New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-02

tractive and encouraging condition. which has
been fully demonstrated in the last ten days by
the better inquiry for these securities. For
little while there may be cessation in the
demand but the ultimate course Of security
values is bound to reflect growing inquiry for
all classes Of American railway issues. The
Cuban incident comes at time when there are
few discouraging factors In the general bust
ness situation, and ii Is not likely that il Will
become a serious obstruction TO the general
march of progress. The Treasury situation is
fiattering. there only remaining about sl6,OOO,0oo
TO be paid on bond account, while, as far az
the money market is concerned. the bond mat
ter is thing of the past. The movement OF
stocks in the week was In great part Oh a pro-
fessional character, but in the bono market
there was a good legitimate demand for many
issues. especially the Atchison and Northern
Pacific bonds. The par value OF BOND safes III
the week amounted to SlO,224OOo While sa'"s
of stocks made total OF l5l2626 sha'esa 0l
which nineteen active stocks contributed Law,
423 leaving but 272 o03 shares for the rest OF
the list. consisting Of upward OF 20 dllltren'
companies. The heaviest losses were IN ial,l-
more and OHIO and United States Leather pre-
ferred. rr
The affairs of the Baltimore and Ohio Rall-
road Company were brought into priiii'eti1..e
in the week by big decline in the price Vi I1'
securities based upon reports intimating a re-
ownership followed yesterday by an aPpnVas
ton the courts for protectloh' III Wv ~
the emphatic statements made by the presiuetht
and directors and others connected Win tie
company. that the money to meet the MAJ
interest payments would De seculcu ~
thought in some quarters that the conPai.a
would not be forced to confess insolvency nu'
the recent selling of the stock has been , oI a
character indicating that no relance was p pa,
upon these statements by those In touch WIN
the actual condition Of the company treasury.
Ten years ago the company underwent d stip p
financial reorganization ana II ,he sp'li t -,
reorga nizatiO had been carried out as lhteh"'u
nv the reorganizers the company Wouiu ho'
today be in receivers hands. II Mr.. spence,
The Morgan representative. had been allowed
.h.a chi Of
many the reforms which he brought ABOUT III
his brief term would have resulted IN placlIls
the company beyond the chance OF n,anare
barra ssment The result OF carefui maha ~
mont was shown in the first report unuer MI.
spencer but following his term the Golhpn ,n;
reapsed into its slipshod methoo % "a Fs.ctinr
ness and now nasty rumOrs are heaII IoO'as
tho bookkeeping Of recent years mere arr
rumors which 1t is to be hoped Will snow, ~ W.,
investigation, stupidity ana !s"o, nc nart If
than any wilfu neglect of duty on tne pa, ,ioUs
the management of The company. N'so.is'ei,aI
have, been making FOR some tliie ioi ~, sorr1
oseistance for the company. chiefly III the iol IA
80 a cnuaterol trust loan 10 take up the iloa,-
inc debt to pay for betterments ana e.lulP'"st.'
Perhaps this floating debt is az hluVn as T,,;
GOO O0O and probably at least nan hS 49,
VIC viii be needed to bolster up the ph!slc
rnnaition Of the property. or the STOCKS a ana
bonds owned by the company al leas' s''vVV;pO'
are already pledged for loans, anu Ie 80
Go ,hat not more than s. 900 In securities
hold is available for collateral. AS 10 lne
nroa ni7ation 81 the property strong hl an, "a,
ia "a
be accomplished with promptness 'ne ~ aito
sufferers being the Stockholders ne ai'u
gether unique financial policy OF 'ne pa hook
and Ohio gave the company III 100. soe t,ar
,'r,lue fund Of SIS O41. 46l. and IN 1890. 49,
charging of interest due from leased ad w.
after revolving the stocks ana nonus , hIn ~
tbe con,pany this surplus fund dWilu'.u 80
60, -cc --l and the statement was tnel mo-
that this surplus fund was not 1ui'u: -, uuo me
credit TO the proht and loss accoui,. ,,nw deh,
ranor,s since 1889 the company's hoa''i,s eco u -
so 150 Ago in 1925 and since lsSs the 60. nho ooo
has had increas ed resources OF ABOUT 80 ina,
., w.b,cb IL would naturally be supp'sru VIC"
i,s aiming mower would be materially 1n
hut nothing OF the sort mas oV'u''',a,t,a ZION
cnmnany evidently increased us 1920 whan
,pea, exnenditures paying DIVIDENDS wiz"
-. ,,.ara not warranted by the eai '''h' .ha
rSe navment last fall Of per c-it u.9, s,on,,
United states Leather COMPANY pn,rev and the
ne 40 necessary the borrowing OF illcn-!' ting
,ascing If the dividend at the dlreC' IL. $50,
last week were no surprise 10 w. rsnort had
oially after the company -1a,ter Of fact
hen thoroughly digested AS Il n.nt, document
- a,atenent was a most unpronislis uoI VIZ aar
T. held ont little promise Of dlVldehus :" "a stIu
future and showed p poor "r the part Of the
d,rectors and officers. II there shoulu pe W.
advance in the price Of leather M &c fairly
swamped with leather on mana ~ ,nan6ee-
~ rn,,or, II has been the policy OF tne lila" .
Tent T. load the company down VIII" win 60 - tan
h,dce and leather on hand and III ~ =. . tou,
hiues nr1 &, ie onlv necessary TO point out re"
features Of the report 10 sho" ~ ia nee sheet
los, confidence In the concern Ih- ,eav,ng
ehnuad a decrease in cash OF sl,no'' ~, -. Az
no ,ash halanre at only sloOOl3s ana uhutr
Wabiities IS found In the form OF D.n7 btdns
s3 600 900 borrowed money Inc So n. canning
anu sois IN advances amounts to le,leS'oo4.
an increase over the preceding !'"i b. co,n-
$40 900 600 The total cap'tanzat,nno o - nue the
nanv increased In the year sIS'o%V''VV' W." ~
",nroon and preferred stock. az SHOWN ". -"
boianre sheet, is nearly s5Oooooo uhue' ~" ehnnt
,horized or. in other WORDS, theIe !. ~ ,rar
e. ana 600 Of Leather stock TO come ''''u 1..'
S''voV'vrTryS onTnanv Is immensely overs'ock"d
&c ~ sh account is small; its capital - iai
;ts prospects for dividends poor. III 'ne ui,ge
las ~ the companys history totaI nj eai
go aggregated $4,000. 900. which equa!s. ~ r.
cont on The preferred stock each year 80" a.,,
company has paid an average OF ~. ~ .. ,se5
on the preferred stock. In Inc M, "" ..,cL
"a u ' ao,rrrony made money. II had Dig S''Cn
md urices advanced According 10 tnJ 10y a,
Tho company reports surplus nv " ra,ar-ed
Wv. sc No ono or 10 per cent on the pIti''i'u
.aix ~ tho company made money IN 1879 VI d.
onv other time whore has II eone. ~ o. ' ~
y,,nusly remarked the price OF iea go o.ttn IN
cnynnanv NAV be satisfied that lts hc't s -,
overst ocking was Wise, pu' u"
advance In leather is poor ,.. ,ae r.cor,ly
Cninraso Fuel and Iron, which has feceHl.
49,, aroong the idle stocks, became act!Ne Ia.
- ~ a good demand. II Is % be Ioled u.a'
No company has just listed on me 0,och i-n
change 81 02l 900 general mortgase P a-, -
einkinp fund gold bonds, which are u r na
" 80 ~ &c NJ O0J authorized by the coinpa'l!
The amount listed was to supply Worn,ms onr,
~ ne Gov improvements upon the company prop
Ia, lor upon its steel works and for opera
ing additional mines According 10 ,he ab bpwinr
ton OF the company for the privilege o, nas
ia bonds listed il is stated that the plope' -
.ne Iu.uS the mortgage includes esS acres OF
coal lands owned and $50 acres leased 9tn sp
real estate aggregatlng 1854 acres natttm
coal mines in operation with aalis ,n,pas ~
~ - 600 tons S57 coke ovens two iron mines II,
operation and various other mines stee. a are
iron plants. OF this properly nyo IT, oo,,.
not covered by any prior mortgage nv vo