The evening world. Newspaper, January 20, 1903, Page 6

LL THE ) LA TES T NEWS OF THE BUSINESS WORLD. Ta PRATT WALL STREET ing Millionaire Who Has Worn for Three Years in Refineries Becomes a Broker. 7 STED IN AT THE BOTTOM. ‘Was One of the Founders of othe Standard Ol! Trust, but the Man Began by Cleaning i ing worked about the various ‘of the Standard O! Company ‘Millionaire Herbert Pratt has sn up ‘lg position 1s General Super- of the big trust and will 4 this time to the stock market. Pratt is not yet twenty-seven Although he was a million- per teres over, he has performed Jabor in order that he might every branch of the industry q@arns sdditions to his fortune. years he wore jean overalls — im Long Island City m herontter Mr, Pratt will have of- Broadway, Manhattan. who until recently was of the Pratt refinery in years ago thet he walked into the ‘qf the Pratt Manufacturing Com- ‘end put on a pair of jean over- He first learned to clean stills, fs aport the dirtiest icind of work pte pack and whip it—there was no ef the trade which he did not ‘When he was thoroughly ft he became the sreneral su- of the refineries in this ty, and Bia} continued to wear his until) Was announced to-day them to go into rd, who succeeds young tege of Henry Rogers, early promoters of the Rogers atarted ito as in New Bedford, Mass., f f, Gifford hails. Mr. Gittord be- io at the machinist's lathe at ‘s refinery in Brookly: ——————— TOPPER MAGNATES WIN ROYALTY SUIT Senator Clark’s United Verde Company Gets Decision in _ Long-Contested Court Action an opinion handed down by Judge , of the United States Circuit the United Verde Copper Com- in which Senator W. A. Clark, of tana, 1s interested, wins in a suit it had been pending for six years, “Made against the company for royalties {nveptions used jn the production of rr. Who-decision ts considered one of the important affecting the copper industry in cases of patents ever a, plaintiffs were Franilin Farrell, Sead of the Farrell Foundry and hine Company, of Ansonia, Conn, or-ner of a number of copper mines smelting works, who has since died, ‘Achille F, Migeon, a former owner @E® number of copper mines. “the early elghtles Pierre Manhes, ons, Wrance, procured a patent in seountry for the smelting of copper phat he claimed was an original de- “being on the same Ines as the Lous patent for producing stecl. An wpe ion for @ patent in this country Po waa made tn 1895, which was subsequent- oy ‘The rights to use this were br purchased by the plaintiffs in the) \ e its use, owners of copper ng and gonverter, wi f otherwise unprofitable to jmources of large incomes to their tifa subsequently began av- large pro- net nearly every fm this country, de- ie royalties upon all the copper the the Manhes patent, and an use| | Been produced since ning the further eeaenized the claim and poid, De i r ; E Verde potused and was) bs" Beh eT rr Be has Wases. Bowion Ele. an CITY SETTLES “L’TAK DISPUTE Corporation Agrees to Pay on Basis of $100,000,000 for Five Years, and Long Drawn Contest Ends Satisfactorily, PEOPLE GAIN $1,000,000. Mayor and Comptroller Consent to Compromise Arranged by Corpo- ration Counsel Rives to Cut Off Complex Litigation. ,.-—- Through the medium of @ compromise suggested by Corporation Counsel Rives the city will recover from the Manhat- tan Elevated Railroad nearly $1,000,000 in tax arrearages, covering a period of five years, Mayor Low and Comptroller Grout have approved of the conditions of the compromise and the corporation will be apprised to-day of the settlement agreed upon, It is expected that there will be no hitch, as the corporation hes already algnified its willingness to settle the long-standing iitigation on the basis suggested by the Corporation Counsel. Prior to 184 the elevated road was taxed on @ basis of $3,600,000 on real s- tate and $16,600,000 on personalty. The latter assessment was promptly di in the courts, where the accunmiation of succeeding years’ cases hes built up a complexing legal situation which oon- fronted Mr. Rives when he took office. ‘An original decision in the case by the Court of Appesis sustained an assess- ment only of $8,600,000 on the personalty, which, however, was reganied as a vic- tory for the olty. ‘The bone of contention wes the tax on personality. In 186 che Tax Department adopted « new theory of taxing the “Li cor- poration, increasing the real estate as- eesement to $27,600,000 and reducing the Dersonalty assessment to $1,500,000. ‘This time the “L" company raised no question on the personalty tax figure, Assessment. During the years 1897, 1898 and 1690, when the franchise tax law wae passed, the city claimed that the valuation of the entire elevated railroad system was 6146,000,000 and should b taxed accorting- iy, These figures the “L" people always claimed were excssiv. It finally agreed to itquidate ita indebt- edness to the city by paying a tax on an @ooumulated valuation for a period of five years, of $52,800,000, ignoring any Payment of apersonalty tax. Corporation Counsel Rives suggested that the payment be made on a basis of $20,000,000 a year or en acoumulated tax on of 100,000,000 eed five years. ion fs willing to 2 to ‘thin’ 0 of and the or and ptrolier have assented to 180. whens the yh ie final! ‘be $1,000,000 rich © com ly pald er. entific or thorough method settjement," sald Corporation Qounsel Rives to-day, “but in view of the accumulated Mtigations and plletty, 1 olty Swill be the ‘ssinar in the é: —_—_ DEL. & HUD, a INCREASES WAGES. General Advance of from 5 to 10 Per Cent. Is Granted All Along the Line. ALBANY, Jan. 2.—There has been a general advance of wages along the entire Delaware and Hudson Railroad system, ranging from 6 to 10 per cent. The advance incluaed the ‘following employees: Yardmen, conductors, pas- Senger and freight brakemen, agents, operators and clerks. Bulletin announcing the incre: posted at all of the company to day. STOCKS WEAK ON THE CURB. The curb market was weak and fea- tureless. Stocks declined on small sales and activity was confined to a few 1s aves, Quotations for the active stocks were: Bid. 4 were shops Northern Securities «+++ depncann Hay, Tod Hay. Tob. Marine Marine of ic, Veh Ven. vt pt Gan vf, M £3 Coal bonds te 1/OLD DIRECTORS RE-ELECTED Senator Depew Preatiden at Chi Junction Katlway Anau jecting. JERSEY CITY, Jan, %—Tho annual meeting of the stockholders of the Chi- cago Junction Railway and Union Stock Yards Company, was held to-day in the offices of the Corporation Trust Con puny at No. 16 Exchange place, Jersey » Senator Chauncey M. ident of the Company, he urd of Directors we: Chaunce Canter Thayer. Wiitaia °C; Gardner, A ed Vaienune, Ww "Bgenia M. Foss and’ Senator John Kea Company Vormed, Jan, %—The Steel Tile tO nearly and Metal Celling Company, « new in) it! ci in hy rine, io os Ba aoe Le a a Wf | Krie gro WALL STREET TO FORCE CONGRESS Seeks by Keeping Speculation Down to Impress Upon Wash- ington the Necessity for Bet- ter Financial Legislation. MARKET IS UNSETTLED. Securities Steadily Decline After a Firm Opening and Under the As- saults of the Bulle Liquidation Sets In. "| The continued senaitiveness of the stock market, with surface Indications all favorable, led Wall street to delleve that the powerful Interests which con- trol spectiation have combined to use it av an “object lesson" for the Congress of the United Btates. A combined effort is being made by the business interests of the country to force @ currency reform bill through Congress, and to ald in the work now being done in Washington it seems neo- easary to show how an unsettled money question affects the speculative value of stocks. It {9 a belief gradually growing into conviction that this !s what 1s the mat- ter with Wall street right now. To-day'a market was unsettled. It was @ steadily declining one after the rather firm opentng. Even the announcement of the franchise tax decision could not stem the tide. All stocks were affected aitke, The standard dividend payors went off with the non-dividend payers, while all news remained bullish. Under the continued assaults of the bear contingent liquidation resulted. Weak holders of long — wt were shaken out. A new short interest was developed, and regardiesa of values or conditions selling pressure followed cally the entire list. Seore Shaw's explanation of his call upon banks to replace $21,000,000 muntelpal and State bonds with the same umount of Government bonds as urity for deposits has reassured the eculative coterie as to the immediate but did protest against the real estate | effect It is now an open question whether ‘the purchase of that many new Gov- ernment bonds or the retirement of that much in circulation at the rai $3,000,000 | month will, not balp tie market rather than hurt it. Pressure on the soft coalers was no- thoes ‘ut the declines were not marked enough to cause any serious break, Chesapeake and Ohio and Nor- folk and Western were the subject of bear attacks, but insiders bought freely when the stress became too severe, Missourt Paoiflo and the Grangers were firmly hold, Room traders aa- sailed them at every opportunity, but the caut! movements of the bear leaders led them to belteve that the market generals are encouraging a big short interest. Gouthern Pacific, Union Pactfio and Atohison suffered ‘from the spread of gue in California. ‘The wirict quarantine In San ni for an indefinite period brought out a good deal of long stock Holders were discouraged over the possiblity of a protrated period of Teduced earnings and availed themaelves of every opportuntty te their holfings. Reports form the coast wero very discouraging. TO “MORGANIZE” CHICAGO STREETS. Windy City Transportation Lines to Be Reorganized by a Syn- dicate. J. Plerpont Morgan proposes to "“Mor- ganize” the street rallway transporta- tion system of Chicago, His plan in- cludes control of the principal surface Unes and the elevated systems of the Windy City, with blg additions to be made through franchises not yer s- cured. Today tt was announced in Wall wtreet that Mr. Morgan had forced the appointment of a committee to receive deposits of North Chicago and West Chi- cago Street Railway @tock to carry out any plans for franchises and improve: ments which may be decided upon by the Unton Traction, The Morgan commtttes {9 composed of George W. Perkins, his partner; P. A, B, Widener, of the Metropolitan- Interurban group; H. B. Holling, the Wall street banker; Norman B, Ream and Ma 1 PISNG, of the Tock Island J. Mitchell, the Chi- cago tae “A N. Higgendotham, | J. H. Wrenn and George I. Adams and| C. B, Thorne, of the Mutuai Lite Insur- | ance Compar he plans involye an expenditure of $40,000,000 and a subway system, —$—$———— STOCKS KEEP HILL HERE. Active Market Delays Financter’s | Departure for Europe Some Days. Foaring to leave New York while the stock market is #0 active, J. J. Hill, President of the Northern Securities Company and railroad magnate, who has arrived in this elty on his sem! @nnual visi, announces that he will not eall for Hurope for at least six weeks. Mr. Hill is having oonferences with J, Pierpont Morgan, George F. Baker and other prominent men in Wall street. He apends most of his time in Morgan's oMce talking with w group of well- known ratiroad men His arrival in the street has lent cre rumor that the dividend on » will be in per cent. a year, | y who devert that suoh ction is Improbable unless the man- the company have received uPAnCe tb xer will be declare £ the reliroad mer- lawful, Labor logisiati th i ation, anti-boycott! awe, slghichour “laws, ae, We HNN » Werle 4 hares. f0) Alla, Obatm. os. Amalgamated Copper war & Foundry Grass Twine: Hide & Leather Tew Co, High, 18% crs Ane erty Low. Chee. 184 18% Am Atn 19) Am Fp 4%) Anaconda Miniog: 8 Pe. 97 vat a BP Bt ‘Term, & Tr. 1 te. Term) & Tr. pt. Union Tew & Alton: & Alton & Ehet. 100 Den, & Rio G. 200 Detroit Bouth.. 100 Dul., 8. 8. & Alt. pf. 37.00 Brio, 5,000 cle, te pt. 4,900 Eri 100 Hocking Coad 1,000 TMlinols Central 400 Inter. Paper. 100 Inter. Power : St. RR. 400 Mexican Central 600 M., St. PL & 8. 1,000 Mo,, Kan. & Tex 1,300 Mo., Kan, & Tex. 17,400 Mistourt Pacitic « Joadny T.2W) Republic _ Sis 100 Rapablic St 28,900 Rock Island .. 18!100 Rook Island pf 1,000 Rubber Goode, 200 Rubber Goode pf. 100 Rutland THE CLOSING QUOTATIONS. Shares. 400 Blow Ghemtield 25,000 Southern Pacific 6,400 Southern 400 Bouttern Boo at. Consolidated Exchange Sales, . Clow, 63% Basses yas FAL ALS EES - Rock Intand Routh. Pacific Wis. Central Total sales of stooks were 132,900 shares, Ly Adama Exp 49 1 ¥ & 1 cony 104% iG Am ‘Bicycle bs 2000. i 2000 Eiiry Am Di" é ime ‘ba 4000 113, PERE PEE 5 ggasaaaaee 1000), 1090 BOND TRANSACTIONS. Mo K & T 24 ino 3000. 4% 1000. +1 Racing oo ‘e ‘The total sales of donde rere $2,065,000, Government Bonds, eeFrsc PUSHING COAL COMBINE. Another Step Taken in Absorbing the Hocking Valley. President Montserrat, of the Hocking Valley Ratlroad; Norman B. Ream, of the Rock Island, and J, Pierpont Mor- gan held a conference to-day which ls believed to have practically decided the future ownership of the Hocking Vel- ley To-day's conference is said to have resulted in the decision to put forward the Chesapeake 4 Ohio, controlled by the pay lvanta i ding con pany for the Hocking Valley, while t Lake Shore will be utllized as the Van- derbilt holding company for the Ohio Central LONDON MARKET QUIET. The London market to-day was firm, with trading on a limited scale. There Wax considerable tainty fn most of the department a) ta) leaders pect a drooping Tl commission suggestion of a fo! Guiry. on labor conditions creates an, un- favorable impression, South African maining securities ware a shade lawer and quiet. American railway securities opened strong, Lut later in the day there deoline throughout the eating iat. t and a e: oe ZION & LETZ BANKRUPT, Schedules of Firm Show Assets $14,824, Liabilities 935,056, ®evera! petitions in bankruptcy were filed to-day in the United States Dis- trict Court. ‘The schedules of the frm of Zion & Lets, the property of whica concern is in the possession of Leo Frank, receiver appointed by the Gy. preme Court, show labilition of $36,006 assets ‘of $14,324.57, consisting at de worth $11,000; debts due " 31,70); dapoalte’ in| ; hinery and toc worth $200. principal creditors oF | e bankrupt firm are the Mechanies de ra $5.00; American Woollen Leonard street, $8,825.46 ipdinemary, of Broome étreet and] ¢ Broadway. $2,000 fn Hiduat schedules of t - Mabiilties of $137 eres Zion, for tenes iy no assets; Mack Lets, no assets, » Habiliies of $2,600; PALMRMO, Sicily, Jan, %.—Charl M. esene i? boat the aia eet here Jan. 17 on Lea ma sailed ‘rian ” aot i bgt. It puts its whole strength straight into your system— Will to Do— Power to Do it---Spirit and Energy, parents of Success. There’s strength that lasts in Quaker Oats—- not the stimulated strength that leaves you in the middle of the morning—-but strengt’ stores itself in your brain and muscle, for emergency; the reserve strength that makes good constitution that Quaker on every pacKkage---Cereta Coupon inside. CENTRAL ADOPTS TERMINAL PLAN = Railroad Officials Agree to fhe GRAIN SUPPLY FALLS OFF. Reports Show a Decrease in All Linen, Special cable and telegraphic com- munications to Bradstreet's show tne following ohanges in ayallable supplies as compared with last account: AVALLABLE SUPPLIDS. Terms Proposed by the City|« for the Tunnel. New Park Avenue lle a GRADE CROSSINGS TO GO. ‘The committee of the Board of Heti- _|mate and Apportionment appointed by Mayor Low to confer with the officers of the New York Central Ratiroad Company for the purpose of agrecing upon @ plan for changes in the Park avenue terminal yards, finished work to-day. ‘The conference was held in Mayor ‘Low's private office. R. A, Place, gen- eral counsel to the retlroad company, end Second Vice-President Brown were present. Mayor Low said that ‘the details of ol been pany’ erme methods the rapla transit mubway and the bulld- roaches to the ‘Seeent aud Con ‘Station. yor added that in S cncase th sity y had Rotting the company ‘to abolish many of its erode crossings on the Bort Storris branch, The Mayor added that the city Would aid the road to procure the need- 4 legislation to effect io changes, peo TRUST GETS ZINC MINES. Vulted States Steel Absorbs Big | 2 Western Propertics. Announcement was made to-day that the billion-dollar Steel Trust has entered an mtirely new fleld and reduced the of competition to & minimum, ne companies of the United to { Be A cage) the conference hanges had all having agreed | to ‘oposed by the city, also 10 the addition to cceeded in ite lot Cables were decidedly against the market this morning and ohiefly re- sponsible for the break of 1-2 to 6-8 in wheat prices at the start. In the bed of our avely firm close nd inglish markets deolined “8 4 3 Weakioss ‘wos attributed to larger and Sheaper offerings from Rus- sia and Argentine. rae Parkers, on the other came 5 to fi n= prices were: May 1-4; July, 74 1-8 to 74 1-4; May cont, 43 6-8 to 43 8-4; July, 42 5-8 to Se connecting. the Foad with rag pt unloading at litde iV who it. the call bear sa were etiolated © ape fall “point te, Sabine, pee it is aseu lue | Cotton PIANOS $155-$5 Down $1 Weekly Our Piano Department has achieved extraordinary success from the very! first. We treat our customers right; have done so for over 40 years, hence their entire satisfaction and the in-{ creasing trade it brings with them! and their friends. OUR $155 PIANO is equal in every respect to ge being sold elsewhere at faites 4 deliver this thoroughly reliable on the first payment of FIVE OL | LARS. 0 EXTRA CHARGR OF ANY KIND. A ten years’ guarantee with each} piano, also beautiful stool and tree, Send for our Piano Booklet, fe. KELLY 236 SIXTH AVE., Ne. Banking and Finanolah isa & FREES co, @ BROADWAY, NW. ¥, STOCKS, BONDS, GRAIN, We will be pleased to wend if,_coron war 400-page cloth-bownd tilustreted "GUIDE TO RUSSIA GETS SEEDS HERE, Condition OT, PETERSBURG, Jan, %.—In sone ie peo tls, lad ot ihe pos st baat 1 an