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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 18, 1912
Page
5
The Colorado coal industry in 1910 produced 11,071.74 short tons valued at $11,747,761, ranking Colorado as the western state with the most output and seventh nationwide. Compared with 1910, output fell 18.65 percent in quantity and 18 percent in value, despite earlier highs and planned expansion.
The document sets a six month window to bring the company's affairs into compliance. It states refinancing of senior securities should not be necessary. It notes uncertainty about needing to retire or refinance part or all of the company's preferred stock and mortgage liens.
The Public Service Commission grants permission for Ocean Electric Railway Company to extend its line at Belle Harbor. Notes cover Henry J. Doherty and the formation of the Gas and Electric Securities Company, with a 1911 balance sheet and asset figures. Also details on Stadacona Hydrauline Montreal project, bonds, and the Southern Wisconsin Power Company, including plant data and long term Milwaukee contract.
Transactions for foreign account show about five thousand shares bought. Dividends declared include Philadelphia Company 1 percent quarterly, American Seedling Machine 1 percent on both preferred and common, Bell Telephone Canada 2 percent quarterly, Joliet and Chicago Railroad 1.5 percent, El Paso Consolidated Gas Mining 1 percent, Kansas City Southern Railway 1 percent on preferred, Reading Tracton 0.75, North Butte Mining 0.19 quarterly with a yearly 0.04, Inland Steel Company stockholders to meet June percent to ratify issue of 10 percent thirty year bonds, Colorado Fuel and Iron two 4 percent dividends on $2,000,000 preferred, Montgom ery Light and Traction sold notes to Guaranty Trust, International Mercantile Marine adjourned, Royal Bank of Canada meeting July to adjust capital stock to 500 million and expand directors, Metropolitan Savings Bank declares 4 percent semiannual dividend, Bankers' Trust declares 2 percent dividend payable July 1, bankruptcy petitions filed in U S Court for several entities including William Willich Lumber, Litho Process, Klein, Kopple, Frank Thomas, Man W Se lpridge, McArthurellow, and Frank Goldman.
Principal creditors including Bankers' Trust, Chase National Bank, Central Trust, and PS Moseley & Co grant a 90 day extension on papers due totaling about 760000. W. E. Strong, brother of Benjamin Strong Jr, is elected director and chairman of the executive committee to oversee finances. An advisory committee is formed to protect creditors and continue operations. Goods to be paid for in cash. aim to raise working capital amid sales season starting in April.
Practically unanimous stockholder approval at New Brunswick yesterday adopts management plan to raise capital from 10 0 to 15 000 000 and issue 5 million dollars in common stock dividend. Conversion of second preferred into first preferred at a 10 to 7 ratio and sale of new preferred at par. President Farmiel P Colt plans to return from Europe in two months with a full bond offering to cover debts and obligations.
The Western rail carriers filed with the Interstate Commerce Commission new freight tariffs from eastern shipping points to Oregon Idaho Washington Montana and Wyoming. The compromise schedule aligns with rates agreed by railways and the Interstate Mountain shippers and will become effective immediately.
Alfred Macy of 20 French Street and Josiah Macy dissolved Macy Brothers a curb market stock brokerage founded in 1905. Alfred Macy made an avaron ment for creditors to I B Garretson lawyer of Wall Street. Josiah Macy withdrew, ending the firm's operations.
The Carolina Clincheld Ohio Railway Company, controlled by the Cumberland Corporation, raises common stock from 15.1 million to 20 million while reducing authorized preferred stock from 18.6 million to 10 million. The revision aims to set preferred stock at a level to enable a 6 percent regular dividend and improve financial standing. the initial quarterly 1% on the preferred is expected to be declared after July 1.
Stockholders at a special meeting approve consolidation with Mercantile National Bank, raise Irving’s capital to 10 million, issue new shares at 27 percent, and expand the board to thirty. A July 18 meeting will vote on renaming the consolidated bank to Irving National Bank. Mercantile stockholders vote for voluntary liquidation.
A report from a banker tied to Wabash affairs outlines a reorganization plan with a $40 per share assessment on common and preferred stock to raise $25 million for immediate improvements and to pay receivers certificates. The plan would swap old 4 percent bonds for new bonds and preferred stock, reducing fixed charges to under $1 million annually.
The Greene-Cananea Copper Company and subsidiaries report stock exchanges continuing last year. Greene-Cananea now controls 950,088 Green Consolidated Copper shares and all Cananea Central Copper stock. Cananea Central’s assets moved to San Pedro Copper Company as part of consolidation. San Pedro shows year end 21 receipts of 1,243,912 and net income of 212,481.
Orville Wright was elected president of the Wright Company of America yesterday to succeed his brother Wilbur, who died of typhoid fever two weeks earlier. The directors met at the Wright offices, as Wright arrived from Warashington with his sister Katherine, following the funeral of aviator Watch killed during a climbing test at Colleen Park, MA.
Reports on crop, trade, and weather add to anxious mood in cotton trading. Bulls push prices up early, then heavy selling trims gains. London and Liverpool cables show limited support while nearby futures slip, with July and August activity amid fluctuating levels and scattered demand.
Weather rain spurs initial gains across markets then optimistic US and Midwest updates push prices down near Friday close. Corn and oats soften through the day with late covering and scarce firm moves, while coffee and other grains show modest gains as traders weigh Santos house rumors and export bids.
New Yorks June market reports grain wheat futures mixed with slight gains and declines across US exchanges. Corn and oats show volatility as traders weigh export demand and growing acreage, while provisions edge higher on solid pork and beef prices amid steady demand for dressed meats. The note cites export interests from Canada, domestic buying, and weather as influential factors shaping session closes.
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