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102.) MARINE REVIEW. a7 LIST OF STOCK HOLDERS IN THE STEEL CORPORATION. An interesting fact brought out in the litigation to prevent the con- version of $200,000,000 of preferred stock of the United States Steel Cor- poration into a like amount of bonds is the wide distribution of the capital stock, not alone in this country but in foreign countries. The vote to convert the stock into bonds represented 14,176 separate holdings of a par value of $777,482,000 of stock. The names of all of the holders of stock voting for the proposition are now on file in the office of the secretary of state of New Jersey, but even the list of 14,176 does not begin to represent the individual owners: of stock, many of whom voted through bankers, brokers or other agents. Following is a list of some of the largest holders of stock who voted in favor of the conversion and the number of shares of each class held by them as shown by the list on file: Prefe red Common Preferred Common stock. stock. stock. stock, Co eee 27,049 4,059 | P. J. Goodhart & Co..... 4,115 9,182 ica tron & Steel Co.. 28,028 28,028 | Clement A. Griscom .... 4,176 2,501 Armstrong, Schirmer & W. S. Gurnee, jr., & Co.. 17,848 6,451 Co eer eee aera: < Geo")! Malls & Beenie ie ee 1 Jacob As pr ieee: 5,120 5,225 | Hallgarten Oe falcons 119, , Poe age eee. ak GONE saree Charles W. Harkness.... 9,276 720 Frederick Ayer, trustee.. 20,000 ...... Harriman & Co.......... 5,061 6,635 3. 8. Bache & Co... <7! eia9 26,088 | J. Fo Harris .-..05 0. 5190 <<. Gai George F. Baker ......... 23,625 50 | Charles C. Harrison .... 3,032 2,050 GF, Battelle. .osie:s 5,055 9,555 | Marcellus Hartley ...... 468 4,985 S WM. Bishop . «0. 12/048 11,420 | Charles Head & Co...... 2,610 5,196 William W. Blackburn... 6,000 1,600 | F. J. Hearne ............ 6,503 625 Binke Bros. & Co... 22s 5/5460 5,275 | Laura F. Hearne ........ 4,050 1,980 SW Hesoocks. 4055. 3409 2,625 | H. B. Hollins & Co...... 10,032 28,861 Boody, McLellan & Co.. 9,690 17,788 | ©. I. Hudson & Co...... oe: a Henry P. Bope...... we 64,549- (2,467 | W. A. Jennings ......... ane oe H. C. Braddon..... - oa 855 18,700 | C. A. Jones ee a , , Lewie 2. Brownc.1yi-. 14080 %).2.16) | Gasentite, Thalmanh © od oe Seneca D. Brown & Co.. 3,951 7,581 Ue gee ga 4198 29.901 Brown Bros. & Co....... 2,143 2,605 | Lounsbery & Co......... , , J. C. Bucken 15.950 z I. -Gifforth Ladd:... 4.4. 2,000 113,251 J. 1 Bubke o....5.000,-- (8,000 see | Peancie, F. HW. Lovejoy.. 13,801 | oa S. B. Chapin & Co...... Soe oe ee Clark, Dodge & Co...... 14,785 36,597 a MAL + "7131 _ 12°500 Daniel M. Clemson....... Ae Tae oy Elen Moe sy Alfred Clifford .......... 5,670 Bld Wan Mahinda 21000 4.000 Edmund C. Converse.... 10,061 ..... CER ee ee ; ; James ©. Converse...... 11300 5,396 | McIntyre & Marshall .... 24,512 21,910 Louise K. Converse...... gro Bibs | ae, We Ene fe ee ae Wiliam EB. Corey ........ 5000 ai. Coa a oes : , 7 H Gounachaan 3 300 3 637 Henry W. Oliver ...... 50,000 35,000 Bertram Cutler ......... Wom nee | ee Cuyler, Morgan & Co.... 10,823 9,349 as "** 4207200 76.90 Henry Clews & Co..... Oe Se et Bi eee Darr, Luke & Moore..... 2,000 11,985 + atieene C Paige Se 25,098 25,047 Day & Heaton... 4,550 11,395 | Post & Flage ............ 93°014. «50,489 De Haven "& Townsend. S3:375 30,1904) 1 Roberts. 9267 18.600 Thomas Dolan= 2.255% 15,000 4,612 | Db! G. Reid, as president -- : Dominick & Dominick.. 4,638 12,102 | American Tin Plate Co. 17,000 -- 3,750 Jonn A. Drake, oc... SIeeD ras Charles M. Schwab ...... 50,001 5,006 Hames & Moore ......:.. 2,010 13,080 | Joseph E. Schwab ...... 6,187 5,835 we Bn ON See ree eek oe wee See, Dupee & Co.. a eee pb Maton 2... 0002.5... 12D neo oe -SsSternam. 235 60.05 ; ee Ervine > COt Se 1,462 14,715 Francis Lynde Stetson.. 7,000 1,000 yee Hasan og | Geoap Siege Gon: a gd Field .......... ; See 5 oe PIN BOR ees ses ; 90 paoutee a & Sons..... oe aes Ll a. Tavior & Co.. eee 78,399 : eming: ...:..,. ; : - OMAS. 2205.07 12D: August Belmont & Co... ..... 1,150 Spencer, Trask & Co.... 8,954 12,546 = = JAM dake a mae 50,001 Ane Her eo aha 10,091 16,765 2 Rs rion, ..2GF. S0S0%¢i ss aae. an Embur tter- Fahnestock & Co........ 15,762 14,832. bury ae Ee ns 10,078 20,660 Flower -& Co. 2 = 9,162 6,604) Webb. & Prall -..3..)... 11,0381 26,589 John: -W.? Gates: 222024: 16,000 100" >| Wolf Bros. &- ©o..-..5,.. 9,989 23,527 James GAVACY: 2 seas ccs 12,300 tess T&S. 2Wormser. 3 ccoe =. 4,490 10,450 eer GIDSON oa nS 6,225 Mars Bulteel, Mills & or ig pW ARLON Bit ce aad ROU as One castiaie ns colony ees hs A Goldman, Sachs & Co.. 2,000 3,000 Bankers in Holland...... 1,550 128,180 Two things will strike the reader forcibly in pursuing this list. The first is that Mr. Bertram Cutler, who is absolutely unknown in the world of finance, should hold 123,975 shares of preferred and 25,365 shares of common stock. The second is that Mr. John D. Rockefeller should not be represented in the list at all. The only one of the Standard oil coterie represented is Mr. Charles W. Harkness with 9,276 shares of preferred and 720 shares of common. When one considers the princely figure at which the Lake Superior Consolidated mines and Duluth, Mesabi & Northern Ry., and the Bessemer Steamship Co. went into the corpora- tion (all three of which were owned almost outright by Mr. Rockefeller) the absence of this gentleman's name becomes very conspicuous. The shining lights in the newspaper world at Pittsburgh immediately said that Mr. Bertram Cutler was Mr. Andrew Carnegie, notwithstanding the fact that it is generally known that Mr. Carnegie was paid exclusively in bonds for his holdings in the Carnegie company. However, as the first name of Mr. Carnegie's private secretary is Bertram that was quite sufficient to invest him with $13,000,000 worth of steel securities. But as Mr. Bertram Cutler's daily occupation is that of a confidential clerk at No. 26 Broad- way, New York, it is quite clear that he represents Mr, Rockefeller. Cut- ler's holdings, however, by no means represent the whole of the Rocke- feller investment in steel. Mr. Rockefeller received far more than $13,- 000,000 for his Lake Superior mines, railway and ships. The sum was nearer $50,000,000 than $13,000,000. The man who actually controls the Steel Corporation--Mr. J. Pierpont Morgan--shows only 7,131 shares of preferred stock and 12,500 shares of common in this legal inquiry. It is interesting to note that Mr. Frick's income from his Steel Corporation holdings is $900,000 per year--a fact which ought to effectually put a stop to the fairy tales of the daily press that he is continually organizing com- petitive steel companies. Marx, Bulteel, Mills & Co., who are credited with 237,818 shares of preferred and 249,292 shares of common, are a firm of London bankers, through whom, in a large measure, the placing of the stock in Great Britain was effected. It is also worthy of note that while the holders of the underlying stock have pretty generally held to the pre- ferred shares of the Steel Corporation, which they received in exchange, they seem to have disposed of a great deal of the common. Secretary Moody of the navy department has already announced names for the six new ships of war authorized by the naval appropriation bill. The four largest ships, two battleships and two armored cruisers, will be named Louisiana, Connecticut, Tennessee and Washington. The two gunboats provided for in the act will be named Paducah and the Dubuque. TS ESTE SL SHIP BUILDING DURING THE PAST YEAR. A little later on the Review will print extended extracts from the report of Mr. E, T. Chamberlain, United States commissioner of naviga- tion, regarding ship building throughout the country during the year ended June 30. Only a brief preliminary summary of the report is as yet available. The commissioner reports that during the year ended June 30, 1902, 1,657 vessels of 473,081 gross tons were built in the United States and officially numbered, compared with 1,709 vessels of 489,616 tons for the previous fiscal year. The decrease compared with last year is in sail- ing vessels and canal boats, barges, etc. New steel steamers aggregate 275,479 tons, compared with 635,265 tons last year. Included in the total new tonnage are ninety-four vessels of over 1,000 tons, aggregating 315,062 tons, or two-thirds of the output. Of this large construction: forty-one steel steamers of 158,631 tons were built on the great lakes. The outlook of completed steel steamers on the seaboard has been much below the indications of last July. The launching of nearly every large steamer has been delayed from three to eight months and some are still on the ways which by this time were to have been in operation. The delays have been partly due to the steel strike last summer, to the great demand for structural steel in all directions, to low freights and the lack of new ship building orders, which has left builders and owners without motive for haste. Last July 255,000 tons of ocean steel steamers were under con- struction or under contract, while at present only about 160,000 tons are under construction and no new large seaboard contracts are reported. LAKE COAL SITUATION AT BUFFALO. A: Buffalo correspondent who is well posted regarding coal shipments by lake from that point writes the Review as follows: ~ "The probability is that the coal miners' strike in the anthracite region will be at an end in a short time, and vessel owners who do not fully un- derstand the conditions will naturally suppose that simultaneously with the end of the strike hard coal shipments will begin, which is true to a very limited extent. When the strike ends there will probably be not far from 150,000 tons of coal._in stock here, which has been held since the strike commenced. This coal will be immediately released and a large part of it will be shipped by lake. There is also in all probability some hard coal held in Erie. But very little of the coal mined after work is resumed will find its way to the lakes for some weeks after the strike is settled. The east, which is the great market for hard coal and which depends entirely upon hard coal for fuel, will have to be supplied first, and there will be an urgent demand along the lines of railroads, which will have the next call, and last of all coal will be shipped by lake. After the strike is declared off it will take some time to resume operations and get coal above ground ready for shipment, so that under the most favorable circumstances there will not be much hard coal for shipment for some weeks after the strike is ended." AROUND THE GREAT LAKES. Clamshell ore unloading machines at Conneaut recently unloaded 95 per cent. of the cargo of the steamer James Gayley, one of the modern ore freighters. It is said that four more machines of this kind will be erected at Conneaut as rapidly as possible. Capt. James S. Moiles, for the past two years «master of the barge Marcia of the Steel Corporation fleet, died at Detroit a few days ago of typhoid fever, after an illness of three weeks. He was fifty-four years of age, and had sailed the lakes since he was twelve years old. A flash light will shortly take the place of the fixed light at Buffalo that is known on the charts as Buffalo light. This is the light that is sit- uated on the southerly pier, about 350 ft. from the outer entrance to Buf- falo harbor. The flashes in the new light will be at intervals of five seconds. A contract for the construction of another ore dock for the Chicago & Northwestern company at Escanaba has been let. The dock will have a storage capacity of more than 50,000 tons of ore. About 350,000 cubic yards of earth will have to be dredged out to obtain a sufficient depth of water for large ore carriers. At a meeting of members of the Western Elevating Association in Buffalo a few days ago it was voted to continue the association and to maintain during the next year the elevating charges now in effect. Re- ports presented to the association show that the receipts of grain for the present season to date fall 3,000,000 bushels below those of the same period last year. The Portage Coal & Dock Co., just organized at Houghton, Mich., is a concern that will be controlled by Pickands, Mather & Co. of Cleve- land. The capital of the company is $100,000 and the capacity of a new dock to be built at once will be 80,000 tons. The president of the com- pany is W. P. Murray, and the secretary and treasurer H. G, Dalton, both of Pickands, Mather & Co. The new wooden steamer Edward P. Recor, owned by E. C. Recor and others of Marine City, is given Al* rating and a valuation of $22,000 in Inland Lloyds vessel register. The three turret steamers--Turret Cape, Turret Chief and Turret Court--owned by Wm. Peterson, Ltd., of New- castle, England, and which are to engage in lake trade, are each valued at $110,000 and given the usual rating for steel vessels, Al. These vessels are of 1881 gross tons each. At a meeting of the executive committee of the Lake Carriers' Asso- ciation in Cleveland Wednesday the following resolution was unani- mously adopted: Resolved that the thanks of this association and of every vessel owner on the lakes is due, and in behalf of the Lake Carriers' Asso- ciation we most cordially extend our thanks and congratulations to Major W. H. Bixby, engineer in charge, for the promptness, efficiency and zeal displayed by him, and the splendid success achieved in so quickly removing the obstruction to navigation at Sault Ste. Marie, caused by the wrecking of the bridge over the canal. Keels for the large barge for the J. M. Guffey Petroleum Co. of Pittsburgh, Pa., and for the caisson for the government have been begun at the Bath Iron Works, Bath, Me. The oil barge will be 305 ft. long, 44 ft. wide and 23 ft. deep. e caisson will be 104 long, 22 ft. wide and 36 ft. deep.