The Indianapolis journal., 1903-03-13
TRADE, INDUSTRY, FINANCE.

The Wisconsin Assembly has passed bill
providing that franchises granted by cities
must be submitted to vote of the people
on petition of 10 per cent. of the voters.
The directors of the Chicago Milwaukee
Sc St Paul Railroad Company have de-
clared the regular semi-annual dividend of
3l1 per cent. the companys capital
stock.
Lorain, o., Is to get eight instead of two
new blast furnaces, and the plate mill of
the Sharon plant will be moved to Lorain
TO supply the yards of the American Ship
building Company with material Besides
steel plate, armor plate will be made for
shipment by water.
According to statements of those in touch
with the proposed edged tool combination
which was to absorb twenty-five independ
ent plants and companies manufacturing
axes and edged tools. the deal has been
called off. The options have expired and
owners decline to renew them.
Work was commenced Thursday near
Bear Valley, Pa, by contractors to sink
10O0-foot shaft for the Philadelphia &
Reading Coal and Iron Company, which
when completed will employ 500 men and
boys. The shaft will cut through num-
ber of the richest coal veins in the region.
Owing to the extreme scarcity of ba-
nanaS the United Fruit Company has de-
cided to alternate its jamaican service
with Port Limon, Costa Rica, it's steamers
thus leaving Jamaica and Port Limon every
fortnight. This arrangement will be only
temporary one. The scarcity of bananas
is due to the largely increased demand and
the drought, which, however. is now break
ing.
Federal Judge Clark has appointed ]. F.
Loomis. of Chattanooga, receiver TO take
charge of the famous "Alger Painted Rock
land i'm Marion county, Tennessee. About
twelve years ago Senator r. A. Alger, OF
100000 He subsequently recovered about
$4,000 on II. The land passed to the hands
of Frederick Gates. jr. and others. saw
ings bank i'm the East advanced money on a
mortgage and wants to foreclose.
Swift & Co, meat packers, have decided
to establish an extensive packing plant in
the Northwest. The location has not yet
been decided on, but Ii Is said that Seattle
or Portland will be selected. Louis f. Swift
is i'm Seattle in company with Leroy Hough
president of the Western Packing Company.
| of San Francisco, and the two are in con-
| ference with James III. Frye. who has just
bought the interest of Charles Bruhne in
the Frye-Bruhne Company, of Seattle.
A combination of oyster growers and
| dealers. representing invested capital of
| about $3000.O00. and the largest in the oyster
| trade of the country, has been formed un-
| der the name of the Rhode Island Oyster
| Growers Association. The extensive Mar
ragansett bay interests, as well as firms in
| Connecticut and Massachusetts, are in the
| new concern. The announced purpose of
| the company is to lessen expenses. 1t is
asserted that prices will not be advanced.
The Shipping Gazette. of London. says 1t
| understands that the International Marine
| Company has decided not TO build any more
| big vessels like the White Star-line steam
| ers Cedric and Celtic, until improved port
| facilities enable the company TO exercise
! greater economy in working the vessels
| and render their construction a less risky
undertaking. The Gazette also says IL be-
| lieves the New White Star-line steamer
Arabic, of 1880 tons, will represent the
| limit 70 which the combine is prepared TO
| go under the present circumstances.
Denver's two largest theaters. the Broad
way and the Tabor, have been placed in the
hands OF G.. Borst as receiver, appointed
by Judge. Hallett i'm the Federal Court
pending the settlement OF q suit brought
| by Mrs. Marie Antoinette Singer-Bigger.
| of England, daughter of the late William
| III. Bush. formerly in partnership with
Peter McCourt in the management of the
| two theaters The suit is TO obtain an in
terest in the present leases of the two thea
/ ters held by McCourt. About $4,000 is in
volved I'm the suit.
The Union Pacific Railroad and Postal
/ Telegraph Company have come to agree
ment by which the Postal Company will
| build a line of wire on the Union Pacific
| right of way from Omaha TO the Pacific
coast. The poles and wire have been stored
| i'm Omaha for some time and the work of
construction will begin at once. The line
| construction will be sl,5O0O0o The object
| of the new line is to connect the Postal
| Company's system more directly with the
/ Pacific cable now being constructed by the
/ Mackay interests.
| At a meeting of those interested in the
| American and Pennsylvania Trust COM
panies. Fourth. Columbian. Tradesmen' s
| and Germania National banks, six of Pitts
| burg's large financial concerns. IL was
/ agreed that all would be consolidated un-
/ der the name of the American Trust Com
/ pany the capitalization being about s. 500
/ coo general meeting of the stockholders
/ OF all the concerns involved will be held
/ March ~, when II is expected final details
| OF the merger will be completed. officers
/ and directors elected and location for a
1 central building decided upon.
| Ranking interests of Philadeiphia have
| about completed arrangements for "A loan OF
| AO00,000 20 the William Cramp AZ Sons ship
| and Engine building Company. The loan
| r. TO be made on four series OF per cent
| notes, one-quarter OF the total being pay
| able at successive five-year periods, max
tnS the total issue redeemable ut the end