The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-13
TRADE, INDUSTRY, FINANCE.

The amount of and per cent bonds
received at the Treasury Department to
date for exchange into per cent consols
is s64, S35, 100.
At the annual meeting in Schenectady. N.
Y, of the stockholders of the General
Electric Company, the outgoing board of
directors was reelected with the addition
of w. M. Crane, of Massachusetts, and
William c. Whitney, of New York.
A high official of the United States Steel
Corporation says there is no truth in the
report of a cut in the price of steel billets.
He pointed out that the corporation had
only recently commenced to turn out billets
at its plant at Youngstown to meet the de-
mand.
This Incorporation has been filed at
Trenton N j.: The Alabama Tennessee
Coal Iron and Railroad Company, capital
100000, to do mining of all kinds. In
corporators: Charles F. Schofield and
James r. Hunter, of Bridgeport Ala, and
Frank p. McDermott, of Jersey City.
A further decline in iron prices occurred
at New York Tuesday, the fourth lowering
of prices since April 1. Tuesdays reduc-
ton amounted to so cents per ton. The
price, $3.50, compares with s24.25 on April
/. A reduction of 80 cents was made April
2, of s1.25 April o. and of so cents May Z.
Tuesdays prices, however, is still ~ per
ton above that of year ago.
j. P. Morgan & Co. announce that under
the terms of a private agreement they are
enabled TO offer to holders of Chicago, Bur-
lington & Quincy Railroad Company per
cent. mortgage bonds, maturing July next,
the privilege of extending these bonds until
July, 1906 with interest at per cent. Hold
ers of these bonds at the time of deposit
for extension will receive a cash payment
from Morgan & CO. of half of per cent. on
the par value of the bonds so extended.
The amount of these bonds outstanding is
about $20.0O0,0O0.
The Independent Telephone Traffic Com
pany, represented by thirty-five delegates
from the Independent Telephone Compan-
les of Ohio. met in Columbus, Tuesday, for
a few days session. Organization was ef-
fected by electing the following directors:
Penn. of Washington c. H; w. ]. Croft
fey, of Salem; Eugene F. Knox, of Ports
mouth; H. II. Robinson, of Cleveland; c.
F: Yoder, of Bellefontaine; ]. G.; Palmer
of Conneaut; A. V. Hegeman, of Lorain;
A. H. Doudna, of Bridgeport.
The Department of State at Washington
has just received from the United States
legation at Havana a report which points
out the trade opportunities in the Cuban
market in machinery. boots and shoes and
manufactured cotton. The freight is lower
on goods exported from Europe than on
goods exported from either New York, Mo-
deliveries can be made quicker from the
United States than from Europe, but dur
ing the past year 1t has been almost i'm
possible to get goods with any promptness
from the United States, and this has caused
a loss to trade.
"A plan of readjustment of the United
States Ship-building Company has beer
submitted to some of the large bond and
shareholders, says the New York Evening
Post 1T was reported Tuesday that l,
provides for the retirement of the $4,000
600 collateral trust per cent. bonds, which
are largely held by G. M. Schwab, the
$40 100000 of preferred stock and SOS, 0O0, OOt
of common stock, to be replaced by uni
form issue of new common stock. 1t is un-
derstood that Mr.. Schwab was in meas
ure responsible for the terms offered. The
bonds which he holds were given in part
payment for the Bethlehem Steel Company
and have voting power"
Just before the closing hour of the
Stock Exchange Tuesday a report was cir
culated in New York that the Jones &
Loughlin Steel Company had offered stee
billets at 500 a ton, or direct cut OF
$3.50 ton from the established price OF
the United States Steel Corporation. The
effect of this canard, at a time of the day
when 1t was impossible to secure denia
before the market closed, was felt sharply
and as result Ii was believed that the
Jones e. Laughlin Steel Company had be.
gun a price war against the United States
Steel Corporation and the preferred stock
of the latter went tumbling down and al
other stocks weakened in sympathy. Willis
l.. King, vice president and general man
ager of the Jones & Laughln Steel Com
pany, when informed of the report. stated
with all the emphasis possible that it was
a canard pure and simple.