davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28
SEABOARD AIR LINE.
Latest Plan for Financing the
Road

Special Dispatch TO The Star.
BALTIMORE. Md. May 2T.-The local
stock market has been exceedingly dull
during the past week, with only moderate
changes in prices. The principal transac-
tons were in Seaboard issues. The plan of
forming a consolidated company having
been abandoned and modified so as to sub
stitute holding company for the proposed
railroad company, the local stock exchange
has officially Cancelled all transactions both
in rights and in the new stocks of the
proposed consolidated company.
In discussing the affairs of the Seaboard
Air Line Hambleton & Co.'S circular, is
sued today, states:
The latest plan for financing the Sea-
board Air Line Railway Company through
the formation of holding company will,
we believe, accomplish good results. OF
course, it is to be greatly regretted that
the plan of forming a consolidated COM
pany and of issuing new securities of the
railway company had to be abandoned be-
cause of the opposition of the local COM
mittee, which rendered it undesirable to
go with this plan with the amount of
stock which it represented still outstand-
ing. The holding company will be con-
Quoted upon different lines The new Sc
curties which will be issued will be securi-
ties of the holding company. and those who
elect to accept this plan will receive the
stocks of that company.
There have been changes in regard
to the amount of new securities to be re-
ceived as to the old securities to be eX-
changed. \ holder of loo shares of pre-
ferred stock of Seaboard Air Line Railway
Company will, upon subscribing TO 12l2
shares of the preferred stock of the no d.
ing company, receive 1212 shares of first
preferred, 20 shares of the second preferred
and 121a shares of the common stock of the
holding company. holder of 100 shares or
Seaboard common stock, upon subscribing
to 121a shares of the first preferred stock of
the holding company, will receive 1212
shares of first preferred stock and SI12
shares of common stock of the holding
company.
LAS to the ACCESSIBILITY of accepting the
terms as proposed or of withdrawing the
old Seaboard stocks, we have given careful
consideration, and are strongly of the opin-
ion that it is to the interest of SSlboard
stockholders to indorSe and support the
plan as outlined by the holding company
and to accept the terms thereof.
I'VE anticipate that the revenue OF the
holding company will be derived largely
from the operations of said company and
not from the operations of the railway COM
nany By this we mean that the holding
company will finance the railway company,
for which it will receive compensation in
various ways, and we consider that 1t Is
greatly to the advantage of the stockhold-
ers to join in this movement and to accept
the plan which is now offered by the Blair
Ryan committee.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28
NEW YORK MARKET.
Receipts and Exports of Wheat and
Flour


NEW YORK, May 27.-Flour-Receipts,
5.673 barrels; exports. 5.376 barrels Inac-
tive and about steady. Winter patents,
490a5.25 winter straights. 4.O5a4.9O; Min
nesota patents, 56Oa625; winter extras,
3.3oa3.75; Minnesota bakers, 3.75a4.25: win
ter lower grades, 3.25a3.O5. Rye flour, firm.
Fair to good 4.25a4.6O; choice to fancy
4.60a4 S.. Cornmeal, firm; fine white and
yellow, 1.25; coarse, 1.1Oa112; kiln dried
2.s5a290. Barley, quiet; feeding, AN c. /. f.
New York: mailing, 46a52 C. l. t. Buffalo.
Wheat-Receipts, 1900 bushels; exports,
5000 bushels Spot easy; No. red.
1861, nominal elevator No red, 10771,
nominal +. o. b. afioat; No. 1 northern Du-
luth, 1872 (. O. b. afloat; No. 1 hard Mani
toba. 101A f. o. b. afioat. Sharp declines
occurred in wheat from the effects of liqui-
dation. impelled by clearing weather and
decided weakness in northwest markets,
and last prices showed 1Aa3c net decline.
May, 1O6a1O6 closed 1916: July, A7sa96,
closed 947s: Sept, 871aaSS1s, closed S71a; De-
cember, S7aS7, closed 81. Corn-Receipts.
6s,sOO bushels; exports. 1898 bushels.
nominal f. 0. b. afioat; No yellow. 50; No.
2 white, 60. The option market mac
tive, with no transactions. May closed 57A;
July closed 547s Sept. closed "a. Oats-Re-
celpts, 141,2O bushels: exports Do BUSH
els; spot quiet; mixed oats, 26a32 lbs,
39a373; natural white, 3oa32 lbs, 36a
371a; clipped white. 36a40 lbs, 37a4O. Hay,
dull; shipping, 60a65; good to choice. 75a
e212. Hops, dull state, common to choice
1904 25a29; 1903, 22a25; olds, 11a13 Pacific
coast 1904, 25a2S 1903 plaza: Odds, 11a13
Hides, steady; Galveston, 20 to % lbs, 20;
California, p to % lbs, 1917; Texas dry "a
to 30 lbs, IS. Leather, firm; acid, 24a26
Wool, steady; domestic fleece, 32a36 Beef.
firm; family, 13.50a14.OO; mess, 11OOa11. 80.
Beef hams, 21.O0a22.5O packet, 125Oa13 90;
city extra India mess, 22.O0a22.5O. Cut
meats, hrm Dicklp6 bellies
led shoulders, 51aa6; picked hams, 1Oa101s.
Lard. quiet; western steamer, 7.15a7. 40.
REFINED, quiet; continent, $50; S. A, S.25;
compound. 5Sa59s. Pork, steady.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28
THE HAIGHT-FREESE FAILURE.
Firms Local Office at Hartford in Re
ceiver's Hands.

HARTFORD, Conn.,, May H.-The local
office of the brokerage concern of the
Haight & Freese Co. was closed today and
VIM. w. Hyde was placed in charge as
temporary receiver. Mr.. Hyde also was en-
powered to take charge of all branches In
this state Deputy sheriffs Immediately
took steps to close the offices in New
Haven, Bridgeport and New London, 70
serve notice on banks there not to pay gu,
funds belonging to the Haight d Freese
Co James D. Colt, who is receiver of the
company in Boston, was named as ancil-
larry receiver to act with Mr.. Hyde in the
state of Connecticut.
The hearing on the question of making
the receivership permanent was set for
June s. B. NJ. Holden, who represented the
creditors, claimed that the company had
valuable assets in this state.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28
New York Mining Stocks.
Heard on Change

He is now Uncle Hurt. The new title
seems to have been suggested by or at any
rate 1t is coincident with the rapid action in
trading which MI. Hurt exhibited during
the past week to the astonished gaze of
his associates. By common consent the
event was of such an unusual character
that the call was suspended while various
members paid their tribute of sincere adj
mration to the agility which was exhibited
from such an unexpected source.
1t was asserted without contradiction that
Mr.. Hurt had surpassed the achievements
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28
London Money Market.

LONDON. May 2T.-Money was abundant
In the market today and the demand was
moderate Discounts steady.
Trading the stock exchange was dull
and prices were steady Business was con-
fined 10 leveling accounts prior to the carry
over on Monday. Consols were a fraction
easier
Americans opened firm and prices were
maintained throughout at about parity.
After a meager amount of business the
market closed quiet. The feature was the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28

After a while the water in the Potomac
Will be clear, especially toward the close of
the week. and this is looked upon as a spe-
cial provision made for the benefit of the
members of the clubs that are located along
the banks of that stream who are also
members of the exchange
There is no reason from their point OF
view why there should be chance to fish
during the first part of the week, for there
is no one who has time then to indulge in
that Snort.
1t is evident this is recognized in the econ
omy OF nature and a result the river
wears 1.-The week end appearance that Is
suitable for the successful pursuit of this
sport, or at least that is the claim made.
In spite of what is regarded as dull mar
ket, the volume of trading during the past
week has been comparatively large
and the prices have been well maintained. 1t
is more difficult to scrape the bottom of the
local stock market than it was few years
ago.
The demand may decline in sympathy
with bear market in New York, but there
is no pressure to sell that is felt locally. On
the other hand, there is but little buying
unless 1t is developed by such down pres
sure on values that bargains are in evil
dence. AS a result of these conditions the
spectacle is presented of an inactive mar
ket with prices showing but slight varia-
ton from the ordinary level.
Il have made enough out of my COM
mission as member of the exchange to sup
port my family said broker the other
day. and l think that gives some idea of
the value of the business. l always think of
the income / get out of it when hear what
is said about the value of seats on the ex-
change. For myself l would not sell my
seat for several times the highest price
that has been mentioned in this connec-
ton.
II don't suppose that my experience Is a
peculiar one, and in fact, that is quite evil
dent from even slight study of the volume
of the trading done in the securities listed
in the local exchange. There has been a
steady increase in this particular in late
years, and there is every reason to suppose
that this will continue to mark the BUSH
ness in the years to come. With an en-
larged list of securities to deal in and an
appreciation in values of existing bonds and
stocks there is every reason to look for
ward not only to the growing Importance
of the business of the exchange, but to an
enlargement of its scope"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28
Standard Oil Prices Reduced.

PITTsBURG. Pa, May 27.-The Standard
Oil Company today reduced the prices of all
grades of crude oil. The higher grades were
cut two cents and the lower grades one
cent. The quotations follow: Pennsyl-
wanna, SLY; Tiona. S1.42: Corning. Ole;
Cabell. 102; Newcastle, S1.19; North Lima,
SEC; South Lima and Indiana, Sic; Som
erset, I5c.; Regain, 49c.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28
BROKERS' SUICIDE DOUBTED.
Remains of Akron Man to Be Exhumed
for Examination.

AKRON, o.. May 27-The body of Harry
G.. Parsons a broker. who was found dead
I'm bed a week ago. will be exhumed shortly.
The county coroner and prosecuting at
torney left here for Urbana, o., today.
where the body is buried.
Al the time of Parsons death 1t was sup
posed that he had committed suicide by
drinking carbolc acid but the authorities
have received information which leads
them to believe that the suicide theory is
not tenable.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28
Imports at New York.

NEW YORK, May 27.-Total imports of
merchandise and dry goods at the port of
New York for the week ending today were
81, 96S, 500
Total imports of specie at the port of
New York for the week ending today were
So1,33l silver and 500 go gold
Iotal exports of specie from the port of
New York for the week ending today were
SI76U99 silver and $4,000 gold.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28
MANCHESTER CLOTH MARKET.
Inquiry Fair, But Turnover Was
Small-Comment Caused.

inquiry Fair, But Turnover was
Small-Comment Caused.
MANCHESTER, May 27.-The inquiry for
cloth in the market this week was fair, but
the turnover was small, owing to the en-
HANGED quotations asked by manufacturers
who are in a strong position and have sold
well ahead. Some comment was caused
by the manufacturers having miscalculated
engagements and wanting to deliver next
month goods which were bought for Au-
gust.
India took fair quantities of Dhoolies and
fine fabrics. The demand for China was
quiet.
South America placed orders more freely
for delivery at the year end.
In yarns business was restricted, users
refusing to pay the advance demanded.
American cops were strong. but not much
business was transacted.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28
Controlling Interest in N. and S. R. R.

PITTSBURG, Pa, May 27.-Henry Sprouli
& Co., who, with James Chaplin of this
city last year acquired a controlling inter-
est in the Norfolk and Southern railroad.
announced today that the road had been
sold. The purchaser it was declared was
not known, as the transaction was cash
one and conducted through New York at
torney.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28

continued strength of New York. Ontario
and Western on manipulation rumors.
Foreigners were neglected
Imperial Japanese government skies OF
| 1904 were quoted at 1011a
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28

Sales.-Regular call, II O'Clock noon-W ashngton
Rwy. and Elec. As. $1,000 at 81, $1,000 at 81,
900 at 81, 81 900 at 81, $1,000 at 81, $500 at
91A.
Anacostia and Potomac S. 81 900 at 1041a, 81 900
1041a
Washington Rwy. and Elec pfd, so at 81. so
at 90a4, 10 at 81 so at 90A, 30 at 90A, SO at 90A
30 ut 81, 80 at 81. 30 at 911s.
Washington Loan and Trust, 10 at PA, 10 at
212R, 10 at PIP.
Commercial National Bank, 20 at III.
Riggs Fire Insurance, 100 at SIS, 100 at Sa.
Commercial Insurance, 100 at So.
Washington Gas % ut 611s.
Mergenthaler Rights, at 8, 1 at 8, at 8,
at 8. / at o, at 8, 10 at 8, 10 at 8.
Lanston Monotype 10 at 1871.
After call-Mergenthaler Rights, at o.
Washington Rwy. and Elec. As, $1,000 at 907s
$1,000 at 001s, $1,000 at 905s 81 600 at 90a.,
5000 at 905s 81 900 at 90A, 81 600 at 9OA
1900 at 90A. 81 600 at 90X.
Lanston Monotype. 100 at 15A buyer co..
Washington Rwy. and Elec. CON-, SO at $685. so
at 365l
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28

The strength of the grain markets and
the reports of deterioration Of the wheat
crop and OF unfavorable weather conditions
have had their inevitable effect on stocks.
While stock market operators are schooled
to make allowance for the speculative mo-
tives which often prompt the spread of crop
scdrcs, 1T Is realized that escape from them
is possible during the period of the growth
of the crops. The Vicisstudes which must
accompany the marketing of the country $
crops are restraining influence on specu-
laton at this season. Mercantile agency
reports show that same influence works on
various lines of business and indicates q
waiting attitude Money is extremely easy
and offers no apparent bar to stock market
operations. But an effect on sentiment was
produced by the suspension of the Mer-
chants Trust Company of this city and
by various failures of financial institutions
small In themselves, but of influence in con
junction. The whole question of perver-
sion of deposit funds to the profit of Off
Gals of iudisCreet security undertakings
is kept In view by these occurrences and
they revive the influence of the Milwaukee
bank dcfalcation in connection with the
abortive wheat corner and the persistent
dispute over Equitable Life Assurance af-
fairs. The effect of rumors regarding the
course of the hostile fleets in the far east
shows that there is power for effect on
stocks remaining in that subject. 1t is
recognized also that the operation of the
new stock transfer tax on June ! may have
a repressive effect on the operations of
professional traders in stocks whose trans
actions make up a large proportion of the
total in the daily business at the stock ex-
change.
Bonds have been dull but prices were
comparatively well sustained
United States bonds were all unchanged
on call for the week.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28
FINANCIAL.
VALUABLE
HE STOCK FOR SALE

VALUABLE STOCK FOR SALE
II taken before June 1, win sell 900 shares of
the capital stock Of the Peer Artificial Leg Manu-
featuring Co. of this city at Its par value 5000
yer share. VIII pay 20 per cent per annum. Ad-
Dress Box s. Star office It,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28
Finance and Trade in
Markets Of the World

OF Mr.. Heiston in this line, and it seems that
IN making this comparison the language of
praise was exhausted. For 1t appears to be
generally conceded that Walter Is the
limit
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28


The official admissions now seem to es
listing were those of armed hostility, with
imminent danger of rate wars, that would
have threatened exhaustion of resources
and of extension of lines into new com
petitive territory that would have caused
an entirely new basis of competition for
traffic and of earning power. The intima-
tiOn now given of agreement to refrain
from this costly warfare is cause of sub
stantial satisfaction TO security holders
But the course of the market during the
period of hazard awd&ens wonder at the
degree of transformation and misplaced
confidence on which ii was based. The
realization Of the periIs escaped and the
Vagueness of the information even now
given OF the terms and the extent of the
agreement leave spirit OF caution and
apprehension.
Mixed sentiment over the iron and steel
trade is an unsettling Influence in the
market, and the evidence of pressure on
the United States Steel stocks especially is
of large sentimental influence on the whole
market. Trade reports Indicate the main
tenance of the demand for finished prod
ucts at an extraordinary level in spite of
the arrest of the demand for pig iron and
the blowing out of some furnaces. The
reported dissolution of the steel rail pool
had some unfavorable effect on iron and
steel stocks 1t is feared that the result
will be an increased disposition TO yield
rates. The action is attributed to de
sire to avoid ground for criticism or for
possible inquiry of a kind directed against
rate agreements in other fields. The pos
sibility of the abandonment of agreed
schedules in other branches of tie trade is
canvassed.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28

NEW YORK, May 27.-Today's stock
market was of no Importance. The slug
gish downward movement was retraced be-
fore the end of the day. The attendance al
the stock exchange was small. many proK-
ers having left the city to remain over next
weeks Decoration day holiday. With TINS
prospect of an Idle market the small trad
ers had the market to themselves and were
little inclined to make any commitments.
Next weeks London stock exchange settle
ment is viewed with some apprehension on
account of the unfavorabe position OF an
extensive account in Americans. The be-
lief that the long-expected naval battle is
near at hand had its part In inducing
Bpirit of caution. The considerable contrdc-
ton of loans disclosed by the bank state
ment was something of a surprise, In view
of the weeks heavy transactions. including
the Japanese loan payment ana SUD
scriptions to the new American smeit-
ers securities stocks. 1t is explained
that arrangement has been made lor
the leaving on deposit of the S6o,oOo,OOo
paid in on the subscriptions to the Pennsyl-
vania convertible bonds, the greater part III
the New York banks and the rest In Phlla-
delphia banks. These deposits Will be avail
able for use in the call loan market. The
proceeds of the Japanese loan are at the
disposition of the Japanese government
and information of the immediate use TO DC
made of them is withheld Meantime the
amount is still in New York bank. The eX-
treme ease of money in foreign markets OF
fers no inducement for the transfer OF TINS
fund abroad and indeed foreign funds are
offering in the New York money market
The days changes in stocks are lnslgnln-
cant and the closing was stagnant
The demand for the Burlington joint IS
continues in evidence. but the bond marker
was irregular. Total sales, par value
81, SOS 900.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-28


After desultory resistance to depression
stocks made a brisk midweek recovery ana
then drifted downward on the disappoint-
ing response from buyers at the recovered
level of prices. Reports of restored har-
mony in the northwestern railroad Held
gave the impulse to the recovery, and that
subject has played large part in forming
sentiment toward the market throughout.
1t was believed that threatened trouble III
that field lay at the bottom of the pressure
upon the market, and the announcement
that trouble had been averted caused a
corresponding degree of alarm among the
considerable uncovered short interest.
The most notable result of the week S
events has been to bring home to the finan-
cial public for the first time the gravity Of
the situation that existed at time
among the controlling interests in the vari-
Gus railroad systems in the northwest. 1t
was fully realized that the ilegality of the
Northern Securities Company and its dis
solution left some perplexing problems TO
be readjusted, which that project had been
designed to solve. The failure of the Union
PACING attempt to continue its control of
Northern Pacific and voice in that OF
Burlington was clearly understood, leaving
the ola disputes over territory and traftic
open for fresh settlement. But prices
OF the railroad stocks concerned were
marked buoyantly upward for months, leav-
ing an unbrldleu speculation in the whole
market. on the constant unauthorized as
surances that new and more extensive plans
of harmonious adjustment were working
out to take the place OF the defeated North
ern Securities plan.
The daily morning journal and courier., 1905-04-21
RAILROADS MUST HAVE
 RIGHT TO MAKE RATES
LUCIUS FUTILE SPEAKS PLAIN
 LY ON THE SUBJR0T.

Tells Senate Committee That Inter-
 state Commerce Commission Goes to
 Law Too Often and Does Not Settle
 Enough Cases by Negotiation-
 Points Out That Congress with Ab-
 solute Control Does Not Attempt to
 FIX Interest Rates Of National Banks.
 Washington. April 2o.-Lucius Futile, president of the Boston and Maine railroad, and formerly vice-president of the Consolidated railroad company, was heard by the senate committee on Interstate commerce to-day.
 He denied that the government had any authority over railroads because of the right the roads have in eminent do- main, but only under the constitution and the general police power of the government to prevent oppression.
 There is, he declared, no stiff-neckei opposition among railroad men to fair regulation of railroads.
 MT. Futile said there was not the least doubt about the right of congress to regulate everything pertaining to in .terstate commerce, subject only to com stitutional limitations.
 2 He declared thatathe only valuable property right of railroad is the right to make it's rates. The road could not remove it's property or abandon its op- erations, and it must, therefore, be en- abled to make a rate which will give it a fair return on. it's investment.
 Mir. Futile said there were practically three systems in New England The Boston X Maine dominates the north- ern half of New England. Men in that region doing business must depend on this road, and yet, he said, in twelve years not single complaint had been made to the interstate commerce com mission. The same was substantially true of the New York. New Haven & Hartford and the Boston & Albany. Stability and uniform rates were ne- eessary rather than low rates.
 He asserted that no five men could fix railroad rates for the country.
 (Continued on Third Page)