The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-21
NEW YORK MINING STOCKS

NEW YORK STOCK GOSSTP-Repo,t-
go e1 py 1cIDert Son: 1t was understood
lldt tle Union Pacific railway cCyaDanv
nad applied to have listed the balance ~
IT'S issue OF per cent convertible bonds
70 Meet the cost of the recent purchases
or Northern Pacific stock Union paciG,
yielded and the market suffered In sVTn1
pathy. The Exception, however, has been
the buying this afternoon of st, PAM
tl MS stock has been largely bought by
the same interests that were Identified
Win the buying of the Union Pacific
some time ago. The street is evidently
iI the dark regarding the movement Of
IN oHe STOCK Just at this time. We are still
OF the opinion that care and elaboration
are advisable in the purchase of stocks
at inc moment although we think that
the low priced railroad shares are at
the larger interests that have hereto
iofe been active in the market were
likely to be less Sc as the season adj
yances, and we think that for iTnp,S-
date future only, a traders market NAV
lie locked for
BANK CLEARINGs.
st. Paul, $500
Minneapolis. 81, 306,702
New York, SIG, $50. 753
Chicago. $25, S75,745.
Boston, $1S8SS, 1871
TRE ASCRY BALANCES-Wa
May 20,-Today's statement of the treas
TRY balances in the general fund. ex-
elusive of the $l59,OO0O COO gold reserve in
the division of redemption, shows: Avail
G37,72S. Do V'''
CALL MONEY-New York. Nav 20
Money on call firm at 4607 per cent
Last loan, 81; ruling rate, liz; p:ime
mercantile paper, 4G04t2 per cent; sterling
exchange firm, with actual business in
bankers bills at $4.SS 04.83A for demand
and at 4S4A for sixty days; posted
81 S3A04SiA; silver certificates nominaIly
60c bar silver, 59%c; Mexican dollars,
49c.
FOREIGN FINANCIAI-New Yo,k.
May 20 Commercial Adve -tiyer's Lon
don financial cablegran: Speculation
was dormant on the stock exchange re
today. The tone of the general market
however, was steady There are mary
signs of returning confidence in Ameri an
shares. They opened very well with some
activity, though about a dollar be ow
parity, and early sales by cable here for
New York caused some Sagging. Then,
however there was a rally to the best
prices of the day under the lead Of the
coalars Northern Pacific spurted 10
points and set the bears in both London
and Berlin fighting again. Coppers wer2
firm; cintos were as high as SIS on Paris
support. There is to be a special set
tlement for consols on June g. Money
was from to per cent on large repay
ments to the hank. Time money waS
81 Per cent: bills, l1-16M924 The bank
has bought $4,000 Of gold in bars. Paris
cheque was 25.15h; Berlin, 20.47.
London. May 20.-Consols for money.
"a sic; consols for the account, 9iA.
An Industrial of Unique Strength.
Tire organization Of the Allis-C Chalmers
company. one Of the latest industrial
combinations. was after Ged with Circur,-
stances which made in come pa: ticula~s
unique. The company starts with q cash
capital Of $1O,OOO0OO, of which $2,50O.00O
will be expended to double The present
capacity of the Allis works The valu-
alton CT the several plants included. TAX
ing into account the eals estate, building,
machinery, tools. patterns, drawings ana
patents, together with the cost of organ
ling and getting into full operation is
placed by Julian Kennedy an expert
engineer who examined the properties,
at 1886 0G0. In this estimate, no allow
anCe whatever is made for good will.
The total present value Of the tangible
property, therefore, is $19,935 COG, while
the total issue of preferred stock against
this property is only $16 250C00 All Of
this stock is issued for cash, at par, FOR
the plants at less than their valuation.
OF the total issue, there will be more
than 81 per cent in CO sh. and the balance
will be in property that produces much
more than the cUr>ulatIce dividend 10
which the pre- fcrred stock is entitled The
ing builders of heavy engines mining
and ether machinery; The Edward p
Allis company, of Milwaukee, Wis. Fras-
er q Chalmers, Incorporated, of Chicago
Ill; the Gates Iron Works. of Chicago
H., and the Dickson Manufacturing COM
pany, Of Scranton. Pa. exclusive loco
motive works.
The plants are all running at their full
est capacity. The examining engineer
found that the great bulk of the tools
In all of them was comparatively new
having been put in within the last seven
CT eight years. The Allis, Fraser and
Chalmers and Gates iron works plants
have been operated night and day for
two years. and have, from lack Of ca
I.acity. declined as much business as
they have been able to accept The corr.
panyS net profits are estimated az SUI.
hcient to pay per cent on the prefer
red stock and about per cent on the
common stock. II allowance is made
for the economics from consolidation,
the company should earn per celt on
business, it is estimated, will bring the
profits up TO S per cent on the preferred
stock, and 10 per cent on the common
stock The authorized preferred stock
is SIG, LOCO, bearing per cent cumu-
lative dividends. and it is convertible
into common stock share for share
upon any first day of May. 1t has also
a further preference of l per cent nom
cumulative, after the payment Of Z per
cent upon the common stock. The au-
thoriZed amount of common stock is So
900 000 The preferred stock is recon-
mended by VerInile 81 Co.. of New York
and Boston and First National Bank,
Minneapolis. and a manufacturing in
vestment. Subscriptions will be receiYed
by these firms for $4,000 preferred
stock at 105, until the close Of business
today.