The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-17
TRADE, INDUSTRY, LABOR

Directors of the Corn Products Company
have declared the regular ~ per cent.
quarterly dividend on the preferred stock.
In consequence of the reduction Of wages
Scotch steel makers are negotiating with
the view OF fixing selling prices and amend
ing the scale of wages.
No change was made in the price of struc-
| tural steel at the meeting of the leading
manufacturers of America at the Holland
House, New York, yesterday. An adjourn
ment was taken to Atlantic City, July /,
1904.
Nearly 1000 persons will be idle in the
Haledon district of Paterson, N. j., for
several days because of the bursting of a
small dam, which let loose the waters of
Hopper's pond and flooded an area of thir-
ty acres, occupied by several large fac
tories.
The Wilkesbarre and Wyoming Valley
Traction Company has increased the wages
of Its employees 5 cents a day and the
| mandeG an increase of Is ceEts a day, but
after numerous conferences decided to COM
promise.
About sixteen hundred miners employed
in the Meyersdale, Somerset county, Penn
sylvania, coal region quit work yesterday
owing to the proposed reduction of 10 cents
per ton for mining soft coal. No disorder
has been reported, the miners simply re-
naming away from the mines. There are
about $500 miners employed in the region,
and several of the smaller mines were op-
Grated to-day.
The entire plant of the Edgar Thomson
steel worAs of the Carnegie Steel Company
at Braddock, Pa, with the exception of
the furnace and foundry departments, shut
down yesterday for an indefinite period.
All of the skilled men of the plant, over
1900 in number, will be rendered idle. This
is the first suspension for several years
and will be utilized for making repairs and
improvements.
1t is expected that a general suspension of
mining throughout the entire anthracite
coal region will be ~inaugurated with Christ
mas. to continue until Jan. 4. This step
ing company, and 1t Is believed that all the
other large companies will take similar ac-
ton. One of the reasons for the shutdown
Is that the production Is in excess Of pres
ent market requirements.
A further extension of time to Dec. %
has been granted by the reorganization
| committee of the Denver & Southwestern
road for depositing bonds under it's plan.
| While making no official statement it is
known that the committee has already
pledged to it's support considerably more
than a majority of the bonds. No further
extension will be given except under such
terms as the reorganization committed
may prescribe.
A stormy meeting of the stockholders OF
the United States Steel Company. of Ev-
| erett, Mass, was held at Boston yester-
day. 1t developed that a movement is con-
templated TO place the company in the
| hands of a receiver and that some Of the
stockholders desire to sell the entire prop
erty. To both of these plans decided oppo-
sition appeared. Several stockholders de-
manded an accounting for money they had
invested.
The application of the Mercantile Trust
| Company for the appointment of an addi-
| tional receiver for the United States
s snlPspild bV J9 EHmpaP Rirkp %ad ye of ibs
United States Circuit Court. at New
York. The court held that James
Smith has been appointed to repre-
sent the interests Of all the creditors, and
| said it did not believe that a receiver who
would be favorable to the interests of one
| concern should be appointed.
district President Flynn. of the United
Mine Workers, in reviewing the difficulties
| which the miners union, now In convention
| at Birmingham. Ala, has had to cope with
| In prosecuting strikes, employing lawyers
to defend members who were arrested, etc,
past six months TO secure $4,000 from the
national body. He said that the strikes in
Alabama are now costing the organization
about s1,7O per month. He said a new
plan of assessment was necessary.
]. c.. Osgood, formerly chairman of the
board of directors of the Colorado Fuel and
Iron Company. denied yesterday the rumors
OF a discrepancy %r gs In the sa accounts nTso OF the
| Is made out of whole cloth and 1t is not
only untrue. but 1t Is malicious. If ii was
true, that $1,000, 900 of earnings had been
used for improvements without being ac-
| counted for thus causing a discrepancy, IL
seems to me that the company would be a
gamer rather than a loser. AS a matter of
fact, not one penny OF the income of the
company has ever been spent without prop
er entries being made on the books"
Opinion at Toronto differs as TO the effect
of the sale of the 500 assets in New York.
| The reorganiZing syndicate, represented by
Messrs Drummond and Clergue, claim to
have secured Sc, 10000 toward the under
writing OF the new company, supplied
/ chiefly by New York capitalists. James
| Conmee says the basis of the underwriters
plan provides for a reorganization OF the
company with the issue of new stocks and
bonds. 1t is proposed TO issue $40. 900. 900
stocks and s10,000.o00 bonds. Those who
subscribe will get for their $.0o0.O00 the
$40. 900, 900 bonds and a bonus of SIC. 900. 900
stock. That will leave $4,000. 600 of treasury
stock. Old shareholders can come in on
the arrangement by paying an assessment
! OF s. per share.