Morris tribune., 1906-06-30

after twelve years at the option or tue
company. President Cassatt said that
the proceeds would go to meet the
payments for $4,000 steel cars and 3l3
locomotives which are being built az
a cost of S42,000,000, also to the com
pletion Of the water supply system.
Since 1900 the capital stock OF the
Pennsylvania has been increased from
$129,000,0O0 to 1903, 100000 and the
bonded debt from S8S,000,000 to $l9Z,~
100000. About 1922 100000 has been
expended in Improvements and aad1-
tons to the property, while about
$14O.000Go0 has been Invested in the
stocks Of other companies. Mr.. Cassatt
says that the company is now in the
position to fully perfect it's public duty
and that it's traffic is moved with an ease
and regularity never before attained,
while the surplus, after paying 6 per
cent dividend last year, amounted to
$11,70O,0OO.
Labor Bank Quits Under Fire.
The Chicago bank which was recent
" started under the auspices of labor
unions and known as the Common
wealth Trust and Savings bank has
been notified that it has been violating
the bank laws of Illinois One of the
alleged violations was it's failure to
be examined by the state auditor while
holding it's charter under the laws OF
Arizona; also it is said that less than
half of the stock Of the bank has been
paid up Later the bank abandoned
It's charter.
Standard Loses Big Contract.
The contract for lubricating the roll
Ing stock Of the Pennsylvania lines
west of Pittsburg which heretofore
has been held by the Standard Oil com
pany, with an annual revenue of $112,-
600, has been Cancelled owing to dis
closures made before the interstate
commerce commission. 1t was shown
that the Pennsylvania in ten years had
saved $1,006000 by having secretly
more liberal contract than was given
any other railroad company. The at
torneys for the commission say that the
Standard is receiving rebates from the
railroads In the form of excessive
prices and that they are paying at
least so per cent more than would be
charged by Independent companies.
Higher Prices For Meat.
The beef trust has raised prices Of
beef, lamb and other meats and meat
products, presumably to offset the
losses sustained through the recent ex-
posures These Increases have been
made gradually during the past two
or three weeks to the wholesale trade
until the dealer is now paying from
three-fourths to 1 cent more per pound
than before the agitation began, while
the price to the consumer has advanced
from to cents a pound. One of the
excuses given for the retail trade adj
vance is the higher price charged for
ice by the various ice combines in diff
ferent cities.
Sweeping Rate Cut Ordered.
The Kentucky railroad commission
rendered a decision June 20 order
ing a sweeping reduction in railroad
freight rates to all local points, effect
Ing saving of $1,800,O00 to shippers.
The order is especially severe on the
Louisville and Nashville, it's present
rate being reduced Is per cent. The
Illinois Central also is singled out for
censure
Southern Mills Cut Iron Prices.
The Iron Age reports break Of from
so cents up to 81 on southern iron,
coincident with the dissolution of the
Southern Furnace association.
Textile Workers Win.
The Fall River, Mass, cotton manu-
facturers have granted the operators a.
IA per cent increase in wages. About
$4,000 hands are benefited. The new
scale, which will take effect July 2, is
practically the same as that prevailing
previous to July 1, 1904. The action Of
the manufacturers in acceding to their
employees request caused wave Of
relief to sweep over the entire city. A
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