The Bridgeport evening farmer., 1914-02-11
IN FINANCIAL CIRCLES

New York, Feb Limited States Steel Corporations statement of unfill- ed tonnage on January 1. gave the amount as 4,613 6so tons, an increase of 331, ,572 tons as compared with Decem- Der 31, 1913. While the increase indi-s cafes that there has been distinct inn provement in the volume of new busi- ness placed, it also refutes some of the recent glowing reports of largely increased mill operations. The aver age maximum finishing capacity of the Steel Corporation is about 45,O00 tons per day. Assuming that it operated at 65 per cent. of capacity in January, production must have been at the rate of something like 28,000s tons a day.
 The decision handed down by the British Court of Appeals, denying
 White Star Lines claim of exemption
 from liability for lives lost on the ri tanic, has caused rather heavy iqui-z dation in the securities of the Interna- tional Mercantile Marine Co.,, which controls the former company. The selling pressure was particularly mark
 ed in the preferred stock and the col
 lateral trust 1-2s, the latter selling
 down to 4s, or 13 points lower than
 the high price of January 21.
 The Braden Copper Co, it is Under stood, is considering plans for 3 com
 What form this will take/has not even
 been intimated as yet but it is the
 management's desire to obtain addi- tiona1 capital in order to double pres
 ent mill capacity which is necessitated
 by present ore reserves, estimated at 78, ,OO0, 900 tons. The company has an
 authorized bond issue of $8,00o, 900, di-
 vided into $4.0OO,0G 6 per cent. collat- eral trusts, all outstanding; &, GOO. 900
 ' per cent. collateral trusts, $1,o00 900
 outstanding; and $2 COG, GOO per cent.
 three year convertible debentures, all efo, r1%I,a zadH Sf fr,oIx totals s14,O00 600 of which $6.O00, 900 is outstanding, $7, coo, 600 held in the treas ury against the conversion of bonds and $10O0,OO0 held in reserve against
 the 900 remainder of the second lien IS, authorized, but unissued.
 On June 30, last, the ownership of the Atlantic Coast Line Co. of Con- necticut in the Atlantic Coast Line Railway amounted to $36, 300 par
 value common stock. That represent common stock outstanding. In addi- tion the Connecticut Company has
 $157, 300 of the railroads class A stock. The carrying out of the holding conn pany's plan to exchange half of it's stock, &, 300 GOO for sir. $40, 900 of its Co. would still leave s1S,432,S 800 of the latter's securities in its treasury, which would mean that over 27 per cent. of the Coast Line Railroad com mon may SL1Il pc VOL0Q #tDV L4S uO1Q1n& company so that control is virtually .sretained at the source,'' especially as the bulk of the railroad shares will go into the hands of Henry Walters and few of his intfmatzS Assunl-
 ing that the partial elimination of the
 holding company's interests in the
 operating company Is due to the cur
 rent agitation against this form of
 corporate administration. it appears
 that the step taken has not entirely
 rendered the Coast Line people i'm
 mune from further criticism. What
 additional action, if any, MT. Walters
 proposes to take is awaited with much
 interest.
 Special stockholders meeting of the
 American Agricultural Chemical Co. to ratify the sale to Lee, Higginson 6 CO Of $7.O00.000 ten year per cent lconvertfb1e bonds will be held short Iy. Directors have already complet- sd arrangements for the issue. The company has no extensive constru uction program in view and the proceeds of the bond sale will be used to fund present floating debt.
 Of the S,000 shares of International Nickel common stock voting trust cer- tihcates offered to employees and off, ciaIs at no, practically all has been taken. About 40 per cent. of the A. Iotment of shares. The minimum ploye of under five years service and receiving up to $s25 annually. The maximum subscription was ten shares to anyone receiving over $4,000 who had been in the employ of the com lDauv over ten years