The Wall Street Journal from New York, New York • Page 5

TIIE LABOR SITUATION. MANTIATTAN. Before a Strike. neunwjry to order or call-off a strike. If the vote of the National board is affirmative, the strike may be imniedi-ately ordered.

Tho fact that President Mahon of the Amalgamated Association of Street Railway is in the city makes certain that there will be no delay in taking ae- tion one way or the other. It is said the employes will ask for the interven- ('tion of the Notional Civic Federation of which Senator Hanna ia chairman. As Mr. Belmont is a member of the New Tork Civic Federation, a branch of the National Federation, the plea for arbitration will probably be considered President Pepper, of the Manhattan Employes' Association, says: "1 am glad indeed to know. that the bead of the Mr.

Jenks, has been in consultation with General Manager Bryan. Mr. Jenks and the ino-iormen have been with us, right along, and vre have re-cieved assurances that in case we declare a strike the motormcn will strike in sympathy with us." L. WEST 'VIRGINIA COAL MATTERS. Tho labor situation in the West Virginia cool fields continues to be unsatisfactory from the standpoint of tho operators and the miners.

It is pretty certain that the men will make a strenuous effort to becomo more thoroughly organised in that state. At present it is only partially organised there. West Virginia as a state, ranks third as a producer of soft coal 'in this country and it is giving Illinois a close race for second place. Mr. Mitchell, as the head of the miners' union is his personal attention to the matter of unionizing West Virginia.

The coal produced in this state is carried la the best informed quarters it is bolieved that it 1 will bo impossible for the union to establish itself throughout the atato without trouble, in the shape of strikes and the fear of this is causing soma anxiety. THE LAKE STRIKE. Chicago. There is nothing new in the Lake strike; the men are confining their efforts to preventing the boats from going out with non-union men. Considerable riot- ing is going on.

Efforts to effect a compromise are said to be meeting with success, but so far nothing definite has been accomplished. -1 MONTREAL CARPENTERS TO STRIKE. Montreal Two thousand Montreal. carpenters are awaiting permission from the International Brotherhood to declare a strike which will tie up building operations in Montreal. COLLIERY TD2D UP BY DRIVERS.

Mahanoy City, Fa. A strike of drivers has tied up the Primrose colliery, operated by pie Lehigh Valley Company. DIVIDENDS AND MEETINGS. i CC-rFER DIVIDENDS. both Amalgamated and Anaconda Qet Regular, Declarations.

Amalgamated Copper directors have declared the regular quarterly dividend of Vt of 1. The dividend is payable May 25. Books closo April S3 and reopen May 4. Amalgamated Copper has been in existence about four years. Its dividend record has been as follows: Dividends cf 2 quarterly were paid from October, 1899, to July, 1901, both inclusive.

In October, 1001, 1 in 1902, Jan. 1. May V'2, Aug. Vx Nov. In 1903, Feb.

2. Anaconda directors have declared the regular semiannual dividend of 60 cents a shsre. Tho dividend is payable May 10. 18 and reopen April 27. ANACONDA.

In 1902 Anaconda paid In 1001 it paid 4335 1 and in 1900 $4. BOSTON 4 MONTANA. The Boston Montana Mining Co. has declared tho regular quarterly dividend of $2 per share, payabla on demand. Boston Montana has paid dividends since 1884.

Tho total amount thus paid to March, 1901, being In 199, $30 was paid; in 1900, $43; in 1901, $35 or 140. In 1902 the company declared dividouds aggregating $6 per share. STONE WEBSTER PROPERTIES. Bostoh. The Houghton County Electric Light Co, will pay dividend of 75 cents per share on the preferred stock (par t-3) on May 1, to stockholders of iscord 'April 21.

Transfer books will be closed from April 21 to May 1. both dnys inclusive. 1 The Edison Electric Illuminating Co. of Brockton will pay a dividend of $2.50 per share on May 1 to stockholders of record April 21. The stock transfer books will be closed from April 21 to May 1, both days inclusive.

-The Federal Trust Co. has declared a regular semi-annual dividend of 2, payable May 1 to stockholders of record April 27. Boston Transfer books of the Copper Range Consolidated Co. will be dosed (for the annual meeting, May 6) at the close of business April 15, and reopened JIsyT. IRON CITY TRU8T Pittsburg.

The Iron City Trust Company stock-' holders have voud to increase the capital stock from 000.000 to JUe new stock will be issued at $150, its par being $100 the share. With this new issue the comiKiny will have added to it present surclus of $350,000 the sum of $500,000 bringing the tots! to It has also about $75,000 of undivided profits. 1 Reports are in circulation that there ia behind this doubling uf the comany's stock a plan of purchasing oth er financial inctitntmns to merge with it No one -pt v. mrw tiis o.NiI,-if su a or! is on, 1 i at r-t to lo i Ivi St' (.. 1..

GENERAL ELECTEIC Forthcoming Report WiU SJto22 Earned on The rerjort of the General "Electric Co. for the JUT The steps neeesssry to be take "before a strike on jooq will in all pioba- the Manhattan Eleveted Railroad can become operative re: 1. The men, numbering over 8,000, most vote on the question of a strike. This they aw doing to-day at Colonial Hall, corner of 101st street and Columbus ave--' Hue. .2.

When the vote is recorded it must.be submitted the executive committee, and If it is in favor of a strike, it must be ordered by the committee. 2. Th AiMJutiva committee niut'then submit the bilityshow about 22 earned on the $44,000,000 capital stockii after liberal charges to expenses for repairs and construction. Net earnings from all sources, including profits from sales of securities in the treasury, should fall little short of $10,000,000, which would -compare with $8,698341 last year. 1903.

1903. rder to Wm. D. Mahon, president of the International other income Association of Street Ralway Employes of America. 4.

It then becomes the duty of President Mahon to lay the matter before the officers of the road and ask for arbitration. 6. If the officers refuse to arbitrate, President Mahon must call for vote of the International Association vtnani Thi nn be Amm bv wire. A two-thirds vote is Sales $35,000,000 $32338,036 Cost of sales v. .26300,000 25364422 Profits from 8,200,000 7,088,914 000,000 675,741 Sales of securities 1300300 838,584 Total profits $839831 The profit from sales in 1902 was shown after very: liberal exDenditurcs for repairs and construction, amount-.

ing to $1,731,581, or nearly one-half the book value of the plants, besides $452., 072 for patents. The total ex penditures for construction in the past five years has been almost $6,000,000, and for patents $2373,000, During the past year the General Electric Co. has In creased its capital stock from $24,910,900 to nearly f44, 000,000. A portion of this increase was a stock distribution of 60 2-3 to stockholders in return for stock taken away from them in 1898. The company has also issued new stock for a controlling interest in the Stanley Electric and $2,104300 3Vi debentures for the Sprague Electric Co.

We figure the amount of General Electrio stock outstanding at present as follows: Capital outstanding Jon. 31, 1902 $24,010,900 Stock distributed to stockholders Stock issued for Stanley 1373,000 Dividend requirements. (8) 3308380 Last year dividend requirements wore $1392372. The increased interest requirements per annum are about $73,700. If tho company in its forthcoming report shows net earnings an we have estimated, the.

increase. in earnings will be about sufficient to take care of the increased dividend and interest requirements. During the past six years, or since the beginning of dividends on the common, the General Electrio Co. hat added to its working capital about $20,000,000. This has been done entirely from earnings, as treasury securities which have been sold havo been replaced by other securi- ties, or have been offset by cash redemptions of bonds.

The addition of $20,000,000 to working capital is all the til more remariuwie in view oi tne lact tnat large sums have been spent from earnings upon factories and patents. RAriD VEHICLE "RIGHTS." to markots by three lines of railroad, namely, Chesapeake I "First Appearance of the Automobile in Finance. Ohio, Norfolk Western and Baltimore Uhio. Total outstanding at present Rapid Vehicle rights appeared to-day for the first tunc in transactions on the curb. Theso rights are vir tually certificates of purchase for 'tho preferred stock of the Rapid chicle Company (a now automobile company) enabling the buyer to acquire that stock upon conditions stated on the face of tho certificates.

These certificates bear the certification of the Knickerbocker Trust Com' pany that the first payment, $1 per share, has been de posited with that company. Sales of these rights are being msde at $135 per share, which amounts to a prem ium of 26c. above the cash deposit As far aa Wall street is concerned, this corporation-is almost -the first appearance of "the automobile in finance." 1 The company is founded on the Duryea gasoline motor. vehicles. A large manufactory far the same vehlales 'has been established in Coventry, Eng for' European trade, and it is claimed that Mr.

Duryea, with limited facilities in Reading, was only able to supply a small portion of tho demand for his vehicles last year. People must judge for themselves in regard to the outcome of this business, but the methods employed by tho founders of this com pany for the protection of the stockholders are new and worthy of note. The common stock is the "management stock" and does not figure with tho public. Tho entire issue of preferred stock is deposited with the Knicker bocker Trust Company and can come out only when de posits havo been made in that trust company in full pay ment therefor. The American Audit Company is auditor of this company and obligated to make regular examinations and send periodio statements to tho stockholders of record as shown in the registration office of the Knickerbocker Trust Company.

The contrsct between the preferred and common stock is recorded on the cortificatoi and is unalterable. With these safeguards, stockholders may feel assured tltcy will get their portion of whatever may be the outcomo of the business. No payment on the rights is required till Jan. 2, 1904. Tho buyer of these rights may dispose of them at any time.

If he concludes to keep them for permanent speculative investment he must pay $1 per share January 2nd. 1904; $1 July 1st, 1904, and the remaining $2 January 2nd, 1905. Each certificate of preferred stock, therefore, of face value of $20, will cost at present prices $535. Tho preferred stock gets half the profits, and Books closo April I common stock the other half, but a priority lien upon the earnings is assured to the preferred stockholders to tho extent of 35 cents per share (which pays 6 upon cost, without paying dividends.) Theso preferential payments are cumulative and subject to compound interest, and the president and vice-president of the company cannot receive salaries while any such payment is over-due. The people interested in this company have endeavored to dcvine a method of capitalization which will give stockholders tho assurance that what ever may be the outcomo of the enterprise, tho money that is provided to test it will be legitimately Uked and will not be wasted in promotion expenses.

The method sdopted is new and stockholders can feel that they are setting a fair chance, assuming that there is merit in the enterprise. AMALGAMATED. Boston. Standard Oil people have been very large buyers of Amslgamatcd. Many of the directors wanted an incrcaso in tho dividend and the company could well afford to increase dividends on its present esrnings but the dividend due is declarablo from earnings of several months bsck, when copper was lower.

Amalgamated ia now earning -about $6 a share on the present price of copper, which for Amalgamated Copper is 150. WESTLNG110USE ELECTRIC. The Westinghouse Electrio Manufacturing Co. is considering a contract amounting to $3,000,000 for a long distance transmission plant in via Mexico. It will provide one of the leading railways with power and will also furninh ita surplus of power to the electric light companies in the City of Mexico.

The contract for the electrical machinery and ether apparatus will be signed in a few days. It ia understood thst the matter is being handled by G. and P. Rramff Co, the Westinghouse Company's representatives id, Uld Alexico. 1 1 INVESTMENT OF CAPITAL AND DEPOSITS.

The state Isw in relation to the investment of esot tal and deposits of trust companies has been amended 10 as to provide tbat the capital of every banking corpora tion shall ba invested in bonds 'and mortgages on unin cumbered real property in this state to the extent of 80i of its vslue. The old law provided that the property muia oe wonn at least doulle the amount loaned l.oreou.. THE WALL STREET JOURNAL. INDUSTRIAL AFFAIRS. UNITED STATES STEEL.

Mm Details from the Annual Report. The bonded and debenture debt of the United States Steel Corporation outstanding Deo. 81, 1902, and the proportion now in the hands of the public are treated in detail in the annual report. As the corporation has pending now the plan, of bond conversion whereby $200,000,000 of 1 perf erred stock is to be replaced by $250,000,000 6 gold review of the publics present holdings of the corporation's stocks' and bonds is timely. i December 31 last, there were outstanding stock obli- gaUona aggregating $1,018,583,600, of which 600, represented common stock and $510381,100 preferred stock.

-v 1 Of the $303,757,000 60-year gold bonds of the corpor ation $2,698,000 was held by the trustees of the sinking funds, while the public held the balance $301,050,000. They mature in April, 1951. The issues of $2,672,000 convertible debentures and $6,000,000 non-convertible debentures of the Illinois Stool KjO. are wholly in the hands of the public, as are the 208,000 first mortgage bonds of the Lorain Steel Co- and the $78,000,000 American Steel Wire Co, furnace mort gage bonds. These wanes of the National Steel Co.

bonds are also entirely owned by the publio: Ohio Steel" Co. first mort gage Bellaire Steel Co. first mortgage $301,000 Rosena Furnace Co. first mortgage, Buhl Steel Co. first mortgage, King, Gilbert Warner, first mortgage $100,000.

Bonds of the American Tin Plate Co. on the Now Castle Steel Tin Plate Co. $75,000 and American Sheet Steel Co. bonds of $2,000,000 first mortgage issue on the W. Dewees Wood Company, are all in tho hands of the public.

This makes a total of $310,181,000 so owned. In addition coal and coko companies first mortgages, and purchase money mortgages amounting to $4,016,500 including $1,600,000. H. C. Frick Coke Co.

first mort gage; $300,000 1L C. Frick Coke Co. purchase money mortgage; $900,000 Continental Coke Co. purchase money mortgage, and smaller issues, likewise are held by the public. Transportation company issues of the corporation.

which the publio held at the date named by the company includes: Union Railroad Co. first mortgage $2,000,000 P. B. Lake Erie R. R.

1st mtge. con. 6342,000 Debenture gold bonds 2,000300 Pitts. Shen. E.

Ry. 1st 8,000,000 First mortgage consolidated 658,000 Bessemer equipment trust 800,000 Conneaut equipment trust 850,000 Bhonango equipment trust 725,000 Groenvillo equipment trust 1,000300 Butler equipment trust 2,050,000 Erie equipment trust 1350,000 Elgin, JoL E. Ry. Co. 1st 8,500300 Did.

Iron Range R. R. Co. 1st mtge. 1474.000 Pittsburg 8.

S. Co. 1st No Lakes 8. S. Co.

mortgage 60,000 Of the $5380,000 American Steamship Co. first mort gage issue the corporation holds $361,000 and the public $4,889300. The DuluUcMissabe A Northern Railway Company consolidated 1st mortgage of $2326,000 is divided as to ownership, the corporation holding $535,000 and the pub lic 1,771,000. In all the public has a grand total of the corporation's bonded debt of but as Andrcw Carnegie is credited with holding about $300,000,000 bf tha' total is sue, -the general public's owneidiip is'euf'to $00,000,000 ln.xound.aunibeM.r i Ihe underwriting for which James JL Keone acted, practically disposed of its holdings, and ita existence terminated months ago. The stock distri bution, through the syndicate was pretty thorough.

The United States Steel Corporation's two new blast furnaces st South Sharon will cost $500,000 each, and will inoreasc the corporation's furnaces at this plant to five. The capacity of the five furnaces will be over 2.000 tons a day. Additional increases in pig iron capacity will be made at other plants in conformity with the corporation's outlined policy of adding to its pig iron production, so that it may reduce its purchases from outside plants. Ultimately it will soil no ore to independents and will buy no pig iron from any source. This it expects to bring about largely through the expenditure of the $30,000,000 it has act apart for improvements this year.

CAMBRIA STEEL Philadelphia The Cambria Steel report for 1902 made no comparison with earnings of previous years. The period covered was 14 months. Tsking the average for that period 12 months results compare as follows: Earnings aa shown by the company's report: Fourteen months ended Dee. 81, 1902: Total net income $5,660304 Canib. Iron, lease and 603341 Net earnings (12 mo, ar.) 1902 Total net $4,851,600 Cam.

Iron lease and interest 617,068 $5,056,902 1900. $3,913358 1899. $2,486,057 838,720 838,720 Net earnings $4,334332 $3,604,638 $2,147,337 Tho 1902 results were accomplished with increased capital and increased productive capacity of the works, though the full benefit of the jnvostment of the new capital is not yea being experienced. Seven or eight more open hearth furnaces are expected to be completed and in operation before the close of this year, and also 100 addi tional Otto-IIoffraan ovens at the Franklin plant Of tne present 145,000,000 stock outstanding $16. 000,000 represents the investment prior to the raising of tne new capital dbu.uuu snares of new stock were spld to stockholders at $22.60 per shsre.

roalixins- about 000,000. The increase of $908,842 in total net incomo for the fiscal year just ended wm therefore juat about 7 on me ww cun capiuu raisea irons tne stockholders. lue earninm over the Usmbna Tmn iooa $3,604,538, were 22 on the old ospitalixation, whilo the corresponding results in 1902 were 9.6 on tho present outstanding capital stock. Asido from the fsct that the full benefit of the now capital is not. yet being experienced, it is to be borne in mind that the fuel famino and car shortage in 1903 very materially cui own earnings.

"ewaaassassas" DOMINION COAL. Boston. Latest reports from Sydney indicate that Mr. Duggan is quite satisfied with progress mado in subduing the fire. The enginoers are taking every precau tion to minimise any danger from flooding and have beoo working deliberately.

The fire is controlled as against spreading, and officers of the company art not anxious regarding it UNITED STATES SHIPBUTLDING. Charles W. Baker and Marshall Ward hare boen elected directors el the U. S. Shipbuilding Company, to fill existing vscancies.

It is stated that no particular significance attaches to the elootion of Messrs. Bakor and Ward. There "are three other vacancies to be filled. PEOPLE'S GAS. Chicago.

People's "Ga has secured an injunction restraining tho strikers from interfering with workmen. The works are in a state of siege. The teamsters have struck but will ta .1 ok as ths strike is nH at- UNITED GAS IMPROVEMENT. What tie Company Did Last Tear. Philadelphia.

A prominent stockholder of tha Uni-j tedGas ImDrovement OomDanv savs: "The gross receibts from ooeration of the Philadel phia gas wotks were about $5,000,000 last year and 10 of this or $500,000 went to the city, leaving $4,500,000 as the gross receipts of the United Gss Company. The com pany's operating expenses I estimate at $1350,000 basing the cost of gas in the holder at 25o per 1,000 cubic xeet; and the free gas supplied to 'the city costs about 000 which leaves only $2350,000 as net profit to the United Qui From tins, however, must be deducted $375,000, being the interest on $7300.000 of 6 bonds, and 000 for the sinking fund making about $500,000 and leav ing a balanoe of. $1,750,000. This is exclusive of the cost of distribution and repairs." The sum of $1,750,000 is more than upon its pres ent capital of $28,500,000 of the United Gas Improve ment -Company. The -Philadelphia gas works are operated by the Equitable Illuminating Gas Light Company nearly all the stock of whioh is owned by the United Gss Improvement "There is $3,125,000 of common and 12500 of preferred, dividends of 6 being paid on the preferred.

The lease provides that from Dec. 81, 1007, to Dec, 81, 1912, the United Gas Improvement shall receive 85 cents per; 1,000 cubio feet, during the next five years, it shall receive but 80 cents, and during the following ten years to Dec. 81, 1927, when the lease expires, the United Gas is to receive but 75 cent per 1.000 cubic feet, a be United Gas Improvement must surrender tha works with 11 the improvements free to the city at the end of 1927. iUNITED STATES MINING. Prcsidont Evans, of S.

Mining Co- says "The total shipments of bullion, prior to April amount to 2,739,159 pounds, of which 854312 pounds were shipped in March. The estimated gross value of all this bullion is $815120. We expect gradually to increase the amount of bullion produced. Trior to March 1 we were enabled to pay off 000 of our indebtedness, and a still further reduction of the debt has been made since March 1, in addition to paying all operating and construction expenses at tne mine and smelter. Managing Director olden says in parte "The United States smelter is better equipped with labor-saving devices and machinery than any other smelter in the west, with the exception of tho new Anaconda plant.

We expect to show, the coming year, costs lower EXTENSIONS NORTHERN PACIFIC SfiM) LINE, Disagreement Satisfactorily Adjutted. The diflerenoa that has just been adjusted between, Northern Pacific and the Soo Line was not a matter oi -great importance. Both roads were looking for tha bestl facilities possible in St. Paul There was good reason why both rosds should not have what they wanted, and Common sense has come to their help in clearing up their little squabble. Northern Pacifio gains the right to croaa the Soo line tracks as desired, while Soo Line obtains tho' spaas required for their new building operstion.

The matter has been exaggerated because it is looked upon as a pluWof the fight that the people ef the north wast to be impending between the. Soo Line, representing Csnadian Pacific, and the lines of Jforthern Securities lying northwest of tho Twin.Cities. I MOBILE, JACKSON KANSAS CITY. Birmingham. President Merrill, ot the Mobile, Jackson Kansas City Railroad, is authority for tha statement that work on the extension of this line will bo pushed.

The road is now building from Hattieeburg to Decatur, a distance of 100 miles, and will then bo extended through to Pontonoc. Its construction has been. pushed actively the past five years from Mobile AMERICAN CAR FOUNDRY. 1 According to the Rsilroad Gactte the American Car Foundry Co. has received new orders follows: Grand Trunk, 300 stock; U.

S. Leather, 60 tank; Temple Iron Co, 200 coal; Lehigh Valley Coal Co 100 coal; Elgin, Joliet Eastern, 200 coke; St. Louis Ro- ingerator uo, kjv refrigerator; Chicago, Lake Shore Eastern, 250 freights; Wabash, 1300 Pennsylvania 1310 box, 800 gondolas, 277 steel gondolas' and flat AMERICAN LOCOMOTIVE. American Locomotive has received new orders as follows: Pittsburg 4 Lake Erie, Cincinnati, Hamilton Dayton. 10; Pere Marquette, 60; Chicago Junction, Missouri Pacific, 60; Eastern, 8.

PRESSED STEEL CAR. Erie "ha ordered iiOOO "hopper: 'Pressed IsTeel Car and El Paso Southwestern has ordered 50 ore for the kind of ore smelted than in any other similar cars from Pressed Steel Car Co. smelting proposition anywhere in the world. I "We advised the voting trustees that the companies Ail wyitti. ut int.

hahm.i: ought to earn during the year 1903 $1300,000 net and Highest avenge price 60 active stocks, 1872... T6.57 there seems to be no question, judged from the last three Lowest average price 60 stocks, 1877 3633 months' operation, but that the estimate will be snbstan-1 Highest average price 60 stocks, 1881 99.80 UatCd. I fMmmmk imhi, nmu 1GOK a Votwitb.timliTiir tli TiffiUii Mountared bv the! United States Mining Co. in the operation of its big welT )ads. smelter in Salt Lake Valley, the company is showing net low point "85 Jul 1, "85, 61.95 esrnings in excess of $100,000 per month and applying High point 'SI 3, '86, 94.25 tho same in extinguishing its floating debt, which at be- ginning of the year amounted to $500,000.

It ha al- Pm k.tw. w.i ready paid off $300,000 since the" first of the year, and 5.infd 78-77 it is hoped to have it all paid off by Jun. fil "rE ASPHALT. AWiUim vX1UT Wt VA.OO.J.V Rallied to 4, "92, 94.65 Declined to TV R7 Philadelphia. A representstive of unasseu As- Rallied to Jan tL "93.

9038 phalt of America bondholders says: Declined to Jul C1.94 "The msin point in Receiver Tatnau a announcemen Rallied to Aug 27. '94. 78.93 of sale of the assets of the National Asphalt and Asphalt Declined to Oct 29, 94. of America Companies is contained in clause No. 4.

iRauiad to Sep 4. "95, 84.23 "In this clause he declares that he will sell, not the! Declined to Dee 21, 95, 67.93 698.852 shares of the capital stock oi the Asphalt Com- RaUad to Apr 22, pany of America, but the interests in the assets of tha As- Substituted: Industrials, phalt Company of America represented by the stock. This reclined to is very peculiar language and is evidently intended toii; Aug 26, 98, 60.97 sell the assessability of the stock. Declined to Oct 51.68 "As long as the possible assessahility of the stock Rallied to Jan SO. "99.65.02 exists a purchaser of the stock itself might be buying a Declined to Feb 7, "99,61.95 bt whereas the assessabdity of the stock might prove Rallied to Apr 25, 9, 77.28 of value.

I have no doubt that the plan is to buy in for Declined to May 81, '99, 6731 the reorganization committee this alleged assesssbility Rallied to Sep 5, "99,77.61 and thus forever kill it. Declined to 18, "99, 6837 "The notes to Asnhalt of America bondholder to I Rallied to Jan 2, "00, 63.13 prove claims or be debarred is apparently an attempt to Declined to 11, 00, 63.27 force unassKnting bondholders to come in. It is probs- namea AP 00.1a ble that they will do this under protest reserving their DecUn? to May 15, '00, 66.26 Rallied to Jun 1, "00,6938 COPPER. uecunea 10, eo.oa Rallied to Jul 23, "00, 69.02 Boston. John Stanton is sold two months ahead ta 88 so 15 cents and better.

TW1ina to Ken 1. 00. 62.98 The United Metals Selling Co. has a smsll amount nnied to Nov 20. '00.

69.07 of copper in hand, but over 80 of its production has I Declined to Deo 8, been sold up to July 15. Rsllied to Dec 27, "00, 71.04 John Stanton believes that 13 cents will be about the Declined to Jan 19, "01, 64.77 average price for copper during 1903. The American Rallied to May 1, 01, 75.93 Metal predicts thst copper will not sell below 15 Declined to, May 9, TO, 6738 cents again this year. The United Metals Selling Co, Rallied to 13, '01. 71.9 predicts that the average' price this year will be above 15 Declined to May 14, TO, 69.50 oents.

Kauiea to wun o. vi.u.ia Consumption according to the three above mentioned Declined to on 0, vi, 70.07 producers, is still much in excess of production. Tha da- "HV "VI ii'r mand from Germany is daily increasing and England is Tf ZwnZL believed to have used up practically all ofthe heavy ship- JJSlaV jXCuM menu of copper which were msde in December of 1901 gSto AuJ 73.83 and January of 1902. v- 19. toi.

ftves The United Verde Copper Company is aettins? ni inn nun into shspe to turn out copper at the normal rate. to 6, "01, 63.43 The fire at the mine has hsd a serious effect but before tha Rjju.d to Oct 11, TO, 65.91 first of Juno the company will be producing aa much cop- Declined to Oct 28, TO, 64.01 per as ever in its history. Rallied' to Nov 11, TO, 66.63 UNITED STATES RUBBER. Declined to Nov 14, '01, 65.36 Rallied to Nov 22, TO, 65.83 At a morting of the directors of the United States TWlined to Deo 12, '01, 61.61 Rubber Company held Wednesday, John D. Carberry was Rsllied to Jan 603,64.90 ekjcted Assistant Secret ry.

Declined to Jan 14, '02, 62.57 For the purpose of the Annual Meeting of the Com- Rallied to Feb 7, '02, 65.31 pany to bo held at New Brunswick. N. J. on Tuesdsv. Declined to Feb 20, '02.

64.68 May 19, 1903, the Transfer Books were ordered dosed on Rallied to Mar 24, '02, 67.43 Monday, April 27, and reopened on Wednesday, May 20. Declined to Apr 10, Oi, C5.S5 Iiiauiea to V' Declined to 19, '02, 64.73 States Rubber Company for the election of directors and Rallied to May 24, "02, 66.82 for the transaction of any other business whioh may Declined to Jun 24, "02, 63.67 re the mcetin will hM Rallied to Jul 28, "02, 67.28 the office of the company in New Brunswick, New Jersey, Doclined to ug 21, 03, 65.33 on Tuesdsy, May 19, 1903, at 12 o'clock noon. Rallied to 19, '02, 67.77 ine transior pooks win close at 9 p. m. on Mecwwu April 27th, 1903, and reopen at 10 a.

m. on Wednesday, Eallisd to Oct 3, 02,66.63 May 20th. 1903. Declined to uowi, ux, w.bi NEW SOUTHERN MINING CO. Doclined to Nov 14, TO, 60.63 Pittsburg Southern Cosl Iron Compsny with a capital stock of $300,000 hss MKTto JaT W66 33 articles of incorporation here.

The incorporators are, rwiin-J 8L'oa 9o O. W. Hale and M. M. Bosworth, of Pittsburg, and n.

E. vttai to 16, '03, 67.70 Carr, of Birmingham. The charter includes a prevision Apr 13 1903 60.79 asking for tho increase of capital stock to $3,000,000. INDUSTRIAL NOTES. Butte, Mont William IL Crane, tha actor, went through Heinse's Rarus miue Tuesday, at a depth of 1300 foot Ha was shown topes 100 foot wide, and from these stopea Mr.

Crane ore running from 0 to 60 copper. Tha Rarus mine is ons of the bonanza mines of Butte. Denver. A party of Carnegit Steel magnates is here to negotiate for extensive supplies of tempering ore, lor use in msking plate for battleships. The United States Leather Company has secured tract of oak timber land near Brunswick, and will erect large tannery.

Houghton, Mich. Osceola is. now believed to be bwVirg all former production records, atila tL rod i' 1 STenure 1 reSnel cr-er. Declined to Rrllied to Closed 1 Last year tr.U ia lo an ha Mch20, '03, 65.75 16 1903 82.87 Apr 17 1909 67.44 Twenty Railroads. Jul 2, '85, 48.09 74.17 Apr 68.H Msy 1990.

78.03 Tl A t4V sTO 4k ATOI en VO.J.W Sep 21. TO. 73.21 Nov 9. TO, 67.53 Msr 4, '92, 75.68 Sep 15, '93, 67.97 Jan 70.8T, Oct 29, '94, 61.21 64.78 Oct 29. '94.

6134- 'few An 04 0 U1I 10 KiIIwr4 Nov Bill 7019 S5.6I 84.91 Mar 6,99, 8135 Apr 87.04 Wun 7738 Sep 6,9. 8635 Deo 22. "99. tt.4ff Jan 2, '00, 78.88 Jan '00, 75.9$ Apr 7, "00, 82.91' May 12. '00.

76.58 Jnn 7938 Jun 23, 00, 72.99 Jul 23, 00, 7735 Jul 80, '00, 75.75 Aug 15, '00, 73.08 73.7T Nov 30, '00, 88.83 Deo 8, '00. 8731 Jan 12, '01. 97,85 Jan 1901, 93.58 May 1, '01. 117.8(1 May 901.103.8T May 10, "01, 110.08 May 14. Jun 8, '01, 115.69 Jun 11, to, 11489 Jun 17, '01, 117.65 Jul 15, 01, 10635 Jul 18, ttt, 111.60 Aug 5.

TO, 104.88 Aug 26, TO, 111.69 Sen 13. 01 innnn Sep 21, 01, 110.83 Oct 7, 01, 106.20 Oct 26, TO. 110.88 Oct 28, '01, 109.60 Nov 11, Nov 14, '01, 112.38 Unm 99 VII 1 1 0 1 Deo 13. '01. 110.08.

Jsn 2, 02, 113.85 Jan 14, '03, 111.78 Feb 10, 02, 116.88 Feb 20, '02, 113.63 Apr 8, '02, 117.13 Apr 10, '02, 116.95 Msy 1,02,121.88 May 1902, U7.48 Jun 18, '02, 121.45 Jun 25, '02, 119.73 Jul 26, 02, 127.18 Aug 18, '03, 125.81 Sep 9, "02, 129.38 Sep 29, '02, 120.41 Bcp 80, 03, 124.781 Oct Oct 17, '02, 123.93 Nov 14, 02, 113.70 Nov 24, '02, 118.50 Dec 11, '02, 113.08 Jan 9, '03, 121.28 Jan 24. '03, 118.81 Feb 9, '03, 120.19 Apr 13 1903 105.76 aicniu. 'iki. iio.bi Mch SO, "03,413,62 Apr 16 lai 103.30 Apr 17 1902 119.74 Investment truth la tha specialty aTIE WALL' STEfiET JOURNAL Ita stelly atusly slsvelopa a grasp en financial affairs thsfa Invalwabla at 9 oriala. At your aawa-atanal..