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1903.] MARINE REVIEW AND MARINE RECORD. | 33 PENNSYLVANIA STEEL CO'S REPORT. At the annual meetinoe of the Pennsylvania Steel Co., held last week, all the directors were re-elected. President EK. -C. Felton in his report says in part: "During the year the. Pennsylvania Steel Co. of Pennsylva- nia completed its purchase of certain interests in the Cornwall oré banks, near Lebanon, Pa., and now owns forty-ninetysixths of that property, with:a-two-thirds interest in the Cornwall & Lebanon Railroad, and two°moderi blast furnaces at Lebanon: Bonds of 'the Pennsylvania Steel Co. specifically secured by mort- gage ort these properties were issued on. Oct. 1, last, to the amount of $7,500,000, to pay for them and for by-product coke ovens to be erected at I.ebanon. "The Maryland Steel Co. has continued during the year the building of by-product coke ovens, which will have a capac- ity of about 1,000 tons of coke a day, and will supply about three- fourths of the coke consumed by its blast furnaces. It has also improved and enlarged the equipment of its steel and rolling mills. It purchased during the year 500 steel coal cars, paying for them with an issue of $600,000 car trust certificates. "Ihe ship -yard has increased the size of its launching ways and made other improvements. This department completed during the year two 12,000-ton twin-screw freight steamships and three torpedo boat _ destroyers, and a large floating dry dock for the United States government. The Baltimore & Sparrow's Point Railroad, the securities of which are owned by your company, was successfully operated during the year. The double-tracking of its line and bridges was completed, the cost of these improvements being charged to operating expense. "The end of the year finds the plants of all of these subsidiary companies in excellent condition and capable of producing a much larger output than during 1902. It is expected, however, that profits will be reduced owing to the very considerable ad- vances which have taken place in the cost of fuel and in freight rates. No important additions or improvements are at present in contemplation other than the building of by-product coke ovens at Lebanon. 'These will cost about $800,000, which amount is in hand for the purpose. The operating companies owned have, after paying interest on bonded indebtedness, and after charging - to general and special depreciation $1,522,481, earned net $2,- 473,532, out of which this company has received in dividends $1,177,500, and the balance, $1,296,031, has been retained by the operating companies for additions to plant and to working capi- tal. In addition te the $820,085 charged to general depreciation by the operating companies, the sum of $713,306 was charged into their costs of manufacture. This amount was spent either for permanent improvements, or charged as a special depreciation to particular departments or to railroad equipment." ISSUE OF STEEL CORPORATION BONDS. President Charles M. Schwab for the United States Steel Corporation has formally executed the indenture for the proposed ~ issue of $250,000,000 5-per cent. bonds and it has been accepted by the United States Trust Co. of New York. . Of the total author- ized issue of $250,000,000 of bonds, $50,000,000 are to be issued at once to the trustee for certification and delivered by him as may be directed by the Steel Corporation, while the remaining $200,000,000 will be reserved to be executed, certified and deliv- ered when authorized by resolution of the directors or of the finance committee of the corporation. 'To secure the bonds the Steel Corporation has transferred in trust to the trust com- panv the shares of various subsidiary companies. 'The follow- ing table shows the total amount of these stocks outstanding and the amount pledged under the mortgage: . Shares Shares ee of Company. Outstanding. Under Mtge. arnegie Steel ..65 7. 630,000 620, Federal Gteel, preferred . 2... 2 ens a Oe ieee Federal: Steel, common 0.7. 7Bc 4.) 464,843 404,828 National Tube, preferred ...... oe ae 400,000 399,974 - National 'Tube,,.commion >. 6.0.22 5,. 400,000 "2 300,303 American Steel & Wire, preferred...... 400,000 | 399,985 American Steel & Wire, common ....... 500,000 498,998 American Tin Plate, preferred ......... 183,250 183,250 American: Fin Plate,-common:,. 7 4. 280,000 279,850 American Sheet Steel, preferred .......245,000 244,077 American Sheet Steel, common ......... 245,000 244,888 American Bridge, "preferred «2.4.0... 313,738 313,639 American Bridge, common'........ # «;,. 300,506 300,497 Lake Superior Consolidated Iron Mines. 298,884 204,214 J. P. Morgan & Co. as managers of the underwriting syndi- cate will continue to receive deposits of preferred stock under the bond-conyversion plan until May 16 when the optional. rights of holders of the preferred stock will expire. A series of articles on gas engines and their troubles by Mr.. E. W. Roberts, which have been running periodically in Marine Engineering, have been lifted and reprinted into a book. Addi- tional chapters on design, construction, powering and propulsion of launches have been added bv Prof. W. F. Durand. 'The put- ting of these articles into book form was prompted by the recep- tion which the articles received upon their first appearance. - Mav 15 has been selected as the date for launching the East-. land, the steel steamer building at the works of the Jenks Ship | Building Co., Port Huron, for the Michigan Steamship Co. of. South Haven, Mich. _--_--_----- . REDUCED FARES VIA PENNSYLVANIA LINES. Excursion tickets will be sold via Pennsylvania Lines as follows: é To St. Louis, Mo., April 29 and May 1, inclusive, account dedication ceremonies, Louisiana Purchase Exposition. To New Orleans, La., May 1 and 3 inclusive, account the American Medical Association. To St. Louis, Mo., June 6 and 17 account thirty-first saen- gerfest of North American Saengerbund. To Boston, Mass., July 2 to 5, inclusive, account National Educational Association. For particulars consult ticket agent of Pennsylvania Lines. Sunday outing excursions on the Nickel Plate road begin April 19, 1903, to continue every Sunday until further notice. Fare $1 each person, in parties of five or more traveling together and returning same day. 'Tickets good between any two stations within a distance of 100 miles. For particulars apply to nearest ticket agent. E. A. Akers, C. P. & T. A., Cleveland, O. May 7. Engine For Sale. High pressure compound condensing engine. Cylinders 19 and 32 in. diameter by 26-in stroke. Nominal H. P., 46; 'effective H. P., 329. Designed by Harry Island W. Granger, Detroit. Built by Canadian | passengers Locomotive & Engine Co., Kingston, Ont. This engine has been thoroughly over- hauled and is now. complete and in first class condition. Apply to The Montreal Transportation Co., Kingston, Ont. or Montreal, P. Q. May 21. Steamer Imperial for Sale. Has been running with freight and day passengers (licensed to carry 220) be- tween Windsor, Amherstburg and Pelee accommodations for Screw steamer built at Tor- No. cabin onto in 1866; rebuilt in 1897. -hull of 109 ft. length and 22 ft. width. Steeple compound engines of 12 and 16 in. Engines were compounded only six years ago and have been well kept up. Boiler of ample size and in good condition. Ad- dress Box 42, the Marine Review Pub. Co., Wade Bldg., Cleveland, O. tf Tug, Scow, Etc. For Sale--Tug, scow and sand pump. All in good order. Price reasonable. Ad- dress Butler Bros., St. Paul, Minn. Apr. 30. Wooden Steam Yacht for Sale. Steam yacht, 35 ft. over all, 7-ft. beam. Fitted for salt water use. Burns kerosene. Is in fine order. Will be sold cheap. J. L. Alberger, 695 Ellicott Square, Buffalo, Noy. Apr. 30. Side-Wheel Passenger Steamer. For Sale--Passenger and freight steam- er Urania. British registry. Built at Milwaukee in 1875 and then named Flora. Rebuilt in 1809 with engines from revenue REN, Major Engrs. cutter Andrew Johnson. Wooden hull. U.S. Engineer Office, Grand Rapids, Mich., April 6, 1903. Sealed proposals for Repair of Piers at St. Joseph and Black Lake Mich., will be received here until 3 P. M., May 6, 1908, and then publicly ar Information furnished on application. J. G. PITTSBURGH WHITE METAL CO.? MANUFACTURERS OF THE BEST AR- April 30 Three decks. Length 180 ft.; breadth 27 ft. 4 in. Thirty-three staterooms, 98 berths. Allowed 98 first-cabin and 402 steerage pas- sengers. Speed 13 miles. Electric light plant practically new. Engines and boilers were thoroughly overhauled when trans- ferréd to this hull and have been well kept up. ~ Urania has been running between Cleveland and Port Stanley and fuel con- sumption for day and night trips on run was about 400 tons per month. | Address Box 41, the Marine Review Pub. Co., Wade Bldg., Cleveland. tf, Gonar BABBITT and ANTI-FRICTION NVietals Known for any Purpose. Made from the Best Materials, Price and Quality Guaranteed and Always Consistent with the Market. PITTSBURGH, - PA. ST. BOSTO!