The Detroit times., 1911-06-26
BUSINESS NOTES.


For the second week In June the
Grand Trunk system reports gross
earnings of $959.614 an increase OF
Sol $50 over the figures for the cor
responding week last year. The in
crease In gross earnings since the
first of the year had been $l.O3O,I62.
The OBSERVATION-DISCLOSURES Patrick
Co. has filed articles OF Incorporation
with the secretary OF state for con-
Quoting a general paper business. The
firm will be a branch of Birmingham
& Seaman. of Chicago. one OF the
largest paper houses in the country.
This firm took over the DreskeIl Pa
per Co., which had been In business
for many years at Larned and Shelby
SITS. The Arm will cover Cleveland,
Toledo and ether Ohio points as well
as Michigan. The officers Of the com
pany are as follows: President and
manager, Robert A. Patrick. former
ly manager OF the Dreskell Paper Co.;
vice-president, George Seaman: sec
rotary, r. Earl Milligan. formerly OF
the Whitaker Paper Co.. OF Cincin-
natl; treasurer, +. w. Startling, for
merly of the Dreskell Paper Co.
Bradstreet's report OF bank clear
ings for the week ended June %,
shows aggregate clearings for the
country OF s3.1S1 900, 900 against So
06S. 1S5. 900 last week. and $2.741.-
$500 for the corresponding week
last year Detroit clearings amounted
to $21. 16S. 900, an increase Of 24.6 per
cent over last year.
+. NJ. Delano, the Detroit capital
list. confirms the report that he has
secured option on the control OF the
American District Telegraph Co.. OF
Brooklyn. ". Y. but he will not give
out the purpose In securing 1t. A re-
port from New York stated that the
object was to turn the company over
to the Independent Telephone Co.
which is seeking an entrance into New
York. Mr.. Delano is interested in tel.
ephone enterprises all over the con-
tinent.
Bank stocks we're the features OF
the Detroit Stock exchange last week,
advances being recorded in several
OF the issues in accordance with the
condition revealed by the recent bank
cali This sent Detroit Trust u1 100
points TO 400 and Fairview Savings
up to 49, First National, Home Saw
ings and Union Trust also made
gains Among the fndustrials Bur
roughs Adding Machine made a gain
of 80 points. General Motors COM
mon was a bit stronger but United
States Motors was weaker. Rec lost
a trifie on the disappointment at the
failure of the directors TO take divi-
dend action. Trussed Concrete Steel
preferred and Mexican Crude Rubber
made fractional gains. Michigan
Sugar was inclined to sell on Deal.
ings totaled $40 shares for the week.
The contract for the steel vaults
for the new building for the Pen
insular Savings bank, which Ii being
put up on the site of the old building
on FOREST. has been let to the Die
bold Co., OF Canton, Ohio. The vaults
will take 1000 pounds of steel, and
the cost will be about $4,000. They
will all be located In the basement
and a fine marble staircase will lead
down to the safe deposit boxes for
the use of customers. The tellers'
vaults will be reached only by spe-
cial hydraulic elevators from the tell
ers' cages. There will be space for
5000 safe deposit boxes, and rear
rangement will provide for 1000 more
when they are required.
Referee in Bankruptcy Joslyn con-
firmed the proposed composition with
creditors offered by Frank p. Van
Buren,, OF Williamson. Mich. The
liabilities amounted to $4,000, OF
which $4,000 was secured. The cred
itors will get 40 per cent.
To Amend Market Ordinance.