The Indianapolis journal., 1903-03-10
TRADE, INDUSTRY, FINANCE

The Springfield Railway and Light Com
Trenton ON onGa Mas Tbl
Is authorized to build railroads and electric
| light plants.
The Kansas House of Representatives
has passed bill providing that the Kan
sas City stockyards rates should be re-
duced . per cent, and that the profit on
| hay and grain at the yards should not be
over 100 per cent. The Senate has already
ernor for his signature. Cattlemen of the
| State secured its passage.
The suspension of William Young & Co,
chicago brokers, was announced Monday
by the posting of a notice on the Board of
Trade to close all trades for their account
The firm was not prominent in the grain
trade, to which their transactions were
largely directed, although an old: estab-
| liShed concern the present principal having
| succeeded his father in the business.
The American Seeding Machinery Com
pany, with an authorized capital OF $1,000
600. was incorporated at Trenton, n. j., on
Monday. OF the capital stock s., 100000 is
preferred, drawing z per cent. cumulative
dividends. The balance is common stock.
The company is to manufacture seeding
machines and agricultural machinery OF all
kinds. The incorporators of record: Dwight
h. Moore, ID. p. Tracey, Allen r. Campbell.
j. Clinton Walker and Ross A. Mackay, all
of Jersey City.
AT meeting Monday night at the Tilden
Club, New York, a hundred furniture man.
ufacturers and dealers from all over the
United States organized the Furniture As
sociation of America The membership in
cludes nearly thousand concerns, with an
aggregate capital Of more than fifty mil
lions. w. i. Shearer, of Boston, was elect
ed president; Alexander II. Revell, of Chi
cago, Frederick b. Smith, of Detroit, Mich,
and Charles s. Brewer, of Herkimer, n. Y,
vice presidents; Charles Scarrett, of st.
Louis, treasurer, and Charles Z. Spratt, OF
New York, secretary. Arrangements were
made for a national convention to be held
in New York city in July.
Judge Adams, in the United States Dis
trict Court at New York, has appointed as
receivers of the firm of Dresser & Co., who
assigned last Saturday, Robert c. Morris
100000 each. The receivers were appointed
on the application of William M. Dutch,
who filed a petition in involuntary bank
said an inventory would be made, when the
creditors could decide whether the concern
should be wound up or the business con-
tinued. He added: THE books, / am In
formed. show that the firm has been max
ing net profits of from $4,000 to $4,000 a
year, and it has large prospective profits
in orders ahead. Mr.. Dresser's private for
tune is amply sufficient to meet all liabil-
tiles Of the firm"
A plan for the reorganization of the
American Mailing Company was announced
at New York on Monday. The plan pro-
vides for the reduction of the preferred
stock from s14OOO,OOO to s10,0OO.OOO, and of
the common stock from $14,500,0O0 to $40 000.
600. The preferred stock is to be entitled to
cumulative per cent dividends until the
outstanding S per cent. gold bonds have
been reduced from s., SCI, 900 to 100000, and
thereafter at the rate of per cent. until
the bonds shall have been reduced to $1,000.
600; after that at the rate of per cent.
until the redemption of the bonds, and
thereafter at the rate Of per cent. No
dividends to be paid upon the common
stock until the preferred stock shall have
received dividends as described. The hold
ers of the preferred stock shall not
elect a majority of the directors of the new
company until per cent. shall have been
paid upon the common stock. Only 35 per
cent. of the present preferred and % per
cent. of the existing common stocks are to
be issued at once, the issue of the remain
der to be made in installments as the 6 per
cent. bonds are redeemed.