be more consistent to conclude that their calculations were based on the crop failures of the past five years should a yield no greater than our minimum estimate develop, meantime, we are bound to place the crop among those which have made the largest yield during the post fourteen years. "Having these things fully before u we unhesitatingly declare our belief in a minimum yield this season of 11,427,000 bales. The premature charactef of developments has, of course, been significant of loss of vitality and fruiting capacity, as is always the case. It is pertinent to say that but for this loss in yield the record of the crop would suggest, as it surely did during August, an extraordinary result" Theodore H. Trice says: "As the census report upon the amount of cotton ginned up to the 18th of October will he the next informa tion of official character, I aubmit herewith an abstract of the reports of the department for the past two years, and have included tho quantity reported to have been ginned out of this year's crop prior to September 1st in 500-pound bales. "Comparative summary of cotton ginned to September 1st October 18th, November 14th, December 13th, 1903; January 16th, 1904, and to the end of the season: with statistics of the crop of 1902 and the quantity ginned prior to September 1st; 1901 : 500 pound bales-Tot Year: Sep. 1. Oct 18. Nov. 14. Dec. 13. Jan. 16. crop1 1904.. 374.821 1908. . . 17,809 8,703,628 6,832,890 8,548,537 9,512,548 i 1902 5,683,006 8,928,770 Total crop of 1903 9,851.129; 1902 10,630,945. SOUTHERN COTTON MANUFACTURING. Established Companies Increasing Their Capacity. Baltimore In considering tbe progress of the south era cotton manufacturing industry as related to the build-of new mills and the enlargement of old plants during the past three months, a creditablo degree of activity is noted in this week's issue of the Manufacturers' Record, which says: "The third quarter of tho year comprising July, August and September, has resulted in announcements showing a total of 119,804 new spindles. This is 12,000 less than the number reported during the third quarter of 1903. In previous references to quarterly .mill progress the Manufacturers' Record has remarked upon the signifi-' cant fact that the greater part of the spindles being added to tbe south' quota are those being installed by established and successful cotton-manufacturing companies, rather than by new corporations. During the past quarter this tendency has been especially marked a only about 29,000 out of the 119,804 spindles are credited to new companies, and of this number some 25,000 are to be in stalled in one plant in North Carolina. Although this plant is a new one its projector is ono of the experienced manufacturers of the south, having for years managed an important plant. "The total of 119,604 spindles for the quarter will re quire an investment of ubout $2,396,080, of which amount about $580,000 will Im- the portion of tho investment in new mills that is strictly new cotton. This 582,000 in cludes $500,000, the "cost of the 25,000-spindlo mill befora referred to. The new spindkage reported is as follows by states: Alabama 22.200, Arkansas 2,500, Georgia 30,000, Kentucky 3,456, Mississippi 0,600, North Carolina 88,-500, South Carolina 16,548." REPORTS OF THE BIG COTTON MILLS. Year Ended June SO Unsatisfactory. Boston Tho treasurer's report of the Amoakcag Manufacturing Co. status that the year ended June 30 was not a satisfactory one. The high price of cotton made it necessary to advanco tho price of goods to avoid loss, and this resulted in a marked decrease in both demand and output. The end of tho year witnessed a large stock of manufactured goods on hand, but since July, owing to a reduction in prices, the stock on hand was sold. Frqm accumulated surplus, the company paid the regular dividend of 6 and 25 extra. Ihu Manchester Mills report stated thut since re organization an extended line of improvements have been under way which were introduced for tho purpose of econ omy. Uwing to dull business ana Heavy expenses, the dividends wilt bo passed until tlie plant as a whole caia bv oiieration demonstrate its earning capacity. Already $576,000 has been spent in improvements and $200,000 more will be needed to complete them. Tho decrease of 23,483 yards in the production of the Amory Mig. Co. during the year was due in a measure to the production of a different size yam and quality of cloth. X!ie gain in the amount put through tht bleachery was 48,349 yr.rds of cloth, and the amount of cloth now on hand is 100,174 yards. Extensive re pairs are now being carried on in several departments. The plant is in good condition, with only a small supply of manufactured goods on hand at the end of the year, GENERAL ELECTRIC. A Remarkable Growth. When the General Eleetrio Co. was started as th Thomson-Houston Co. in 1881 it had 47 employes and 13 customers. To-day it has 25,000 customers and 25,000 employes, of whom 15,000 aro employed directly in connection with the factories at Schenectady and Lynn, and 10,000 aro in allied agencies and companies. While at the beginning orders were from a few people for large electric installations connected with credit-financing bond and share issues the great business to-day is from innumerable small consumers who pay cash within the month. The losses of tlie General Electric Co. on its trad accounts do not exceed Vg of 1 and the number of orders it receives in all its departments and companies al the present time will average above 700 daily. CONSOLIDATED LAKE SUPERIOR. Philadelphia A member of the Moffly leorganitauoi committee iu the Consolidated Lake Superior Co. says ' "It had been expected to have the new securities ready for delivery in October, but it is doubtful if tht engravers will have them ready. The executive commit tee has this in hand, and as soon as tbe certificates an ready a general meeting of the entire comnlittee will b called and the exchange can be effected."

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