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The sun. [volume] (New York [N.Y.]) 1833-1916, February 05, 1904, Image 9

Image and text provided by The New York Public Library, Astor, Lenox and Tilden Foundation

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83030272/1904-02-05/ed-1/seq-9/

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lendous endoU scale scaleer ealrer ale alerr
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other metals metalsrcllned mei inetlcilflit I Idined
dined Cl 1 for forres torrrs fjrres
res to Id A12 13i 5s 6 Isl7d
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i caused somes somesuses Sm Smlacs cow cownec
uses were free freeces Ire freces Ireces
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Sully AI uU Credited tedlel With llh Heine lelnr IIeIn Short orl While Whilehe SlliIttsilo Ile IleIhO
silo he Drown JO I Pool Ioolltrulalf Struggles to Hold 1011 tp tpPrices UpIrlcelColon LpPricesCotton
Prices IrlcelColon PricesCotton Cotton fttlOO Ilno a Hale 11e end anilCoffee url urlcore endolTee
core Coffee olTee 3 Cents a Pound Pull Under Monday MondayCotton MondayCotton olda oldaCoton
Cotton Coton and an coffee cole prices Irlcs went all al to pieces piecesyesterday pllcCSfstr
yesterday 3 fstr with unparalleled unparaleled disorder disorer on onthe onIh onth
the Ih Cotton Cttn and Coffee Cole exchanges exchanKl8 Tho Thocollapeo TliuCoiiap3o ho holaPI
collapeo laPI marked morkld tho full realization realzton by bytho byIhe bythe
the public pubU that the great Kre greatspcthttvo t speculative spcultvo pool poolwhich pol polwhic poolwhich
which whic had hd covered cverd both markets in Its Itsoperations It jutoperations
operations opratons had really realy sold lold out So far as asthe Of asthe
the Wall Wal Street Strt mind mnd is lacncrnfc concerned Daniel DanielJ
J J Sully Sulyembdie embodied this pool pl It I was on 01 oiiTues oiiTuesdaywhonMrSully Tues Tuesday U03 U03day ¬
day daywhonMrSully when whe Mr Sully Suly said that he was wa going goingw aolngaoIA goingw70fl16
w w70fl16 aoIA yono two weeks wek vacation vacaton that the te two twoWts twoIk twomarketa
Ik marketa Wts began bgan to break brak violently When Whenthej Whenthey Whentbey
they oloeed ale yesterday yterdar it was as after afel a fall fallin fal fallin
in cotton cton for the day cay of moro mor than Vi Vicents 2Unla 2 2cflts
cents nla a a pound pund and in coffee cole of 2 cents Clts a aIKmnd apound aPOUnd
pound For the th most mot prominent prminent cotton cottondelivery cottondelvery cottondelivery
delivery delvery July the extremes extrmt1S were wer 1755 1755cents 1 175cintll
cents cnls the high point pint touched touchld on Monday Mondayand Mondayand Iondayand
and 1523 123 cents yesterdays yterays low 0 point pointn pint pintn
n drop drp of 116 1160 a a bale ble Transactions Trarctons on onboth onboth onboth
both exchanges exohnge were wer of a record rr breaking breakingvolume braking brakingolum breakingvolume
volume volumeIt olum
It was wal a matter m ter of surprise surp1se in Wnll WnllBtreet WaUAtrt ValIStreet
Street Atrt that tat in view Iew of the tremendous trmendous col collapses collap collapses ¬
lapses lap in the he cotton cton and coffee cle markets marketsabunch n nhunch ahunch
hunch of failures ralurt of brokerage houses houseswas hous housWI houseewa
was WI wa notannounced notannouncd It I is known knownthat that the therealisation thel therealiration
realisation l alz on on the part prt of tho cotton clton and andcoffee andcole andcoffee
coffee cole brokers broker that an unprecedented unprcdented specu speculation scu sculaUon specutation ¬
lation was going on bad made them demand demandunusually demnd demndInuully demandunusually
unusually Inuully large margins marglnso so that generally generallynpeaktng generaly generalypaing generallyipeaking
npeaktng paing they tey are ar very strong financially financiallyThjs 1111claly 1111claly1i8 financiallyThis
statement however how mado by bymembr
This 1i8 statment was over a amember amember
member membr of the Cotton Exchange regarding regardingthosltvwtjon rgarding rgardinghell regardinghoeituatJon
thosltvwtjon thosltvwtjonThe hell hoeituatJonlho fton ftonT
lho The T e lack of a clearing system on the theexchange thexchang9 theixchango
exchange Is seriously affecting afectng many man v of ofthe otthe ofthe
the commission omn lon houses ho es tome me of which whichhave whichhe whichhave
have practically practcly no cotton coton open opn with cus customers cu customers ¬
tomers tomer and yet yt are r heavily heaviv committed committedin eommited eommitedIn
in the theStreet Street Stret owing to previous toprelou transactions transactionswhich Iransacton transactionswhich
which under the present prent system Ytwm they theyhave theyhave theyhave
have to ring rng out a thing that cannot cannotbe cannotbe I
be done rapidly rpidly Meantime lelntme their capital capitalis capil capilIs
is tied te up In ordinary orinary markets markel with big bigmargins bigmargn biginargirts
margins margn this would not nt be serious friou but butwe bute
we e ore ar now seeing eeing declines delnes of 100 10 points plnll a aday 1 aIay
day dayA
A rumor rmor that war had actually aotualy beer bee de declared doelated o odared ¬
dared between betwen Russia Rti sia and Japan was Wi wa the theImmediate theImeiate theImmediate
Immediate Imeiate cause cau for the heaviest snmsh BUush in inyesterdays Inftrdavs inyesterdays
yesterdays ftrdavs cotton cttn market This tools toolsplace tooll1lac tooltiIaoe
place 1lac in the last lat half hour of trading when whenfor whenfor whenfor
for the time tme the te bottom botom might mrht be beld besaid said to tohavo tohav tohave
have hav dropped droppd out of the market Tho Thogreatest ThoKrett Thegreatest
greatest Krett decline delne of all al was w told of by de despatches deelatces deapatches ¬
spatches from rota the New Orleans Orlean Cotton Cottonl Coton CotonJxchange CottonExchange
Exchange elatces Jxchange l l where i the t July Jul TI delivery delvory Jl fell Cell Cellpoint i 4 100 100points 100Points A
points In an hour or IBO 18 points point under underWednesdays underWfdneadys underednesdaya
Wfdneadys Wednesdays closing this thi emaah being beingequivalent bing bingpulvalent beingiqulyalent
equivalent pulvalent to SO 0 a bale something gmelhing never neverbefore neverbffor neverbefore
before bffor heard herd of on a cotton ttn exchange exchangeHere exchangeHer exchangeHere
Here Her tho loss lo was wa not quite quit so severe sever but butit butIt butit
it was WB bad bd enough The Te July delivery delvory sold solddown solddown soldclown
down to t 1523 152 centsapoundwhlchcoinnared centsapoundwhlchcoinnaredwith cnts cents a apound pund which compared comparedwith
with 1822 182 cents cnt earlier eler in tho day compre and 18H7 18H7cents 1637cont 16b7cents
cents cont Wednesdays closing price prc It I cloe co closed closedat d dt dat
at t 1528 cents centsA cnt
A very ory strong stong opinion existed xisto on the thsCotton theCoton theotton
Coton Cotton otton Exchange Eohange that the large Sully Suly pool poolhad pol poolhad I Ihad
had not only sold old out in the big bi market marketbulge markethulRo marketbulge
bulge hulRo of Monday Mondy leaving the te public and the theNew theNew theew
New ew Orleans Oreanl bull bul pool headed by Col ColW ColW Colp
W P Brown to carry pol the bag bg but had hadThere hadnilO
nilO 0150 gone Ihort or ca th the mrket market heaviy heavily
There Ther was nothing nothng confirmatory confnalory of the theopinion the theopinon theopinion
opinion opinon that the pool pl had changed cbango from a ahull ahul ahull
hull hul to a bear br pool but nevertheless nevrthells the thnview thevlewa thevlewwal
view vlewa was held pol Those To who held it believed believedthat bleved blevedtht believedthat
that tht the atuatlon had bdrlsolTd resolved itself luel into a atremendous atrmendols atremendous
tremendous trmendols fuaton onslaught by the tbt New York Yorkinterest YorkIntrelf Yorkinterests
interest Intrelf upon the big New Orleans bull bullpool bul bullpool
pool which was wa wa still stllnt intact ct with the view view of ofdislodging ofdisloging ofdislodging
dislodging disloging the cotton ctton held by that vew pool pooland poolq poolend
and ndln in the resulting resultng collapse in the market marketshort maket maketIIIvng
q IIIvng having the opportunity colap to cover their theirIhort theirahort
short Ihort lines lns at any opprtunity price they chose cho to pay
prc py
The Te great Irat holdings of cotton ottn by the theyew thoew theew
yew ew Orleans Orlean pool pl were w estimated estimte hero heroat bee beeIt heroat
at It between beten 500000 50 5O and 7SOOOO 7MO bales It Itwan I Itwas
wan Wa also thought that the interests interlsl In Inthis InJvr1 InTlverpool
a tought tat te
Jvr1 Tlverpool which up t to te the b beginning lnnlng or ortl ofthis
tl this wk week uavo bav avo been bOn actively actvlv bulling bulnp the therottor te teottr theottot
rottor ottr tnartet aret abroad had hal like lke tho Sully SI1y Sullylntests
Interests Intt here 11 ara turned turn on thn tM market marlt and andRone andono andgone
gone ono short shor and were w assisting Iti in the at attack attk attack ¬
tack tk upon upn the New Orleans OllaM bulls buls Locally Locallythere Lcl Locallythere
there Iher has ha been ben a atrendoul tremendous reversal rvel of offwnthnent orntbnent ofsenthuent
fwnthnent regarding rgardlng the market It I was wasnoticeable wa wa wanoticeable
notc noticeable ble around around the te Cotton Cttn Exchange Exchangeyesterday Excai Exchangeyesterday
yesterday Iltay that there was WI wa as I much bear beartalk beartalk beartalk
talk regarding ngarlnl the to futuro rutur or cotton ctn aa aathere I e ethete
there Ihew was bull talk tlk a few fe days Ago Beta Betawere BtR BtRw Betswere
day ao
were w reported then that July cotton etOD would wouldcell wouldsell uld uldel
NrW tat
cell el at 20 2 cents ots ten a pound pund before beror May llv 1 The Thomen To Tonfn Theawn
men nfn who were wer reported rprt to t have bav made mae such suchbets suchhlU suchbets
bets hlU are ar bears bear now nowSo no noS
So S great gat has ha been ben the crush of visitors visitorsIn vilitors vilitorsIn 1sltorsin
In the te Cotton Cttn Exchange Exchnl gallery gallr this ti week weekthat wek wekIhat weekthat
that It has ha been blen found fOlnd necessary nee to t close closethe ClOB closethe
the gallery gler to t all al except excpt tho holders loldf of oftickets orIckl1 oftickets
tickets Ickl1 from members mebeR or porsorm accom accompanied acm acmfAnlt a000flirankd ¬
panied fAnlt by tenants tnanl of the te building buldlnj prn
Mr Stilly personally appeared on both boththe bothte boththe
Rul perna1y appard
the te Cotton Cottn and Coffee Colo exchanges excbafE during duringtho duringlh duringthe
the lh day At the Coffee Colee Exchange Exoago the thof UI therarket
f arket rarket opened opne with wit greater gnter disturbance disturbancelhan ditbano disturbancehan
han was wa U ever oVfr before bror witnessed wltn on an open opening opEn opEninl openIng ¬
ing inl call cl It I took tok threo thre men mln to x conduct cnduct the thecall theAII thecall
call AII one after artr another retiring Itrlng as I a the result resultplace rsult rsultof resultof
of me the palng prevailing cntulion confusion In order to give givepla giveplace
place pla to t a fresher rrlh r man Ordinarily Orcinarl orer It takes takesfive takesfve takesfive
five fve to t ten tn minutes mlnut to go through trough tho to open opening opn opning openItg ¬
ing call cl but yesterday yeatray morning moring about aout three threequarters tr threequarters
quarters utr of an hour was WB consumed CMwO The Thocall Thecali he heID
call ID started ett at a decline decln of 5 to t 15 1 points plnl on onthe onthe onthe
the months mont soonest 8net reached rat but aa a It pro progressed progr progreseed ¬
gressed gr the selling s1ng was so great grat that tat the therecession to torlOlon therecession
recession rlOlon in I prices prlQ did not stop stp until unti a adecline adea1n adecline
decline dea1n of 60 5 to 75 poInts plnt had ha been ben regis registered rgis rgisIpred regis regisfrred ¬
tered fqr the far months Mr Sully 8u1y who whowas whoU whowu
was U present prt te at the te mont call cl bought a little littleDecember lte lteDecmber littleDecember
December Decmber coffee 018 The he price Jlrlc of September Septemberwhich Iptblr Iptblrcle Hepteznbercoffee
cle coffee got I as lo low S u 70 cn cents a pound poundwhich poun
which whi compared cmpaed with 705 70 cents cnll Wee Weedav Wednesdays Wednes Wednesdays ¬
days dav closing c10slg price rlc and 910 cents the to hilprice high hljh hljhprc highprfee <
price prfee of Monday A reduction rluclon of 1 oenls oenlsa cent oentpond centa
a prc pound pond was announced announc In tho te price pric of ofpackage orpakg ofpackage
package coffee clc bringing brlnginp it to 12 cents < nts net netThere netTer netThere
There Ter was Wi wa excitement ment in the thl grain rln markets marketsyesterday marketsYlstray marketsyesterday
with ne for the thoseason thewaaon
yesterday Ylstray wih new hlfh prices pric te tean
season an The Te strength Rtngth win W ws attributed atribut to tothe tote tothe
the less 1 favorable news from the to East and andto andto andto
te to the te operations opratons of the big bl Armour Arour pool poolin pol polIn poolIn
in Chicago Cico On the Produce Produc Exchange Exchangehere Kxcanpo KxcanpohC Exchangehere
here hC May lay wheat sold Ild as high hljh as S 86H 9 96 cent conta nt nta
a bushel huel closingat cloaing at 90JJ 9H 9l1 cents against 05j 05jwnts 05y 05 05eentii
wnts efnt Wednesdays lcnrlay closing closlnl price pric On the theChicago te teGlago theicago
Chicago icago Board Bnrd of Trade Trae the May delivery deliverygot dflverr dflverrgot deliverygot
got Glago up to t 85M 9 cents cnll and clod at 05J4 i of OnU nts ntscompared ntsuirparecl
compared ctad with wit W IY t74 cents ntl Wednesdays Wednesdaysfinal Wenraays Wenraaysfn WEdnd5da5ft1iA1
final fn price pric May 1ay corn crn touched wtchl 58M 56 H cents centaand cenl centsand
and closed col at ft 50 5 cents cntl as a against nalrt 54 4 l cents centsthe ont OCI2tsthe
an the final fnal price Irlc of Wednesday WednesdayFIXAXCIAI Wenlsdar WenlsdarFIAJCIA VednewlayFINANClAI
The he Missouri iAollrl Pacific Railroad Rairoad Company Companysold Companyold CompanysoId
sold old on Tuesday Tlwldar last IIAt J StOIJ Mflooo 2 reAr 5 per perrunt perfnt percent
runt fnt secured notCH loleM to Hardier Jarlmt Macoun laloun lagounCo t tCo t
Co of eecure New Nlw York and Kidder 1illrlor Peabody 1cabody 1cabodyCo V VCo to
Co o of Boston BoROII These hle not n011 notes < have already alrondyb nlrlnry nlrlnryI alreadybeen
b I been en tn resold reold to Investors In torRl principally principallyln rllrpaIY in Franca FrancaHolland Frnce FrnceHolnd FranceHolland
Holland Holnd England nllnnd nnd nld New ew England XnRlandThe Englandrhe nllnd nllndThe
Haven and llnrtford llnrtfordRailroad Ifnrtfnrdflallrcad
The New York Ynk New JIY nrturd nrturdnalrfd
Railroad has h sold M I if S sneioua OWIO no > in it HI > jpnr PI PIlenlijrn Ir ile ilehenture dl
henture hntlr nalrfd I p pr > r < Int ent < rit bonds to ti a syndicate 1ndI11te of ofHostoti orlo ofIfostoti
Hostoti lo ton and Vow XOI York bunkers hlnkerA Tlw II llii I l IJondp IJondpIt onup onupIt
It was wal stated Ilatd are lo reimburse rflnbur o the company companyThe corlalY corlalYtor companyfor
for ImprovemlnIH ImprovemlnIHTl tmproveflient tmproveflientTile
The United U itcd Stiitex RliieM Steel Products Irorurts Export ExportCompany Fxpor Ixportornpany
Company ompan Tl Unier the Ihl distributing dlllrlhlllnl agency n011 for for foreign torplQ Iwelanordersofthd ¬
eign plQ elanordersofthd orders orcrl of th thp riiitedritatiHKt I hiitedtitatectoelCorrjOra hiitedtitatectoelCorrjOralion llted HtatlH tpf1 > il Corpora Corporation CorroraIOD ¬
lion has secured th thl the contract for the struc structural elrucfJR strucluruu ¬
tural IOD steel 8tf1 ste i fcrr to b uxed IMNlln In the new plant of the thftManila thl the1anil
fJR Manila 1anil > > Hoetrln Railroad RalroHr Iha lImed and Uiihtlne Juhlna Cor Corporatltrn CorIoratla Cotioratlcn
poratltrn Ioratla Jlnl Manila lanll Ihillpplne Phippine IMnnos IMnnosFrederio blondHFreeprlo Ida rIdS rIdSFredrin
Frederio W Meert Melrt who ho mado mldn an assIgn afslunmnt aPAhr assIgnnuent
mnt mentCor Freeprlo for the benefit of his hil creditor crellton In Decem December necpmIfr Deecinher ¬
her last hoi hl b be been on reinstated rlnltAted In membership membershipon flmhlrHhlp flmhlrHhlpon
on Ifr the Consolidated Stock Exchange FXhanl a settle settlement Attliemeat etle ¬ I IInent
meat having hafnl onsoldate been made mare with wlh his hil creditor creditorUnis crecllofA crecllofATuls creditorsLouts
Louts Livingston n well known knoncIrJ knorcncurb curb broker brokerwas brokerR brokerTa
was Ta R elected ected vlnllton a member I wel of the U1 Stofk Sto to k Exchange KichangeSouthern ExchangeFLSo3itbern 1ehanleetfrday
etfrday etfrdayThe
The FLSo3itbern Southern Pacific Railroad Rlroad has applied appliedto appled
to th tM Stock Exchange Eehanle Pacl t tl > list Ilt SI6II isuooono ad additional ad1IOlal addti ¬
ditional dti rial collateral trust4 trlat trust 4 43 per cent bonds bondsKnhii bondl bondshuhil
Knhii 1IOlal 1oeb colateral A I t Co and Spflynr Rllyer1 A lo o recently recentlypurchased rAcellT rAcellTlrch rscentiypurchased
purchased Klhl lrch lld 3000009 8011 of the Issue from the thecompany theomplnT theThercentb
company companyThe omplnT omplnThe The Thercentb he recently rperntb elected eleced board of director directorof tlretorl tlretorlof
of the Rocksland Rock Islnd foinpanymet Coapay met yesterday xwterdajrnnd YPtfrday YPtfrdaynt yesterdayin4
nnd organized 1IIInd byeloctlnr by eletln Compll n B r Iecs Leeds e < lg chair chairman ehldr ehldriaD chairmean ¬
man nt organize t L F Ix lrel Lorse > ree president D 0 Held HeldMcr RI RIre Reidsecretary
Mcr secretary iaD Wy and treasurer George QeOfte T Bo floggs floggsvicepresident Jol Jolprealdfnt g
e dent vicepresident cleattj re prealdfnt nld ad relrlr J JQulnlan J Quinlan vlcpresl vlcpresldent vkepresi vkepresie
tj az i
The market larkCtwa was constantly omitautyblnl being bought boughtfor bulht bulhttor boughtfor
for a rally yesterday by the trading trllnltloment trllnltlomentIp element elementespecially elementepeclzjhly
especially Ip layon on the weak spots 8potlln In the forenoon forenoonbut rare forenoonbut noon noonbut
but stocks slock were tro steadily ttadly supplied brokers brokerssaid broken8ald brokerasaid
said to all al who bid for them The 1he big bil volutnn volutnnof ohunoor
of trading tradlnl was WIl on the declines deelns In everything everythingexcept overtiIngexcept
except eXcpt Steel preferred prlrerred unit 111 advances ndvncs as I a arulo arulo arule
rulo wlre were at the expense tx n80 of activity I etvl ty This Thisproved ThisProved hls hlsprod
proved very vCry dlseourturlni dlsLurallnJ to the thl bull bll clement clementA
A certain Crtaln Improvement In II tho th character ol oltho orthe ottho
tho buying buylnl was wal noticed notled In tm n afternoon afternoonBrokers lenlon lenlonBroker afternoonBrokers
Brokers reported rlprted that promiiioit pomlII Interests Interestswhich Intlrsts Intlrstswhich InterestswhIch
which had been blu wultlnc wallnl for a I brook bftk were be beginning bpginning beginning ¬
ginning to take takf Blocks without bidding hiedlul for forthem rorthlm forthem
them thlm them It was WIS the kind of Imylnc bUJln Ou > y said saidthat 811d 811dthnt saidthat
that reduces rouC the floating lolllng supply of stocks stockswithout stockswithout stockiwithout
without advancing Idvnnch1 prices prces and ad the results of ofwhich orwhich otwhich
which are not 10t vlsiblo vlslblo until Ilt tho shorts begin beginto Illn Illnto beginto
to cover cver By J oclock ocock the market rnrket had hnr be become bpcome become ¬
come almost almo t wholly wholy professional proCflslonnl and stocks stocksworo stockswere
were rro not then being blln pressed for sale It Itj I itwas
j was thought thoulht at that time tml that the market marketwould marketwould marketwould
would close co higher hlher Shortly Shortyrore before the close closewarbet clol clolwar closewarbetveum
warbet war warbetveum blon r con Japan and Ud Russia RU8I was WIS declared declaredsimultaneously declaredsimultaneously
simultaneously In Chicago Chlcol and Ind London LondonCotton IondonCoton LondonCotton
Cotton Coton had ha another anothlr bad b break traders trners who whowere whowere whowere
were long Ion of stocks stotks toek sold ld out and prices prlC1 wore worenet wlro wlrot wereset
net t back to almost the tlielowet lowest of the thl day dayTho dayTho dayThe
Tho market opened cpeno with the Impression Impressionprevailing Impresion Impresionprevalnl impressionprevailing
prevailing prevalnl that war In tho Far Jar East was wasInevitable wnsinevitable wasinevitable
Inevitable and prices pries broke on selling iolnl of the thesamo the81mI timesame
same 81mI general character charlctr as that of Wednesday Wednesdayonly Wpdncsdaron Wednesdayonly
only on morn mor urgent Them was reported reporte to tobe tobe tobe
be evidence of further liquidation liquidaton for the theaccount theRecount timeaccotint
account of thin pool that bulled bu1o the market marketwithout marketwihout marketwithout
without wihout a following fo1olnl and Ind for speculative 5pectlale In Interests Intprflt interests ¬
terests tprflt that have been ben heavily henviy committed committedboth committedboth
both in cotton cottn inr and In stocks The Vtormsers VtormsersBturted Worlers Worlersstrt Wcrmsersstarted
started strt d a 1 rally ra1y about midday with the co cooperation ccoperation 0 0operaton ¬
operation operaton of the trading element Iemen but the thedemonstration thedemon9traton thedemonstration
demonstration demon9traton was as hardly hlrlr a success IUtee81 J J JMilnnIng JMlnnlnl JManning
Manning Mlnnlnl and other prominent room operators operatorswero
wero heavy hea buyers bUrf of the market for both bothaccounts bothICColnts bothaccounts
accounts ICColnts The impression inpresslon seemed Ileme to bo bathatMnnnlngd bothnt bothat
thatMnnnlngd that Mlnnlnjt Mannings buying bulnl was for short account accountThere aoeountThere accountThere
There was W3 heavy hlT covering overlli in a number numb of ofstocks orstocke oftoek
stocks toek notably in Pennsylvania Penlsrhnnla and steel steelpreferred steelpreferno steelpreferred
preferred preferno Tho ht stock tocl lust IOlt named nnltl was wnl the theonly thoon theonly
only on one Olf that showed any nn strength strenath to t speak speakof
or and it was COnSpiCUOUSlY coa < pleluuey strong strongThere strongTler strongTheta
There Tler was wa a 1 more active actvo general Ieneral demand demandfor
for stocks In the loan departmentyesterdny departmentyesterdnyafternoon deptmontyesterdIIYartlrnoon department yesterdiuy yesterdiuyafternoon
afternoon artlrnoon especially epfdnly for Steel preferred preferredPennsylvania prererld prererldPlnnlylvnla preferredPennsylvania
Pennsylvania Plnnlylvnla Baltimore Baltmore and Ohio Union UnionPacific UnionPacifc UnionPaciflci
Pacific Pacifc Atchison and St Paul but the supply supplyof upplyor
of everything was as equal to the tb demand demall1 It Itwan Itvns
wan val BO tl easy pas Indeed Indee to borrow stocks that thatsoiiio that6UU thatSortie
soiiio 6UU inspected In view of the extended extendeddemand etlnder etendec1demand
demand thnt a large short Interest Interet was as being beingpurposely belnl beingpurposely
purposely created createdThe ceato ceatoThe createdThe
The feeling feln that thrt war between Japan Tlp81 and andRussia andRU9sla andflussia
Russia had become Inevitable was very verygeneral vef verygeneral
general leneral yesterdny eterIIY aud last Ilst night the author authorities Illhor Illhorle authorities ¬
ities le on speculative avecnlatv phenomena phcnomell seemed seeme to tothink tothink tothink
think that the bursting burslrl of the war cloud coud that thatban thathl thathas
ban hl been beln hanging over lr tho market so long longhad IonI longlirud
had been pretty well w1 discounted dlllountld Those Thosewho Thosewho
who have calculated the eflcct eteet of ho hostltlf1 hostltlf1on hostilities hostilitieson tllitles tllitleson
on security socrly prices they pointed out sell sellstocks Iel cclistocka
stocks stock not on the thl n news w that war had lad been beendeclared belJ beendeclared
declared decare but on belief bpllt that It would be de declared decared dedared ¬
dared cared There Is believed belved to be b a largo lago short shortInterest shortIntcrest shortinterest
Interest waiting waltlnl for the breaking breAklnl out of war warto warto or orto
to cover rver stocks ftoek It Is i understood on the theother theother theother
other hand that large supporting lupporUng orders ordershave ordershave
have already been ben put Into tho hands of ofbrokers orbrokCra ofbrokers
brokers brokCra for execution exection on the news nela that war warhas warhl warbaa
has hl actually acualy begun belun The opinion orin Ion of many manyshrewd man manshewd manyshrewd
shrewd shewd tr trdel trsders ders Is I that from a break of ono onoor onofr onoetc
or fr two points pints on the announcement that war warhad warhad warhad
had actually 80ttaly begun bpln tile tlo market is likely lkely to tohave tohnve tohave
have a sharp recovery recoveryThe recvey recveyThe recoveryThe
The Wall WAi Street Siret contingent ronlngent In cotton n nbelieved isbeiieved a aUeleved
believed Ueleved to have ha vo suffered sulere heavily hea i on his hisbre hisbrak hisbreak
bre brak break k Some of the tho most prominent prminent speca specatlve 5ttittire
tire tv Interests Intrtsts committed cOlllttel to an advance In Inthe Inthe Inthe
the stock atck market arket were pre also deeply involved involvedin
in tho cotton cottn manipulation manlpillaion and Inr the impres impression htprel htprelsloa irmipresaba ¬
aba has hUlomehow somehow got Iot around that a certain certaindivision certaindlvelon certaindivision
division dlvelon of Mr Bullys Sulys personal peronal Wall Wal Street Streetfollowing Strelt Streltfolowln StreetfollowIng
following folowln got hurt Reports on this subject subjectore
ore very conflicting contletnl One Ono story tor Is II that a acrowd 1 1rwd acrowd
crowd rwd that had Ilar been intimately Inlhnael associated associatedwith RSocae associatedwith
with Mr Jr Bully SIIy in his hil bull bul campaign 1p41In broke brokewith brokewith brokewith
with him hm nnd began beln to sell el the staple short shorton Ibort Iborton
on a large scale around aruDd IS 1 cents clnls only In the theend theeDd theend
end to t ba ho forced Cored to make a private prlvnt settle settlement settlemeat ette ettement ¬
ment at 13 cents cent The details dehis have haVt been beenslow beenelol beenslow
slow elol In setting gttnl out but blt In a a general war ay it itIs ItIs itis
Is known know that Wall Wal Streets Strfets experience with withcotton wih wihcottn withcotton
cotton cottn has hI been a very ver expensive one in more moreways moreways moreways
ways than one and In more quarters Ilarters than thanThe thanone thanone
The weakness weakn of Atchison Athilon yesterday Yflterday which whichalthough whkhalthoulh whichalthough
although althoulh It was AS not so very pronounced pronouncedattracted pronounce pronounceattracte pronouncedattracted
attracted attracte a good deal of attention atenton owing owingto
to the strength Itrnlth the he stock had been showing showingIndependently showlDgIndepedenty showingIndependentiy
Independently Indepedenty of the general market maket was wasattributed wasattribute wasattributed
attributed attribute to a hitch hth alleged legCd to have he occurred occurredIn occurfd occurfdIn
In the plan to t list lst It In Berlin Berln It I Is Iseaid said that thattn thntIn thatIn
In advance of any formal application applcation to t list listthe lst lstthe listthe
the stock there so much opposition oPPoRlton developed developedthat devplopedthI developedthat
that thI it was al decided decide to t abandon the project projectfor projet projetfor projectfor
for the time tne being beingA bClnl I IA
A curious CUrOIS situation lituaton appears to have havl been beencreated beencrtatod beencreated
created crtatod in I the Colorado Fuel convertible convertibleft convlrtble
ft 1 per cent bonds deposits dtpots of which are ae so solicited 10 10Iclte sohicited ¬
licited Iclte by thu thl th reorganization rorglnlzoton committee committeeThere eommllle eommllleThere committeeThere
There Is no market marke for the certificates Crtncatel of de deposit depo deposit ¬
posit po lt and ad the bonds themselves themeelvel have prac practically Jlractolly riractically ¬
tically tolly disappeared dlsnppeare from the market to the thedismay lh thedismay
dismay of a considerable eODllderable short Interest InterestOn InlerestOn
On purchases purehales of only twentythree twentYlhrel bonds bondsthe bondsthe bondsthe
the price prceldvac advanced yesterday YCteray from 70X 70 7O3 to 70 70This 70Tl ioThis
This made a stir In the bond market The Theshorts TheIhorl Theshorts
Tl mao tr
shorts Ihorl are evidently evidenty at a t the mercy mfrcy of thoM thosowho thoMho thoowho
who ho control ctrol the bonds It Is almost Impos Impossible Impa Impasible inipoaible ¬
sible to borrow borw the bonds Premiums have havebeen hve hvebeen havebeen
been offered orer privately for the use UII of th them m for fordelivery fordelvery fordelivery
delivery delvery on short shor contracts cODtracs but it seems seemato Slema Slemato seemsto
to bo a question Que ion not of premiums but of find finding fnd fndIni findjag ¬
jag bonds Furtherdevelopmenta FurherdevelopmeDts are awaited awaitedwith awalted awaltedUh awaitedwith
with Uh a good Iood deal of Interest InterestFates InterostYat interestYates
Fates Yat a Ritchie A Pope bought Consolidated ConsolidatedGas Conloldated ConloldatedaiS
Gas aiS yesterday The Tht recent buying buy In of the thestock thetoek theetock
stock is said Ild to have looked good goodThis aoO aoOThis goodThIs
This market says 8aYI a trader without wihout a aposition Bpositon aposItion
position positon cannot b be put down to stay stay down downwith downith downwith
with ith short 8hor stock It I will wi take the real roIl stock stockto stockto stockto
to do It What wn w are nil ni anxious nnxoul to nee n is iswhat iAwhlt iswhat
what whlt proportion proporton of the selling selng on this decline declinehas declne declnen declinehits
has n been ben real nR if I as much of It had hll been beenshort beenshort beenshort
short lellini scum elnl as 81 1 supposed to b bl be the case caseJ
1 think wo 0 should shud have had hld a rally rnl today todayThis todayTils todayTitle
This Tils was logically 10genUy the day da to cover ones onesshort 00 onesshort
short ehor stocks and ad a lot of us did cover and andtho andllo andthe
the llo technical position positon of the tle market seemed seemedto seme
to demand demli1 a rally raly but when you 101 tried trll to bid bidthem bidthem bidthem
them up you OU got more stock than you wanted wantedPennsylvania wante wantePennsylvanIa wantedPennsylvania
Pennsylvania had hlr a volume yesterday ystrdIY of ofmore ormorp ofmore
more than 100000 100 shares Ihel with a maximum maximumdtrllno maximumrellO maximumdecline
decline rellO of J per p r cent nnd closed cosed at a 1 net notloss netloss netloss
loss of but h of 1 percent p pot r ont Som Sor < t traders tradersliked tradersUkd tradersliked
liked the tape tap on n Pennsylvania PennsylVnla yesterday and andothers Andotherl andothers
others otherl did not One who ho had no positive positiveopinion posltle posltleopinion positiveopinion i
opinion opinion on the stock Itock said lald that Ihlt the moaning moaningof mDlnl mDlnlor i
of th l the n days rays transactions trlTSacJonl could cOId not bo b de determined deIprmlne determined ¬
termined Iprmlne unless one knew the extent of the theshort theshort theshort
short covering cnrlnl That Thlt would ould show th the char character characpr character ¬
acter of the buying buylil It 1 was the th continued continuedselling cntlnld cntlnldsflna continuedceiling
selling acpr of Mendham Iendhlm Bros that hroka hrokf the thnstock th thltock thestock
stock ltock to 17 117 Ti on the opening opnlnl They sold old oldno
3000 shares In in the first fst few minutes of trad trading trndI truidlag ¬
lag no and 10000 10 more no el brokers hrokCrl reported reportedduring nportet reportedduring
dlirni during I the forenoon Wassennan was WIS one on of ofthe ofthe orthe
the largest larlest Individual IDrlvldal buyers buyerl He took about aboutnt abolt aboltOq
nt much stock stoll as Mondhnm Bros sold 1011 The Thetrading Thetrndlnl Thetrading
trndlnl trading wa W was greatly Iroatly confused and even tho thobrokers thobroker thebrokers
brokers who were ere Iti in tb tbl the crowd orwd all day da were wereuncertain wereuncrnln wereuncertain
uncertain Ia last t night ulrht an to the relative rJIIf char character charachr charcrier ¬
crier uncrnln of the buying hl111 and and selling selna Phllailul Phllailulpltin Phlallc Phiiadeipluto I
pluto phll nml Ind end Pittshurit Plt tlr were paid to lw II selling sellinglone eolng eolnglone sellinglong
lone stock on 01 information that the company companyWJIH cmpany cmpanyM
wIts M devising dovlslnl a way ay to raise moro money moneyItimioru loney mooneyEtinmors
Itimioru of an Issue 118UO of r either stock or bonds bondswere bondswcr bondswr
11001 were emphatically fmphatcaU emphaticnllyrlented denied denier Traders were fro dis disposed dlsYfltcray dicpSefi
posed yesterday Yfltcray to play ply the to stock for ft 1 rally rallvIf rlUv rallyit
If wuobld bldllprlthpreslYto upmthprenillyto 118V lS In the early earlyfortnoon eorlyfopnlol earlyforroOhi
fortnoon fopnlol but hit declined declnt < uguln uil The buying buyingnroutKl bllnl bllnlarollil buyingsrouniI
tlmt tlmtprice thRtIlrce tbstvrice
ronmlered good At
nroutKl arollil lis lS was ni c n Irpr Ioor
price and Ju juct jlt t above it I largo Ilr blocks of tlit tlitstock th thstock tIistock
Ilrce stock were traded trared back and anI forth Tho last lasttrade lasttrade alt altIrnde
trade was wtl as 1500 ISo shares at t8 t8The 118C 118CThe V > i iThe
The advance of United States Steel ftef1 pre preferred proferr pm pmfemred ¬
ferred ferr nTDCO started on buying bU11nl by E J Meyer oyor Jr JrLadenburo Jradenburg Trlndenburl
lndenburl Ladenburo Thnlmann 4 k Co flutter Rllter A dross drossFlllnswood IrOA IrOAElnlood IrossElhIngWoOd
Flllnswood A k Cunningham CunnID hamPoppor o Poppor A Stern Ktnrnbnch ftor ftorbach Sternbach
bach and William o ilam Evans Jvana A Co At cs GI1 57 a agood I Igood agood
good deal 1111 of r stock appeared IPpnrd to be bl coming comingout comln comlnollt comingout
out but the price was advanced to B 18 lid On Onthat Onth Onthat
level the selling brokers thought was wasbetter wa wabetlr webetter
th that t tho a1nl broker
better than the th buying buyl The stock closed closedatBSJf dOlIl dOlIlat closedat35
betlr thn
advance advanceIt
at at35 atBSJf M showing A fractlonaVnet fretona1netdvAne fretona1netdvAneIt
estimated that 7S per ceiit of the theNt
It WM Wa CIUmated tba7S prCqt
> Nt i
Notice Notce to the Holders ldersof of 6 Timber TimbtCerificates TimbtCerificatesissued Certificates Certificatesissued
issued by the Maryland Marland Trust Company as Trustee TrusteeDefault TrusteeDefaul
Default Defaul having hlig occurred ourrd In I Ibo payment Prment of 0 Interest Intrt due cue on FEBRUARY 1ST 1S l 101 9GI oi upon UPD the 8 8TUIH 5TlMi1iIt Ti TiTIMBER
TIMBER TUIH CERTIFICATES CERTIICATI the undersigned uaderlcae have ba been requested rquMte bjr the te bolder of a large number of ofthese oftbese a athese
these certificates eerlncles to 1 set Ie as Uammlte aTbramlttee to t protect prlet their Interests InterestsAll Ileresl
All Al holders of th these sa e certificates eerlncales are ar entitled entle to become beome parties prt to t the agreement dated February FebruaryId
Id 1001 101 under which this Committee Cmmlle will I act arid ard are al requested requeste to sign 11m Ibo agreement acrmcnt and ad to t Immedi Immediately hnmedlalely mmcdiateiy ¬
ately deposit deposl their certificates cerlfate with wtb coupons cupn attached attebed with 111 the UNITED UNITrD STATUS SATRS MORTGAGE MORTOAOJ AND ANDTRUST ANDTRUS ANDTRUST
TRUST TRUS COMPANY C fPM AT NO SS CeDAR STRBET SRRI NEW YORK YORK CITY which bleb wIll 11 Issue negotiable nerllable re receipts ro rocepL r rceipta ¬
ceipts cepL therefor thereforIt thereforI
It I U Important Imprtnt that tat the powers wen of this Committee Cmmle be strengthened slrnrhened by the deposit depolit of your certifi certificates certn certncte certlflcatei ¬
cates cte so S that at the proper prper lime It 1 may be authorized authorzed to take tke whatever steps may be necessary necsar In Inyour Inou inyour
your ou r Interest Interet Interetew InterestNev i iNew
New ew York February Jd 1901 GEORGE W V YOUNG Chairman ChairmanJOHN Cbalraa CbalraaJOlN ChairmanJOhN
Febrar2d 19
JOHN hENRY HAMMOND I Committee Cmmitt i C
CtLVitRm BRmVE Secrelary GERLD I L 10 10No liOY1 liOY1No
consented eoasentl for the convenience cnvenIence of EUROPEAN EUROPEAN certificate eerlcato holders to receive revo the te deposit depst of these thes cer oertlfirate1 certlntate certifleate
tlfirate1 tlntate under the Agreement Acre leat of FEBRUARY Id UM 10
In accordance with th thl prov1sloa lol1AloM of 0 the tbl Deed Deedof Ded Dedof Deedof
of Trust Trd accorance of the Northern Norber laJc Pacific Terminal Trlaa Com Company Company Coinpafly ¬
pany of Oregon the following folown bonds bndl have bav been beendrawn beendrawn beendrawn
drawn for Orloa account of the Sinking Fund FodJ vie vimNos Ir IrNot
Not Nos 06 16 l5 2t 81 301 3 06 MI 6 iSa 61t 514 11 710 17 178P 537
0711 8P lOIS 1737 177 IMS II 2048 2 2038 2 J0 21 2091 l 2X0 nl 28U 26 SII3 SII3HM 113 113 11353f14
HM 3381 J625 U2 4003 tO MM 4 4113 41 and ad will ba bl re redeemed reo reodemed ccdeemed ¬
deemed 31 by The FarmtrV Loan LAn and ad Trust Trt Com Company Compeuy Cornpeal ¬
peal Trustee Trele bl at allt Its office otee No U IH31 112 Vllllani Wilam Street StreetNew SuenNew StreetNew
New York Yori city Ciy lit 110 10 and accrued accred Interest Intersl on onthe onIhe onthe
the etb day da ol tl I February Iebruar 1004 lO at which tblh date late In Interest InIfre Intercot ¬
terest Ifre t will wi cease ceMeon on the above bondS bon bonTHE bondSTHE nondiTHE
By E 1 S MARSTON AUnTOX President PresidentNew lwsldCt IreaidcnNew
New rev York January Jaluary iSfi 16tl mltbile mltbiletransactions iso isotransaction 1
0 0tranaacton
transaction tranaacton In Steel preferred prefered were pro professional profe8lonal professlonal ¬
fessional fe8lonal The buylne luylna some lome thought thoulb WM WMlargely Wi waslargely
largely Ilrleb for short account Steel Stel preferred preferredwa preferre
wa Wi was the first frst stock to show sh01 pronounced pronounc weak weakness wakDS weakness ¬
ness DS on this decline decln going more or less con contrary conIrary contrary ¬
trary to the main tendency of values or at ntleast atIOlst atleast
least IOlst breaking breking while whie prices elsewhere elsewher In the theHat tholst thelist
Hat lst were belnz maintained mlinlalld There Thlro Is be believed beIcyed believed ¬
lieved Icyed still sti to b be a large brgt short interest In It ItThe Itfhe itThe
The borrowing demand dpmand wag wa not perceptibly perceptiblydiminished Preptbly PreptblydlmlnLhed perceptiblydiminished
diminished yesterday afternoon afternoonKinilY aferoon aferoonIIRm afternoonK1RD
Papers Pp Were SIgned Stpe Secretly Sent in New Or OrIcani Orleans
leans on MondR MondayNews londaNe1 Xewi Got Out Here HereNEVP ltre ltreNEw JiereNaw
NEw ORLEANS OREANS Feb 4 4The The receivership rrcoivershlporder rolv receivershiporder lhlp lhlporder
order in the Kirby Lumber Iumbr Company of ofTexas otTexR ofTexas
Texas TexR which created cr < ate much surprise furprl be because b because ¬
cause CaU8 of the manner maner in which the thl case casnwas CI CIa casewas
was a taken taen into court and the magnitude mantude of ofthe orthe ofthe
the interests interst involved ivolve was WI signed in New NewOrleans NewOrleans NewOrleans
Orleans and the paper that forms fone the therecord te teI therecord
I record rcor of the proceedings procelnKs wa was mailed maie this thismorning thl thlI thismorning
morning and ad will wU be b put on file Ilt in the Circuit CircuitCourt CircuitCour CircuitCourt
I Court Cour in Texas Tex tomorrow tomorrowJ tmorrow tmorrowTho tomorrowThe
J Tho order orer was WB signed on Fob Fob1 1 1 at the theSt theSt theSt
St Charles Chale Hotel Judge A P McCormick McCormickand Mcormick Mcormickad
and ad the counsel counsl for the trust company and andthe andthe andthe
the Kirby interests intrst being bing the only persons personspresent pelons pelonsprnt personspresent
present prnt The news leaked out in Now NowYork NowYork NowYork
York but there ther was VR much mystery at attending attending attending ¬
tending the appointment of a receiver receiverwhen rccever rcceverwhln receiverwhen
when whln and how made and it was wal not known knownhere knownI knownhome
here herl that the order orFr had ha been ben issued Iued here herean btr
I an a Judge McCormick refused rlu to say any anything anything ¬
thing on the thE thesubJect subject slbjet until ut today today todayhi
This hi morning moring lie wild Id that ho h had ha signed signedthe signtd signtdthe signedIto
the Ito order 011Ilr on Feb 1 in chambers ohambel The Thenews ThAnW Thenews
news nW however was Wi withheld it1beld because ooau of ofthe ofthe ofthe
the delicacy delcacy of the situation that confronted confrontedI cnrrontd cnrrontdtho
the Kirby interests and ad the great grnt number numberof
I of minor enterprises lnterris affiliated afliled with it itThe I itThe
The lawyers la6r had ha two days to get all 11 their theirinterests thtlr thtlrInlersR theirinterests
interests InlersR together and prevent prevnt a possible possibleclash posible posibleclh possibleclash
clash or such a run Ml as 8 tho Hudson Bank Bankexperienced BanktupeJlncd Bankexpeienced
experienced tupeJlncd in consequence of the news newsleaking nowsllakiS newsleaking
llakiS leaking out at New ons9ume york ork Some one in inXew I inNew
New lork ork had found the secret scrt too great grlat a aburden aburdcn aburden
burden to bear bar alone alonl and ad let it out outThe outThe outThe
The question queston of a receivership recivclhlp for the theKirby theKrby theKirby
Kirby Krby interests ltersls was Wi broached brached a month ago agobut agobut agobut
but it t was WB patched patche up at the time and ad the thedifficulties thedifcutes thedifficulties
difficulties difcutes were wer tided over oVr temporarily temporarilyIt temporariy temporariyIt
It was as found roud however that the Kirby Klr KlrIntersts
interests Intersts were too deeply deply involved and In Inspite Inplte inspite
spite of the sale of some of the thl property propertya
a receivership riverhip I became bCI inevitable inevitableKirby lovilable inevitableIirby propry proprya I IKirby
Kirby Lumber Co o Protective Protetlhe Committee CommitteeA Commllte CommllteA
A protective prtecl committee comitee consisting coneitig of ofGeorge ofGorge ofGeorge
George Gorge W Young Youg chairman chairmn James Brown BrownDumont BrownDumont BrownDumont
Dumont Clarke Gerald Grld L Hoyt Hoy and F FS FS FS
S Smithers Smither has ha been bn formed to represent representthe rprsnt rprsnttho
the Interests InteJte of holders of the 8 per pr cent centHouston cnt cntHouston centHouston
Houston OilKirby Lumber Company tim timber timher ¬
OiKirby Lumbr Cmpany tm tmbr
her br certificates rlfcte Issued lued by the Maryland MarylandTrust Marland MarlandTrt MarylandTrust
Trust Trt Company as a trustee trste interest interlt on which whichwas whichwa whichwas I
wa was defaulted derau Comrany Ild on Tuesday Tesday The concerns concernsare cncrs cncrsae concernsare
are ae now no in tho hands of receivers rivr Holders Holdersof Holder
of the certificates crlfcte are nr asked MkEd to deposit them themwith Ihemwih themwith
wih with the United States Slate Mortgage Morgage and Trust TrustCompany Trst TrstQmpany TrustCompany
Company Qmpany with power to the committee comitte to tobuy 10buy tobuy
buy in the properties properies pwer at any auction aucion sole soleeffect 111 111llect saleeffect
effect llect a plan pl for reorganizing rorgablng the com companies cor cornpanlea ¬
panies pales or otherwise olhirwlse act so as a to conserve conservethe con8re con8reIhe conservethe
the holders holden interests interestsVJJIF interlto interltoEW interestsNLW
McVlekar Hemlly RNly fleitynd and Empire Emltre mate Slatt to net netTogether GetTogether It ItTOlelber I
Together TOlelber With 1llh SISOOOOO 11500000 Capital CapitalNegotiations CipItaiNegotiations lpUalNAgotatons
Negotiations NAgotatons which have been n going oing on onfor onfor onfor
for sonic lomo time tmf for a consolidation cn o1daton of the theMcVickar theMcVlckar theMcVickar
McVickar Realty Raly Trust Trst Company Compny and the theEmpire IheEpiro theEmpiro
Empire Epiro State Trust Trst Company have been beencompleted beenoomplete beencompleted
completed oomplete A now no company compaylo to be b called calledthe oUed oUedthe calledthe
the Empire Empir Trust Tst Company Cmpay with a capital capitaland cpial cpialand capitaland I
and surplus surlus of 1150 1500000 will wi take over ovr the thoassets Ihoassls theassetS
assets assls of both bth companies companl It will wi start startbusiness startbusinel stftrtbusiness
business businel with wlb deposits depois aggregating aSFrgalng say several S3Veral sayeral ¬
eral millions mlloM These fhls officers ofCre have ave been beenselected bpn bpnslcoed beeneteoted
selected slcoed President Prsident la L Koy loyW W Baldwin Baldwinfirst Bldwi Baldwinfirst
first frt vioepreaident vicprsident H W McVickar second secondvicepresident Ilcnd Ilcndvlcprlldlnt secondvicepresident
vicepresident vlcprlldlnt W V E G Gaillard Oal1mi third thirdvicepresident thirdioprsident thirdvicepresident
vicepresident Francis Frcia Burton Buron Harrison Harrisonfourtn Barson Barsontourh Harrisonfourth
fourth tourh vicepresident vlcprsldent Duncan Duncn P Parmly Parmlytreasurer Pani Panitl Parmlytreasurer
treasurer tl lurr Livingston LllnjPton Wetmore Wetmol and trust trustofficer IMISLofcr trustomcer
officer ofcr E D McCreel McCreelTho McCrll McCrllTho McCreelThe
Tho temporary temporar board bar of directors dirclor con consisting consisting consisting ¬
sisting of the executive eXtcutye committees commlt 1 of both bothcompanies bOlhcmpanies bothcompanies
companies cmpanies has been Jpn named nlmd and a stock stockholders Ilock Ilockh01ders stockholders ¬
holders meeting mltng will wi bo hold in about three threeweeks thre threWlM threeweeks
weeks WlM to ratify ratfy the merger It I van ll agreed agreedtipon agred agredupon agreedupon
upon by the directors direcor of both institutions institutionsat Inlliutions Inlliutionsat
at meetings meelnps held on Wednesday WednesdayOEHMAJftA WOneNa WOneNaMiE WednesdayERMANIt
GrtCynl Gratifying Gains In Assets Nell and In Insurance InsuranceIn Inmrncf
In Force ForceThe forl forlT ForceThe
The T annual annUl report of tho Genrmnla Oerlnla Life LifeInsurance IifeIMuanco LifeInsurance
Insurance IMuanco Company just made public publicshows publc publcIhows publicshows
shows Ihows that thlt in the year just jut closed clOd the assets assetswere a8eol a8eolwere assetswore
were increased incroRd by 1178063478 1786471 and now nowamount nowamount nowamount
amount to 12478159 32 3247liS9 < 78115fl while whie the present presentsurplus pelnt presentsurplus
lurplu surplus guarantee guaat fund is 1458714 450 4506671G4 671M The TheIncome Te Theincome
Income from premiums promlul and interest Interet was wa wasi656S057O
increase of 4U 14
305430578 showing an In Incra
S65880576 68340 8840 The insurance lumranct in force forC was in increased inore increased ¬
creased ore aed by 1431768 0431760 and now no stands at
109 09573581 03 573 573Pi1 573Pi1hihiaJn 581
Wman Vllliom hihiaJn Stewart Stewar Tod and Julius JIJUI Stttrs Stttrsberg SturRberg Stursberg
berg were added to the Ih board of directors directorslast diretors diretorslast directorslast
last year yearIndependent yearI yearIhdepeudent
Independent I depldrnl Tin Tn Men to Fight FlRhtPrrTSBCBO FlahtPITSDIRU FightFirreauna
PrrTSBCBO PITSDIRU Fob 4 4Te 4The The Independent Independenttin Independenttn
tin tn plate manufacturers throughout the thscountry thecoutt thecountry
country coutt have plans pln nearly noly perfected pfrftte to toestablish tolab1lh toestablish
establish lab1lh an I association l8cl tlon to protect their theirinterosM th theirintereete < lr lrInter
interosM Inter 8t against lnst the American Tin Plate PlateCompany PlateCornpavmy
Company Compnl As A soon as 8 the now association associationis aloclatoll aloclatollIs
is perfected perreled Us IM officers ofcerl will wllk ask the Amal Amalamatcd Aal AalgaMale Amaigamated
amatcd Association Aoclllion of Iron Steel Stel and Tin TinWorker TinWorkers I Iorkers
Workers gaMale Worker for H conference at at which a scale scalefor 8ae 8aefor acalofor
for the year will wi bo hoagreed agreed upon A meet meeting moetIng meeting ¬
ing will wl rear be held in agrP PiUsburpr Pltlbur within wthin the thenext thenext thenext
next ten days daysReading MYRlllnS1 daysnestlings
Reading RlllnS1 Third TIr Two To Per Cent Dividend DividendPHILADELPHIA DITdmd DITdmdPUILIZIPHU DividendPUIMZTPUIA
PHILADELPHIA PUILIZIPHU Feb 4 4The Tho Te Reading ReadingCompany Rding RdingCompay ReadingCompany
announced the regular regularRemlannual regularsemiannual
Company Compay today ty announce regulr regulrmlaMual
semiannual dividend divdend of a per cent cet on onfirst onfrt onfirst
first preferred prefert stock stok This 119 is II the third thirdconsecutive thirdCleutTe thirdconsecutive
consecutive frt 3 per cent dividend divded on thl thlissue this thmIluo thisIssue
CleutTe issue Iluo and only pr one on more In I needed nee In Insequence Inseuence insequence
sequence seuence to annul the voting votng trust trustHollar trst trstDolar trustDohhsr
Hollar Dolar Wheat ltt In Nt Louis LouisST 1001 1001ST IooIaSv
ST Lens Feb 4 4For For tho first lnt time timesince tme tmelinc timesince
since linc 1898 when Loiter Lier was w running rnnlg his hiscorner hi hiscorner
corner wheat whea reached nlhr the dollar dolar mark markon
on the Merchant Exchange today fieri fieriera Sn Bevoral
erl oral era can C1 of No No2 3 fxchng red nd were wlr sold lit tthat tthatflr that thatfloure thatfigure
flr flrI I
< M > 11
Andrew Car Carnegie Carnegle Carnegie ¬
negie says saysVABCONI saysnCON saysMancox
VABCONI nCON has ha al already a a aready ¬
ready done a life lifetimes Uretmel lifetimes ¬
times tmel work but he hela heI hehi
la I hi going to do an another another another ¬
other Ho Is II a won wonderful wonderu wonderful ¬
derful deru young man I Ibelieve Ib1ove Ibehlve
oughly believe b1ove la 1 him hm thor thoroughly thorooughly thoroughly ¬
hu already lreaY done a lifetimes etm work I I believe brleve l lhim I in inhim <
him tliorouchlr Ihorulhl says Andrew Andrw Carnegie and th Ibe Ibelud tholudginent
judgment lud ludginent ment of the th old aaf Id Scotch Ironmaster lrnmasler ought t tbe to tobe
be good tnougli enoucl for you youAn YOI youAu
An ro Investment InVaiment of n nl row hundred hundr dollars dolar In Mar Marconl MarconI Marcoal
coal Securities Sccullr now ow means I s Independence Indepcdrnl A thou tbousand Ihousall thousaud
1 sand sall dollars dlar Invested InvelC means wealth Are you yoiotnf yougoing 01
going otnf to lot the chance iro by
acti ti
IOi The ThoinvestorofIOOtn 1 Investor ot of tlt 1100 In the ac LoijtMi IILh Marconi Com Comany Company Cornpany
pany any a few months month ago ran ca now 10W take out tlio tliohe SUOle 110 110The
The he le American Amercau company rmpA will 111 yield far better re resuiu reSUit tosuits
SUit suiuYankees suitsYankees
SUitVaakees Yankees are the shrewdest and most cautious rautloupeople cautiousfleople cauttoucpeople
people In this country Several hundred of them themput Ihemput themput
put a little money In ii Bell ell Telephone stock and andthey andtbey andthey
they have lot their Investment Inve lment work ork for them ever everMnce eYerInee eversince
since One hundred dollars lvuted then means meansS200000 means2U1060
100000 now nowThe nowThe nowThe
The Marconi Securities offer even greater possi possibilities po poMibilities l lbllttles ¬
bilities It Is a chance of a lifetime Dont heal hesitate bcsltat heallate ¬
tate tat but send your our order at once Certificates at atS atSo ata
So S each ocaIf eacb1t eachIf
If you ou will send us u a postal pO lal ran card we will tell yon yona OU OUa
a food deal Inore about Marconi Securities which whichli
li I worth knowing Address AddressF tddreasF ddre ddreF
F P WARD CO Bankers Bankers1AM
LJ uI YD8 Cl 1
L LeerrcpondcnL
CHOSSMJV j ULDG SAN stk < FRANCISCO CAL CALCorrespondents CALCorreapondent
Correspondents of Munroe Munroc N Y YPIIOIOSAIS Yu YPh1OIOSAI4
u u
Sealed S aJed proposals suitably endorsed on envelops envelopsfor
for Amusement Hall Construction Heating iicc iicctrie 1lecIrlr llecinn
inn LIght Wiring lrIDl ant Fixtures IXur nt Manhattan ManhattanSutr ManhaitanState n ntat
State tat Hospital Central Isllii < It 1 New York may be besent ben besent
sent n by mall Wn or delivered l In n person up to 3 oclock oclockP
P 1 M on Wednesday the Ifrs 17lh day yU of rF February bo
1003 to the Ih State 5 tate Commission In Lunacy Lunar at the theCapitol tbeCapitol theCapItol
Capitol Albany N Y when the bids will be opened openedand opcnedand openedand
and read publicly publiclyDrawings publiciIJrawlns publIclyDrawings
Drawings and specifications ClnClLllon < may be consulted consultedand consulledand consultedarid
and blank forms at a r proposal obtained at the office officeof omceof 0111ccof
of K F A Wheeler Purchasing Steward No OIl 309Broadway OIlHroada 300Hmoaetwas
Broadway New ew York ork City CII or by application to toR 10n toC
R L I Hems State Architect Arcbll C In the th Capital at Al Albany Albanr 1 1ban ¬
bany ban banConlracts X V VContracts VContmacls
Contracts will III be awarded to the lowest responsi responsible repon l lble ¬
ble and rellaMe rella > le bidders bldd u unlew leM the bids exceed exceedlh uceedthe exceedthe
the lh amount of funds available therefor In which whichcase whIchcau whichcase
case the right tn relect ref tel all hlits Is reserved nurnrMCARIIOLL reservedCARnULI recervedCARROLL
Acting Sfretiry State CommIssIon In Lunacy LunacyFORT Lunac LunacFonT LunacyFORT
FORT RILES Kan Feb > 3 1904 IDOISesled Sealed pro propossli propossl prop05511
possli In triplicate will 111 b lIft received here until untilII
II A M Mar 3 1904 for construction of I Guard Guardhouse GUArdt GUArdIt Guardhotias ¬
house I hand Barratries c 1 Farriers Shop b 1 Ord Ordnance Omdnarec ¬
nance Storehouse t It u 1 Swimming fl r efgo efgob Pool alterations alterationsIn aitrrttoasIn rit ritIn
In i Artillery Stables St ble and construction of Lockers Locliersfor Locllerfor Lockersfor
for Artillery Barracks Information furnished furnishedon
on spoliation here also at offices of Depot Quar Quartermutfr QuarIermLr Quartermacter
termutfr Chicago III St Louis Mo Io Omaha OmahaNeb OmahaNeb OmahaNeb
Neb and Denver Col U S reserves the rteht rtehtvelopes
10 reject any Dr all bids or any part thereof Fon Font Fnvelopes
velopes to be endorsed 0 Proposals for construc construction C ronatnictlon ¬
0ffdiu ffdiu
tion t tnd mu rid alteration 1I afl of Public buildings 1 1n and Ir Irdres ad addressed addressed ¬
dressed dres led < Capt G I O CHESS Constructing Quarter Quartermaster Quartermuler Quartermaster ¬
master masterPROPOSALS mulerrROPOSALSew masterPROPOSALSNew
PROPOSALS rROPOSALSew New London Conn Feby 1 IdSel 11904Sealed
1804 1904Sealed dSel Sealed nfpgiab proposals In triplicate lcn will I INew be re rereived
rJ i
reived ited at office of Constructing n Quartermaster QuartermasterNew a I
New London Conn until o A M A reby Ith 22 3 lOOt 1004for lOOtrt t1104for
for construction of Mieadamlzed Iload between betweennerves betweenFort e v vees
Fort > rt rteoJ eoJ Minsteld Zn ZnnanJ nanJ and Watch f amf 11111 hn ft I adb Ij s rc rcserves
nerves right to t reject or accept any an or all proposals proposalsor prolO nl nlor
or any part thereof Information furnished on onapplication ongE onapplIcation
application II al mamlorfnpO Knvelores Envelojiex containing ta n proposals proposalsnould proposalsshould
ea Ita
should be marked Prnpomls I for Macadamized fSc rz
Itoid Fort Mansfield H I and Addressed to toConstructing 10Cor toConstructIng
Constructing Cor lructlne Quartermaster 20 Green Street
New London CoOn Conniposatf CoaoPROPOSALSXe CoOnPnorosALsNew
PROPOSALSXe London Conn Jany J D 30
1904Sel1led 1904 Sealed roposat iposatf in triplicate will be re reof reo reocehed reeeived
cehed at omce of Contracting Quartermaster
New London Conn until o A M Feby eby 20 1004
for construction of A Coal shed helllli at Fort Terry Terr N Y
U S reserves the might to reject rr jcet any an or all pro proposals propoials ro roposaJs ¬
posals or any part art thereof Information fur furnished furnubd furfished ¬
fished on application Itavelopes containing pro proposals propoll8L pmopocal ¬
posals should be marked Proposals for Coal shed shedat shedIII shedat
at Fort Terry N Y and adrlrriscd to Construct ¬
lag Quartermaster Vfl Green Street New London
1 r frJ
Custom c House e Norfolk I Va Sj3 Sj3nJl1 Jan nJl1 0 JWU InAthenied ot otO Sealed le
Proposals for furnishing and delivering steel and
iron at Fort Monroe Va a will be received hero herountil herountil
until 12 1 M Feb cb H 4 i mImi W and then publicly opened open rd
Information furnished nn application E EVE
LETH WINSLOW C Cat pt Seers FngrsIT
Feb S 1004 1904Sealed Sealed proposals will n I received
here until 12 M March S 1904 19 < 1 and then publicly publiclyopened Inlbllclopened publiclyopened
opened for furnishing tuOflO bbls of American
Portland cement on docks at a I Great > Gull mod Plum PlumATTACHEET
Island N Y InformAtIon Dn applc applIcation lloli CHAS
F I iOltSLL > O L Mel rnr lngrs lngrsC s sC
TlRE AT S3 nnOADWAY nnOADWAYCustomer nnOHJJtJCOllontfr R170tlWtICostorner
Customer Who Failed to Git G I Sinn inn Secured SerurrdIt SttUrcd1tflaA SecuredIlSas
It 1tflaA Stoever Told Him lie Could CouldNot CoulllSot CouldNot
Not Py lnlf tnlt8 nls lie Got a Ilaokpr JlIIklrIOO JlIIklrIOOCndoDln DackerlOOCustomers 10O 10OCnntomer
Customers In All Want Their Money MoneyThe MoneyThe Ionl IonlThe
The safe of Charles XI Stoever A Co Cobrokers Cohrlkers Cobrokers
brokers 52 Broadway is j sealed ald up and on onIt onIt onit
It is posted a notice which pays that an at attachment attachment attachmont ¬
tachment has been made upon it a black blackboard blackboard blackboard ¬
board a typewriter and some other oUIf r offlc offlcfurnishings officIIfurnishings othlcefurnishings
furnishings by Herman Grossman for the theum thelIum thesuns <
suns um of ItOO 180 In the office yesterday YI terday were werea
a dozen rather mournful looking men and andhalf IU1dhalf andhalf
half a dozen employees It was explained explainedthat explainedthat explainedthat
that there had been bf nothing doing since sinceSaturday IIlnceturday sinceSaturday
Saturday turday which was the last day dR that Mr MrStoever MrSlooer MrStoever
Stoever was at the office The attach attachment attachment attachmont ¬
ment capers said that Mr Grossman lived livedat
at IMFornnh 120 FolIYth Street and has ha uten tell trading tradingwith traalngwith tradIngwith
with Charles M Stoover Jr Co under the thename thename thename
name of Herman rman Grossly Ho had a credit creditof
of f lillO 100 but when he made a demand for his hismoney hismoney hismoney
money MrStoever it la alleged replied
I havo not any money to pay to you or orto orto orto
to anybody el else Thero are other people peoplewho 1W0piewho peoplewho
who are asking for money and they the cannot cannotgr cannotgrt cannotgot
gr got t it It I am now insolvent but I hope hopeloon hopeloonto noon noonto soonto
to get a backer If I do dOl you will get your yourair yourmoney yourmoney
money and If not It wllJ wifl be all up in the tboair theair
air airStoever
Stoever 4 Co began business in Sep ¬
tember last and for a while wero known knownan knownas
an Ounther Stoever Co W Lawrence LawrenceOunthur LawrenceOunUJ LawrenceOunther
Ounthur r being the board member on tho
Consolidated Stock Exchange and Dr
Carl Anson demons his brotherinlaw brotherinlawCleinone brotherlnlna
a special partner 1I1r Itr Gunther and Dr Dr1ernoM 1rClemons
Cleinone < withdrew from the firm In De December December Docomber ¬
cember Later for a time C Henry Con Connolly Connolly Connolly ¬
nolly a member memherof of the Consolidated C Jn olidaled Stock StockExchange StockExchange StockExchange
Exchange was tile board member but he heluff he111ft heleft
left on Jan 10 and tho firm has had no ex exchange exchange exchange ¬
change connection since sinceIt BlnceIt sinceit
It was eald by an employee that there therewere thf1Owere therewere
were about 100 customers and that they
had credits amounting to about 110000 110000ut 1100001 10000 10000and
and that 6 Washington linn which ham haaput hamput
put ut in a wire eerviro eerv lO loch a claim for 15000 15000jhls IGOOOThis 15000This
This employee said that the customers customerswere customerswere
were talking about forming a stock com company cornpany I Ipony
pany to take over the business of tho firm firmimployee tInnThere finnThere I
There are nine employees laid this thisfmployoo thisemployee
employee three men clerks two women womenand womonand womenand
and four boys and their salaries are thy
18275 Thor Tho are not going to put up upthe upthe upthe
the cash against their claim whatever the thecustomers thecustomerR thecustomers
customers wont to do doW doW dosv
W P Laeevin a creditor said that cue customers o otomeIS cuetouners ¬
tomers bad been told that a very rich richman richDlO richman
man was the silent partner partnerlent partnerGoIIelp partnerGossip
Gossip around the office was that the tboIInent thesilent
silent lent partner was a prominent Wall Street Streetaerator Streetoven Streetoperator
aerator oven tor I IaH
aH u MM
I = l
MAY 25 1903 1903Ta > A ATo l
To Holders ffold rs of Certificates C rtJl1rllle of Deposit issued under the Plaa and IIndArlHlIIfnt Agreement of Reorganization iJ dated da cd May
251903 25 1903 made between tho undersigned uad rsIZIJd as a a Reorganization RooganztloIlColDlIIlIt Committee the City Trust 7rliJolD1Mny Company of ofNew ofNew ofNew
New York as Depositary D and nd Holders lIold rs of Securities of and IIndCIIIDlIza andClaIms Claims against t the United StatesShlpbuIld StatesShlpbuIldIng Siat ilShlpbulld4 ilShlpbulld4Ing 1ShIpbulldIz
Ing Iz Company CompanyThe
The undersigned Reorganization HeorlrlinlzatloaCor Committee 1mlttec requested Hon James Smith Jr the Receiver to formulate such modifications of t the Plan rm Pd anAiserOent anAiserOentof ndAtfWtn i lll nt ntIn 1 1of
of ReorganIzation as woulll receive his l approval and In hb ludlfment wou would d be fair to all classes of ecUrlly holder holderIn holderSIn
In response to this the tbolleeelnr Receiver has addressed the Commutes the I e tallowing communication l < t tNew
New elV York Yor January MWW MWWGENTUUIN 21 ItIIH ItIIHGKNTLlluif 1051OaurrLxuxN
In compliance with ltb your our request I have for some time past been be Q eomlderlng a modification of the plan of rearzinluillnn re > of the United States Ship Shipbuilding SItI SItIulldlnc Shipbuilding
building Company which would be likely to be acceptable to both classes of bondholders and would tend to prevent the sacrifice and waste of the assets assetswhich asaeuwblcb assetswhich
which will necessarily result from further and protracted litigation After cat catrequirements carefully consIdering tho tb relatIve Values earning pacltles and future fuluroreqlllrcmentll futurerequirements
requirements of the hut shipbuilding and Bethlehem properties I have formulated i a plan of reorrantutlon an outline of which J 6ubmltto submit to YOU ettwltlJ herewlthI
1 believe It to be conservative and to fairly falrl rccoznlte the just u t rights rich of the respective boa bondholders sad I therefore recommend III adoption adoptloDYOUri adoptionYours
Yours lrul truly
fl I fleClffllrI fleClffllrITo ftietlmjif ftietlmjifTo ht IuI I ITo
To MR 111 GionoB R SBILDOK chairman Rtorganliatton Commtittt ComufThe ConsmiUaThe CommtitttThe
The Reorganization Committee has lmn accepted the plan so proposed by b the Receiver ReceiverNotice Receiverollee ReceIverNotice
Notice ollee Is given hereby that the undersigned Reorganisation Committee Commit lee has unanimously adopted the tb following modifications 110dl catlonstn la jh thf tit said Plan and andAgreement aMAcreement an4Agreement
Agreement dated May 24 1803 and that pursuant lo Article Fifth of said Plan and Agreement a statement of the proposed cliahgeand modification of ofAgreement ofer ofor
er departure from the original Plan and Agreement h has been IIled this da day wIth the City Trust Company of New York orli the DpolSl Vepoaltr7 17 under said Plan and alIl1Acreemenlln andAgreement
Agreement Acreemenlln In lieu of the provisions of Divisions Dlvl lons III IV V and YI 1 thereof The following Is a summary of such modifications modlQcalonsIII modificationsNEW
I COLLATERAL COLLATBIIAL1ar1I1 Tacsr SINKTNO FOND Six Pea CENT TKNVRAR GOLD BOND CIIDII 1 i ttMO000 ttMO000eured 3000000BelLrlnlr 000000 000000fleeting
fleeting Interest from a tulure dal date to be hereafter r flied b hi the R ReorganIzation rlanlzatlon Commlllell Conimlttceand and Indlcale P1 it NlInallersand 10 beS beScured beacured
cured by the pledge pled Ire of all the Capital stock of the Bethlehem Steel Company and of the subsidiary existing or new ShlpbulldlnrCom ShlpbulldlnrCompanics ShipbulldingOoMpanIcs
panics panl to which latter the several properties are to bn transferred after foreclosure free fre front any an lien or charge tiesa lets only sufficient sufficientshares aultlclentbares sufficientshares
shares to qualify Directors with provisions for a Sinking Fund of UOOOOO per annum
2 SIVIN pan czar NoNcvMtnaTm pscrEiuiio CAPITAL STOCK L 4IM0000 4IM0000The slloooThe 1sSS0000The
The holders of the Preferred PfelT d stock shall be entitled out of any nY and all surplus or net profit pron prohtstoreceIvczioiicUeriulatstdIeldanda prohtstoreceIvczioiicUeriulatstdIeldandawhenever to receive noncumulative 1I0ncumulatlvcdlvldenda 1I0ncumulatlvcdlvldendawhenever dlvldnds A Awhenever
whenever the same Khali be declared by the Board of Directors at Ihe rate of but not exceeding seven per cecIlia ceatulllp per annum annumfor annumforand lor e escll esclland el elcorporation
and every nscal flscalear rear before any dividend fur such IIICI year ihall shall be declared aCt apart apartfor for or paid upon any olherAloeJc otbe stocc otbe of the cOr cOrporalion
por poralion poralionIn o
In addition ddl lon thereto In the event of the dissolution or liquidation of the corporation the holders ot IbePreterred the Preferred Stoek Stfldlesimaii hati h tom en entitled n nlIt1ed
titled to receive the pr value ot theIr preterred Shares befor before anything shall be paId upon the Common Stock out or the assets of the thoS thecorporatIon
corporation corporationI a 4 4S
S COMMON couu CAPITAL L STOCK STOCKTotal STO 1t 115000000 115000000iIMooaoao l sts000000Total UJoOIOITotal
Total Mortgage and Capital Liability iIMooaoao iIMooaoaoDISTRIBUTION I3300000 I3300000IV
To amentia 11 holders 0t = Tor of existing iDr TwentyYear rive Per Cent Collateral and Mortgage Bonds known as Bethlehem Collateral Bonds the theMUnir Ih Ihoption theoptIon
option 10 aubserlbe at el eightyaevn bloIeun and one onehaif halt tl7il S7t per er renlulII of their par value for llSO 160 In newbond new bond In respect 01 rllb auh SI1nt l00u ex exI cxistlnte >
MUnir I Unlr Collateral and Mortgage Mortra 1 Bond and to participate pro rain In the profits under underlhe the Selling Agreement upon me terms and con conditions condltlon condillon ¬
dillon mentioned In Division VIII 111 hereof > ILMOOOO
To assenting holders of existing First MortKtige Inking < Fund CtoldBonds Gold old Ponds the option to subscribe at eightyseven llht sevln and pnttialf87j ontha 187 87k 1 per prentum pereentunm
entum af their par value for Sloo 100 In such new bond In reaped or eAch II 000 01 extUnlr First MortJl Mortgage re Sinking Fund CcItt old Bonds aDd andto
10 porUclpale pro Pals In the profits under the Selling Agreement upon the terms and cnndilloo In Division VUJ hereof HMOtm HMOtmTotal 1IJOOritYtTolal ismrrnTotal
Total v vNEW sooon00
To asaentlng enllnlr holders of existing TwentyYear Five Per Cent Collateralllnd Collateral and 1Iorltale Bonds ninety 18OIper 90 ncr cenlum In ne new Preferred Stock tooooOOQ 9ooo 9oooTo
10 assenting holders at existIng First Mortgage Slnklnlr lund Geld Bonds fori forty 140 01 per celllum In new Preferred Stock I heavIng llIe a small buL hut hutat 1 1at
at present uuascertulnable uIIlLScerl lnable surplus toward reorganization purposes purposesTotal purpos sl Iroom IroomToLal 1J00Su > t tI
Total Totals non nonS
Toavientlnff To arnUnl holders ftf t existing TwentyYear Five Percent Per Ceat Collateral Collateraland and Mortgage Domls sixty sI1t 001 Ml per pereenlunlln percentuni centum In new n nCwColnmois Common Stock Sl ck MOOOOOO 000000
To assenting holders of existing First Mortgage Sinking Fund Gold Bonds sixty AI1t i 1601 per centum In new Common Stock leaving a small but butat butal butat
at present unascertalnable untls < ertall1Able surplus toward reorganization purposes purposesTotal 11000000 11000000Total 0000061Total
Total TotalFloatIng j jFloating SiOO o fFloaUn
Floating FloaUn Indebtedness of the United Stales Shipbuilding Company and the subsidiary companies Incurred for materials supplies labor abor ana money = loaned loanedto ioancdto a if
to be paid or assumed by tho New Company when ben ascertained and finally determined determinedV determinedANNUAL determinedNN determinedANNIIATi
Upon the organization of the New Company the only fixed charges aside from taxes and Including Interest charges upon the underlying mortgagesol mortgagesolthe u mortgagesotthe m of ofIbe i iFor
the llethlehem Iron Company and lIne Bethlehem Steel Company will 1IIe he M a follows tollowsIor followslor
For Interest on the underlying Bonds of the Bethlehem Iron Company Com pan and the Bethlehem Steel Company CompanyFor 5517 fI7SJ SM
For Interest and 1 Sinking Fund on onlhe the TenYear Bonds of the New ew Company CompaimyTotal ompal1 SKJam SKJamTotal 8SOooo 8SOoooTotal
Total jj jjVI a a7 a7f a7ROARD M7 > M MHOARD
The first Hoard liArd of Directors of the New elY Company to he classified rla lned arid to consist of nine members divided Into three tttsftn Ise one on class clsas to hold l old office officeJames iJmcs iJmcstoroneeAron ei11csforonoyearonefortwoyears
toroneeAron foronoyearonefortwoyears forlwoe fs lid nile for three years tArs and such fIrst board 10 be aelerted b by ajreemtnl belweMlbe between the Reorranlratlon C Commistce mmlttee auto lion lionJames lionJames
James Smith mltb Jr Receiver with the approval ol Mr AfrThomas Thomas F Ryan representing the Syndicate Managers Managersvii
BOXDS The Committee determine that the share of their expenses and obligations Incurred for fees and expense of counsel c lnelln In the several s Ieral States Statessum SI SIIn dates datesin
In re respect pect at the reclosure and other litigation advertisements rllllnll etc etc 10 be home b by the holders of certlnralM for the Flr First 1 Mortgage AlortcallcSlnldoc MortgageSinking
Sinking Fund Gold Bonds who may surrender such elrtlncales for wIthdrawal of such bonds under the prolslons It said Plan and Agreement lathe sthesum latheeunu
sum of One Per Centum upon the par value of such deposited Ponds Don d to bo paid upon such surrender an anCompany and withdrawal 1Ilhdra8I1IT0C withdrawalSvocx
1IT0C In view of the developments sInce the Plan w was formulated a ax 10 the value and earning ca caaclty acll of Ihe Sbllbtlll Shlpbvikllng lnlr plants It Is Impraetl Impraetleable impracticable
cable 10 provide for any distrIbutIon of new securllles among th the holders of the exll existing < tlntr Prelerred and Common Siock 01 Ihe Cnlted slIM ShlpbulldlDIl
Company and hence In that respect the existing Plan will 111 be abandoned and holders of stock who have deposited inereundcr will be entitled > > to with withdraw Wllhdraw withdraw ¬
draw the same without charge or expense
The Committee has entered Into an agreement with the Morton Trust company and Thomas I Ryan R IIn as a Syndicate ndlcale Managers dated January JanuanJ71DG4 January11 171MM 1004 and amidSied filed
herewith which agreement provides for the purchase and sale of the entire Issue of the new ne Honda at elehtyseven nnd onehall on < h311 i7Mi iqI per centum or In 1Ilhe 1Ilheaurcule the theaggregate tileaggretate
aggregate iJctiCOO so as to guarantee the cash requirements for consummating the Plan and working capital without compulsory compu IM1 01 > aJ assesrnent aes ssmcmon me on nne nnebondholders I the thebondholders thebondholdero
bondholders bondholdersrho J JThe 7 7fbe
The said Syndicate Managers have arranged with Messrs Harvey Flak L Io Sons Bonkers wbo are Ilr participant In the sjndknlr rnill le for the mite te Of lialdMw lialdMwBonds ald atdbewPonds w wDonds
Bonds under IIndera a Selling Agreement which Is to provide that the holders of the II two existing Issues of Bonds of the United Cnll Slates Shipbuilding Company Companyassenting Com Companyassenting lI lIaSoenllne
assenting to the ModKled odlUed Plan shall be entitled to subscribe for their said proportion of new Bonds at n said price of tfli h7l per nrnlum of their faeovUvr faeovUvrupon fact farrsaItldupon II IIupon
upon condition thai the Panda so subscribed sub rlbed for shall be left with Ih said Bankers with the Ih right In the thelatter latter to 0 sell the same u a prim netting vibunrlben vibunrlbennot lIbilrrlbersnOllr
not nOllr IPSS then said coat Co and accrued Interest at any aD time within six 81 months after the Ih Issue and delivery thereof by b the new Company CnnlPMIuclL siidi subwrtberetu subwrtberetube
be entitled to participate pro rattt ralilln In whatever profits shall result re ull from the sale ale of ofaald said Bonds at an advance over raid cost after ddut1ng J du Unlr the Ih he Bankers rea reatentlon fellA fellAana reasonable
ana onable hie commissions and eapllllI Cs < but to ban the right 10 be exercIsed at the time of aId subscription 10 wllhdr wtthdrw w Ih the 8 Bends nrh lrom Ilia cue Ie sUbt 10 re reIrnllon retentioui
tentlon by b Messrs AlC Harvey Flsk It Sons until unUllhe the expiration of said saidunsold period of alt months al wbleh lime an any Bonds 0 IltMralll from sale or remaIning
unsold IIf tlfieft If left a aThe subject to Ale under the foregoing protIlon shall be delivered to the caid subscriber on demand without chsmre chsmreThe
The acceptance of this Modified Plan by the holders of the entire issue of the Bethlehem Collateral Bonds and also by the holders of a alare largt araaiint araaiintof ameIntof
of the First Mortgage Kinking Fund Gold Bonds already Is assured Copies of the said Agreements between the thedtcate Reonr nlratlinComnfltte i ml ldSyn
rtlcate Managers and between said Syndicate Managers and Messrs Harvey Flsk Sons and between the Reorganization Committee C M Sctraah nTi o and andThe no
The Standard Trust Company of New York as Trustee have been tiled with City Trust Company of New NewDepositors York Depositary DepositaryiJePOIttOrS
Depositors and Certlflcsteholders may obtain copies of the Proposed Modification ot tbe thePlsn Plan and Ai Aiapplication Agrcemtnt and ioayinspect said
application to the Depositary DepositaryThis DepositaryTints >
This notice will be Inserted at least twice In each week for two successive weeks beginning on Febi Febigeneral February C 1BOI In at least two dally dilly new nwaaperof > fiantrsof fiantrsoferal 1 1general
general eral circulation published In lntheCttyof the City of New XewiYprk York and the thet thetfinal final publication will he e on February 3 1604 1604f 1604WJthlji WJthlji Within oar week after sucTi final publlca pubi1slion
lion all holders of the outstandIng ai CorUScates mm of Deposit for the FIrst Mortgage mi Sinking t Fund Gold i r rmay Bonds of f the United Slates sbipbuilittmng Compsby Compsbymay
may surrender their respective Certificates therefor and withdraw all tbelrBpnds their Bonds uponpaxment upon payment to the Depositary of ofi I per r cent ht6ftlie of the faST ace valiiebMh valiiebMhand vatitt otihe otihehonda
honda so withdrawn as and for theIr share of the exvenues and obllgallorms of the fleorgartiratton Committee as deiermthed by the lstter and hOhler of oqt oqtstandIng
standIng Certiticates of IJepoalt for Preferred and Common Stock of the United States ShipbuIlding Conipeny may silhdratv their Ccriflcates for Preferred Preferredand
and Common stock upon due surrender of such Certificates without charge or expense expenseDated expenseDated
Dated NEW YORK Feby 4 1WM 1WMWu
iEORor n SBFLCOK CTulrman CTulrmanCOAIILES ClwsrmanCnAaces
of Counsel to the KfOTtanlaHin Commttttt CommtttttELIHC PUNT FIIIC FIIICCHAHLES FnaxELtsU
ELIHC HOOT HOOTCourutt CHARLEs W Y tVEmolus tVEmolusRroriankaHen tTpijjo5COuflxfi
Courutt to the SinHlcate Managers RroriankaHen CemMtttf CemMtttfUNITED CorniUf CorniUfUNITED
To Assenting Holders of the TwentyYear Five Per Cent Collateral and nortgage Bonds and Assenting Holders 01 a First Firstflortgage I Iflortgage
flortgage Sinking Fund Clold Bonds Depositors Under the Plan and Agreement Dated May 25 2 1903 as Modified ModifiedIn J JIn
In pursuance of the Modlnratlon of the Pl Plan n of Rcorranlallon ot the tnlted States Shipbuilding Company dntfd JouiiiryWV January 50 1904 and of th the agree agreement agr agrment
ment between the Reorganization Committee ana and the Morton Trust Company oinpany and Thomas F Ryan ns Syndicate Manager dated January 27 IMt Drovld
log for the fonnatlcn ot a syndicate accenting holders of the abovedescribed bonds of the Vnlted States Shipbuilding Company deposited depositedbuilding or < depoilting t tunder
under Said alodifled Plan and Agreement are oflered the privilege of subscribIng 10 the Coliatral TruSt Sinking lund Six Per Cell ren Tear Gold knds kndsof
of the new Compaily conternpiatcd in atid to be organized under such Plan and Agreement as modified and to he known as the lietishrni Steel and Ship I
building Company or tv r > v some other appropriate name at the price of 1s75 sT5 for each 11000 face valuo of the principal of sold new bonds ns follow followknown
To assenting holders of the existIng TwentyYear llte Per Cent Collateral and Morigae Bonds of the United Staita Shipbulidlng gensiaIjy
known as Bethlehem Collateral Bonds BondsThe secured h nnortgage to the New York SecurIty rust Company as Trustee lted August 1 Iso ompany Ia ogere4 the theI
ritllege of subscrIbing tar the new Collateral 1 rust Bonds to ihe clIent of 150 face value of uich new bonds In rcsprct of eacit MUO1 of said Cutting Beth Bethdiem
diem Collateral Bonds BondsTo
To assenting holders of the existIng First Mortgsee Sinkine Ftund Gold Bonds of the tnited Slates Shipbtnilding Cotnpnnu secured by mortgage to I
The Mercantile Trust Company as Trustee dated August II 1903 Is offered the privilege of subscribing to the new Collateral Trust Ponds to the extent extentof extentof cn cnTho
of 1100 100 face value of such new bonds In respect of each 1000 of surU eilstlnc First Mortgage Bonds BondsThe
The new Collateral Trust Bonds so subserlbed for are to be lodred or left with the undersigned under a felling ° Agreement dated February 7 1PD4 1PD4and isetand
and filed with the City Trust Company of New York Depositary with the right lo the undersigned to sell said bonds at s well ns a the bonds taken br tar tarSyndicate theSyndIcate
Syndicate at any time within aljt months after the Issue and delivery of such bonds br the new company rontpan at times and she prices In their discretion with the theproviso theprotiso
proviso that tn no event shall the bonds bo b mid at a price netting the subscribers and said Syndicate less than said cost and ncvrucd Interest on Mid bonds bondsThe bondsThe
The subscribers as well us tall Syndicate will be entitled to participate pro rain In whatever profits shall result from the sale salcof of said bonds at an advance advanceover 1 1over
over said cost and Interest after deducting the reasonable communions and expenses of the undersigned undersignedSuch ununderslgnedSue
Such Sue subscribers also shall have the right and option p0 lo be exercIsed at the time of such subscription In Urn of participatIon In the nroflts tinder said saidpelting f fSelling
Selling Agreement to withdraw their bonds from sale subject to retention by the undersigned or the new company until the expiration of Mid period of six sixmonths I Imonths
months at which time the bonds so withdrawn from sale shall be delivered to the aubscrlberi withdrawing the he same upon demand and without charge but butupon butupon
upon payment of any amount still due on any subscription subscriptionsuch subscriptionArty
Arty bonds so subscrIbed for and not eO withdrawn from sale under the iastmentlonecl right and option or ihe procdd tPtrnfltoid tnaetherwiih tnaetherwiihinch
such pro ram rub of net nrolltnshall pmollts shSll at the expiration of said period be distributed among the subscribers not withdrawing and the Syndicate iipon upon payment paymentot paymentof
ot any amount still one on the subscription nut M no fractional parts nf bonds are to be delivered subscribers will br riven the prtvllegf of buying or orselling oraeillnr
selling fractional amounts of bonds to even their holdings to the denomination of a bond at such prices and nd on such terms as may b he tlxed by the Re Reorganization Reorganlzailon ¬
organization Committee CommitteeSubscriptions CommitteeSubscriptions
Subscriptions will be payable to the undersigned nt their office In m the city of New ew York at cud times and In such Instalments as they mar require and andwhether 1 1whether
whether or not In advance of the Issue of such bonds but no calls will be made prior lo the receipt receint of the bonds by the undersigned except upon thitall thitallof thc5li thc5liof
of the Syndicate Managers tianafjrs under the Mid agreement greementofTanuary of January 27 1901 l9OIbelWeefl between the tllefleorganlMtionCoinmltteeand Reorganisation Commltlecnnd the theMoitonTrustConipanyand Morton Trust Companr nd Thomas TTusmasJ b bF
F ityan 55 Syndicate J aflsers and the Selling Agreement or Fehrsisru 2 1064 in case any subscriber shall t fall to pay said subacri subacrinncnt ptlon or an metal metalNegotiable M MVcgotlVble >
nncnt upon call and ten days flours the undersigned may forfeit the silbacriptioli and any Instalments theretofore paid
Negotiable VcgotlVble certlflcatelTof certificates of theliorionTnistcornpany the Morton Trust Company andof and or The the irnderslVnecTVnTuflngVs undersigned entitlIng tibacrlbera bscrlbersnotihIfefauit not to defatmitto to participation In th the Selling orm ormthe Srn Srndlcate 11ndirate
dlcate as herein provided and pending delivery of the bonds to the security securits provided In the said agreement between the Reorganization Committee slid slidtile
the said Syndicate Managers will be Issued to subscribers upon the pavment of tfie nrst call and the theCopies payment of any suhsequent call will beindorsed thereon thereonCopIes
Copies of said aSh original origln Plan and Agreement of May ss 19O1 of cId ld Modification of the Plan of January 11 11Standard 30 1900 of said agreement between the Reorganl ReorganlREORGANIZATION Reorgaeiration
ration Committee and the SyndIcate Managers dated lantlsry 7 loOt of said agreement between the lteorjantzation Cemnititee Charles H Schwab d flip flipStandard I IFebruary
Standard Trust Company of New York dated January 3710O4 37 1904 and of ofasid said selling Agreement between the Syndicate Managers and llnrvy Flsk Sons dated datedFebruary
February 2 1904 have been lodged with the undersigned and and are open to Inspection and reference to such Instrument U made tn fully as If set fortbat fortbatlength forsat forsatlength
length herein hereinbut hereinThe
The undersiened wIll reeelve sttbscrIptlon for the said new Coilateri Trust Sinking Fund Six Per Cent TenYear Geld Bonds upon the foregoing eonditthui eonditthuibut
but no subscription will be received unless made upon the accompanying form of subscription on or prior to February 2 25 104 nrilrs the time bn extended by bythe b bthe
the Iteorganlzatlon Committee with 1th the consent of the undersigned HARVKY FISK A SONS SONSNEW sosNEW
NEW YORK February 4 iDOl 23 Nassau assau Street New York YorljVagreement YorkREORGANIZATION
To the Holders of First Mortgage Sinking Fund Gold Bonds of the United States Shipbuilding Company CompanyNotice mpa mpaNotice
Notice Is hereby given that the time for deposit of the abovementioned bonds with the City Trust ComnVinr of New York ork ox Depositary under th thPlan the thePlan
Plan and Agreement of Reorganization of Mar is 1908 as modified February 41904 4 1904 by the foregoing notice has ha been extended until March s 11104 11104Holders maosholders
Holders of such uch Hands who desire to share In the benefits of said Plan and Agreement as so modified are requested to deposit their said holdings an or orbefore ir irbefore
before the lost mentioned date Negotiable Receipt or Certiorates of Deposit will be Issued In exchange for the securities deposit rd rdCopies edCopies
Copies of tile modified Plan and Agreement of Reorganization miy b be obtained on application to the said Depositary and Inspection may there b be had hadof hadof
of the several contracts In said Modified Plan referred to toNiw toNew
New Tons February 4 iMt
Chairman ChairmanCHARLES 4 4CHARLES
Riartanlsttlon Committee CommitteeWM CommItteeWM
ef Covnie la Uf Reorganisation CommittM CommittMELIHUROOT cominiueELIHU
of C Cnuntrt to Die tivmllcatf tidtcaf Managers ManaotrtTVM ManagersWIt
WIt W V LEU 14511Secretary
Secretary Vo alt Wail trcef New Fort CIv
Transit Development Corapanyi Meeting AleetlncThe MeetingThe
The annual meeting of the Transit De Development Dovnlopment ¬
velopment Company a constituent com company cornpony ¬
pony of the Wrooklyn Heights Railroad RailroadCompany RailroadCompany
Company wan Imld yesterday for the thoelection theelection
election of directors All the members of oftho ofthe
the old board except John li Wells for forwhom forwhom
whom General Manager John M Calder Calderwood Calderwood
wood of the Brooklyn Rapid Transit Com ComTio Cornpany
pany was substituted were reelected reelectedrne
Tio stockholders of the Heights compun companmet compunmet
met also and reflected Horace 0 Duval 1 1Somers ISomers
Somers Hayes John G Jenkins and David DavidH
H Valentine whose terms had expired expireddirectors expireddirectors
directors for a term of three year yearReceiver yearsItetetser
Receiver Asked for Federal Asphalt AiphaltLouisviiJJt AsphaltLOWaVILLX
LouisviiJJt Ky Feb 4 44oaeph Joseph Hut Huffoker Hutfaker
faker In the Federal Court this afternoon afternoonfiled afternoooflied
filed an application for a a receiver for thm th
1 s
1 1I
Federal Asphalt Company It is a home homecorporation homeeorporation
corporation U D Caffen president T K KWebster KWebster
Webster vicepresident and H B Cook Cookall Cookall
all citizens of Illinois Illlnolsare ar made madedefendants madedefendantsIn defendants defendantsIn
In West Virginia JUenry Chambers of Louis Louisvillo LouIsnIb
villo nIb was recently appointed receiver for forthn forthe
the same company It owns asphalt mines minesIn
In Groyabn county Kr and In West Vim Virginia Vimginia ¬
ginia The petition charges the officers officerswith offlccrawith
with reckless management managementSIOOOOO
SIOOOOO F Failure lure In 8 n Francisco Francisco8tN FraneiscoStN
8tN FRANcIScO Feb 4BoJton Deruy Deruyter Deruyter
ter Co c one of the largest brokerage brokeragefirms brokeragefirms
firms in the city suspended today Tile Tliolosses Tilelosses
losses are estimated at 100000 The Arms Armsembarrassment firmsembarrassment
embarrassment began with the Sharp A ABryan < fc fcBryan
Bryan failure la New York last iutt3eptefnber iutt3eptefnberb7 September Septemberbr
br which it l lest t aboutWOr >
Commodity Prices tp a Per Ceat1 Ceat1Duns CeR CeRThins
Duns index number of commodity print printproportioned pricesproportioned
proportioned to consumption rose to 3102 < 1W
038 on Feb 1 agaInst 100H3 a month monthearlier 4t 4tearlier
earlier and 1100020 100920 a year a ago go The advincfl advincflof ViIs ViIsof
of 3 per cent was chiefly dun to the specu speculation speculatlon ¬
lation In grain and cotton and has caused cauaeMwhen causedthe
the highest prfre level In over two decades decadesexcepting
excepting Itlay 1 1002 when prices were werooffset wereaffected
affected by the short corn crop of tIe pm pmceding
ceding year The boom in cotton add addwheat
wheat has offset the decline In metals melalsMlii metalsMi
Mlii Mi Goldman Theory of the Bepntillf BepntillfEmma EspiiljfltEmma
Emma Goldman the Anarchist spoke upokoin
in the theThailaThlestre Thalia Theatre hurt iastnightin night in ailntif ailntifval anJnt anJntval
val in the play Sapho 5 5The j
The President of the United But tsss tsssgets
gets thousands of dollars of grnft whpr
the policeman got g3ts one she saH sa
I j ji
i 4cu

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