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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, May 28, 1909, Image 11

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83030214/1909-05-28/ed-1/seq-11/

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TOPICS OF THE STREET
*. r TRADING.— Foreign houses bought
fOtu^y , 0 000 shares on balance In the local
jprt^ *, tll 'the heaviest purchases in United
ptrfc ft< i common. In the Jx>ndon market prices
pites-'^j-^ory under the influence of realizing
It? *! y, tic was a buyer of Erie. Call money
o** Witish capital was In good demand and as
itiJf*' r ccr ,t was paid. A large business was
t£l*Ll ifce r ' T)k of Xn R land In loans. The India
*•* -lent freely thirty-day money at 15,,I 5 ,, per
Ob* 1 "', Bank of KnglanJ eliowed in its weekly
<act * re durtion in the percentage of reserve
I* 1 * 8 ,.!.(«.« vit; '' a loss In reserve of more than
»*'": ha? k OF ERIE SUBSIDIARY COUPONS.
Erie Railroad Company gives notice to hold
"**!' the New York & Erie Railroad Company
trs °' '' £ _. 4 p<r cent lninds and of the Buffalo.
* Er!e Railroad Company 7 per cent
ft* 'hat 'he coripons falling due June 1 will i>e
bond* a . JiSr for cafn by J. p. Morgan & Co.
P^^Zf Se^»oon and surrender thereof on or
CONSOLIDATED.— At the meeting
00 directors of the Goldfleld Consolidated Mm
Jf I **^,'., j - [i. H-il.tvir.i. of Chicago, was
fc^T^pe-president. to succeed Mr. Wingfleld;
*2^ p,cK-;i-< of Newport. li. 1., was eltcted a
_^riJf:il a vacancy in the board; A. H. Howe
I*2 treas'i'.-er. General Manager McKenzle
*_**!1^ the monthly report for April, Which
profits for that month of $797,000. The
f3 J« gli<et. as of May 15. shows that after pay
***»ie Ar"" 1 "'' dividend the company had on
*L ir, <•_'■ and partially treated bullion and con
*!!,«• J1.735.0W>.
Pi-GGENHEIM HOLDINGS.— It was said yes-
JL- that the Guggenheim interests now own
fSI.W* t0 j4...000.0«t0 of stock In the Utah Cop
**'",...-;-- fir: tn< * Nevada Consolidated C !•■
j»- rwajany at the present market value «.f the
■"^ITJ A conservative estimate of the future
•^ lncrme from these holdlncs «•••. .1 be about
_STi> if the prediction made ' v the manage
t of the tiro companies is carried out as to
"££■«« °f dividends.
ar ions. Memphis & botttheastern —
Tta SL U>uis & San Francisco Railroad Company
iw*""o«ce that the J16.0n0.000 St. Louis. Mem
vi* t Southeastern RaUroad Company five-year
?T ■«•■ bonds, dw June 1. Will be paid off
that date 8- the office of the Bankers' Trust
rwap«sT- No. ' Wall street. The June 1 coupons
irfil be paid at x " c Mercantile Trust Company.
>-o. li* Broadway.
DIVIDENDS DECLARED. — Dividends have been
£tc!*r»d 8- = follows: International Lumber and
i^vfcoptnwit Company, regular quarterly 2 per
cest, pir»ble June SO: Realty Associates Com
.;. sHSVSI 3 per cent, payable July 15;
CJirastlaas] silver Company, regular quarterly
5 per cw: on the preferred: GoldfiVld Consoli
_te<J >I:r.!nc Company, regular quarterly 30 cents,
My*hi# July 32.
|W COTTON EXCHANGE MEMBERS —The
*£oTl3g have been elected members of the New
To* Cotton Exchangre: Harry E. Kohn. of H. V.
Bais«n & Co, Philadelphia: Daniel B. Hull, of
TlEsier jfc Hull. Savannah: Robert W. McKinnon,
ef Ltfan & Bryan, and Morris EL Rothschild, of
TToetnlif Miss
COAL STOCKS AND COMMODITT DECISION
—1 »fries of interesting pamphlets bearing on
the coa! roads and their ■rlttsa In connection
Tith the Hepburn commodities clause decision has
t»*r. prepared by Kmlen Hare Miller for the Half-
Hoariy News Service, of Philadelphia. The sub
ject is treated in a manner that will prove of
rslae to Investors.
THE ENTIRE [BSUE BOLD.— & Co.
ci Poner Choate & Prentice announce that they
h»v« MM all the fc1.49Q.0M Southern Railway ten-
Tear car trust, recently purchased from the rail
rfy company. This issue is known as Series "M,"
M ksan interest at the rate of ft* per cent.
■BXI GOLD DEBT COUPONS.— Speyer &
Co. announce that they will pay at maturity the
coupons due June l of the United States of Mexico
4 per cent gold debt of MM.
SBW stock exchange: members— stuy-
Tear.t Fish. jr.. Richard A. Springs and Charles
E. Lewis have been elected members of the New
Turk Stock Exchange.
BXXEAPOLJS & ST. LOUIS BONDS— Tailer
4 Co.. of No. 27 PSne street, New York, have d!s-
J><*«3 of all the Minneapolis & St. Louis Euipment
bonds, recently purchased by them.
NEW DIRECTOR OF ORIENT ROAD.— George
a Ross, vice-president of the Chicago & Alton
Railroad, has been elected to fill a vacancy on
tns beard of the Kansas City. Mexico & Orient.
FOREIGN BANK RETURNS.
t/tr.Cori. May 27.— The weekly return of the Bank
sf England ft. » the following changes: Total
rtsei n> decreased f516.0n0 : circulation increased
£ITS.Wn; bullion decreased £313. r "i; other securities]
Increased 12,0.000; ether deposits Increased £1.347.
0"0: public depoFitr decreased M 56.000; government
eecurlties unchanged. The Bank's proportion of
reserve to liabilities is now iT.SO p»»r cent, asalnst
<Ci: i per cnt last week, and i— mans with an
advance from Zl\ per cent to sl"t, per cent in this
week last year. The rate of discount i? unchanged
at ;; 323 2 ;>er cent.
Pmxtm. May rr.-Tre tieekly return of the Bank
Cf France shows the following char.ges: Notes
In circulation dpcreas*.i SUOdOOO franc?; Treasury
fiepoFits decreased U83L009 francs; general de
posits increased J3f.485.f100 franc?; gold in hand
increased 25.7.V.,ft-)r. francs: silver In hand decreased
1.K3.0n© francs; bills discounted Increased n0,625.0C«)
Iraacf: advances decreased 7.47T./O) francs.
RAILROAD EARNINGS.
CENTRAL OF GEORGIA.
»~. . !:• S HMM ir<o7
JtJni *eek ;n May ... »17«.«W ?K,2.n<W> »217 700
Ja.y Ito May 2i 10.»2.2i«t 10.34fi.50) lO.J»M 2:%
IH.I.VTH. BOCTH fHORE & ATLANTIC.
H :-■: I - !
JI"S Ito S^av 21 ;.422..T-:j 2 7S<> ,V.» 5 2 ICQ '■77
LOCISTIIJ.E & SCASHVHJLE.
S^ a iV*yiv «* v •• ■ *-i rM " 45 B"«M» tWioa
•«y 110 Kaj 4'».7~t.W4 40.174.802 42.M7.12a
MINERAL UANGE.
gft^£-:: flip gjg
MOBILE & OHIO.
iiw.M n«.«o«
I ''W "> J 572U471 ♦■.712.11<5 »414 7.Vj
■-v^. TOLEDO. PEORIA & (TEETERK
l^twai: ;g : s» •IM7I iss
■TH.M 2 1 MR :;.V. ; ]-» 272
„ tv>l>jUAL-o & SOtTTHERX.
A :t ;J_
" WSB.IO »1.024.« M
■"''■■■ KTO.U2B 774.787 734>a
0«S £££*" «rS>27 ~5214.34r. ISasX)
3»J.r,i7 i^fH^ r.t.erja
C^, te^ ):r ' 12C3.34* $222,393 $3i».5»4
218.571 214.;tfil i;«.'.»4ij
c^'? f ' A^i. : X.-- *44 77:: "TniMm
Ei^u^f 51110 ** $12.7'.t0..V.4 $12.3«0.m4 $1 1 MA "SI
- xmi -,17 ..,.., r .v. 7 •«« •«»<;
fr j« SS-r" $3.»1«.047 .« I '.".I 171. J3.3«8>.7Rr.
' Ui> .>"7.24i I>.^«MJ ».OtM
Otoil f 0 " s^* M.217 -■-- OH -2! f5.33R.P71
P*; .--■ ma iim.ar.2 J.fim..T.<2
181 * «•• ■ *1.5i*4.787 U.*M.Mg *1 717.471*
CENTRAL OF" NEW JERSEY.
CnwrLl, 1 " 1^" <••** • is «4<?
Ojra-iT 4 ''** *2.22.v.'.72 *2.Z71.r.1>l $2 .Tl.-..*.:.
* «pe 3 wii 1.220.157 1.193.361 I.34A.STU
$1.«*.515 $1.07«.2*» Jl.'Ks.sitf
S^Xaiaoai « n <i
152.542
Ci^r""* '; tI.OfH!JS» >I.«M.S*O *!«.'. f.74
* *°3 taxes .-i<:s.<L'2t 7.i<s.<)io wn.nap
544.. <7<; j.(4<..im «2r.t.ior.
CwrLiS' I '^ $21.414.14>» »22.C42.721 «21.7M.f/14
txpecse*.... l2.lfiM« I2W?;*** 11.657.5T3
sjJSLj'*''** K«243.1»C8 18.e43.2ZS J10. 127.391
ii * 55 * ww * B*J:'.«8 *J:'.« J ! E *.''. n . 1.014.039
OsSSV • ■ . $#.UZW. lp:MMri^223 f!».112.4r.2
*S« tax*..... 9.214. :.M«-** H.4T1.531
""•" i« ir.-r $4.m.530 M.M2.2^4 |S.««OJ|O1
,^-i- I>ETrROIT & MACKINA.-.
rSS2**rii
0- „ -'J ttiies 3VS ;<VJ
111 -""* *U7.7:»7 *:t«.l^ ?11-".7«:t
ij. ?' sa " ~ f».SOH $25.47S J20.727
' Gr— **> -*l'rl| 3<>—
li*^ I *^ « C ..,;. p.r.»4 7*« *1.<i77
*■••»!« taxes... 7.12. 7.U 7M2.CSC KS(l.f<7>
I ''**-*ftii!««. «2«.fil<» 12U2.C00 *11K).«(C
TOUCLO RAILWAY .v UOHT
«ii.:«; »2ic*i7 $3iM.Si7
*«s«J ta X r.»... i;.Mri' 1U8.213 IK".-.
'**» iS2if?* t - *"...-.^-. 11*3. 1«Z ~~ *-•■ :7i
****-* fca^ c * *■•-.- 5-.i.: 11-.- ~ «•«•.. l.v;
' 7».'.iu 7».7u2 04.20.1
■ Hsi - "
«X Oi *!■■' ■•"!•■•
***• •»< .ait,:.; i: (! .4W 4CV4<I I«VW3
f^r::::::::"^^ J^S _?5§
<W», '*'■• <.-..-.--. *3t/-..^tl I
* 2M.7M 27«:.<T-3 -'.'-* .2- «>
* JT * " " •••-. »»!sri cwJiM HO! 113
cniCAoo & altotc
r Jfei *« w . I-!*.. ttm Change*.
" •Shf 1 1, V' 4 M *?-- »5».«37' fI!.V. Dec. * 1-1.57 1
151u 'a.,.. u.2»7.««i Iv.wl.bw me :«.«*«
TREASURY BALANCE HAS DECREASED.
Believed That Government Will Soon Make a
Call on Depositary Banks.
The June circular of the Nntior.nl City 3anlc
forecast* a further call before long by the Treas
ury )>ep;irtment for the return of government de
posits. It says:
Although receipts and expenditures, as com
pared with recent months, continue to make a
favorable showing, there is every Indication that
depositary accounts must shortly be further re
duced. Two months ago when this subject was
referred to in this circular the available cash bal
ance stood at $132,000,000 and what is known as
the »i rking balance was $_i;,000,u00. The available
cash has fallen In that length of time to about
1118.000.00u and the working balance to $41,000,000.
Included in the available cash are the public de
posits standing to the credit of the Treasurer of
tlie I'nltfu Slates in depositary banks.
These deposits now amount to $62,000,000. of
which $10,000,000 are in what art- known as the
temporary or special depositories and $52,000,000 In
the permanent or regular accounts. Although some
authorities are of the opinion that the magnitude
of the government's fiscal transactions now re
quires deposits aggregating as much as $00,000,000
In the regular depositories, still it Is believed that
the business nt the Treasury can be carried on
with regular balances fixed at something like $30.
000,000.
There Is no necessity, from the standpoint of the
Treasury at least, for maintaining any longer the
temporary balances. In special depositories: but as
these are distributed among one thousand banks,
many of which qualified largely for the purpose
of operating under the designation "United States
depository. it is a question whether such desig
nations should be extinguished entirely or not. In
the past many of these depositories have qualified
by the purchase and pledge of United States bonds
bought during the period when bonds were high,
and no doubt these banks have suffered some loss
in premiums owing to the reductions which have
taken place in public depositary accounts during
the last eighteen months; for which reasons the
equities are rather with the banks and favor the
retention of their depositary accounts unless the
Treasury is actually In need of a return of deposits
to its own vaults.
CONSOLIDATED EXCHANGE.
Wat-ash preferred was the feature Of the market
on the consolidated Exchange. Its total for the
day exceeding I.MO shares and being nearly equal
t>> that of Amalgamated Copper. Attention was
alf-o paid to Wabesfa common, the combined total
of the preferred and common nearly equalling the
acerecate dealings 1:1 Union Pacific. The last
named etcclt was unusually inactive. In f<tct, the
entire day's trading went to indicate ■ continued
ia.'k of puMlc interest, particularly In the standard
stocks. Although -the number of different issues
dealt In was less than on Wednesday, another
stock was added to the list, namely. Toledo. St.
l>ouls & Western, an odd lot of which changed
hands at IS. Prices, compared with the Stock
E_ .-L- quotations, exhibited relative softness
around the opening, but in the lit,-r trading a bet
ter tone developed. United States Steel common
made a high price at U%. compared with .i top
figure on the other exchange of 61 l i. Union Pacific
sold as high a." ISSV;, against 1594. on the other
board, and Southern Pacific at l-3Vs. against 123.
Detailed operations follow: »
STOCKS.
ESMRS | - j Open- i Hie^- ' _*-)«- I-a»t
•old. 1 1 lne- I <•»' I rt< »ale.
ao.AllU-Chalmera ...| I!S\ Iftl 13\ | 10 r 4
S.3so,Amai Copper . .. ! MS! M - $44; 88
M Am B»*t Sugar... 1 3T*» 3T » 37V 37 T »
asa A:.-. Car & nrr «"»! son ! 55 T »i bsh
1" An. Cotton 0H...! «5«% 65V. J OS*! t»'4
luO.Am Ice i »>»»» 39 S«»i| 39
MO Am Locomotive... .'.•. r^>» 57**1 ?•
1.710 Am BmHtiac !'2\ 03*4 !'°»* ■ W%
2."' Am Sugar .. 1S3 1 , ; 188»sj 1335! l"a»»
.:."■" Anaconda Cop j .'"S MW r>n">k I 01 '»
180 At Top &.- X . ! lOOSI 10!>H l«0\'. H«'i
10 Bait & Ohio . IMS: 1144 ' ms 114 l 4
CV Brook R T ; IS I 7SS 76 78H
330 Hnnewir-k City... ISHj 19 I 18HI 19
♦ • «>rt Leather . j M | 30 i 29H: IMt
MS CMS * Ohio . : 77»4 I TTSI 77 , 77V
120!Chl Gt West ... 3 5 4 V *| 4V
S7O Chi Mil & .- P.. I 149\| 131 j UVK\ 151
SSOICoI Fuel a 1 I 41 . 41 S I 4"\ MVi
2<> Col & Hock Coal. I <W"4 <V;'«. ; «3 : »j 8»»
C«IM 0a0.... . i 1434 143** 143 , 143 : j
i GW> Corn Products 23>* ! 23«« 23 23 H
50;l»n _• X <; PO\ I &»"■*! ."."'i T.ov,
I<X> Dlst gecuritle* : 4<'S 41 4<'H 41
l.lOOiEri* 34 V » 1 84VI 34H' 3* 1 *
TO] do Ist iT"f I 51 r.l\ MS. 514
140 Gt Ncrth pref : 14(54! 14rt» 4 ! 14«4 14« i i
: 330, Inter-Mot .' M | 1*5% I 16 I J" L «
4-'wl <!-> rr»>f i 4-". I 4*4 4. j 4",
30 Kan City So I 4-3-3 46H ; 4«4 j 4*H
4»«' Mo Kan ft Tex... 41S! 42 | 41 1 1 42
000 Mo I'a-'r.' ! 74 , 7SH 74 I .3
70 1 Nat I>»a<l i R74i «TH 87 : B7
2i> Nat MM 2-1 pnf. 1 2"«4' 25H i »H 2-^S
150 N V Centra] .. ! 12t» T * I 13OH' 120 V IS"H
13" .V V<nt * W .... ! «'•-. «»> I 4- 5 « 49
10 Norf A W«5t..... ' W>V 1 I«O*» i «*'S j '">
.".vi No radflr I 147 147 ! J 14fi » I»7H
240'ivnnitylvanla .... IMH 1-I*H l**H IMS
p«Mple'a C.a« ; 113 V 114 liaS n.l ■»
isi'i 1 -r».ii.««>'; Btori car. 4i'» I 4i' > 42 ! « ! 42H
l«!.««i H^ilne : 1.">4'%; 1-V> 'i ' l.'U'. '^4,
mo a-r SS-i.: ::: m % % \ »$ g*
C7O Rnrk 1.1an.1 • 8141 •»> 314 •■»!*»
101 Ft 1. * P*uithw»»t! 27 >4 : 274 ! 27'»' 27 : i
-■'• Southern Tar 1224 12SH '--> ''{- *
l.V)|Southern Hy : :<l I 31V 30 ■» 314
». T-XBS Par ' 33H 334 MH «•»
Third a-» ! --•♦ 304 2«V *'
1" Tol .~» L & W....J M I M« M ,S
».W Vnlon rarlfl, J- ; IMHI IW-4 IM* l«» v
4f> V S rnsit Iron P..' 33 334' a3 33 -i
90 •• P Rubber. . », J'
lfl i^ 'ao pref !::.:. ...| xi»s mn »» »!•»
ikji T'q i'->r <"h»m 4hV "■'» V« ■ 41* \ : .«'•»*
L ««mtaih .".::::.; It 4( M . ?,•■-: =}■*
SSO'Wesi Maryland... l 20% 1 21 U 30% 1 -' *
70.330 Total -aW ,
MINING.
«Tar»7l I Or*n- I High- ' Low- ] I-nut
MM- ' ' '"*■ ' *"• ' eSt - ! **
r« I ■]« I 1« | -J« j ->!J
<* "■■■■ » i •» ! :g: g :s: s
arm'ttoMtMd na««y :^i ,12* - :H: H .Mis
SSSST*.^:: 7 " r S r :]_ >
h£^[V :::,:::::: :^h; :S4 :^h Ai
• ffIJSSBS-Srfi *■'-. &* %* ; If
iOOjUDion n>n* ' » ' » I M .^<
«.r-."«i Total «i!»s. —
BONDS. _
~T~ ! Open- ! Hlph- ! T>- -x | T»»t
Fa l,g. \ I '■« ! «■»'■ ! «""• I __
IZz^VCc^^r in 1 n T~2^T_ jy>J_2t>_
WHEAT.
cai.. • ! Or»n- I H!(th- ! Low | I_iat
bu*h. i L inn. ! __ I *" I ____
250^7.! July uptTon i»l ■ « tl -17V 111.X.V; $1 .164
COLLATERAL TRUST NOTES.
MatuMnK MM --'
iFurnisheJ by Swartwout • AppenseUar. No. 40 I "ins
street.)
Arprox.
Vane Maturity. Bid Asked yinjd.
Ani.-rlcan <l»rar 4n c. Msrch 1.'.. Ml IW7» m% 4.40
do 4 •■■ c Mkicli 13. 11»12 '" 06* 470
v.i T-I 1 T*: ■ l. c. January. l»10. . . ■!<"* Ml -'■•'*
\t Coast I.in» r> Pr. ?lar-h. 1910 I'M KM 'i 8.4<»
Ch^a"akV & Ohio ;•• p •:. July. nu0...i..2'i 102% jog
(M.-azo i \i-in fl pc. July. J(V« :o.)Vi Urn", « i«>
• ( r&Stl-'• V"• J«n-. 191 1 1"1 H 101 \ 4. 10
I*l & Hud'equlj.t 4Vi J- C. July. 1022..1U9 103J* 410
£_7ka»anna Bte*l -■■: Mar-h. 1010.. ,s« 119'j 610
l^k^ *•"«""& Msr, Pi. r*i.. iuio . ...ni»*4 loitf 3 .so
ijooUA Nashville si. c. Msroh, If 10.. mi \ 101% 3.80
K2SmcSS»l»pe i>". »»1« 100% 1O1« 330
M'„ &-t I •-:.?- •-. •, c >>„ Wll BBH 100 6.00
<•. line* "c/jli.t o p c. Sr,v. If**- 1". 4VS tr. 3T-. baMs
vv v i*H5 P <• lOW-'M Wo«* 1«24 —
X v V'r' ■nr. 1 Say. U.;o . ..li-IU lo;\ ftje
I^hlif Urvi"-> Vr.rp 5P -. -Nov. IW..IM', 100% 340
I, I \I A*F V? P <•. jW. 1!<<»1I. ...I<»> 1<«)U I.SO
. !■ May 1011 I"! I'll 1"*1 "* .< <H<
TMMrar « »c ' *bb». mm.( J«% M« v» ««g
BALTIMORE STOCKB.
(Furnished by Van Betas** & Co.. No. 7 Wall street.)
Bid Ask*4 Bid. Asked.
rnltefi Railway. 124 g* I Cotton lv:irk ? 8
d, incomei .'6BVS M% do Incomes. ... £4«; 2«
V 'V. -7 ; H7% Sort Rj & I. S« !>.<«< Jm
BH4BV.T .2 « t'-'«ht & P pref.. 70 80
,< in.- -„»>... U "' >'■*•■,+ :.:iv 4 5,45 ,4
i. \.<* ... « <:! ' lri - : " I! > "ilW^ bM
w^V. .,»'.!■■ 2° a I Ch«B Con Eire Si- I»2 04
lc l*t nr>-f... :■" 7l'i:<"ont Fnut i"is 221
1.. ■M .'re' .. IMi 4i»Uil'nlon Trust. . 72 70
CMlK.ar-1 A L. 4, B»«» Third Nat Hank IST 150
d.. l"ve»r »». !".»>4 l«»*i Fidelity * I>ep. . l.'.S 150
on^i <;« .. - 1... I -Maryland Trust M 70
", ;s •■ Ml', 1"1H ! N«r Cent Ry lor,:, 107
BOSTON CURB STOCKS.
■ <J--u'nl-!)»-2 by J. Thoraiu Relnhardt. No. 38 Broad ntre»t,
! N<!W York, and No. li» £xc.lance Place. Boston.)
Hi*, Low. l^ast.
Ah ,.. „k 170 IST, iCft
i and' v.' '■•*■•" 3I3 I 7-16 «*-»• 7-10
j . _!__* ,-.v^n S te •:::::::.:. m-ig ii-m „,-ir.
:::::::::: il4li 141 >"" : -^ tlfi
1i.1t..1.- .■' 'l..[.!i:ent -' ;! > Hi 10 ; ,
,-«lumet-<-»ibln : . : . : . : . : - : - j£ 10 v }J.
I . i,le( omiUilMated >^ J* >Jj
4-.,rbln Copper M,- <£,- c^,*
Der.n Ariiotm „: •* S;? ft?
i: ! v , xv '.n,. n, • ::::: "is «* 4%
_ ;•, l'j ;u
llauayiinifa • j >% Vj -^
;; i:;-.;'.;;i :;-.;'.;; ••••••,; ■::::::::: *2 f = * fi »*
! „; Mm.n it is»ptoraUaa. ••-. ■* «
; on- w. C..|.i*r^illnlns-.- •■•_•• .J' jj- .; *
i 'm l'Xnton""'^! 'pMt.il \\ \l \\
P,,n..r« Mlnlni t sni U«v C 5 «• IW
r.ri'ii lltabMl aiii l»« ■♦• „ 11-10 1"4
Superior anil Olob« »^r j^ |-^
vultur* " "
NEW-YORK DAILY TRIBUNE, FRIDAY, MAY 28, 1909.
SEVEN PER CENT. CUMULATIVE PREFERRED STOCK,
UNITED DRY GOODS COMPANIES
Dividends payable Quarterly at the rate Of S^ven per cent, per annum from June Ist, 1909. Shanes $100 each*
UNITED DRY GOODS COMPANIES.
(A corporation under the laws of Delaware.)
Has Preferred Stock authorized i $16,000,000
of which $10,000,000 is now issued;
and Common Stock authorized $35,000,000
of which $10,000,000 is now issued.
Having sold a large portion of the above Preferred Stock we offer, subject to prior sale and change hi price,
the balance of the $10,000,000 Seven Per Cent. Cumulative Preferred Stock of the United Dry Good* Com
panies at $110 per share.
Attention is called to the letter received from John Claflin. Esq.. printed below, and also to the report of Messrs. Hasklns & Sells. Certified Public Accountants.
Provision has been made either in the certificate of incorporation or in the by-laws to the following effect:
(1) That from time to time by vote of the Board of Directors additional authorized Common Stock to the amount of $25,000,000 may be issued an 1 disposed <* for
the following purposes:
% M^^^^s^^i^^^^^i^^s^ - «- •— - «*«* --a. *.
No stock other than that above ">'"»""?•>«" ** amhoH zed the Sdors of each class of the company's stock, or by a vote of th- stockholders holding at least three
fourth's T& c « X m?unt^f n each "Sl^'STS^ttS^TS: corjora 55 1;n1 ;n Ur^ented at a meeting .peclaHy called for that purpose or an annual meeting.
* Temporary certificates will be Issued pending the delivery of the definitive stocK.
Application will be made to list the stock on the New York Stock Kx^hange.
We offer and recommend this Preferred Stock as a mercantile investment of the highest class.
224 Church Street.
MESSRS. J. P. MORGAN & CO.: ■" T ° rk - *«■"■ "' IM9 "
De Tho^n,^, Dry Ooo.s Co«p« % I^X-J-BJ-JX'W^^
SSJ_2T^ uSUS J?^~S« r »Ss^^ lssued capltal stock of ***** Thla eives lhe unlted Dry GoodJl com *
panics control of The Associated Merchants Company, which has control of the roiiowine companies.
Wholesale: THE H. B. CLAFLIN COMPANY.
Retail: JAMES McCREERY & COMPANY, 34th Street, New York.
JAMES McCREERY & COMPANY. 23d Street, New York.
O'NEILL-ADAMS CO.. two blocks on Sixth Avenue. 20th to 22d Streets, Ne •• Yerfc
STEWART & CO., of Baltimore.
J. N. ADAM & CO., of Buffalo, and
Four-fifths of the Common Stock of
C. G. GUNTHER'S SONS (Furs), New York.
The market value of The Associated Merchant. Company's stocks li more than par/and 'the dividends on the $5,650,000 of its stocks at current rates exceed the dlvlden
requirement* on the $10,000.^00 Preferred Stock of the United Dry Good- Companies.
THE UNITED DRY GOODS COMPANIES has bought outright from me four large stores, to wit:
HAHNE & COMPANY, of Newark.
POWERS MERCANTILE COMPANY, of Minneapolis,
THE WILLIAM HENGERER COMPANY, of Buffalo, and
STEWART DRY GOODS COMPANY, of Louisville. P r Stock of
Th* available Income of tlww four stores alone, disregarding all other sources of Incon . exceeds the dividend requirements on the $10,000,000 f <•
the t^%S^ < 2X n Slrs Capital Stock of the** store, the United Pry Goods Companies has paid current market values for their tangible assets as appraised by
independent experts, without »ny allowance for their exceedingly valuable food-will
The merchandise hnn been taken at figures fin^wliht below wholesale prices.
fr/on the opening of it* books the balance sheet of the United Dry Goods Companies will stand in substance approximately thus:
Common Stock $10,000,000
$ 8.650.000 Capital Stock of The Associated Merchants Company ) Preferred Stock 10,000,000
10,000.000 Tangible assets of Hahne & Company. Powers Mercantile Company, The j
William Hengerer Company and the Stewart Dry Goods Company. r
1,350.000 Cash )
i^o^o" $20 ' 000 ' 000
In the tangible assets «„ Included the entire capital stock of Hahne Realty Company. ) This *:'<\l^*™^ e^ jfi
fed to a mort«*Sc of J1.250.000 on said property It Is taken over by the United Dry Goods Companies at the net \aiue so uui* ■■■ a » »~
two years hence, should the Company no desire. _-_«_«• n f rmn _ n ctlv eousl to the Indebtedness of each company con-
There is no net indebtedness whatsoever srslnsi any other of the tangible assets nforesai-1. an •mount or_^ n """^ $10 000.000. and is also additional to the 51.K0.000
veyed being left in the treasury of each company to cancel Its indebtedness. This cash Is additional to the tanglDie assets oi ♦!<.,
ca.-h In the treasury of the Unite, l Dry Goods Companies. . dmi hi<» m amount the face value of its Preferred Stock and
The fact that the United Dry Goods Companies has no net indebtedness, has assets at market value more than aou '" am v 1 Jpnders its Preferred Stock exceptionally
has from various and wparate sourrea an Income which in bad times would be more than double it- preferred dividend requirements, renders Its iTererrea fctocK ex.epu n
nte'rea^T^note the dividend record of The H. B. CUllln Company, which was Incorporated in It* an.l that of The Associated Merchant, Com
pany, Incorporated In 1901. „„„„,.„ th _ thrr » n anie periods of lMt-ISMI 1903-1904 and 190T-190S.
The H. » ciaflln Company has paid dividends on all classes of its stock from organization to date, cowrtni tne inree p |tock The total dividends on its Common StocJc
always full fixed dividend* on its Preferred Stocks and dividends at a rate never less than six per cent, on its common m cm.
amount to ISa per rent. The present dividend rate of eight per cent, has not been changed In ten y^rs d _ d numerous additional dividends beyond those pro-
The Associated Merchants Company has paid regular dividends on Its Preferred Stocks from organization to date ndmnn x ,, tenc< . lt bf ,_ an dividends on Its Common
Tided for in the organisation of the company. After accumulating a safe surplus during the firs: year ana ai.hi "* '"V , * PT tra dividends Its average distribution for the
Btock December, 1902. at the rate of Seven per cent, per annum. It has maintained this rate to date, and has paid »*^™ 1 '£ and eight years In the other, neither company
last Fix years has been more than Eight j^r pent, per annum. In an experience covering more than eighteen jears in one case a»u * s j
has ever needed to modify In the least the statements or promises made in its prospectus. r( ,rrr.anie«. win continue their customary work. I will continue to
No change la proposed In the management of the affiliated companies, The active heads of the various companies^ 9tockho lders so wish .
be President of The H. B. Claflin Company and of The Associated Merchants Company and of the United Dry Goods companies « me = JOHN CLAFLIN.
I enclose copies of the Certificate of Incorporation and of the By-Laws of the United Dry Goods Companies.
MESSRS J. P. MORGAN* & COMPANT.
I Broad Street, New York City.
GenU ?n'acc7rc]ance with our arrangement with you we v,, made an examination of the books, records. J| g™^^j^«g^
THEWM. HENGERER 'COMPANY. Buffalo x Y.
THE STEWART DRY GOODS COMPANY. Louisville Ky..
POWERS MERCANTILE COMPANY. Minneapolis. Minn.
The general purpose of our examination was to determine the value as of April 30. 1909. of the assets of these companies in respect to real estate, buildings, store fixtures.
BtOrP V""!;^^-:^;; 1 ':. 111^:^;";.: TJ,™»u£ l?^ -.., department, at ..«. <« OS - r W «*_«.* that tb. trading stock is undervalued below wholes*!.
v.l ,1 i. «v "Opinion might reasonably bo added to the total of the assets shown by our statement to determine the real value of such assets,
wnicn. in our _c»pi iion. mi* i r j- ( which is not Included in the statement of the assets. .»».♦♦', a t-»«
the business ■^SS^^^^^'St^SS^ organ ,z, za t,on consists of Mr. Claflln at its head. Mr. Louis Stewarts pj£ c« P^ --late and
measure the continuance of ~^^°S l 7 n^ On ie O i SSrVShSSTIa thorough and complete, and the reports are advantageously used In the rtmiiMT«^«lte^™™.Jto
tfMn a^e\^n rl JhaW"d"7th uTe^^rnistra^ «-.■«.!»« business men. capabie of -ccessfully^ssuming larger responsibilities
HASKIXS & SELLS.
Certified Public Accountants.
GOVERNMENT BONDS.
The following shows yesterday's closing quota
tions for government bonds, compared with
Wednesday's:
—May 'Id — —May 27 —
Hid. Asked. m.l Asked.
D P 2s. registered. tat* .H'l'i 10814 I" 1 la i"*'*
V. S. Si cmiiww. 1980 101 J4 — }«'}** —
iaseffi^li i "Is l!
IMMilct of Columbia 3-«.* • . - - i"i V* - i" 1 1 * ~
lhilipplne 4s »01 ■ — lul
COBALT STOCKS.
iFurni*lieJ by Warren. Oyowskl * Co. No. 25 Hroad
street.)
HI 1 Asked. I . . Bid. AskH.
\niaicamated .. II 1 * i-'j Utti* Niplsnlnß.. 21 2.'.4
reaver (V,-, ... 10 3«',* M.Kin l>nr . M M
ii.iff«l<» 3'» l 400 Nancy Helen l.V s :t.i
Chambers "iVr.. CS II Niplsslnn 1"\ 11
nt, of Coball I*> 41 Nova Bcotta 4!' 4't\.
, '■;■, .-, [>ntral . . SO *V,i Ophlr S3 70
v' ,i' iJIHe »3 1H Otlssi M tf
•„nU«a« <-„«) CO I Teter.on Lake... V 2«H4
c-..Vn Reserve tSS Rlcht of Way....2«1 27.'i
ptuter 29' '.1 inivhester !.'>*» 1"
GlfTord ''"'» '"'-■ .Silver I.«f . 13 I'!'*
<;-eat Northern.. 1 "'- l.".\,l Fiber ! '" r 2?> 3-»
XMbtg !-j . ]V» v !iv * r °"— n ** n--
Hud.on Bar..--!"" ~ ■ l»nMfkamln«- • H»«J 137 •
Hu<lk>:i nay.. 17.'. — Ti;*iaa—» tm% 'rr
Kerr Lake * »» KWi 23 30
La Bom "M .« I
(PREFERRED AS TO BOTH DIVIDENDS AND PRINCIPAL.
OF
City Hotels.
BOSTON
BOSTON — HOTEL VEHDOME
COMMONWKAI.TII AVEME
Dlstlnitulshed for Its clientage, appointments and
location. Equsill* attractive to permanent and
transient Bursts. Perfect quiet.
EXCELLENT OARAGE NEAR BY
C. H. GREENLEAF & CO.
Rummer Hole". White Mountains.
NEW PROFILE HOUSE and COTTAGES.
Instruction.
For Both Sexes City.
THE nRRI.ITZ SCHOOL OF LANGUAGES.
MAIJISON EQtTARK (1122 BROADWAY).
Harlem Branch. 343 Lenox ATS.. near 137ta St.
Brooklyn Branch. -MR 220 I.lvlnpston St.
Summer School at Asbury Park. N. J.
Teachers sent to all places within hundred miles
School Agencies.
\MKRICAX AM) FOREIGN TEACHERS' Anr*NCY.
sunnltes professors. Teachers. Tutors. Governess**, etc..
♦o Colleges. Schools and Families. Apply to
MM M. J. YOUXQ-JX'LTON. 33 Union Sauar*.
$10,000,000
HASKINS & SKLI.S.
Certified Fubl'.e Accountants.
I PROPOSALS FOR COMMISSARY FOOD-STL FFS.
etc.. (Office of Panama Raii Road Company. 24 Sta c
Stteet. New York. Ma] 27. IN* ■ Sealed **%?* ,"
are Invited for furnl«hln X commissary fo ? 1 - 8t """, h ' t s,rtns
net t 1 SIMPSOV Major. lWh Infantrj. \ . *>. A..
.Vn.mlJlrN Purchasing A«ent. Panama Kail Road Co..
21 State Stre.t. New Yc«*-
Chief Quartermaster. _— _
a I.VJ.TTISEMENTS AND SUBSCRIPTIONS KOI
A The Triton* rere.ved at their Vptovrn Office. Vo.
i-Su nreaTwa v '■«•»» SsM « and 3.th St.. until t
oclockTm Advertisements received at the fo!Mwlnir
branch P !ilc" at regular .or rate, ur.t IJ I .« fith i« m
'„ , ! mi ss t h ave.. « •- cor. 2M St.: 153 Cth »v*. cor.
ISth ™ 104 East Mth st.: 557 West 4M .t. *iween
•Jrh and '9th ayes.. *fl3 Weit 125th.«t.: NOB 3.1 ».-*.; 162«
id. are?, near CUt at.; 1708 lit **•-. near SBta «t.
J. P. MORGAN & CO.
30 Broad Street. New York. May 24. 1909.
Proposals.
Office of J. P. MORGAN A CO.
23 Wall St., New York.
May *7th, 1909 l
Proposals.
PROPOSALS FOR CONSTRUCTION. HnOO|
Heating and Electric Win War TA>artinent. of
fice of the Constructs* Quartermaster > New Lon<J«a.
Ct May \ 1000. Sealed proposals. for construct
it- per of two double Ueotenantr quart*. ■ at Tort H. O.
WrUht N T . and one double «ants' quarter* at
Fort Terry. N. V .. and installing /-•plumbins. heating
plants and electric wiring; In aame._*!!l he received her*
until 10 ™> a M.. June T. l«*. ar*3 then op »■«<_ Pisa*
and specifications may be seen "1 office of the Chief
Quartermaster. Department of/ the Cast. Goreraor'a
Island V V . or, all necessary informatl- n will be fur
nished' by this office on r"l'- « Envelope* containing
r op<.sals should be endorsecj, "Proposals for Butl<lln«3. M
and addressed. tha» T fiaher. rapt Qr. Mr., con
structing; quartermaster. >'rw Loac?n. Ct. *
SI_\L.EI> PROPOSAWt. IX DVPUCATK, WILL BS
O received at the slice of th# Q^jartennaster General.
1- -■ Army, until ,3!oi> P. M-. Jun« 22. 1000. M which
time and place tv>v will b« opened In th« presence or
bidders for the ruction anil complete equipment at
one Double En*' Steel Ferry ?te»m«r for Harbor Servic*
of th* War . lVj>artment . length 114 feet, breadth or»
waterilne V.' feet 2 lnehe». ever guards 32 feet: <J*ptS
M feet XX lnche«. Condlttncs. specifications, ir«wlos»
and full ■ liiailfcslail may be obtained by adresMsc t* I**1 **
Quartermaster General. V. R. Army. Washington. D. C.
C^AI^ED PROPOSALS WILA. BB RECEIVED ATTJI
►^ office of th* U«ht-Hou»e En«ln»er. Torcpklnsvlll-.
• T.. «n»tl 1 o'clock p. m . Tun* 2*. If>njl *"' l J 'n
opened, for furnlshln* materials ana labor of all MSdS
ncrewarv fT the construction ami dellverr ••< a »*«-
Jiouse at St*ten I»Un4 Rear Ran** u £Z* t **?}'
Vinbrnse flllSlH New Tort. in i««<l»ar« «It!i «r^l
rratlons. cople. of which, with blank l^gosrts asi«jgsi
information may be h«-» ur-jn .Ppl^atioa to U»s U»!ll-
Hou»e Enxtneer. TompWnsvlils. K. T.
IX -

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