New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-02

ala
~. sale of these bonds will be used for now
oonstr,Iction and 10 reimburse the parent
oor,nany for money already paid out for
.,rorertv additions and inpr- ements.
SPECULATION In demand sterling vas re-
.,onsiblc for recovery around midday
,esterday Short covering was response
he for an advance of 10 points.
only routine business was transacted
Yesterday at the meeting OF the Tennessee
Conner Company. II the dividend question
Vas discussed no action was taken. The
next monthly meeting will be held on the
nrst Wednesday in juno. The results OF
Yesterdays meeting Will be disappointing
70 many
The April steel orders FOR structural
steel during the month Of April and for
four months Of the current year amounted
20 about 40 900 tons. 100000 tons oeinS
ordered by railroads. The American
Fridge Company has taken orders for l.
100 tons Of bridge steel for a bridge OF
North Haddam, Conn" and 1900 tons "i
steel for the Brooklyn Baseball Park
grandstand Bethlehem steel has taken an
order for s ooO tons Of rails for shipment TO
south Africa and from New Orleans. Mo
bile and Chicago. An order for 5000 tons
or rails has been received by the Tennessee
Coal and Iron Company. Tho Long Island
Railroad has purchased 5000 tons Of rails
from the steel Corporation.
The European visible supply or copper
ycstcrday amounted 70 1880 tons, an in
crease Of $40 tons Stocks decreased 1850
tons and the amount aloat increased 1870
tons
The Lake Superior Corpora ton is con-
solidating it, subsidiary steel plants and
forming new corporation. 70 be known
rs the Algoma steel Corporation, which
latter corporation is about to execute e
mortgage 70 the United States Mortgage
a:I Trust Company as trustee, securing an
issue Of Grst and refunding per cent nifty
year gold bonds to the amount Of $4,000.
400. Thirteen million dollars If the $780,
noo. con authorized issue Of the Alroma
steel Corporation Will bo issued at once.
These will he per cent first mortgage and
refunding bonds. guaranteed by the Lake
Superior Corporation. Ten million dollars
NJ these bonds will lie used for taxing up
two issues OF three-ycaT notes now cut
standing and S3,50O coo will be devoted 10
extensions aud improvements. The Ago
ina steel Corporation will he n consolGa-
ton of ali the Lake Superior Corporation
steel making plants.
The net earnings Of the International
Taper Company for the first quarter Of
1912, ended on March 80 were more than
four times as large during the same
months IN 1911. In February and March,
lq1f the company did not earn its bond
interest hut II is estimated that earnings
on So, 100000 preferred will approximate
10 per cent for the twelve months Of 1912.
Rumors flying around the Street that
Nevada Consolidated may increase its 6vi-
dead find no confirmation among the drec-
tors Of the company Naturally, IL the
price of copper metal keeps up 10 around
&c cents the increased earnings Of this
company would warrant an extra distri-
button.
The reports from the Oregon wheat fields
rre-irirhlv promising Winter wheat has
parent damage and spring wheat acreage
las been sown under very advantageous
conditions II is estimated that there are
about 5000 600 bushels OF wheat IN interior
warehouses
The International Harvester dissolution
is causing some gossip as TO the obliga-
ton OF the company 10 pay off the pre-
ferred stock at par. The articles of in
corporation of the International Har-
vester Company and the American To-
bacco Company contain similar provisions
IN the event OF liquidation or dissolution,
which provide that stockholders shall re-
csiye par and accrued dividends on pre-
TERED After such payment the remain
ing funds and assets shall be divided pro
Iata among the common stock holders.
Following the plan pursued by the Amer
team Tobacco Company. it may be that
new securities Of subsidiaries will be dis
trlbuted by the Harvester company for
old stock on such basis Is the court may
find equitable.
Erie net earnings for March will show
2 decrease Of 1910, 600, as compared with
March, 1911 This loss is attributable 10
the suspension Of coal operations in the
anthracite fields and much unfavorable
weather
The European wheat crops of practical
~ all the leading grain countries begin
10 look better from reports received. II
Is now estimated a total production OF
5000 900 900 bushels OF combined winter
and spring wheat will he the crop. France
win show an improvement and may reach
her one-time average Of about $50 oOo.o 900
bushels
The structural iron workers Of Chicago
have accepted a compromise Of two cents
an hour increase IN wages. which prac-
,lcally settles the final differences In the
building industry. Most Of the labor con-
tracts are for one year and contain pro-
visions against sympathetic and juris-
dictional strikes
Behind the scenes where only the choice
spirits dwell there comes an echo Of the
recent Reading rise in some gossip which
gives the outsider an idea OF how some
times the powers catch one another. As
the story runs. a heavy operator who
va short of Reading and another well
sa2s'n in the legal world were caught At
an opportune time by the leading bulls
With heavy short interest, and the story
Of what ~ cost these shorts may be esti-
mated by tho rapid climb Of Reading and
the scampering Of the shorts TO cover.