The evening world. Newspaper, August 14, 1902, Page 2

erie eta a ASS et ne “ALL THE LATEST NEWS OF THE BUSINESS WORLD. paete eveanes ents se THE WORLD: T HURSDAY EVENING, AUGUST 14, 1902. RUSSIAN BONDS MONEY ¢ ON EXCHANGE. | More than a Billion) Dollars’ Worth of Se-/ curities Added to tle Speculative List. The Russian 4 per cent. rentes, ag- gregating 2,310,000,000 rubles ($1,188,- 495,000), were regularly listed on’ the Stock Exchange to-day, the appfica- tion of Morgan & Co., Belmont & Co., Baring, Magoun & Co. and the National City Bank having been unanimously approved, it Js said, by the Committee on Stock List. Accoruing to the statement sub- mitted to the Stock Exchange by the applicants, the rences are in coupon form, and range in denomination from 100 to 25,000 rubles. ' ‘This listing of foreign stock !# the dig- west one ever authorized by the New York Stock Exchange. It aggregat more than one billion dolfars in Ameri- can money. The effect is expected to be especially notable In calling attention to the growing world-wide importance ‘of the New York financial centre. {t Is thought that ultimately a foreign a partmeng will be started by the Stoc Exchange. ‘At the option of holders the bonds can be registered as to principal. IrRerest is payable quarterly, on the Mth- ef Maroh/ J@ne, September and December, at the fiscal agencies in the United States, these dates being, according to the Russian calendar, the first of these months. ‘The bonds have coupons attached for ten years from date of issue, as well aa @ talon for the delivery of additional | ¢, coupon sheets thereafter. The bonds! ang bought over 30,000 shares in this were issued by the Russian Minister Of |tnarket. ‘The bulk of its purchases Finance in compliance with Imperial Mere confined to the steel issues, Nor- ukases dating from April, 1894, to April, 1901, for the purpose of the conversion of old State loans, bearing high rates of |t interest, for the purct of railroads and for other finance perationa. No fixed date is named for the pay- ment of the nt@s, but the Russian Government reserves the right to redeem the certificates at any time at Its own option, in accordance with a decree iesued in April, 18%. fi ‘The interest drawn by the rentes is|¢ subject to an income tax of 5 per cent save in the case of holders who are nelther Russians nor realdents of Ri . These may avall themselves of the privilege of exemption, as permitted by the Minister of Finance. By these terms Russian owners of the rentes have their |} income reduced from 4 per cent to 3.80 per cent., the difference being swallowed up by the 5 per cent. Jncome tax ‘The coupons are payable In Russia at |ern. i on |) the State bank and its branches, Amsterdam, Beriln, Frankfort, and Paris. Various banks and bankers im the countries named are authorized to exchange the certificates. LONDON MARKET STRONGER. Americans Fairly Active, Firm Tone. The London market to-day displayed Much improved tone tn all depart- ments. Trading was moderately active and prices were substantially In ad- vance of yesterday's final figures. In the department for American rail- way shares trading was moderately ac- tive. with a generally firm tone pre- vailing. Good strength was shown in nearly all the important issues and prices were fractionally in advance of yesterday's closing at New York. 2 The Wheat Market. The wheat market to-day opened | moderately active, with prices traction- | ally off from last night's closing. The decline was due to poor cables and @ fuvorable weather report from the) Northwest. ‘There was fberal selling of wheat on the decline. Outside mar. kets were all off at the start. Corn was also weak at the opening on warmer temperatures in the Western belt. Foreign houses sold wheat freely | at the opening. New York's opening prices werg: with Wheat—September, 731 December, 77-8; May 747-8. Corn—September, os, Chicago's opening prices were: Wheat —Beptember, 693-4 to 691-2; December, 671-4 to 66 7-5 69 3-4 to 69 1-4.- Corn tem! 8 to 821-4; December, 41-4 to 423-8; May, 39 New York's closin, prices were Wheat—September, 737-8; Decemb: 3 6-8; May, 74 6-8 Corn—September, Bid; December, 45 1-2 bid; May. 44 be a prices were heat aA eptember, 69 1-8; De- 66 101 5M 82 cember, 8-4 to & 7-8; May, 69 8-5 to @ 1-2, Corn—Septomber, 51 7-8; Decem- ber, 41 1-4; May, 39 1-4 to 89 @ The Cotton Market. The local cotton market opened barely | steady to-day, with prices 2 points higher to 2 points lower. Cables were | bearish and the market indicated a de- | sire to rospo Bofore the close of the call, however, strong Wall et support badly frightened the short in terests and the sentiment became al influence, important be soon be settled. was fairly good distribution of busi- ness, and commission-house trading w: folk and We on his return would speculators, why have been lettin, Stock find Its fevel lately 5 advance of nearly 4 point eile and u actly ume deman = will rajlroad interests of the Northwe prevent {ts becoming a disturbing tor in the rate eltuation. The panies adva and the ON INFLATION Hardening of Rates Has Tendency to Steady Market and Restrain Overconfidence. ‘To-day’s advance in call money rates to 4 per cent. had no im- mediate effect upon the market ex- cept to hold in reasonable check the broadening volume of specula- tive business. It was a distinjt warning to the over-confident, however, of what 18 a strong probability at any time now —a hardening of the money market and an advance In rates which will hurt the over-extended. Crop news continues as encouraging as heretofore and weather conditions in the spring wheat belt and the corn country are still ideal Sentimest Was Bullish. Bullish sentiment was still the dom!- nating tone, but there was observable in to-day's activity a renewal of syndicate and pool operations which gave the market almost wholly to the profession- A jarge nhmber of important financtal and raltroad ls which await the re- turn of J. P. Morgan, and which have an ring upon the market, will At the active opening to-day there better, A.ondon in Optimistic Moed. London was particularly optimistic o-day concerning American securities, ik ern and Southern Pacific. Under the Influence of a report that he fret thing Mr rgan would do to announce the Loulsville ang Nashville, that enjoyed a strong advance and 4 161 mark nd group of Western that Morgan Is Coming Yes tre Th cae ameuice \ (rete cone} Sine Pabe Throw we Gone Aye Home and the Crowned Heads Are Not sorry. BANKS MUST PAY “$300,000 IN TAXES, were and strongly small sal ay support it scored an idence to-« he stock St. Loui Southwestern, Missouri Pa- 8 Paciflo—three leaders of 1d group—were ofan strong and ¢, and gained on sales of such yol- is to Indicate almost certainly ‘avy accumulation. Nard Conlers Depressed, ‘The poor showing of Ontario & Weat- he ol one of the anthracite currters, had a depressing effect upon the reat of the hard-coal group, and they were litte In Chicago Great Western was in strong to-day on the bell at ft have to "be acquired by vig t 10 fac- In the weal industrial Us selling below last nights, ch eel issues were firm and wi traded in, The expresa com- ced from 2 to 3 per cent., ‘al tone of the epeculation vedingly confident. er was heavil In the foreign exchange market there were Increased offerings of commercial storling for future dellvery, but dust- ness in spot bills was light, ‘no steamer sailing untll Saturday, ‘The money market was quiet and without noticeable features, ———_— THE QUOTATIONS. Shares. 12,900 Amal 10) Am 200 Arn. 1,200 Am. 300 Arn. 10) Arm 100 Am 100 Am 8,400 Arn Copper Se RES Fore Smelt. & Ret S & Ret. pt Sugar Sugar pt Tel, & Tel, Co... onda Mining Baltiinore & Whio 4/000 Canadian Pacitc Internal Revenue Commis- sioner to Collect Levy on| Undivided Accounts Under| the Circuit Court's Decision. WASHINGTON, Aug. 14.—Commission- | r Yerkes, of the Internal Revenue Bu- reau, has directed that immediate steps bo taken for the collection of the tax on profit and loss accounts, or undivided accounte, of banks, trust companies or private banks under the war revenue act of June, 1698. ‘The amount to be collected will ap- proximate, it is sald, $300,000. Under an opinion of the Department of Justice, the tax had only been, col- | lected on the capital and surplus of | banks, but the Commissioner ruled last Jqnuary that the undivided profit, or profit and loss accounts of banks, are part of the surplus find thereby subject to tax, § After this ruling was made, by re- quest of representatives of the banks, the Commissioner agreed on Jg@n. 27 last to withhold collection pending a decision by the United States Cireult Court in @ sult to be brought to teat the question. ‘Thig suit was brought in the Southern District of New York by the Leather Manufacturers’ National Bank, of New York, and was ded a few weelts ago adversely to the banks, the Court sus- taining the position taken by the Com- missioner, This tax was repealed by the last Con- gress, the repeal to take effect July 10, so tha t present there Is no In- ernal revenue tax on capital, surplua or divided Bronte of banks. The tax to be collected will be for the year ended July 1, 1902. \ — Work on Mexican Short Line, LAREDO, Tex., Aug. 14.—A Monterey special says: “Work on the construc- |tlon of the Mex Central Short Line |to the United States is about to be com- pleted, engineers are now at work north of Lampasos. — Bank of England Gains in Reserve. LONDON, Aug. 1.—The proportion of ale Un, Tra Ou Wert ot WB Fn Mila 1st $200 Chie Re i 0 Chic unt ADO Chicag cy T6500 chic" Attowent 10) Chic, @ Northweat Fi aaa ne a 1,800 Co}, Fuel @ Iron 0 Southern & Hock & Hock Rim) Den, & Ric 000 Dew Mt in) Detroit tinotly bullish, There was no feature in the weather and crop unts, | Trading was quite active in the early merket. | The opening prices we gust, 8.99 | r, Beptember, 7.03 to 7.80 to 7.81; November, 7 comber, 7,72 to 7.73; January, 1.77 to 7.78; | February, 7.76 to 7.77; March, 7.15 t@70; | May, 7.7% to 7.1 | The prices at 2.9) P.M. were; August, 4&4; Beptember, 8. Ovjober, 7.58; Janu ary, 7.33; Maro’, 80, Provink Wheat No. 1 Northern spring 68, 11 18d; De: w, Se. Wid. Corn—Bpot, quiet; eam mixed, bu, 11-2; futures September, 4s. 11 1-24.; Octover, }; January, aouinal, Prime snes Wentorn, sa, Gd to 16 los., quiet, bo berland cut, 24 lo aw 16 to 44 Ibs., 60s, 64; it, 28 tO Ibe, dull; Beptembs 100 1 18.1100 10) M wy Mow Mine, Bieruit Lea! bt Lead HR, of Mex 400 Nat 109 Nat. 100 Nat, RR of Mex, pt 100 No J. Conte 16,500 Norfolk & 200 North Aw ay 134 wa = ‘Trust CURB MARKET ACTIVE. More Active innues Scored Ad- vances in Outside Dealing. The outside market was strong and active with advances in the more active issues, The advances wera from 1-4 to CHICAGO BANKS IN GOOD SHAPE. 11-2. At the opening quotations ofr the ac- tive stocks were President Mitchell of the Mli- eerie seater nois Trust and Savings Com- eee ta a aS pany on Western Financial) fe is: i go 3 bate Conditions. Seaboard’ |. HG AHI WHS Knob, 2 NY. ces InfluenceHavrnc. President J. J. Mitchell, of the Tiitnols and Savings Bank, of Chicago, who was in Wall street to-day, sald that the Chicago banks age in a better éondition than they were a year ago to assist in moving the crops. “The burden of financing the crop! movement will not fall so heavily on New York’ this year,” omaid Mr. Mit- chell, “because the West 1s able to do eo much more thia year than les Concerning the statement that Man-| hattan banks are lending $60,000,000 mor than a year ago, a lading financier says ‘The collateral of the New York banks is a vastly better security this year than was the case for the Increased loans a year ago. “Last year the banks loaned on stocks whose values were sustained chiefly by the hope that the corn crop failure would not be repeated. “At the present time these hopes have been changed to the actual value made certain by the abundant harvests of all kinds, | t should also be borne in mind that stocks are held by rich men—men of enormous fortunes—who ar prepared to hold them through the tight mohey squeeze which may come. RUSSELL SAGE IS NOT RETIRING YET. Report in Wall Street To-Day Promptly Denied at Aged Financier’s* Offige—Caused a Stir. BERLIN, Aug. —A quiet tone pre- alled on the Boerse to-day, but prices ere maintained and the market be- came stronger Og privaté advices, from London to the effect that a favorable money market js expected shortly New York. |the Bank of England's reserve to la- bility thia week is over per cent., |as compared with 49.15 per cent, last Rate of discount unchanged at 3 per cent 4,800. N.Y. Centra 120 NI¥., @ & Bt b. tw Nov 0&8 pr Noy! @ NO Onaario we Western 18) reseed Boel Heading Jing Let pt ding 34 pt Seed su Kep Hep. foul #8. W. pe 4) & Iron wx Pacit » Pac Land. La W Caw. pe chy RT r COL Ripe pt » ag & Paver Pacit Lig wig. Le ‘ ' OW. & L. Bod pe. Ah « ral pt i Pate strccese uo The to6m) pales Df alocks wore e109 gharks and of bonds $3,101.00, i ° ‘The report that Russell Sage had told friends he would retire from active busl- ness next December was given wide pub- Heation sin the financial district to- y. At the oMfce of Mr. Sage the story was emphatically dented, ‘Mr, Sage says that there ts aothing the story,” said Secretary Menzes t Isa revival of an ancient yarn tha has seen valiant servic® for many yeare. "On his elghty-sixth birthday Mr. Bage expressed his views upon this point. oH said then that he expected to keep businly at work In Wall streot for some yeurs yet, and he had no intention of retiring from business, “Hie views to-day are the same. He has not changed them and has told no one that he would retire,’ TRYING ‘To Appeal in CHECK WABASH. Piltebars fe Courts to Indemuity Pa, Aug. 2 tlons were filed_in the county courts foeday by the Pittsburg and Lake Company against the Pitts Carnegie & Western Ratiroad pany (0 the bond furnished to cover damages resulting from oringing the ratiroad in Bittsuburg through the ith Side. The Pitusbirg, Carnegie and Westera ‘is to be the terminal of the Wa- db system in Pittsburg, he exceptant aileg that the War baeh made no effort to agree upon any ue of property to Le taken; that it | does not appearethat the Company is | Vested: by law with the right to con demn the property, and that the bons Jenoula We not less (han $600,000, * * ‘ GOSSIP IN, AND ABOUT WALL STREET. [|VELY FIGAT FOR All After Morgan's “Melons.” To become a member of one of the Morgan underwriting syndicates is the secret ambition of every Wall Street financier. Ever since the fab- ulous profits of the membets of the Steel syndicate became known, the scramblé for the ‘honor of aiding Morgan financial schemes is greater than ever, In the Steel underwriting the syndicate advanced to the Steel Trust for eight months $25,000,000. Then they received back their orig- inal $5,000,000. In addition they got Steel. stock worth, over and above all expenses, at legst $56,000,000. Prof- its on this to the amount of $30,000,- 000 have been pald. This makes a profit of 120 per cent. so far, with at least 1v0 per cent. more to be paid in the future. Any venture that will pay 220 per cent. profit appeals pow- erfully to Wall Street. . 8 « The Virginia-Carolina Chemical Com- pany has declared the regular quar- terly dividend of 11-4 per cent. on the common stock, payable Sept. 1, The bogks for this dividend close Aug. 23. se 8 Merry Railroad War, The Gould combination of railroad magnates has evidently made up its plans to wage a stock market war against President Cassatt, of the Pennsylvania; J. P. Morgan and the big financiers who are with them as against the Goulds in the Pennsyl- vania-Wabash fight. It is positively} affirmed that thé Goulds and their, friends are buying heavily of Nor-| folk and Western and Chesapeake | fnd Ohio, with the evident view of) trying to overthrow Pennsylvania's! Expert Extimntes Huge Increase of | domination in those roads, It is) claimed that the Vanderbilts are also buying into Norfolk ‘and Western, but this has no official confirmation. eof 8 ‘Phe Twin City Rapid Transit reports for the first week in August earnings of H4di1, a decrease of $8,223, From July 1 its earnings were $249,323, which is a decrease of $3,019. oe Morgan on “Bull” Side. Wall Street was pleased to hear that J. Pierpont Morgan looks with) favor upon the present high prices in the stock market. So many of the pools and syndicates have had their ambitious plans for booming prices nipped in the bud by the men who) control the market that it is good news to them that Morgan believes |Influences were prices will go hgpher. Comparative- ly such a small number of big men swing the general course of the New York stock market that the views of tne king pin among financiers gen- erally blaze the way for the others. e ¢ 8 These new Stock Exchange listings have been approved: Colorado Fuel and Iron, $3,000,000 additional converti- ble bonds; Denver & Rio Grande, $1,- 000,00) additional 4 per cent. mortage ‘bonds; Irving National Bank, $500,000 additional capital. see Burlington a Bargain, ‘When James J. Hill and J. P. Mor- gan started to organize the Trans- portation Trust—the $400,000,000 Northern Securities Company—.uey tried to buy the St. Paul instead of the Burlington. They considered the price too high, and took the latter. No doubt they are glad of it. The statement of the Burlington for the fiscal year ending June 30 ehowed an increase in gross earnings of $3,743, 257 and an increbse in net of $2,175 309. For the year Burlington earned the full guaragteed interest and a surplus of $1,293,983. This is the banner record for even that pros- perous road. For June the New York, Ontarlo & Western, one of the anthracite road! reports earnings of $262,045, which is ‘a decrease of $241.02. Its deficit is $24.011, agains! a surplus of $155,903 Jast y For the fiscal yedr the net earnings were $1,295,912, which is a decrease of $246,804, This shows how the strike of | the hard-@oal miners js affecting it CHICAGO GRAIN BEARISH. Crop Over Last Year, CHICAGO, Aug. M.—Strong bearish work in grains at the opening to-day. September wheat wax sold Very heavily by leading long inter- ests, The bearish incentives were In- different cables, weak outside markets and good crop reports. One statistical journal estimated the yield of all grains this year would exceed that of a year ago dy 1,100,060,000 bushels. The weath map was not so wet as had been expected and shorts who had been frighteued yesterday put out thelr stuff aguin. A good support arrived, however, on the decline, and there was a sharp rally. Reports that the corn crop was pro gressing favorably, together with estimates of heavy harvests, broke @rn easily. A good cash demand and strength In ogts and wheat brought something a rally, Oats were receive: —848 cars, but only 28 cafs were of con- tract grade. The cash demand was good Manipulation was at work In provi sions. With liberal hog receipts and lower prees at the yards, the opening was steady, Support was at hand and prices advancad readily, in. pberal quanti! _ went. of their holdings 6.9.0 f RAILROAD, Goulds and Pennsylvania Ine terests Expected to Bid on Ohio Line to Be Sold at Auction. There ts certain to be lively bidding at the public sale on Sept. % of the Columbus, Sandusky & Hocking Rail- road. By order of Judge Thompson, of the United States Court, the road will be sold at public aution at that time to the highest bidder, by the coort {s $2,760,00. The purchaser is Jo put up $200,000 cash or $600,000 cer- tintates. On thé request of the Metropolitan Mercantile Trust Company, the order was issued as the result of long-pending litigation. It is expected that the Goulds, Mor- gqn and Pennsylvania Interests will compete spiritedly for the road, as it the “only direct competitor of the ‘Toledo end Ohfo Central and Hocking Valley coal roads. The Columbus, Sandusky and Hocking fmilroad Company owns 260 miles of rdad, It has a capital stock of $8,002,000 |and a bonged debt of $10,750,000. It hag | been in the hands of a receiver since | 1897, \ | LAST CHANCE FOR _ SHORT-LINE BONDS {Union Pacific Subscriptions for Oregon Securities, Which | @lose Tc-Morram, Likely to Absord Entire Issue. | To-rmwrrow will be the last day on) which holders of Union Pacific preferred] and common stocks may exerelse theft} rehts to swoseribe for the new bond issue of the Oregon Short Line Railroad Jer the terme of the issue, holdert nion Pacific stock May subseribe {or the bonds to the extent of 15 pei The whole Issue {1s $31,000,000. Sub- | scriptions have been received at the! Union Pacific office for the last week inf uch amounts that {t ts belleved the en- tire issue will be taken by holders of Union Pacific stock If any part of the total amaunt is left unsubseribed it will probably be smatle:' thay any similar instance of stock right! [inthe last five years. ‘The upset price for the property fixed® ™