Morris tribune., 1905-08-05
COMMERCIAL
Rates Still Lower.

|
To keep pace with the rates promul-
gated by the Pennsylvania and other
eastern roads the Michigan Central
came down to the basis of SIG from
| Chicago to New York and Boston.
Promptly the Grand Trunk, Erie, Wa
bash and Nickle Plate roads put in
new rates on a basis of $14 to New
York and $13 to Boston in order to
maintain a differential of So to New
York and So to Boston. Thus the queer
effect was cheaper rate between Chi
cago and Boston than between New
York and Chicago. The Michigan Cen
tral was expected to make a still lower
drop.
Linseed Oil Trust Supreme.
The three independent manufactur-
ers of linseed oil at Buffalo-Spencer
Kellogg, Mann Bros. and Hauenstein
ing to the monopolistic methods Of the
American Linseed Oil company, con-
trolled by Rockefeller interests. The
Independents say that the trust has SO
much faXseed on hand that they are
afraid to buy. About 1000 men will be
thrown out of work by this shutdown
Large Steel Earnings.
The quarterly report of the United
States Steel corporation showed net
earnings of $3O3O5,116 as compared
with $23, 1896 for the preceding
! quarter. The regular dividend Of IL
per cent was declared.
Erie Second Preferred Pays.
The directors of the Erie railroad
have declared a per cent dividend On
the second preferred stock of the
company, the first ever paid. This was
in addition to the usual per cent On
| first preferred President Underwood
announced that all the legislation had
! been obtained necessary to enable the
company to proceed with extensive
improvements including the building
Of new terminals at New York and Jer-
sey City. -s sZ.sF'r ~es9s +;
Railway Sugar War Spreads. H-.sd4 -.sd4-4is ii ,,r,s
The announcement of a big cut In
sugar tariffs by the Southern Pacific
company and the Atchison, Topeka &
Santa Fe-namely, from SO to % cents
a hundred from San Francisco to the
Mississippi = suddenly extended the
area of the railroad sugar war which
has been developing for some time.
This means that the Spreckels inter-
ests are up in arms against the COM
bination Of eastern and southern roads
with the American Sugar Refining COM
pany, OF the trust. Cuts in the whole
sale price of sugar have already been
announced. In this war the eastern
independent re6ners are in league with
Mr. Spreckels.
Mutual Reserve Now Under Fire.
The report of General Examiner
Vanderpoel Of the New York depart
ment of insurance on the status Of the
Mutual Reserve Life Insurance asso-
citation discloses startling Irregular
ties. The commission of $227, $685. 81
paid for securing membership Of the
Northwestern company is shown to
have gone to third parties and not to
the Northwestern itself, and the per-
sons thus reinsured have not received
any benefit from the premium paid by.
them.
Shaping Up the Equitable.
With the formal election of Paul
Morton as president of the Equitable
Life Assurance society that great
financial institution entered on the
final stage of it's house cleaning Mr..
Morton himself is to receive a salary
Of $4,000 a year, instead of the $780,,
600 drawn by his predecessor, thus
submitting to the 20 per cent cut which
has been applied to the salaries Of
other officials. At the same time, the
resignation of James w. Alexander
was accepted and Mr.. Morton resigned
as chairman of the board which posi-
ton was abolished. 1t was generally
agreed that hereafter it would be i'm
proper for the directors to engage in
syndicate or other transactions invOiv-
ing the society's funds. A radical cut
in pensions was made.
]. Wilcox Brown, a Maryland policy
holder, has brought suit against the
society asking the appointment of a.
receiver for the Equitable's assets and
a winding up of the society's affairs.
1t is reported that Thomas F. Ryan is
Illegally conducting the business Of the
society by reason Of his purchase OF
the Hyde stock.