The evening world. Newspaper, July 2, 1902, Page 2

ve pac ~+ Financing for the two da: % ALL ) GAIN SUPPORT. London Has Been Bear- ish, but Favorable Report Offsets Effect _ of Litigation. MARKET WAS STRONGER. Better in Tone and Broader in Volume Than Any Day This Week, Though Changes Were Mainly Fractional. ‘To-day's stock market was stronger fm tone and broader in volume then any time this week. Moe encour ‘aging crop news, the advent of warm weather and the steady progress of King Edward toward recovery com- + bined to help prices. {Asa rule the list showed firmness, 4 but advances and depressions were _ ohiefly confined to fractional figures. ‘The excellent statement of United + States Steel for the June quarter offset s ‘the selling tendency in London, which q h was very marked in the early trading. London has been bearish on the steal + issues ever since the litigation between Patockholders and the corporation over the bond concersion plan, but the state- ment of earnings was so satisfactory here that buying became strong. The foreign exchange market was & feature in the day’s trading, the sharp ) decline in the sterling rate at Paris {> bringing the focal exchange market ** practically to the gold exporting po.nt. ‘The fact that there ure no very fast eamers due ‘to sail for the remainder +) of the week, is the strongest reason why exports may be-staved off over the hoil- _ 7) day period. {Preparations for the London settle- ment which are now going forward, may P result in exportations to Paris from { here for the London account, Wall street's call money flurry seema [to bave been eased and though loan y holiday % caused rates to remain firm at 8, 4 and ‘5. the midsummer adjustment has ap parently been nearly financed, *\ Absence of any definite strike news was evidently regarded aa encouraging ii the anthracite coalers and the list whowed a slight improvement. * figure equivalent to that of yester- ville & Nashville crossed 140 on pros é f ‘The granger stocks were firm. Mis- pour! Pielfic, Rock Island, Bt. Paul land Atchison displayed firmness, Mis- F'sour!’ Pacific wold ex-rights to-day at 5 pay. {| Louisville & Nashville, Southern | Railway, Baltimore & Ohio and Texas © Pacific were also in demand. Louls- i pects of benefit from the settlement ‘plan soon to be made pubitc, and thern Railway advanced sympathet- In the industrial ist Colorado Fuel & m was the leader, advancing over per cent. on heavy trading. It was Feported that the atites faction had woored a strong point against the Os- 00d element, ‘The strong London closing for Amerl- 2 cans, with influential arbitrage buying of the United tSates Steel stocks, had & Wholesome effect here. 7 d'the close it was quite evident » that the money market was rapidly re- guming its norma! condition. The con- } centration of $22,600,000 in the vaults of done institution, aside from the normal supply, proved a card for the bulls, and the tendency was toward higher prices. ———_ | LONDON MARKET STEADY. American Securities Hardening, but Trading Very Light. "The London market to~tay was steady throughout. ‘Trading was extramely @ull and almost entirely professional, ‘In the department for American rai)- way seourities trading was dull, but the tone was finm. Prices were fractionally above the final figures at New York | “XKaflirs remain about the same and the 1 Paris selling of these securities keepa 5 Up. 4 ————_. f The Wheat Market. ‘The wheat market was moderately ao- tive at the opning, with sentiment about evenly divided. Room traders were con- mervRNE, and the appearance of high ‘ore in the Bouthwestern Staten modified pullishness to wome ext Cables were fractionally lower. Out- side marketa were up. Corn was firn @t the opening, but trading was quict Forelgn houses sold « Iitule wheat at © the opening. New York's opening prices were: Wheet—July, #1; September, 79 5-8 to i, December, 80 i-6, rices were; Wheat Mchfcago's 0 en igen, wor ‘ to i-8; Bepternbgr, 73 EB; December, 1 84 to 8-0 ‘Corn » 4 10 16 12; May, tember, 03 to 3-8; Dec ‘ Corn-- 48 1-8 to 1-2; ember, 49 (0 to T44-8; Dec orn, 76 84; Hey 63-8, ‘BAverpool Grain and atrong; No. 1 Northern Spring, } futures, steady; July, bs. 4 Bepternber, fs, 4d, Corn—Spot, American mixed new stead: American mixed oid, quiet, 6s, Ge, 8 1-84. firm—Prime moa» Western, 76u Bra—Short cut, 14 to 18 Ibs on firm—Cumberiand cut, jMs.; abort rib, 16 to 44 tbs., Sie. Glear eniddies Nsht, %8 tc aguare, 1 0 Corn—September, | L, Judy 2 (Closing).—Wheat | to ba, middles heavy, % to # S@bort clear backs, 14 to 2| Bears the lear bellies, 14 "0 16 Ibs., i Wan SLOTS EO RAE Absorption of the C. & E. 1. Details of the expected absorption of the Chicago and Eastern Il}inois by either the Illinois Central or the St. Louis and Southwestern are ex- peoted soon. Rivalry for control of the road has been keen and the stock has had an enormous rise. On the tme hand, Edward H. Harriman and the big capitalists of the Illinois Cen- tral have been trying to secure con- trol because the Eastern Ilinojs has been cutting big Cen- tral’s coal-carrying trade from South- ern Illinois, On the other, George Gould has been seeking control be- cause he needs the line for an inde- pendent entrance into Chicago for the St. Louis and Southwestern, of which FHdwin Gould is president. eee Branch lines to connect with all the great industrial concerns near Pittsburg are to be built by the Wabash, which {9 certain that {ts entrance into Pitts- bung is assured, holes in th Schwab's Theory of Wages. President Charles M. Schwab, of ithe Billion-Dollar Steel Corporation, has just returned from an extended tour of inspection of the various Western plants of the big Steel Trust. He 4s credited with {naugurating the plan whereby the 100,000-and-odd employees of the biggest corporation in the world recelved a 10 per cent. increase in wages without asking for {t. “A corporation is doubly pros- perous,”’ sald Mr. Schwab, “when it makes money for its stockholders and its employees, too.” James Gayley, of the United States Steel Corporation, has been elected a member of the Board of Directors to succeed Percival Roberts, jr, who re- signed because of differences with Pres- ident Schwab, | New Grand Street Bank. Back of the Mutual Alliance Trust Company, a new Grand street bank- a ' TEEL STOCKS GOSSIP IN AND ABOUT WALL STREET. jing house which caters to east side | trade, is a group of capitalists whose financial resources exceed $100,000, | 000. These are the men who seek the jeast side business: Kahlman Haas, president; Directors—Isidor Straus, Richard A, McCurdy, president of the Mutual Life Insuranee Company; William Rockefeller vice-president of the Standard O11 Company; Cornelius Vanderbilt, Percival Kuhné, James N. Jarvie, Martin Erdmann, of Speyer & Company, an® Henry H. Rogers, president of the Amal- gamated Copper Company the May statement of the BOR. T. shows a net increase of $5) From July 1, 1 to May 1%, 1 the net earnings of the system decreased §: 9%, while the gross earnings inc $704,243, Ur, Sage’s “Privileges.” Russell Sage, the aged financier, is once more operating heavily in “priy- fees,” a feature of Wall street spec- ulation which has been a specialty of his for forty years, Mr. Sage evi- dently believes that midsummer dul- nees 1s not yet due, and he has put out a heavy line of privilege options which run well into the fall, The| lines include most of the active, stocke in the leading railway lists. | Reports from Trenton, N. J., say that there fs no chance of the decision in the sult against the United States Steel Corporation bond conversion plan being handed down Monday. The members of the court are sald not to have reached a conclusion Extension of Rock Island. W. B. Leeds. President of the Rock Island, says that it is the present plan of the management to add over 1,000 miles of trackage to the sys- tem, making it nearly 9,000 miles of railroad, and that the stock sub- seription offered to the stockholders of record of July 21 is for the pur- pose of paying for the additional roads to be either purchased or con- "THE LATEST NEWS OF W. L. MAYER PRESIDENT OF structed. President Leeds added that the right to issue $200,000,000 in bonds voted by the stockholders to the management would not be ex- ereised at this time. The bonds are likewise to be used in enlarging the stem, owning more than 51 per ay THE SHOE AND dent—Other B. ‘W. L. Mayer has resigned the v presidency of the Western National Bank and will become President of the National Shoe and (Leather Bank cent. of the Chicago, Indianapolis and Loulsville Railway Company stock have dep {thelr holdings awfth J.P. Mor- kan & Co. and the joint purchase of the Monon by the Loutsville and Nashville ind Southern Rallway is formally de- ired operative. Big Call Money Loans. Millions of call money loans were made to-day at the prevailing rate, brokers betng eager to make the louns, anticipating that they would hold good over the two days’ holiday period. There was also a further de- elded shifting of loans made neces- sary by the dividend-paying period. The stiffness of the call money mar- ket, experts figured, precluded any possibility of gold exports in the near future. As long as present rates ob- tain, no gold will go abroad. Stock market hostilities between the Standard O11 forces and the Pennayl- vania Railroad capitalists are said to ve Impending, ‘The Rockefellers are co-operating with George Gould in his various enterprises, which are directly antagonistic to the nsylvania Rail- road, Consolidated National Bank. The Consolidated National Bank, at No. 51 Broadway, has been organized with a capital and surplus of $2,000,- 000. The directors are President Wa- gar, of the Consolidated Stock Ex- change; President Burgess, of the Produce Exchange; President Gwath- mey, of the Cotton Exchange; John W. Griggs, Perry Belmont, G. S. Hart, George Crocker, 0. D. Ashley, J. B. Curry, H, C. Brewster and W. 8. Paine. Mr. Paine will be President. The bank was organized in the in- terest of the Consolidated Exchange. THE QUOTATIONS, Shares 14.690 Amat, Copper oa... 10 Am royale 1) 3. seks: ELE SS REESs oe 40% 1,50) Am. Smelt, & Ret pt 8 200 Am. Snuft..., oe 1h vt 84 98% 190% 1284 1% 119% 104” 108 2 Hoe! 700 U1 200 Inter. Paper 10) Inter Powor .. 100 Inter, Pump pt 100 lowa 1 K O., 2 Kan, 100 Kan, 100 1a 23.00) Louts 100 Me 6,300 Mantiat ‘ 100 Munhattan Beach... 900 Metro, St, RR 8.700 Central 100 Ottnn. & St. 1, 200 M., P&B RM 0) Te 1.900 Mo., Ken. & Tex. pf 31,800 Mo!" Pac. ex-dMy 00 Me cam. ot Mex t Mex. pe Qulet; Beptember, bx, 3 1-2d.; CASTORIA For Infants and Children, The Kind You Have Always Bought eneiare STEEL EARNINGS BREAK RECORDS Trust's Profits for Quarter Just Ended Were $37,631,- 696—Daily Income Is About $400,000. President Schwab's report of the oper- ations of the United States Steel Trust for the three months of the quarter ending June 3 shows that its profits were $37,651, 606, This is a jump of 43 per cent. over the corresponding quarter last year, and breaks all previous records of the big corporation, ‘Nhe figures indicate that the Trust is earning at the mate of $400,000 a day, and that the unrivalled prosperity of the steel and iron industry of the country is a qolid fact. Wall street's estimates of the earn: ings were 80 near the figures of the oiMiclal report tat no surprise was oc- oned earnings for last May were $13,- 0, exceeding those of any previous month In April they were $12. estimate for June is $1 Dalleved to be below thas ‘The 120,766, and the 1,000, which 1s the actual earn- The Cotton Market, The local cotton market opened steady to-day, with prices hanged to 5 points higher. Trading was quiet and prices held close to Inst night's fnal figures Aver as expected. After the call shorts were nervous and price ny point or so, Later Jn the day a more steady tone pre’ @ quiet The opening p 874 to 8.76, August 7.96 to 7.8; Ostober ber, 7.73 to 7.74; 1D abe t Vrading CURB MARKET STEADY. Northern Securities Sold at 108 3-4 to 1041-4 in Outside Trading, ‘The outside market opened steady to- duy. Manhattan Transit sold at 6 1-8 to 51-4, Northern Securities sold at 103 84 to 104 1-4, Quotations for the opening prices were: Bid. + 108% ori Nor. Securities Steel Gm United Gop NEW STOCK LISTED. National City Bank’s $15,000,000 Increase Added On Exchange. ‘he Committee on Stock Listing of the New York Stock Exchange to-day admitted to the Hst $16,000,000 additional stuck of the National City Bank, mak- ing the amount now lsted $25,000,000, Tt also lsted $40,000 additional B, debenture bonds of the Wabash Rail- road and $20,000 additional General Mort- kage 6a of the Buffalo, Rochester and Pittebung road, ———___ SHIPPING NEWS, ALMANAC FOR TO-DAY. 4.31 )Sun sote.. 7.81) Moon eines TH Bun High Water, Low Water MPM AM PM 42% 465 10.31 11.24] 4a 62) 1105 31.66) 684 713 137 Le PORT OF NEW YORK, ARRIVED Otore = Alexandria 1 Stans | Hambure | Shields ‘Galventan Copeatiagen na Ayres vse Hanover Hamburg ‘Oube Baltimore STEAMSHIPS, 0-DAY », Oalvomton. Galveston, Norfolk. Sun Domingo, Payment for Klondike Gold. The Sub-Treasury paid out to-day %,00 for Klondike gold deposited at Beattle. ‘This ts the first payment this far as a pound of other tea. MORE ECONOMICAL, Trial Size 10c. A Half Pound of White Rose Ceylon Tea goes as on for accou tof Klondike gold. 1.62 | § a Mr. Mayer was formerly assoolated with the late Marcus Daly In the bank- ing firm of Daly, Donohue & Mayer at Butte, Montana John M. Crane, of the National Shor and Leather Bank, resigned the pres! dency of the bank and accepted an elec- tlon as its vice-president. The Board of Directors tn accepting his resignation adopted resolutions —reconting the | Board's appreciation of his fifty years of wervice. It was announced to-day | algo that John I. Cole, cashier of the | John M. Crane Accepts Election as Vice-Presi- | Mr.’ Robinson was assistant cashier, WORLD .OF BUSINESS. SETTLEMENT PLAN |LARGER EARNINGS FOR L.AND N. ROAD) OF PENNSYLVANIA, Interest in Coming Announce- ment byJ. P, Morgan & Co, as to Final Disposition ot Property. LEATHER BANK. ank Changes. May Statement Shows Net Increase of $1,268,200 for Five Months on the Linea Directly Operated. Shoe and Leather Bank, had resigned. At the meeting of the directors of the Western National Bank to-day Henry A. Smith was elected Vice- President, to succeed Mr, Mayer, re- signed, and C, I, Robinson was elected cashter. Mr. Smith was formerly cashier and ‘The settlement plan for the Louts- ville apd Nashville Railroad Company is nearly ready to be announced. Since the famous orner’ in the stock which resulted in J. P. Morgan acquiring the control through the stock turned over by John W. Gates the plan has been slowly worked out. At the time of the corner when the Gates stock was turned over Morgan & Co. bought one-third his holdings $190, loaned $115 per share on the other one-third and fixed the price for the ‘The May statement of the Pennsyte vania Railroad made public to-dafw} shows a gross increase of $1,499,800 and a not increase of $8¢,900 on Hines at rectly operated. td For five months the gross increas®, was $3,865,100 and the net increase le 258,200. For the leased and subsidiary Unes the same average increase was sho The Philadelphia, Wilmington Battimore showed a net increase for The ttle of “The National Bank of the United States in ‘New York” being painted over the doors of the erstwhile Fide and Leather Bank, at No. 100 William street. Permission to make the change of name was granted yesterday, and notice of it recelved to day. $06,000 TAX ON JERSEY TUNNEL, Company Will Have to Pay that Amount to City for the First Twenty-five Years of| Operation. remainder of the Gates stock at $150 per share, Interest in the plan centres now in what is to be the final disposition of the road. The Belmont interests have all the time maintained that there would ‘be no change in the management, This will not be known until J. P. Morgan & Co, announce the settlement plan, 5 nferences have recently conte been held, and it is now practicaily ready'to be mmde public. $50,000,000 SUGAR CONCERN Federal Refining Company Makes Big Jump in Capital. the five months of $157,300; the North ern Central a net increase of $155,000 Lines west of Pittsburg and Erie die reotly operated show a gross increase of $2,649,600 and a net Increase of $l 40. BIG PROFITS IN UNDERWRITING, ‘Financiers Who Backed Bur- lington & Quincy Deal Get . $2,000,000, Which Is 12 Per Cent. on Advances. ————— CHICAGO GRAIN QUIET. Prices Fractionally Higher at Start on Reports of More Rain, CHICAGO, July 2.—The grain markets opened more quiet to-day, but frac- tlonally higher on Jast night's showers and the prediction of further precipl- tation. eSptemder wheat opened 1-2 a 5-8 to Conditions which the New York and New Jersey Tunnel Company will have| to meet have been fixed by the Rapid-Transit Board, For the firat twenty-five’ years of the operation of| this line over the route of the old Hud- son River tunnel the company will have to pay the city $596,0. ‘This Is relatively a better price, Comptroller Grout says, than was agreed to by the Pennsyl- vanta road. The same system of charging wi adopted—fifty cents per foot of single track for the first ten years and $1 per annum for the next fifteen yea The road ts to occupy a comparatively pmall space. Its terminal station will be on the block bounded by Christopher, ‘West Tenth, Greenwich and Hudson streets. Annual payments for the fran- chise have been arranged as follow: For entrance or river right, $100 a year for twenty-five years; for tunnel rights under dock property and streets in Man- hattan, $2,092.60 for first ten years, and $4,1% for next fifteen years. For street rights in Greenwich, Chris- topher and West Tenth streets, $3,244 for first ten years, and $6,448 for next fifteen years, Additional payment for tunnel rights under streets, $9,000 for first ten years, and $15,000 for next fifteen years; total, $14,386.60 for first ten yeans, and $25,673 for next fifteen years, Before he voted for the franchise Mayor Low asked if the committee was satisfied that the company was finan- clally responsible. “We are fully satisfied," sald Prest- dent Orr, ‘that the company has satls- faotory capital back of it.” In the negotiations with this tunnel company, of which Willlam G, McAdoo, ex-Assistant Secretary of the Navy, is President, the Commissioners have treated it as a trolley enterprise. It is represented as a plan to get the trol- leys of New Jersey into New York. ‘There is reason to believe, however, that roads opposed to the Pennsylva: nia are closely allied with the project. It is known that J. Pierpont Morgan is back of the corporation Voyagers, or those who remain in the city, will find equally interesting reading and profit in these money- savers on sale in our House Furnish- | ing Dept. Thursday only at these special prices, Sole Leather Dress Suit Case, linen lined, brass catches and fock, sewed | ends and protected corners; regular ‘NRDNTON, N. J., July 2—The Federal Sugar Refining Company that was in- conporated here recently with an author- ized capital of $100,000 to-day fleld papers and Quincy Railroad Company. | increasing Its capital to $50,000,000, one ‘The liability of the underwriters waa | half of which 1s preferred stock with $75,000,000, but J. P. Morgan & Co., as| 6 per cent. cumulative dividends. managers of the syndicate, called for| ‘The incorporators are: Bverett Jack- only $16,000,000, so that the total of son, New York, President; Perrle J. $18,000,000 paid’ to-day represented the| Smith, of Morristown, N. J., Secretary original Investment and the profits. and Chantes T. Bingham, Brooklyn: On the basis of the money actually| The charter provides that the company advanced the syndicate made profits of |may redeem {ts preferred stock at $125, 12 per cent. and t hat the preferred stockholder: All the bonds have been disposed of|at any time ii ave their preferred stock and the syndicate is dissolved. converted Equipment Not Complete Your 4th J ul OMe ELECTROZONE 1-8 a 1-4 up at 75 to 746-8 and advanced to 751-4 on commission house duying. Selling by a coterie of bears sent the market back to 747-8, where it steadied. September corn opened at 68 to 638-8 1-8 to 1-2 over yesterday’ taking sent the price to 627 covery to 633-8 to 631-2 followed, The closing was 623-4. July closed at 753-4. September oats opened 1-2c. higher to unchanged at 3 to 351-2, rallying ea country buying to 361-8. Provisions were dull but steady tm sympathy with the cereals, J. P. Morgan & Co. pald out $18,000,000 to-day to the members of the under- writing syndicate which financed the bond issue of the Chicago, Burlington It Stops # Burns |%F CENTS A Bottle of Electrazone in or on hana w worth two in the Drugstore CENTS THE CHEMICAL & ELECTRICAL CO., 418 Lesington Ave., New York. SAUL BROTHERS «Blyn Shoe | “The Specialty Store.’” 8D AVE,, bet, 68th & 69th Sts, Vacation Shoes—Business Shoes—Dress Shoes, For Men—For Women—For Children. Four large, bright, conveniently located, well-stocked Blyn Stores. Not limited to Shoes of any one leather or ; |SPECIALS FOR THURSDAY 5 ice. Our one aim is to produce Steel Beaded Chatelatne Bags hades aa your buying at the lowest farge'aey ae #133; caches OFC jossible prices, and men and women patrons of the 10c usy Blyn Stores tell us that we do. Coral Pin Sets, for waists (4 pins 6c to a Set), St. ssseeeeemrersesrene Ladies’ handsome Oxfords and Colon‘als at $2, $2.50 and $3. Special attention is directed to our complete lines of Men's Oxfords and Blucher Oxfords at $3 & $3.50 25c Amethyst Brooch Pins, value 25c.5 cach... | 11 Sik Gloves, in black, white, gray and mode, all sizes; pairee Ladies’ Lisle Vests, openwork in pink, blue and white; each... 20-inch Canvas Telescope Bags, three straps | protected 75003 and handle, lar value special...... corners; regu-| Thursday, 45 Asia Cc 34-inch Steamer Trunk, basswood, fibre bound, linen lined ; two strong. straps ; Excelsior lock, brass catches and cor- ners; regular price, $5.50 ; $4 00 + 4.’ Thursday special. 36-inch Full Trunk, with tray; basswood, iron-bound, brass- protected corners, two straps ‘and Excelsior lock; price eve r 50 5 - By PE cerseensne DODO Genuine Mexican Linen Grass Hammock, full 8 feet, close mesh, natural color; cial... —MORE DELICIOUS. All Grocers. value $5.59; Thursday, spe- $3.75 | Needle Bath Spray, 6 feet pure gum rubber tubing, nickel-plated spra lar value 75c,; Thursday, special, 49c Two-quart “Gem" Freezer, easy to run, makes cream in five minutes, regula price $2.00; Thursday, spe- $1.39 cial... “Nonpareil” Nursery Refrigerator, japanned, in oak, brass faucet, every~ price $3.50; Thurs day, special. de: John G. Williamson & Son Columbus Ave., 82d & 83d Sts. iregu- THe American Man's Whiskey TRADE —41-—MARK Infants’ Cotton 4% Hose, lace effect, all colors, sizes 4 to 6; pr. IL BLYN & SONS, svarantee sHoE co.|, 12ic $ 6th Ave. & 27th St. 3d Ave. & (22d St Faptorles: 401, coe REACH: 609 ath Ave. 39th & 40th Sts, 162 Bowery, nr. Broome. 403,405 E.918t Fine Japanese fans with fancy han- ail be given with all purchases, WEAR DIAMONDS. LOOK PROSPEROUS. =’ FORCE YOURSELF TO SAVE. four three RETAIL BRANCHES which we Rive aide ia gut olf established WHOLESALE, business, in DIA. MONDS, WATCIIES and Jewelry, You do not need any cash, as we ea NEW CREDIT SYSTEM to sult everybody, which !s strictly confidential. No employer's references Call, write or telephone ly, L. W. SWEET & CO., LEADING CREDIT KEEP YOUR MONEY! a Caister FOR YOUR 27-39 Maiden Le Un BURT AVE Wr punroe eT, 4th of July Outin: If you need anything in the line of CLOTHING, Hats, Shoes and Millinery for yourself, wife and ehildren, you can have every. thing on CREDIT by opening an account at any of our Tureen located stores in New York and Brooklyn. $1 Per Week, (Over Woolworth’) HE WORLD'S UPTOWN OFFICE (lormerly at 36th St and Broadway), 1S NOW LOCATED AT 1381 BROADWAY. BHTWEEN 87TH AND $TH STROBTS. (4 3d «22 3d * IEW YORK - 2274.34 ante near RAG 9 BROOKLYN—700 Broadway, OPEN EVENINGS,