The evening world. Newspaper, August 1, 1903, Page 8

ELMONT CETS TROLLEYS ON LONG (SUND Beats vietidie Railroad in Contest for Control of Elec: | tric Lines in Queens County and Will Compete for Nearby Suburban Traffic. fo CONNECT By TUNNEL WITH MANHATTAN LINES. The Dea! Was Completed To- Day and Millions Will Be Spent by the Interborough in Im- proving Equipment of the Newly Acquired System. The Belmont Railroad tnteresta in this city, which Includes the Inter-/| Dorough Company. lessees of the Man hattan “LL” system, nd operators the subway, will to-dav acauire all the| surface roads in Queens County, throwxh the purchase of the New York ard Queens County Electric Raflway Company. The purchase has been made for the Belmonts throuzh the United States Morigace and Trust Company. Immediately after this purchase goes into effect, vians will be made for the expenditure of millions of dollars for se of enablivg the Interbor- Company 10 compete with the for local Long Island For the past six months it has been (known that powerful interests were fighting for the control of the ons hundred miles of surface road in Queens Connty In view of the fact that the Queens County Railway Company was con- trolied by Philadelphia capitalists, It Was thought that the Belmonts would urely lose thelr fight, A Bitter Fight. Gradually, however, the New York | syndicate bought up block after block Of the stock of the Queens County road until about a month ago it was an even break between the Beknonts and tho | Ponnsylvania interests. In’ the ensulug | Cady Supreme Court here to-day the finding of Referee James J. Farren oe Gee WOMAN TREASURER OF THE NEW BELMONT SYNDICATE, BANK HARD HIT BY JUSTICE HERRICK. Albany Jurist Confirms the Re- port of Referee Declaring the New York Building Loan| Banking Company Insolvent. N. ¥., Aug. 1—Justice D. in special terms of the confirmed ALBANY, Herrick, adition of the New York era upon the ¢ weeks reports varies ‘0 who was ae Bullding Loan-Banking Company and in successful purchaser, and even ol) the [remarks upon the case characterized the Brerecche. coneniy et | condition of the company as “Worse was reported that the Philadelphia cor- poration had won out. To-day, however, when the sale was completed, it was anfounced tn Long | Istand City, that the Belmonts had won| ence to the pu lanes allegntto yell and that miliions will now be spent inj Referee Farren was formerly a profes fyining the subway und “Li syatema|#ional associate of his: ‘The referee | of Manhattan with miles of surface trol. | Jey roads in Queens County. In anticipation of victory, the Intef- | &9¥ of my knowledge of his peculiar fitness borough Company has secured a fran- than as jadicated by case, Justice | professionally the refere: After summarizing the history of the Herrick sald, with refer. whom | appointed (ad never been associated with me in} se. 1 appointed him because ehise for the building of a tudnel from | for the work.’ Long Island City to Forty-second street | and Tetith avenue In this city. A shaft from this tunnel will be sunk in the! me'ghborhood of the Grand Central De- pot. where a large station will be built. ‘This will connect the Vanderbilt rati- roads directly with Long Island and en- atde the system to compete with the Pennsylvania Company for Long Island trafic. | Vanderbilts in Deal. fhe fact thet this tunnel will be built chrough Forty-second street shows that in their fight for the purchase of the nu County ines the Belmonts have mn backed by the Vanderbilts, who ted with them Jn purchasing Gtock of the Long Island corporation, ‘Phe tunnel whose franchise has been by the Belmonts was begun \ eleven years ago by the Steinway inter- ests, then controlling the horse-car ines in Long Ifiand City. A dynamite plosion brought the work to a disas- us end, killing several men and doing worth of damage. ong the roads that will pass to-day )@ hands of the Belmonts through ited States Mortgage and Trust y are the New York and Queens lectric Railway, which was Philadelphia syndicate and o¢ R, Shelmerdine, of Philadel- pia, was President. ‘This road operates branches extending all through Queens und all chrough Long Istand City, also controls the Shore road, whi maica snd Far \Rockaway, and con- hects at Queens with the Nassau County Plectric Ratlway, tracks of this rallway also skirt ¢he Hew $2,000.00 race traak belg built on the lino between Nas§au and Queens Counties, to be known as Belmont Park. piready in op- In addition to the lin eration any olf Cranchis@s are carried with the roats purchased,\so that the y acquiring gridiron the ptoperty can the "Byrous! "es? of : an exec tive pom Ina traction system. At the | nd ‘Queens ‘County of, te N wore elected Treasmrer » who Is only twenty-cigtt iss Ida M. Trit: w a, , has been railroading for (Hie “ohta hes Company, worked imp to the position of ass: Her, When Philadelyhia capitalists fred the controlling Interest In the| n e WAS sent to ‘sland Sty to act as asnstant | Of that road.” She haw ned thee | the past few years, and the where she their | 9 weeks | ‘has nothing in appearance | the modern woman of nd-| ¥ he in gaat (valk of tito, of very girlish fe aniy talon th that sould she is able to few tm nen foancial i {and with the ald of ant had gone over the schedule: Judge read General Cuneen »* on then deavored to bay for the company to College Post, Mushing and Jamaica| Sound that st wal It|torneys of the company contested the New York and North| ction, and from Justice Herrick they igh extends through Ja-| ap; fissorel the condition of th Ba nk 8 necting lines into Syffolk County. ‘the] finances and cern's does a second mortgage business, prior mortgages being in some cases as the company the Banking Dy 12, and t amounted (o about $) Justined by the amoun cessive, been nefther prudent nor but extravagant and reckless, ‘ork ‘Bullding-Loan Banking eopareny a offices are at Ww si ‘Curning then to discuss the referee's report, Justice Herrick satd that ho had aimself carefully examined the report, an expert account- “T am satisfied,” said he, “that not only was the refree justified in his find- Ings, but the condition of the company Is really worse than as indicated in the referee's report. I have thefefore con- cluded to confirm the findings of the referee and order the publication of his report.” Justice Herrick did not comment upon the change of venue secured by Attor- ney-General Cuneen, When this case came up defore Justice Herrick in Albany last Tuesday the a letter. from Attorney- & notice that he had arranged ' wansfer the argument the appointment of a receiver to New York County and that the hearing would be held by Justice Dugro on Aug. 10, State Bank Superintendent Kilburn and his counsel were much surprised, and asked that the Count hear the mo- tlon on the referee's report, anyway Justice Herrick then set to-day as the date for a hearing. Superintendent Atorney Kilburn, through the General Davies, en- @, receiver appointed at December, on tho inaolvent, The at- 1 a restraining order pending the pointment and report of referee re- company. Referes Farren'’s report charges that the pany made false reports tothe nerintendent, misconducted its a large deticlency, ys that none of the con- nas ever matured, that It the ‘The referee tock «th ry are not now In- mortgages; that haa filed false reports to, with prior the expenses 090 and were not of business done, om pany’ 497,91, finds that the large part of Its investme: and that {ts management has | ge The New t gradually iv markets at Minneapolis and Duluth. The strengew in the Northwestern mar- wal aaumed to be due to less fa- voral abla, grop prospects. ‘k's opening prices were tember, 831-2; December, 1 pening DF lcago's pening prices were: —Sopemverh is 12 te 18 BS Decombe 0-4 to 73 17%, Corn—Beptem: 613-8 to 511-2, cert 3 price: , 848-4; Dec Het were: vember, 58 1-4 bid; December. Department in 190), 1901 ang! The looal wheat market opened quiet nd steady to-day, but corn was a little depressed by favorable weather conii- t1ons throughout che beit. ions in both grains were only local. became firm aa the on the strength of the The opera- Wheat ember, ~~ THE WORLD: SATURDAY EVENING, AUGUST | ‘SHUT DOWN SCORES ‘SLUGGISH MARKET ~ FOR HALF-HOLIDAY Price Movements Were Narrow, with Drooping Tendency for the Important Stocks, on Ae- count of Bank Statement. | SELLING WAS Nor PUSH This Gteadied the Market and There Wers Recoveries but Trading Wae Lifeless at the Close—Showing of the Inactive Stocks. ‘The majority of prominent stocks moved sluggishly upward at the opening of the market to-day on very light deat- Inge. There were a few exceptions, which made the tone allgntly irregular, Rock Ialand was down a small fraction and Realty preferred a, point. North American rove 11-4 Price movements were narrow, but the tendency was rather drooping for the important stocks during the firet hour. Rock Island and Realty pf felt the pressure moat and ytelded 1 and 2 points respectively, Rock Island pf. also loat a point, Metropolitan Securities 124 and. Evansville & Terre Haute pf. 2. Inactive stocks made a better show- ing. North American advanced 3 1-4 on the taking over of holdings of one of last week's failed Stock Exchange firms, Pullman improved 3 points, Consoll- dated Gas 2 1-8, New York, Chicago & Bt. Louis 24 pf. 1 1-2 and Mexican Cen- MINNESOTA LOSES N. P. MERGER CASE Judge Lochren, of the United States Court, Sustains North- ern Securities Company in Litigation. 8T. PAUL, Aug. 1.—Judge Lochren to- day in the United States Circult Court handed down his decision In the case of the Gtdte of Minnesota against the Northern Securit!es Company, the Great Northern Rallway Company, the North- ern Pacific Rall Company and James J. Hill, as Prosident of the North- |ern Securities Company and individual- | jly, in which he sustained the conten- tons of the defendauts and dismissed the bill of complaint of the State He finds that the Northern Securities tral, Cleveland, C.. C, & St. Louis, New Jersey Central, Wheeling & Lake Erie Ist pf., Colorado Fuel, Virinia-Caro!ina Chemical and Leather pf., 1. ‘The decision in favor of the Northern Securities Company in the suit by the State of Minnesota caused a 4-point Jump in that stock on the curb, but the general market was indifferent. People's Gas Food 1 1-2 on the diviaend declaration, International Pump pre- ferred jumped 6. ’ Disappointment over the loan increase disclosed by the bank statement-earried prices to the lowest. North American reacted 2, Virginfa-Carolina Chemical 1 3-8, Hocking Valley lost 3 and Pitte- burg, C., C. & St. Louts 2 1-2 and rallied 2, ‘The selling was not pursued and the market steadied. Pullman rose 7. The closing was lifeless at the recov- ery. ‘The French line steamer La Touratne, which arrived to-day from Havre, brought 951,000 franca in spec ‘The total sales of stocks tu-day were | [Company has not violated the State laws Sorbldding the consolidation of parallel and competiting Ines of ratiway through its ownerships of the stock of the Great Northern and Northern Pacific railways. He refuses the Injunctions asked by the State of Minnesota to restrain the 8e- curltles Company from voting the stock of the two raflroad companies, or elther of them. ‘This decision affects the results of the Federal Government's victory in their Clrcult Court In no way whatever. The Federal suit involved the same defend- ants and the same general state of facts, but was based on a totally differ- ent contention of law, The Federal sult, In which the securl- tles company was’ beaten, was a pro: cution for violation of theSherman Anti: Trust law passed by the Federal Con- gress. The State sult, In which the securities company wins, was based on an ailega- on that the defendants violated acts of the Minnesota Legislature forbidding the consolidation of parallel and competing Nnes of ratlwa he hearin gun on Friday, Lochren, In the f the State sult was be- June 6, before Judge Federal Circuit Court. It followed the submiesion of much tes- timony by both aldes for many months, Frederick G. Ingersoll, of this acted ag referee news of the deciston Northern Se- ities on the curb advanced to 93 1-4, advance of 4 points above last nights clove, On netive trading there was a reaction to %, and then another rally which sent the stock to 91 1-2, where it to be strong. Between 3,000 and 000 shares changed hands on the result of the decision of the a the Court CURB “MARKET |: IS QUIET. Northern Securities, the Feata: Shows a Slight Advance, The curd market to-day opened quiet, but generally firm, most of the prices figuring at or around last night's clos- ing figures. Northern Gecurities was the feature, opening at 91, an advance polite. Tennessee Copper wi strong, figuring at a gain of 11-2 per cent The bid and asked prices of some of inctpal gtooks in the outside mar- ket were as follows: Bid. Anke. in Can 3 aes 4 Foundry 10 \. 18% 184% Havani Tobacco | sit | inter. AS) 6 | Man. Transit. - 3 2 thern Securit! » a 8 i 36 Union Copper 1 hy United Copper ces} r White Knob . ow I scat WEEKLY BANK STATEMENT. Increase of Nearly One Million Dollars in Loans ‘The weekly statement of a the Associated Banks show: Loans Depouits Cireuation Ton FIRST PATENT 113 YEARS AGO It Was for a Method to Make Pot- ash and Peartash, 131,000 shares, and of bonds $440,000, The Closing Quotations. t, lowewt, cloning and net day's closing prices or trom ‘are an follows Net High. Low. Clos Chats ee -phihehasts FEPEEE FETE y. ‘Ontarlo & Weet Pennsylvania People's Cas Reading Read.ng 24 pt. Rep, Steel Nock Talend Rock Island pf 62 = Rubber Goods ..... ate Rubber Goods pt, - % Southern Pacific . 4 we South, Ratiway 2M South, Ry. pe. 85 5 1 » 81% +18 3% = M4 4% = 16 104 +8 ys $user pt = hy +f He + M Uv. . steal Ma Virg. Caro, Chem. us +% anh . 22 wy ant pt -%*% 1. Un) TT Wecon, Central % Advance, — Deel 4 MAY START A NEW BANK. So Saye the Cashier of Wrecked Concern at Doylestown, DOYLESTOWN, Pa., Aug. 1.—Standing in front of the paying teller's window of the defunct Doylestown National Bank, and puffing a cigarette, Goorge Philler Brock, cashler and virtual manager of the wrecked institution, said to-day: “Tam a ruined man, but I will begin all over again, I may start another bank. I believe the people of Doyles- town and Bucks County have confidence jn me." Henry Lear, President of the corpora- tion, 1s still In Longport, N. J. He ts not expected home before Monday. ‘The recelver has not yet discovered any evidence of criminality in the man. agement, al rogk adenti Her EN ontcors were Rally of a techn yanking Jaws in cal violation of the | lending Tore than 10 per cent. of its oap- ital atock—$180,00—to one wisn" The | 4 et hort of | vad i this provision was to ‘apie’ t having, sev- cfel Motes’ indorsed. by. ‘titers ent persons, but accepting Souinter st ent De searro “nr for allot them: explained that, dis practice was custom: ary at all ban The oashier denies the assertion that he and Mr. Lear borrowed money with- out the knowledge of the directors, a WASHINGTON, Aug. 1.—One hundred and thirteen rs ago the United States granted its firet patent, It wae jasued to Samuel Hopkins, Hid OF tna 31, 1790, making and it protected his meth Th, ORG RENIN, “A FULL PURSE NEVER LACKS OF COTTON MILLS High Prices Brought About by Speculation in Cotton Market Disturbs Manufacturers Througout the North, 2,000,000 SPINDLES IDLE. All the Cotten Maunfacturing Cen tres Are Affected, and in Pall River Alone 700,000 Spindies Will Be Still Next Week. BOSTON, Aug. 1.—If cotton manufac- turing circles in this city it i expected \|fve points lower than yesterday's cose, FRIENDS.” The advertiser who reo- ognises the value a Prenat World that more than two thousand spindies will be Idle throughout the North during the month of August, due mainly to the high pricen in the cotton market and the hesitancy of the purchasers of goods to agree to any marked advance while any raw material purchased before the riso remains in the storehouses. During the past week numerous an- nouncements of a curtailment have been made, especially among the smaller milis, and it ls considered probable that many more similar notices will be post- ed within the next ten days. Attempts have been made to haye all cotton man- ufacturers enter a general agreement to shut down for a stated pertod or cease Operations a certain number of days each week, but owing to a large num- ber of unfinished contracts an jron-clad agreement was deemed tnexpedient at this time. The conditions in the cotton market thas caused more inconvenience in Fall River, the Textile Centre of North Amer- fea, than in any other manufacturing town in New England. For weeks hun- dreds of thousands of spindles have been idle and entire corporations have found {t advisable to shut down. About one-third of the 30,000 opera- tives in Fall River have been idle this week, but the outlook to-day was that not so many would be out of the mills next week, although the shut down probably will effect about 700,000 of the more than 3,000,000 spindles in Fall River, In Lowell, another leading mill centre, the high price of cotton has not had any noticeable effect on account of the shut down of six corporations, during the strike of the operatives last spring. In Maine, mills at Lewiston, Lisbon and Brunswick will shut down for two weeks. ‘Among other corporations whtch also will curtail thelr product are the, Queen City,.of Burlington, Vt.; North Pownal, of Pownal, Vt., representing 100,000 spin- dies; Monadnock Mills, of Claremont. N. H,, and the Cocheco Mills, of Daver, N. H. The Rernon Mills, of George- ville, R. I., and other plants in the lat- ter State and several of the corpora- tions in the Quinebaug Valley, Hastern Connecticut. To many of the operatives the en- forced vacations are not altogether ur- weloome, as they are enabled to vialt their old homes in Canada, and the season of the year is the most favor- able to endure a perlod of idleness. There 1s a confident feeling in some cotton miM offices that after September ts well advanced a general improvement In market condition will ggcur. eg QUIET DAY FOR COTTON. Opening Prices Showed Declines of from Two to Five Points, The cotton market to-day ‘opened easter, with prices varying from two to but ft soon developed into a quiet dut fairly steady affair. The absence of cables and confilcting ideas as to rains in the South was the cause of the light trading. ‘There was less rain than yesterday’ in Texas, but there were severe showers through the belt, with more expected. Daniel Sully Is in town to-day, but did not appear on the floor. His presence in New York 1s not regarded as sig- nificant. ‘The opening prices were: August, 11.96 Wid; September, 10.63 to 10.64; OcMHder, 9.88 to 9.89; November, 9.75 bid; Decem- ver, 9.73 to fei Januar; February, 9.74 “T$im pad quotations for cotton wei T juotations for cotton were: Augie, bh October, 1O 9.76; Dex 7 t 16 to 9.77; February, iis, ‘O18: Mazen, SEE CSO to 9,79. BRIBERY CHARGE FOR TOMBS KEEPER E. H. Mont Has Deputy Sheriff Von Deesten Arrested and Suspended on Accusation of Taking $100, Ferdinand Von Deeston, a deputy sheriff at the Tombs prison, who has been suspended as a result of the charge that he accepted $100 from « prisoner to secure his release, will be arraigned be- fore Magistrate Ommen on Monday.. Es eave he wil be able to prove his inno- comme qithout dimculty. The qftarge agains: the deputy sheriff Js made by E. H. Mew@ who was found kullty of violating the law which re- quires all firms doing business under an assumed name to register with the County Clerk, He says he gave Von Deesten $100 to settle his case in the Court. of General Sessions, but that when the case came to trial he was con- victed @nad ‘sent to prison for three fone declares th th font declares ve ‘A check for $5, made “payable: ona Mr Bunz Cot 0 at one ‘tor 0 and another r $35 were made out to ‘“bearer.”* ye that his idea in bringing the charge ‘to protect other prisoners. oan. meet every charge Mont a tok Bs To-Morrow’s SUNDAY WORLD How a Yew York Society Strl Steered Santos-Dumont’s Hirship Over Paris. The Wonderful Sensation of Piloting an Aerial Yacht Over the French Capital Described by the First Woman Who Ever Did It —Miss Ada Acosta, the Beautiful Sister of Mrs. Philip Lydig. An Experience the Description of Which Will Enthral Every Reader. Illustrated by Photographs of the Thrilling Adventure. CRIS CBI CRI CR CRIS CBI GR CRI CRI CRI GR BH Want to Fave a Clambake ? You Can---In Your Hat! Modern Ingenuity Comes to the Rescue of City-Caged People Who Are Devotees of the Bivalvular Feast That Has Always Been Supposed to Need a Wave-Swept Beach for Its Locale. ‘By Employing Simple Means You Are Taught How to Have a Delightful Clambgke of the Rhode Island Kind Without Leaving the Four Walls of Your Harlem Apartments. A Boon to Sum. mer People Kept in the City. : Ghe Wlan Who Fought a Lion and Quieted 200, 000 People. The Thrilling Adventure of a Hero Now in New York, Who Battled Alone with a Fierce Beast That Had Terrorized a Cityful. Nerve-Racking Events in the Life of This Man, Told ey Him. self in a Modest Way. PGCRrws CRW SRW GRrws CRW GR GRrw' GRrw GRiw GRiw GRiw GR GRin Sporting with Death on the Big Yinety-Foot Yachts. How the Men Who Defend or Try to ‘‘Lift’’ the America’s Cup Face Death in Every Race of the-Immense Canvas-Winged Boats. Sport Sought Under Great Difficulties. Illustrated by a Fite Nautical Drawing in Four Colors. PCR SRw CRW CRU GRU CR CRY CRW CRU CRiw GR GRU ORiv Set Adrift in Nid-Ocean by a Wladman. The Log of Two Sailors Abandoned to Almost Certain Death by a Drunken Captain, and How They Were Finally. Rescued Almost Miraculously. | GORI SRI GRI GP GP SBI GP GP GR GP GR OR Bie To-Morrow’s SUNDAY WORLD