The evening world. Newspaper, August 15, 1902, Page 10

\ the call market by one big bank at 6 per! “ALL THE LATEST FRIDAY EVENING, AUGUST 15, 1902, ‘THE WORLD: NEWS OF THE BUSINESS WORLD. MONEY HIGHER, TOCKS LOWER. Jump in Call Rate to 6 Per Cent. Caused Quick Decline Throughout List. EARLY MARKET STRONG. Prices . Advanced Sharply After Opening, But Gains) Were Wiped Out Later— Liquidation Was Not Heavy. Call money jumped to 6 per cent. to-day on the New York Stock Bx- change, ana for a brief period there was a rumbling of values that rap- idly dissipa'ed paper profits. There was no tangible explanation given for the big rise, although harder money rates have been freely predicted for some time. It has been frequently pointed out recently that the rates must stiffen fas soon as the crop movement made its annual demands upon the money centre, but, with all this warning, to- day’s increase found the market un- prepared, It is inevitable that the money situa- tion should temporarily occupy the ped- estal ag the factor of prime Importance, now that crop news has been relegated to the rear. Started a Selling Movement, To-day's advance in rates started a selling movement in the entire general Uist, and stocks that were not strongl. intrenched soon reached stop orders on the decline. Bankers and influential financiers who are not wholly in sympathy with the re- cent rapid rise of the market were said to be disposed to use the monetary slt- uation as a check on the speculators, It Is sald that $6,000,000 was loaned on cent. and that for some time to come the rates will be much stiffer. After the | crop movement ‘demands have been sat- ‘isfled there will be no obstacle to higher prices, Gould Shares Suffered. ‘The decline was started in the Gould shares. Missourl Pacific and Texas Pa- cific lost over two points each after each had made a new high record to- day for the present movement. Losses of a point or more from the top were sustained by St. Paul, Penn- lvania Raliroad, Illinois Central, Louisville and Nashville, Canadian Pa: cific and a few others. ‘The activity which in the early hours Was pronounced became duil on Ue de- ‘eline, but no Hquldation of Importance took place. In the first hour the market seemed broad enough to stand heavy profit-tak- | Ing, and before the money rate advanced there was good buying in many the chief issues. There was a resumption of insile ma- mipulation in half a dozen notable in- stances. The Western contingent was bullish on fully a dozen railways, and were heavy purchasers on the decline. der the leadership of the Gates party L & N. advanced beyond 152 and scored @ new high record. It was asso- elated in to-day's gossip with the al- leged pending deal between Southern Railway and Seaboard Air Line London Was Out of It. London was less of a fuctor to-day than yesterday. It bought only 15,00 out &@ total of 40,000 shares traded in and sold some of the issues which here- tofore have been particularly strong abroad. ‘There was enough rain in the spring wheat States, as reported by the gov- ernment weather to cause me uneasiness as to the spring wheat crop, pnd this was an added feature that gave my In ypetus to the decline. the industrial list, United States Steel was strong. American Ice made a decided gain, while Amalgamated Copper gold off over a point in sympathy with spe lower market for the metal in Lon- ion. The foreign exchange market was steady at about closing prices of yester day. Most of the day's dealings were in| @emand bills at 4.87 1- Cables were plentiful at 487 a 4.55, while sixty-day bills wore 4.84 3-4 to 4.56. ee CURB MARKET ACTIVE. Virginia Coal Advanced, but Seaboard Was Irregular, Renewed activity was shown in market for outside securities at the ing to-day. Virginian coa! issues showed} er gain, Seaboard issues Quotations for the active stocks at the opening were: the were Bid 6s Moderate Trading tn Americans, with Tone Firm, ‘The London market to-day was strong | generally active in all departments angi strength continued and it is me belief in financial circ ‘Phat the late depression is over and that the market will have plenty of _. @peulutive support. ° |e the department for American rail- Way pecurities the trading was moder tely active and « generally firm tone eev ‘Prices were a shade in ad- we the final Agures at New York ~ Africans «were fractionally firmer, ——————— Bulet on Berlin Boerne, 1b.—Business was quiet PETER POWER case “There Will Be Something Doin’ When Morgan Gets Back.” THE QUOTATIONS. | ‘Shares, High. Low. Close. 200 Adams Expre: 220 216-220. 8,500 Amalgs ited Copper. 6b 6b 900 Ain ‘Chem nm 1,300 Amer. gicyol ot 200 Amer. ley’ pt. »v 1,400 Am. Car & Foundry. 3h 100 Am. Car & Foun. pt 225 400 American Cotton Ot) bm 2,300 Amer. Grass Twine 50% 1,100 American Ice Co 13 1000 American Iee Co. pt “a & American Linseed UN Mw Amer. Locomotive um 1% | Amer, Locomotive pt i 8 | Amer Smelt. & Ret.. 848 | American gar 133% 14 Am. Tel. & Tel. ee 166 167% Arm. Tel & Tel,” rex % 1 Atch,, Top. @ 8 F.. O2% RZ Atch., Top & 8. F. pf. 102% 102% Balt, & Ohio ex-dlv.. 100% 109% Broolayn RT. Buf, TR. & P. D. “Certs ‘& Ohio Un. Trae. ch Gale. Un. ‘Trac. pt. Chie, Gt. Che. Ot Chic, GL WB. thie, Mo & Bt P. Chic. @ Alton pt aN Ww. 0. & tT . Lor, & Wheel Fuel & Tron Southern Gol. Southern 24) pt Col, & Hock, Val Col & Hock. Val. pt Conmal. Gan Con. Tobacco pt. rn Prod: Com Prod 700 Derrolt 100 Diet titny uth. pf 1.200 Distélling Co. pt Dujuth $8) Atl Dui #8 & AU. pe Det. Un Ry Erie in & 200 Erie 24 pt 200 Evanws ge TH 100F. Worth & D. 6 200 Gen. Hectric 100 Gen, Chem. pt 20) Geo. A. Fuller pt 3X) Hock Coal 4.600 TL Central 1,100 Inter. Pay Central pt Fo 8 & M pt ‘Clty Southern Southern pf 1.000 Kan. Metro, St RR Mexioan Oentral Minn, & StL. M, BP @ 88M Mo. Kan, & Tex I», Ki & T. pt Mo. Parific Neen Ca ®t. L Nat, lead ces Iwad pt eading Heading Ist pt Heading 24 pt ep. Steel 4 Grand laland Jo G. 1, Im pt Lek {1d de. F Bd wf ox. div Loule sw LW. pt Hope & Twine ‘eal & Iron Paci LOOT. BO a Ww 39.000 7) tL a WwW. pt Me) Trin Cy RT 700 UB. Pipy US OR, & Re Un Beg & Paper OK) Union Pacite “400 Union Pacide pt 1.00) Union Fac. rem 1000 Baprese 280 ULB Leather 400: U! B Leather pf. \ 8. thee caro: chen | |commodating County Assessor was ‘gross earnin “| this flne profit were not required to GOSSIP IN AND ABOUT WALL STREET. Hill’s Personal Tax List. James J. Hill, rallroad magnate, miHionaire and art lover, owner of steam yachts and summer homes, was taxed last year on $210,530 per- sonal property in St. Paul. This year the County Assessor accommo- datingly cut the assessment to $136,- | $2 945 on personal property, which the Board of Bqualization promptly Ulted back to the old figures of $210,- 530, It was the unanimous view of the members of the board that the railroad king’s art gallery alone was worth $150,000 or more, and the ac- knocked out in the first round. Mr. Hill will pay the, tax without pro- tent “6 6 For the month of June sixty-four roads report an increase of 8.29 per cent. in and a net increase of For the fiscal year fifty- three roads report an increase of 9.08 per cent. in gross earnings, which tn equivalent to 10.8) per cent. Increase In net earnings 3.82 per cent. $302,000 Profit; Outlay 80. Members of the Monon syndicate, seventy-five in number, have re- ceived from J, P. Morgan & Co. checks for $302,300 as profits in the easy task of financing the $7,000,000 of bonds guaranteed jointly by the Touisville and Nashville and the Southern Railway in exchange for the stock of the Chicago, Indian- apolis and Louisville road. The members of the syndicate who reap put up,a doilar in cash, and the syn- dicate was in existence less than three months. The Morgan ‘melon crop” seems unusually fine and large this fall, ‘The Long Island Railroad has eet aside the eum of $20,000,000 for abolishing the grade crossings along that system. ‘The work is to be done 1 conjunction with local and State authoritl Athletic Club in RR. Fight. George Gould and President Ram-| sey, of the Wabash system, are char- ter members of an athletic club out in Ohio which was organized in a queer way, While the Wabash was fighting its way East toward Pitts- burg it was being handicapped at! every turn by the Pennsylvania. The | latter took options on lands which it thought the Wabash would need, and | in every way possible sought to! Block {ts way to the sea, At one| point in Ohio the Wabash was at a standstill. The land it wanted could not be secured, Finally {t won the| victory by agreeing to incorporate an athletic club association for the benefit of «# recalcitrant village | Bank to which held the property. Messrs. Gould and Ramsey are charter mem- bers of It, . 8 @ ‘The Baltimore and Ohio statement for June shows gross earnings of %,02,741, an increase of $388,874. The operating expenses were $3,165,950, an increase of 76,631. The net earnings were $1,861,791, which Is an Increase*of $112,248. oe Thurston’s Hawaiian Mission, Former United States Senator John M. Thurston, representing, it 16 said, the sugar combine, hes salled for Honolulu. His business is to syn- dicate most of the big sugar planta- tions on the island. The Sugar Trust is sald to have planned the big con- solidation because {t wants no inter- ference later on in its business, It controls the situation here and pro- poses to continue this control in all the new possessions. * 8 6 ‘The State Board of Railroad Com- missioners has granted permission to the International Rallway of New York, to Increase Its stock from $10,000,000 to $17,000,000, Ready to Move Crops, Influential bankers are pot dis- posed to uccept as final the state- ments from the West that very lst- tle money will be needed from New York to ald the crop movement. On the contrary, local bankers believe that big amounts will have to be sent from New York to the Interfor to start the bumper crops to market. When the interior sends fn its usual crop money demands it will find the financial district well supplied with cash, but the movement must neces- capital sarily result {na higher and tighter | money market. A traMec arrangement has been made between the St. Louis & San Francisco and the Clover Leaf by whidh the for- mer will use the tracks of the latter east of the Mississippi to connect the Chicago & nN Wiinois and the Frisco. Bank Tax Test Case. Wall. street bankers head the movement to take the test case of the Leather Manufacturers’ National the court of last resort against the collection of the tax on profit and loss accounts or undivided accounts of banks, Commissioner of Internal Revenue Yerkes, who es- says the collection of this tax under the War Revenue act of June, 1898, has authority for his action in a ree cent court decision, To bankers gen- erally the collection of the tax by the Government means such inroads into their profits that they find it largely @ matter « ' self-defense to re- elat legally until the highest court passes on the point. CHICAGO GRAINS BULLISH, + 1” yao" ag By 14 Bh SON KON BON 1 a” 40K 40R + BS Boh doe ee FE Be Fi Raiue in Spring Wheat Helt Caused Upward Movement, CHICAGO, Aug, 15.—Grains were ac-| tive and higher at the opening to-day, | latgely influencea by the rains in the! spring wheat harvests. leading bulls supported the market and on the scanty contract receipts and bad weather for grading September held wirong Corn advanced on the wheat infuen Cables were lower, but there wood covering In December and receipts were still buflighly low at thir. \ an active carly demand and Siading apd out of Ti out of Pri le dacs a ears received only twenty-two were con- ) ‘vistons were dull and, weak early. Liverpool Gratin and Provisions, LIVDRPOOL, Aug. 15.—Closing; Wheat Spot quiet; No. 1 Northern spring, 6s. 24. No. 1 Calitornia, 6s. 3.1 steady mber, be, il 8 feah mixed, bs. Boptember, | 4s, 11 Intd.: 9 1-20.; January, Se. 11 Bd, prime mess, Western, 88s. 6d, Phor, cut, 14 to 16 Ib. quiet, B7a, 6d. gon—Quist; Cumberland cut, 26 to 99 Jb. 4 long clei ight, 26 to 84 1 sulddies, Company, | ts m> Yesterday's ber, bs, 10 1-34, Corn—Spot quiet; Amer-| 071-4 to 67 Midd; futures quiet; October, 4a. Pork—irm | Hame— | wWicat—Beptember. Ba-| 1 1. ; whort rib, 16 to 24 Ib, See. bd. ; VANDERBILTS GET HOCKING VALLEY. Big Coal Carrier Is Secured by the Purchase of Block of Stock Held by T, F. Ryan. oe js | W. K. Vanderbilt, acting for the Lake | nore road, now controlled by the New York Central, has purchased control, It | jis sald, of the Hocking Valley Rallroad, | | ‘Thomas F. Ryan, who held one-third of the stock, sold it in a lump on one | bid just before he ealled for Murope. The Vanderbilts were the purchasers. | For some time the Vanderbilts have been seeking coal supplies for their tem wherever available, and their pur- chase of the Hocking Valley is regarded as a master stroke, Hocking Valley crosses all ot the Van- derbilt trunk lines in almost a direct north and south route, and distributes coal in large quantities to lake ports and lo the West. Up to this time the Vanderbilt lines ve received comparatively small amounts of this traffic. ‘By virtue of a controlling Interest in Hocking Valley, it will henceforth get it all or s0 nearly so that the percent- age {i fails, to get will be exceedingly small. SEABOARD BONDS BEING EXCHANGED, Majority of the $10,000,000° Collateral Trust 5 Per Cents. | Taken Up with Refunding | Issue, Holders of the $10,000,000 collateral | trust 5 per cent. gold bonds of the Sea- bourd Air-Line Railway, which are pay- able in October, have an opportunity to exchange them. . Vermllye & Co. and Hallgarten & Co. offer to exchange these maturing bonds for an equal amount par value of the Beaboard’s refunding collateral trust 5 | per cent. gold bonds due in 1911 on pay- ment of $4 per bond. | The offer of exchange is subject to! withdrawal, and it is announced that a) Jarge proportion of the bonds has al-| ready been exchanged. The new issue, which js to pay for the! Seaboard’s Interest in the Richmond- ‘Washington Company and other valua- ble property is secured by a deposit of $20, Seaboard Air-Line first mort- | gage 4 per cent. bonds, now selling | above 87. BROKERS PLAYED VERY “FOXY” GAME Loaded Up with ‘‘Long Time”’ Money in Expectation of| Stringency — Now Bankers) Have the Laugh. A contest at high finance between the | leading bankers of the financial district and the shrewd experts of the New York Stock Exchange has culminated in an overwhelming victory for the bankers, It transpires that all the big Stock Ex- change houses, under fear of a tight money market and prohibitive rates for short time and call loans, have loaded themselves with long time loans at in- terest rates ranging from 4 to 6 1-2 per cent, They are now carrying enormous sums on long ume, mostly for six month periods, and have so little use for the money that they are lending it in the cull loan crowd at 2 and 3 per cent. to make up part’ of their Interest | charges. Phe banker: n their part, having so conducted thelr campaign as to shift the burden or loan carrying from. the [shoulders to those of the Stock Ex- change men, no longer entertain any |fear of a stringency in the money mar- et | To add to the discomfiture of the brok- ers who are loaded down with long time money, millions of doliars of English inoney' are belng sent here to compete with local money fn the call loan mar ket : It ts dull on the other side, and the higher rates pald here appeal strongly to the British money lenders. STEEL’S ANSWER “AUG. 25, New Date Set in the Suite of jodge, Curtis & Co, Another postponement of the date for Ailing the United States Steel Corpora- tion’s answer to the suits brought by Hodge, rtis & Smith, was granted by the Jersey courts to-day ‘The date for the ans finally for Aug. 2. Attorney W. D, Guthrie for the Bteel Corporation has been so busy in the Peter Power gults that he has not had time to work on the other suits. ———— The Whi Market, The wheat market tq-day opéned | strong and active, September sold up 5-8 in the Arat ten minutes, September shorts continued to cover in all the ma kets. orn Was steadier, with We demand {rom shorts strengt nh wheat eign house: Pought @ iittle May wheat at the ope Prading continued moderately. and the murket became very steady New York's opening. prices Wheat—September, 111-8; |%2 3-6 to 127-8; May, 4 (ember, 57. bid; December, May, 44 bid. icago's opening prices were: Wheat ie W14 to 701-2: December, ; May, 70 to 70 1-8, Corn— September, 51'3-4 to 62; December, 41 6-8 to 41 7-8; May, 3936 to 99.12, New ‘York's closing prices wore 4 : Dec om r is now fixed \ May, 75. Corn—@eptember, bia; December, # 1-2 bid; May 4) Cacago Slonlnx prices were: Wout 80 7-8 nominal: Beptember, 70 1-8; | December, «7 5-8 to 67 3-4; May january, | pany, MAY GET FOREIGN STREET RAILWAYS American Traction Syndicate Said to Have an Eye on the; St. Petersburg and Moscow | Systems. that a The report from St. Petersb syndicate of Americans ts negotiating for control of the st railway systems jof St. Petersburg and Moscow 1s suid by influential Wall street interests to be ct in a sense is said that the American combina- tion of traction millionaires, which in- cludes the Widener-Elkins-Dolan-Brady- Flower people, has had for some time a tentative scheme for entering the for- elgn rapid transit field, but that ft will not do so until the psychological mo- ment arrives, That will be when the combination has | secured from a foreign government franchises or concessions valuable enough to insure a profit In the under- taking it Is emphatically denied that J. P Morgan has any interest In this new and official denial was made at the of J. P. Morgan & Co. that ( Stafford was in Russia as the repre tive of Morgan & Co. SCHWAB NOT 10 LEAVE STEEL C1 Story that He Was to Be Sup- planted by Gayley Is Em- phatically Denied at Com- pany’s Offices. Officials of the United States Steel Corporation to-day characterized as a deliberate misstatement the st that Schwab would soon he re- Billion. Dollar Charles M red as President of the Steel Trust. In the story which was published to. day, 1t was stated that as soon as J. I Morgan returned he would depose Mr. Schwab and put James Gaytey in his place. It was also said that the pre: the big corporation was sow with the details of the comine! of the Ste@ Company that he x tleally useless, All these statements were and categorically denied by o the corporation. dent of specifically ficials of Mr. Schwab is at present out of the city. He Is taking a vacation, His health has greatly Improved, but he will not return to work for some time CHARGE OF FRAUD INMINING COMPANY Herbert T. Beatty, Forme President of Balvanera Cor- poration, Accused of Wrong- fully Converting Securities. Hervert T. Beatty, former President of the Balvanera Mining Company, of No. 11 Broadway, appeared in * Contre Street Court to-day in answer to a summons obtained by Charles W. White Secretary and Treasurer of the com Mr, Beatty is accused of wrong- converting $17.0 worth of securi- fully Hee pees Z controversy grows out“of business differences. Mr. Beatty says that there is a division among the stockholders and that he has done nothing that his po- sition as President of the company did not warrant, At the request of Levy & Unger, counsel for Beatty, the hearing was adjourned to Aug. 19, oo The Cotton Market, The Ideal cotton market opened quiet | to-day with prices unchanged to 2 points lower, The market was quite steady in the early trading and prices hovered about last night's final bids, Cabl were poor, There was very little co ton for sale and the room contingent was in no mood to oppose Wall street buying. There was no feature in the weather reports. The opening prices were: August, 8. to 8.48; Beptember, 7.99 to 8.01; October, 7.86 to 7.87; November, 7.19 to 7.80; De- cember, 7.77 to 7.79; January, 7.80 to 7.81; March May, 7.80 to 7.82 The pric 2.80 P.M. were: August, 8.40: uar Ox ; December, Arbitrator on Reld Ratlrond Claims ST. JOHN'S N Aug. 15.—Juatice Emerson, of the Supreme Court, to-day named Peter Archibald to be third arb{ trator in the adjustment of the Rela allroad claims. | “Mr. Archibald | was rormeriy Chief Engineer the 1 Colonial Rallway’ 9f Ca ie hae ——————— SHIPPING NEWS, ALMANAC FOR TO-DAY. Sun rises. 5.09/Sun sete. 7.00)Moon wets.. 1.46 HIGH WATAR andy Hook.. 441iGor, 1'd,. 6,18|/Hel Gate, 7.06 PORT OF NEW YORK. Penclift Dine New Orleans Hoyt Geith Haiti Havana Philadelphia OUTGOING STEAMSHIPS, SAILED TO-DAY. Lawenburg, 1 Colorado, Brubawick, Hamilton, Norfolk, » INCOMING STHAMBHIPS, DUB TO-DAY, | | | | | STENT _— ne ee / The Remarkable Young Woman whose book, “She Story of Mary MacLane, by Herself,” has been unquestion- ably the most widely diseuss- ea book of the year, has come to New York under special en- gagement by the Sunday World, to write her Impress. ions of the East.