New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-29

,r. week ended April - the Bank of
.veraeed In gold specie and bullion
.',,., eS. ven. compared with 2l7o5S,s52 yen
40 Convertible notes outstanding
- qSl onN yen. compared with 23.236.eo
ven last year
Tin Is Advancing,
r, be, advanced IN London. and Il as
',.,sd that London warehouse stocks
20, Re reduced to 80 tons 10y the end Of
w.. a. against 500 tons az the bcginnin,,
q this year
Tobacco independents to Merge.
merger n. independent tobacco manu-
,..,,r.rs with a capitalization ranging
49,, $500 ~, 20 tlo"""ooo Is understood
~ q, process Of formation II is said
-, users Of p"ncno pounds annually
s,,s hesn rounded up already.
.,out l,o"p.nn pounds of tobacco are
..r,tp,ed IN tho United States every year.
:, which 100000 pounds has been cred
a., n the American Tobacco Company and
.,bstdlsries. leaving 100000 to indepeud-
ants
~ tho raw state 100000 pounds in the
accumulated agreement would bc worth
"a selling COST would increase this value
rrohaby 10 ,,ic" that amount.
Disappointment Probable.
II is.,ated that while International Paper
:, rcoorted - be showing earnings IL so
share on its preferred stock-and there
t,v. been general expectations Of increase
m the dividend rate from to per cent
.1Naf Nn
MANAGEMENT seems DESTROYS of reducing the
compsnys debt before increasing dividends.
International Agricultural Bonds.
The International Agricultural Corpora
uon has arranged to sell 10 a syndicate an
,,r,s Of between 100000 and sl2,0Ooo00
s.psr cent thirty-year bonds. the proceeds
NJ which will he ample TO retire the pres
emit floating debt Of about sS,5Oo,0D and pro-
Hde funds sufficient TO take care OF GER
lain development plans tho company has in
mind for the next two years.
The company now has no funded debt
outside Of s.. $50 subsidiary bonds, and the
floating debt at the date Of the last state
nent-Dccember 81. lsll-was slightly less
than 100000
International Agricultural Chemical has
been doing q gross business OF between
100000 and $4,000 900 a year, and VIII now
have a substantial working capital It is
understood that the new bond issue, when
Is first mortgage, has been made large
enough 10 permit Of the issuance Of further
lots OF bonds in the years TO como for imam
ring purposes. Back OF the $4,000 bonds
VII he s2O,coo0oo preferred and common
stock
This company Will be the third member
Of the fertilizer group to authorize perna-
nent financing within a year. virginia
Carolina led of with sale Of 100000 pre-
ferred stock and later the remaining $780,
40 CT its first mortgage bond issue Amerf-
can Agricultural sold 100000 preferred,
which, with the forthcoming bond issue
means that the three principal companies
Will have received between S20,oo0Q0o and
81, 10000 OF new money TO finance expan-
SION OF operations.
&c Commonwealth Edison.
c President insult OF Commonwealth Edison
told the Chicago City Club that 81 Will buy
as much light now as 50 did In 1856 and
.vice as much as 81 did in 1907. The unit
used in 1897 was 16O Iilowatts, or $40 horse
oovcr; in 1902, $500 ldlowatts, and in 1912,
"a nn kilowatts. Mr. insult predicted an In
crease Of 1000 kilowatts In unit within
twelve months. His companys saving In
coal last year. compared with ten years
ago. IN proportion 70 energy produced was
40 900 tons. or three train loads OF thirty
seven cars daily.
Commonwealth Edison paid taxes and
COMPENSATION 20 the city aggregating more
than 81 rnnn0 last year. compared with
S1o In lssa Its customers increased from
Iru In 1898 to l57,1l5 in 1911. Labor absorbS
y per cent Of IT'S earnings, fuel lOla per
cent, taxes per cent, depreciation Is per
cent. interest and dividends "a per cent
and surplus per cent
The electric. gas and telephone companies
ana local fractions Of Chicago combined
earn 100000 annually on an estimated IN
vestnent Of $45g,GOn0N, or better returns
than public utilities Of any other large
city can show. The mileage Of waterways,
street and alleys in this city would encircle
the globe thirty-one times.
New Corporation Plan.
4 specaI stockholders meeting Of the
OH Fields Of Mexico Company has been
called for juno Il, in New York, TO con
Under the laws ~ West Virginia or some
other state TO be determined. The present
company is "a Delaware corporation. but as
the company desires 10 have an issue
Of preferred stock and the laws OF Dela-
ware VIII not permit II Incorporation under
some other laws Is 10 BE- decided upon. At
the present time there Is outstanding sil,VW'-
no par value Of common stock, which IN
Guides $500 par value Of treasury stock.
and there arc 100000 face value OF ton
Year s per cent convertible gold debentures.
The company has floating debt OF about
NG,0M. The authorized capital OF the new
corporation r. planned 10 be $4,000 com
mon stock, divided into 10000 shares, par
value s. each. and 10000 preferred stock
Of D0oJI shares. par value s. each. Tho
preferred Is to be per cent cumulative.
The new corporation. when chartered. will
authorize an issue Of 100000 6 per cent
gold deoenturcs in denominations Of $40.
The new company viii issue TO the old cor
poraton $4,000 face value debentures.
Ny9PW" par value common stock and I,0"'
!" par value preferred stock I'm considera-
uon Of the conveyance OF all property
rights and franchises to tine nov company.
.. Island Creek Coal Company.
The IsIond creek Coal securities have
neen selling al new high record prices The
iniod!e ~ June the directors meet and 1t l.
prophesied they viii place the common
etock on dividend basis Tho company
nov has Sl2".Cpp Of cash IN the Boston
oahks' according 10 reports, with no debts,
'i'a Is on an earning basis 20 Justify divi-