davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1899-07-28
VALUE OF PREFERRED STOCKS.

Preferred stocks OF representative railroads are
often more attractive investors than high priced
bonds nasmuch as they are practically as safe
as a bond while, as rule, yielding more on the
investment. Take for instance, stocks such as ST.
Paul preferred and Northwest preferred: st. Paul
preferred is selling at IT'S and yields trife more
than 4 per cent, and Northwest is selling at 1886
and yields more than 3lz per cent Northwest pre-
ferred returns more than the companys new gen.
era mortgage 314 per cent bonds Of 1857, selling at
10 return This preferred stock is tax exempt, a
consideration which should carry great weight
with investors who are anxious 10 hold investments
that are free OF taxation Northwest preferred has
a prior right to I per cent; then the common per
cent; then the preferred additional per cent:
then the common per cent, and then both classes
alike The companys surplus in 1898, after divi-
dends Of per cent the common and per cent
on the preferred was $2.235,323 and for the year
ended May 81 the report will make even better
showing In the case OF st. Paul preferred, the
WELD is larger than the yield OF the company's
general mortgage and consolidated mortgage bonds.
81 Paul preferred has prior right over the COM
mon 10 a dividend of per cent. After payment
OF per cent the preferred and per cent on
The common both stocks share alike. In 1873 the
nreferred outstanding sl2,H4,iS3 and IL has
been Increased to present figures almost entirely
by exchange of convertible bonds for stock, only
about e 900 600 having been issued for other pur-
noses Stocks OF this character are closely neld,
owing 10 their investment value but investors are
Constantly on the lookout for any offerings.
New-York tribune., 1899-07-28
MONEY MARKET FACTORS.

The Bank OF England did not raise its minimum
rate of discount yesterday. and the open market
rates a trfe easier. These factors were taken
10 indicate that the foreign financial situation is
improving. and that. barring adverse political de-
veopments. money conditions abroad would work
in favor of easier rates 1t should be borne In
mind however, that the fall demand for money in
foreign centres will be heavy. and that the po-
stion Of the trade balance Of the United States at
that time will make gold exports from Europe prob
able, unless local bankers decide to lend their bal
ances abroad II this country does not need the
money that will doubtless be done The foreign
money market Is still couded with good deal Of
uncertainty and the same thing may be said Of
the local market. although In the of the last
named the support of large foreign trade balance
and country well supplied with funds make the
uncertainties Of little significance. Money on call
was In fair supply at 34 per cent yesterday. but
the demand was light. In time funds borrowers
with good collateral had difficulty in getting all
the accommoda ton required at per cent Call
loans were made as low as 3l9 per cent in the af-
ternoon. Bankers reported the situation easier.
and predicted lower rates for next week, when the
Government will pay out nearly 100000 in inter-
est bonds. The Treasury has not for the last
two weeks withdrawn any of its deposits from
depository banks.
New-York tribune., 1899-07-28
MISSOURI PACIFIC'S OUTLOOK.

The buying of Missouri Pacihc Is eAcellent IN
character and there is reason for the statement
49, tho stock will record a considerable advance
within the next sixty days The Increased attention
that this stock is receiving from first class opera
tors is based upon the splendid record of earnings
made by the company in the last few weeks and
the excellent prospects for big returns In the rest
OF the year. Crops in Missouri Pacihc's territory
will make large yield this year. while the gen.
oraI roercbandise movement on the line shows sub
s,antial Improvement the result of increasing
business prosperity in the Southwest. For the
wear ended December 81, 1899 Missouri Pacific
showed a surplus after interest charges, rentals
and taxes OF S4s5. .l2l. and for the current year
aarninqs after charges. ought TO show per cent
on The stock The company's last dividend
naid in 1891 Its dividend record to that time had
been good and there is reason why the road
sbouId not again make substantial returns to its
stockholders For the third week in July earnings
Increased s23 900 over the same time In 1898.
New-York tribune., 1899-07-28
TWO GAS STOCKS.

Another of the frequent stock grabbing attacks has
been made upon Peoples Gas The same old COM
nlaint that the consolidation OF the companies COM
poslng the corporation Is Illegal has been brought
forward but there is no reason 10 believe that 1t
will fare any better than past attacks Of the same
character In fact, It has already practically failed
This question has been In the courts before and IT
has been settled in favor of the company. Peoples
Gas stock has been sold short by Chicago interests
for the last two years, and every time the shorts
have been punished. Chicago may be bearsh on
Peoples Gas from Jealousy, as New-York controls
the company but It will not pay Chicago any
other place to sell a stock short that is paying
per cent and earning more. Peoples Gas will
probably control the ogden Company before long
and a short sale It is not attractive. Consoli-
dated Gas stock OF this city is unpopular just at
present because the price has been declining and be
cause the fear is felt that the company may make
A further reduction In the dividend and possibly
pass IL. In view OF the gas war in this city, local
The extent OF loss sustained already by the COM
panies is unknown. the prospects Of a settlement
not brilliant and the dividend possibilities are
couded in doubt In Chicago yesterday Judge Chet
lain refused to grant the Injunction in the suit
brought against the Peoples Gas Company on
Wednesday by Frank Reed. attacking the charter
OF the company and seeking 10 have the company
enjoined from laying gas mains.
New-York tribune., 1899-07-28
CHICAGO AND ALTON BONDS.

Kuhn. Loeb & Co. yesterday said that they did
M, u,ish either to confirm deny the report that
they in conjunction with the Equitable Life AS
surance Society had purchased 100000 OF the
new per cent bonds OF the Chicago and Alton
Railroad Company conditional upon these securl-
ties becoming a legal savings bank investment in
certain States. An officer OF the Equitable was
ouoted Yesterday as denying that any such pur-
chase or agreement had been made, but as declin-
Inc ~ saw whether not negotiations looking TO
smSb a transaction were in progress IL
ported yesterday afternoon that syndicate had
So 90 a.5 OF the Alton per cents. and 10 hold
them as an Investment The total amount OF
these bonds To be issued Is $0000.0Oo.
New-York tribune., 1899-07-28
BALTIMORE AND OHIO SOUTHWESTERN.

The improvements on the Baltimore and Ohio
Southwestern Railroad between Parkersburg and
East st. Louis being pushed rapidly 10 COM
pletion. Seventeen thousand tons Of eighty-five
pound steel rails have been placed in the track
and there still 5000 tens to come. delivery be-
ing delayed on account Of rush OF orders the
mills. The company has also put in 125 miles OF
gravel ballast, and expects to get out 200 miles
more during the season. great many grade re-
ductions and changes in line also being made
between Cincinnati and st. Louis. The purpose is
to make uniform one-half of l per cent grade be-
tween Cincinnati and ST. Louis, we'll as to elm
mate a large amount OF Objectionable curvature
At one point, for instance, the line is 10 be short
ened a mile and a half. and seven bridges aban-
New-York tribune., 1899-07-28
JOSHUA BROWN & co,
BANKERS,
IS & n Wall ST., NY. 80 State ST., Boston.
Philadelphia May 20. 1899
TO THE HOLDERS OF THE SECURITIES OF
THE KANSAS CITY. PITTsBUKG 4 GULF
RAILROAD COMPANY AND ITS TEhMlNA.


Your Committee deem Il essential for the preseNSs
OF the value securities:-- -.
Frst-That the securities covering the nam = ne .,s,d
the Kansas City and Port Arthur terminals De no" eeS
and consolidated under one management -. a,
second-That such mana agement be indeyenden, ana IN
your interest alone. ., -.
Your property OF value II hao al assured sna
very large earning power present financial cohu
tion is due familiar 10 YOU and ~hlch y sstss
be difcult avoid. even II the work were no" !" ~
done again.
In the consolidation OF tho system expect 70 Iees
support foreign holders OF all Of the securities
affected. The foreign holdings are, we are Informed
majority OF whole Pending the prenaraton OF 'hs
plan OF reorganization advise hoioeTs 70 refrain LIE
depositing their securities with Committee IN -
country The experience OF some OF our reno" ,oOn1
holders has been that IL easier TO deposit oonds th4h
get them back.
Your Committee ask holders OF the securities OF W
main line and terminal companies 20 furnish then 81
dresses and the OF their respective holdings
the Chairman. OF Equitable Trust company OF Phis
delphia They will thereafter be directly ana pro.pWy py
Informed when the plan is ready for publication ana WIZ
be made acquainted with its provisions
WILLIAM r. HARHITH, Chairman
ID. n. BAKER (Balttmore).
AUGUST HECksCHER (New-Yorkl
EDW'0 WAGNER Berlin. GermnnSA
SAMUEL R. SHIPLEf.
SILAS w. PETIT.
WINTHROP SMITH.
New-York tribune., 1899-07-28
CHARACTER OF TRADING

Commission houses were not important factors In
the market. but in number OF stocks the presence
OF good buying evident. The granger shares
Missouri Kansas and Texas preferred St Louis
Southwestern issues. Panhandle. Lake Erie and
Western issues. Atchison preferred. Sugar Refining
and Brooklyn Rapid Transit furnished the bulk OF
a dull days business. The advance in Lake Erie
and Western issues due TO buying by Cox a.
Sharp and reports that the company had been
New-York tribune., 1899-07-28
RAILROAD EARNINGS.

Railroad earnings for seventy-two roads reporting
FOR the second week in July show gain OF more
than IS per cent as compared with the same week
last wear For the third week thirtynine companies
reporting show total increase in gross earnings over
the corresponding time year ago OF ssl6Z2o SOUTH
ern Railway for the third week in July is keeping up
the good record made earlier in the month ana IN
June. its earnings received yesterday showing d"
Increase for the week OF 22'5s and for the .nree
weeks to July 2I an increase OF slOS1s The foow-
ing roads reported yesterday for the third week:
New-York tribune., 1899-07-28
KANSAS AND TEXAS EXTENSION

An official OF the Missouri. Kansas and Texas
saws that as there has been satisfactory out
come Of the troubles with the State Of Texas. the
road nroposes 10 build link about two hundred
miles in length. which will make good Mexican
cnnnectons and tap rich new territory. The
gross business OF such lire Is thought to be from
fhe start $4,000 to $l0o0co year
New-York tribune., 1899-07-28

purchased by the vanderblts. Louisville and NASH
VILE sold exdividend. but recovered one-haif the
dividend on arbitrage buying American TOBACCO
and Continental Tobacco were strong on DuyIns oy
Halle & Steglitz Housman. Watson Brown ii ann
others Kansas and Texas preferred was we, we"
taken Including round lots by the Flowers ran
handle moved up on a good demand, against wnicn
there was a scarcity OF offerings. Sugar Rennng
was very strong but trading in IL was In great part
professional American Malt recovered the loss OF
the preceding day. The traction stocks were hgner,
and In the afternoon the whole list showed great
strength with last prices near the best OF the day
New-York tribune., 1899-07-28

s.roosad az TX 600 francs treasury accounts cur
rent increased 8325ooO francs gold IN hand IN IN
creased 25250o0 francs. bills discounted my t<s o
n 02S 600 francs and silver in hand decreased i''
francs =, -
FOREIGN MONEY MARKET-Cail money re a.
Iondon 2 per cent Open market discount rae,
slS% per cent for short and 39s per cent ior loIS
bills Berlin discount rate SE per ,ennIes Paris
exchange on London. % francs 2 centimes' faiis
discount rate. "a per cent. ~
FOREIGN SECURIT1ES.-British consois, loIs
for money and los 11-l6 for the account: rrSnch
rentes 90 francs 20 centimes. Spanish IS IN LON
don. 6O.e0
THE SILVER MARKET.-Bar silver. 60l4c; Mex
ican silver dollars, 4sc Bar silver in LONDON
Il Il-lGd
GOLD PREMTUM.-In Madrid 2292; LISBON 81
Buenos Ayres, Ia Rome. 752.
New-York tribune., 1899-07-28

RAILROAD BONDS.-Market strong. Total sales
amounted in par value to s624OOO against g ss7 700
on Wednesday. The heaviest dealings were In the
Atchison and Baltimore and Ohio issues. Erie prior
Is, Missouri. Kansas and Texas DDS. Northern Pa
.hc As Norfolk and western As, Reading general Is.
st Louis and Iron Mountain 5s. St Louis South
western 2ds Toledo. ST. Louis and Kansas City
asts Union Pacific Is and Wisconsin Central lists.
New-York tribune., 1899-07-28
AMERICAN SECURITIES ABROAD.

London July q. .. m.-American securities,
after a dull opening. were frmer. but rather IN
active The final tone was firm and the demand
moderate Last prices were: Atchison. 2014 Cana
dian Pacific 99%: ST. Paul. 1885,; Illinois Central
12o Louisville and Nashville. 76a.; Union Pacific
preferred 1874; NewYork Central. 1924; Erie. lS9s'
PENNSYLVANIA 70; Reading lo1: Erie first preferred
37s1: Northern Pacific preferred. Grand Trunk, rs;
New-York tribune., 1899-07-28
closing rates follow

DOMESTIC EXCHANGE. - -New-Orleans-Com-
-norciaI 5a0l75c discount bank 0Oc premium san
FTancisco~Sight l0c; telegraph, l2lzc Cincinnati
over the counter. 0Oc premium: Pe'%veh Dang me-
discount: selling 75c per 81 600 premium. Charles
Par. Chicago-l5c discount
BANK CLEARINGS. - New-York - Exchanges
slBlS4 Os5 balances N0l0s, ls5 Boston-EXchsnges
S23 s4Ss65; balances $402s4O2. Chicago-Exchanges.
'e1s4ss Oss; balances H.l66o2. Phladephia-Ex-
changes sl4 323 7s9; balances S226 76G Baltimore
Exchanges, S. l67. $50; balances. $4S9,3 81.
FOREIGN BANK STATEMENTS.-The weekly
statement Of the Bank OF England shows the fo-
lowing changes Total reserve increased. fi22cg;
circulation decreased. f64.c00; bullion increased
f257 S92: other securities decreased 10000; other
deposits decreased. f72S0p; public deposits In
creased f1i2O0: notes increased 1856 900:
Government securities unchanged The proportion
of the Bank OF Englands reserve TO liability is
4429 per cent. Last week II was 420 per cent
Rate OF discount unchanged at 3l7 per cent
The weekly statement Of the Bank Of France
shows the following changes: Notes In circulation
New-York tribune., 1899-07-28
STOCKS GO UPWARD.
MONEY MARKET EASIER.
BONDS IN FAIR DEMAND-CHEAP STOCKS
BECOMING MORE ACTIVE.

Closing prices yesterday of the principal ac-
tive securities and net changes from Weones-
days last sales were:
New-York tribune., 1899-07-28
THE RAILWAY EauIPMENT co. OF Mi>NS'
sofa. ,,.s
NOTICE is HEREBY GIVEN TO the holders

of the undersigned FIRST MORTGAGE SIN II,
cent BONDS Of this Company dated June lst lgl ' ss
under the provisions OF the Deed Of Trust the SAID
hove been DRAWN by lot in the presence OF me
tee. for redemption and payment the LIST OF peen
is90 the Offices Of MAITLAND. CoPPELL & ~, y.
In the city OF New York and accrued intefes "
the said date. when interest will 80 on
Bonds Nos 80 a. 81 lo3. i27 lSo. lt4 ~ 9S SS oy
5e sci SAP 543 $50 $50 a0s 6o6 COS coo as $50 est
esa 69.. i+9 75s TIA III 1e4 soi. s5. 9i6 o%h "'~
si2. 95i 800. a total Of 10 bonds Of 81 900 each.
GEORGE COPPELt. PTeslaen"
New York. July 18th. 1899
New-York tribune., 1899-07-28
SAN FRANCISCO STOCKS.
San Francisco. July 27.-The official closing quo
ations for mining stocks to-day were as follows
RAILROAD EARNINGS.
ALABAMA GREAT SOUTHERN.

ALABAMA GREAT SOUTHERN
a. 1897 lS0s 1890
Number of miee aio 2,o
Third week in july. S29Tl3 al ail soe 80
' ! 10 'uiy %l..'''' St2.oeo e2s259 995. $40
CHICAGO. INDIANAPOLIS AND LOt,IsvrrJE
Number OF miles ...... 53T ,a7 ka7
Third week In July. S756l2 sec asa s-s 991
Jan l TO July 2l...... l593 $50 74a lO7 o3i io3
CHICAGO TERMINAL AND TRANSFER.
Number OF miles. IA ,. =.
Third week In July. $40 SIC goa sae 40. .aa
Jan. TO July H.. 570 s.0 S9S ,0S 30 9sg
GRAND RAPIDS AND INDIANA
>-,.-..- Al lines)
.rsniser OF Hles...... 5S5
Ihrd week In July. ISL 4T3 "a. 200 40 So Soa
Jan TO July 2i...... a9s7I oa oes 90 'eS
GRAND TRUNK.
Number OF aoaa ,oaa
IhIu week in July. $50 sara ooy
Jan 10 July 2.... IL 7g5 s0T es9 9oe ss,i 100
HOOKING VALLEY
Third week in July. s,o ooS .so ..o
Jan ] 20 July 2i..... .y,cso oJSs
OHIO RIVER
OF
Third week In July.... s2i as2 g., no .,. 80 80
Jan TO July 2l...... Ss2sl3 sei sos sss,,'aS3oo
New-York tribune., 1899-07-28
MONEY AND EXCHANGE.

MONEY RATES-Money on call per cent with
exceptions at 3i2 per cent The time money mar
ket was quiet and easier in tone at per cent for
sixty days AZ per cent for three months 4Qi13 per
cent for four months and 4g412 per cent for six
months on railroad collateral and above on mixed
collateral Commercial paper rates were 3l7q4 per
cent for three months. per cent for four months
and 4d4h per cent for six months for the best
names and above for paper not so well known.
FOREIGN EXCHANGE.-Market quiet Actual
closing rates follow:
Cables Sight. Sixty days
Sterling . a sSa4's4A 4s71Q4s7h 4s4.a4sl1s
francs 5l6h-l-l6Q5 1873 5171-l-l6q5l711 520g6?o l6
R'chsm'ks. "oS S'"aSo 10 - ,xa'1 =
uaers
New-York tribune., 1899-07-28
financial.
= ! N G.
Shares In a Sound Monthly 0iVdsnd.payIng Com
pany a Desirable Investment

Ninety per OF Zinc mines IN tHe
Kansas District paying properties greater peIon,-
than is found in any other business n ns
world -. NJ.
The Joplin District produces rs per cent OF the Zne
United States and more than % per cent o'
the Zinc OF the world , -
The Joplin District contains ore that Is three uies
that found in any other district IN the "orld
The production the district Is open book aecesos
every who verify for himset from 'As
records actual profits made by any company 40 ,,a
We offer for public subscription at par sI9 rasi TN
SHARE. portion OF the capita! stock OF tne B1sLOH
LITTLE CIRCLE ZINC COMPANY Of joplin. AlssoIr,
paying dividends the rate OF i per cent per
annum paid monthly and earning over ~ per cent
prsst rate OF dtptdsnd (Dhtch all conditions '"h
cate ,ci be fnereasd during year, ant s
surplus being edrned-whom regard 10 ns proodoty
growth much higher prices for ess sdre ana
the price i therefore b, ddUdneed on August 1893 70
sll share Applications at $40 per share mu'e o"
date and postaark not later than Augud lh
Send for prospectus 1t will FAY YOU TO inyestisats
the merits OF this enterprise.
New-York tribune., 1899-07-28
BONDS AND BANK STOCKS.

1000 u 5 3s Coup. .10e
1000 do 4s Reg 1907. ll2i
1000 Am Cot OIL Sc. lvol
5000 Adams Ex As .l069
200 Ann Ar ist 4s.. "a
1000 A T A. s r Adj
New-York tribune., 1899-07-28
THE DAYS OPERATIONS IN BONDS.

GOVERNMENT BONDs.-Market steady. Final
quotations follow:
Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-03-11

rms was a suit in chancery for par
tltlon involving the construction of the
VIII OF Captain William L. Warning. By
the NTH clause Of his will he devised
10 ms son, Robert Payne Waring, dur
ing MS natural life, and at his death
10 ms children. the lands sought to be
Partitloned Devisee had eleven chill
uren, of whom four survived him; four
uieu In infancy without issue; one. af-
yer coming of age, died, leaving a
WIDOW but no issue; and one died dur
ins the life of his father. leaving A
widow and five children.
The court says:
~ Is conceded that under that clause
vi ne VIII. standing alone the children
oil Robert Payne Warning took n ves;eJ
tchnaindcr of One-clevenih each. but i.
Is contendcd that when that clause IS
considered III connection with the thir-
teenth clause, it should be construed as
EWING the land TO Robert Payne War
,hE Tor life. ana at his death TO HIS
LlNEAL DEFENDANTS LIVING; AT
Tile TINE OF Ills; DEATH.
inc word children" has q definite
lesal signiication and where no other
worcs are joined with it, ii has in gen
gr2I no other meaning but ISSUE IN
THE FIRST DEGREE. In order that
it may be construed TO mean lineal dos
Cendants OF moro remote degree, there
must ne something ON the face of the
VIII 10 SHOW that it was so intended for
no ruic is better settled than that tech
meal words arc presumed 10 he used
technically. and that words of n definite
Iegal significance are to be undorsi cnn
as used in their definite legal sense
unless the contrary appears on the face
of the instrument
1t seems to us that the purpose ana
tne only purposes of the tcstator nv
cause thirteen was To make a further
disposition of the property given bv
former clauses of his will TO such of his
children as might die leaving no iineal
descendants at the time OF their deaths
respectively. But If Il child died Leaving,
q Iineal descendant the property given
nm, whether he took the whole or les
ser estate therein. passed according to
the terms of such bequest or devise
ana as If the Will did not contain
clause thirteen. But whatever may
nave been the object Of the testator nv
cause thirteen. there is nothing in #.
or any other portion OF the will. 10
snow that the word Children in tho
ilfth clnusc WAS used in any other than
IN It's well defined technical sense.
we are of opinion, therefore. that
each OF the children Of Robert PAYNE
WarinS took n vested remainder of
one-elcventh in the lands devised 10
iheir father for life: that unon tho
death of the infant children. their in
terests We're inherited by their father
ana mat complainant, the widow Of G.
Wor;iey Warning, acquired his interest
under the marriage settlement made
upon hcr. Tho Circuit Court so hold ana
us decree must be affirmed
Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-03-11

The facts are sufficiently set forth i'm
the opinion OF the Court The Court
says
Action by Bent against Lpseomb &
i.lpScohlo before justice, appealed to
.he tl'cull Court, where. upon dcmur-
rer 20 evidence, judgment was given
ior ueiendantS. one kcssell. in an ac-
ton against Hinlde. recovered n judg-
meht. Bent was one Of his attorneys.
Inc common law gave him a lien on
that judgment for his compensation rs
attorney ana he had a writing from
Nesseii' giving him right to retain.
out OF any recovery of money had by a
verdict and Judgment, onc-f0urth value
OF such verdict ana Judgment in said
SUIT. III money, as conversation for mis-
tsa!d Bcnts) services rs one of my
counsel in said case" Lipscomb &
lipscomb We're associate counsel with
Icnt in the case, and took from Kas-
sen an ass snihent OF the Judgment.
and collected it, Bent brought this ac-
ton against them to recover his fourth
OF the Judgment. l think the record
SHOWS An assignment 10 the firm. NOT
TO one of them. Al any rate. the firm
collected the money. Counsel for
Lipscomb II Lipscomb says that Bent
had no len. Why not? lie had hy
common law and the writing. Notice
of such lien is necessary as to debtor.
but not To an assignee OF the iudg-
ment. This would show RICH: to juds
ment under the head of assumpsit for
money had ana received by the defend
ants to the use of plaintiff -
money Of his received by them. The
evidence shows that defendants had
notice Of Hents right. and took
the assignment with set rur-
pose to keep the money from
going to Bent's hands when shows
they had notice of his right. if that
were material, as also does other evil
dence snow il. and makes the case nil
the stronger against them. They said
they took the assignment to keep the
money from going to Bent's hands. as
they had fees. So had Bent They
We're justified in taking the assign
ment; but law and justice to Bent
make them take the assignment subject
TO his rights. They afterwards paid
half the Judgment TO Kcssell. This
seems TO show that they took the as
signment TO defea: Bent. HIS lien for
babe this payment 10 Kessell. More