davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1907-06-05
S. A. L. MOVE BLOCKED
John Shelton WHliams TAINTED to
DiSSOlCe Seab0ard Holding Co.

The annual meeting of the stockholders Of the
Seaboard Company. the holding company Of the
Seaboard Air Line Railway was held at Jersey
city Yesterday. and resolutions offered by John
Skelton Williams for the dissolution of the con-
Germ because. as he declared the directors were
simply dummies were defeated.
In making public details of the meeting Mr.
Williams. who is voting trustee Of the Sea-
board Air Line Railway chairman of the Sea-
board Air Line Railway protective committee
and former president OF the system. said he
offered resolution calling for the liquidation
of the holding company and the distribution of
Its assets among its shareholders. He said that
the alleged sole purpose and object of the for
nation OF the Sesboard Company was to assist
financially the Seaboard Air Line Railway. and
he declared that as the resources of the Sea-
board holding company would no longer permit
II 10 be OF any use or assistance financially to
tho Seaboard Air Line Railway the holding
company should now be dissolved and its assets
distributed among its shareholders
lie told the stockholders present he said. that
II was hopeless for the Seaboard Company TO
attempt to raise funds by the sale of its treas
ury stock. its first preferred stock being offered
at S6j share without takers and argued that
by the liquidation OF the holding company 1t
would be possible to distribute S11 600 Of Sea-
BOARD Ar Line Railway = per cent mortgage
bonds (Which We're recently sold at SqD 10 each
holder OF one hundred shares of this Seaboard
Alr Line Railway first preferred stock which is
now quoted on the market AT S6J Il share and
also to distribute to every holder of one hundred
shares Of second preferred stock of the Sea board
Company l33ls shares of Seaboard Air Line
Railway preferred stock, and TO every holder of
one hundred shares of common stock of the
Seaboard Company 1O4 shares of Seaboard Air
Line Railway common stock.
He said he also told the stockholders that the
Seaboard holding company had a total capital
stock of Soo3OOOOO. and was being operated bv
set OF dummy directors and officers whose
combined holdings in the stock of the Seahoard
Company aggregated only ten shares worth at
to-daY's market prices bout $500 The resolu-
tion as offered by Mr.. Williams was defeated
being strongly opposed. according 10 Mr. Will
Jams by the Ryan-Blair interests
The following directors of the Seaboard hold
ing company were reelected for the ensuing
year: Thomas AChenbaCh. SoIon Chester Kelley
Douglas Cranston Porteous, NJ V r. Wevant
{. G. Hand. F. T. sherman ir.. ]. T. Herson
William b Denton and John c. Quimby
New-York tribune., 1907-06-05
TO IMPROVE THE ERIE
8R1NCHES TO BE BUILT.
Harnman-Morgan Interests to Push
Work on the Extensions.

hartman and Morgan interests are working in
harmony in the management of the Erie Rail
ioao' and through the advice of Z. H Hartman
every sHort viii be made to get results out of the
property and with this object in mind yvorl, tha
VAS suspended few months ago on new lines
WIZ he resumed at once The ATTORNEYS of the
company have decided that under the provisions
OF the public utilities bill the Erie Railroad can
| construct through the ownership of a subsidiary
company extensions TO its lines, and as a consc-
| quepce the building Of the Genesee River Rail-
ROAD and the Erie & Jersey will be pushed. am
II Is estimated that they will be completed in the
! latter part Of next year
Inc Genesee River Railroad will extend from
CUBA n Y. to Hunts, distance Of thirty miles
Vi "Il'h about 90 per cent is completed. while
me Erie d. Jersey will extend from Highland
rams n y, TO Guymard, a distance of forty-two
miles. These two lines will be cut off extensions
or the main line of the Erie, which will enable
'he trains to dodge the high grade at Port Jervis
ana at other points where the grade is steep.
On the Genesee line the grade will be reduced
from l per cent to three-tenths Of | per cent
While The train haul will be doubled The esti-
mated cost of the Genesee River road is
S6'o9ooo, for which $4,000 900 bonds have been
issued and taken by the Erie company and the
cost of the Jersey & Erie line will be about
Sl2oho00, the financing of which will be done
In the same manner
1t is understood in financial circles that the
Erie mas made arrangements to secure on ia
Norabie terms $5,000.000, apart from the $780,
UUo OF notes which were put out in April of this
year and discounted in advance to meet the
$5,pVouoo falling due in April and s.. 1000 600 in
July, and from what wss learned il is safe to
say the credit Of the company has improved
wonderfully in the last few weeks in the eyes
OF NaH Street banking houses this being due
10 the knowledge that MIR Hartman Is taking
an active interest IN the property. and that the
morgan mouse will bring about changes in the
road that VIII accrue to the benefit of the stock
holders and the travelling public The fact that
me road showed splendid earnings in the month
or April Is said by the officers TO be only a
forecast Of the results in the balance of the wear
The company soon will begin to receive large
increase 10 It's rolling stock there now being
rushed to completion for the road 80 locomo-
tiVes. 12o passenger coaches. including so con
structed especially for the suburban traffic and
1000 freight cars
New-York tribune., 1907-06-05
G. N. DEMURRER ovERRULED.
Judge Hough Decides That Road Must De-
fend Itself on Rebate Indictments.

The Great Northern Railway Companys de-
murrer TO recent indictments for rebating was
overruled Yesterday by Judge Hough In the United
States Circuit Court. The indictments charge the
granting OF 19 cents rebate one hundred pounds
to the Sugar Trust shipments between Boston
and Sioux City. Iowa
According to Judge Hough. the transaction
agreed upon in 1902 not legally completed until
the cash payments of the rebates had been rnads
in 1eOl thus making II a criminal act under the
E.lkns act. The road must now defend itself on
the indictments.
Similar indictments were returned against the
New York Central and conviction il fined
in all S31SOOO. The Sugar Trust pleaded guilty and
paid fines The Chicago Mlwa ukee q ST. Paul
and the Chicago. Rock Island & Pacific and one or
two minor corporations also pleaded guilty and
patd fines OF $4,000 each for rebatng- Tne Della
aware. Lackawa & Western Railway pleaded
not guilty. and interpOsed technical defence.
The Jury failed 10 agree however and II Is under
stood the Delaware, LaCkawauna & Western Rail-
ways case is to be retired soon.
New-York tribune., 1907-06-05
TRADE IN CHICAGO

chcaso' june 4--'fhe wheat market to-day brol,e
carry IL the trading almost 2c from the cIosin,,
FIloe or yesterday. The chief reason for ,ho a.
lihe was slump Of Id AT Liverpool which ,-
auseo Dy reports uf improved crop conditions ,n
eastern Europe. The weather was also co,s,ta,
favorable. ara this weakened the ,,a.l,,t . .
'9uidauon for July was vgry heavy. ana ,radin,,
vas acuFe IN this option and also in sept4r,bo,
Juy opened fs@i1c to 94G1zc lower at ssa5c n o.
and sold at &5.c. September opened sz1,zc 20 -
nc lo"eF at so7sc to s8S.c. and sold al 97ssc
beioTe the slump was checked the prices ~ ,t
July option declined 10 S4l.c and septerpler .,
e"Vering 10y shorts. scme buying for fnves,n,or,
sha damage reports caused advance in tho Iast
H"H-hour of nearly lc from the low noint of tna
Gay. The market closed fairIy steady Wiz, -,
on I-saissc at s55sc; September closed Ilgc ower ~
I'm was quiet and easier; July 53a4c The mar
~ became strong later ia the day IN bu,ir,, g
.'0.pI interests The close was strong wiz,
"2y ss9isc higher al 54asc ''
@s were quiet ana easy; July 49i5c
60 [-o'isions were quiet. July pork SIG I-as ,,ra
@@a and ribs g 20 'a'd
New-York tribune., 1907-06-05
FOR TEST SUIT ON wHIsKEY RULING
Makers Against the Decision That Only
STRAIGHT" LIQUOR Can Be Used in blends"

Joseph \. Strasser chairman of tho Now York
State Wholesale Liquor Dealers Association re-
turned to the city last night from Philadelphia.
where he attended the meeting Of the executive
committee OF the National Blenders Association
According 20 Mr.. Strasser. the blenders of this
country have taken exception TO Attorney General
Bonaparte's ruling that the term blended whis-
key" be used TO designate only mixture Of
two straight whiskeys. and have ac-
cepted his suggestion 10 judicial coustruc-
ton of what Congress meant bv the words like
substances" which were inserted in the pure food
Law.
AS soon tho general counsel for the assocla-
ticn can prepare the the blenders will en-
deavor by the in,rod,stion Of elaborate tests to
prove to Attorney General Bonaparte that their
contention is absolutely correct. Thes willing
t. do all they to facilitate action the De
partment Of Agriculture may take to Il
judicial decision upon the question what is whis-
key|'
THE term blended whiskry.' " said Mr. Stras-
ser "as it is understood by the public, means that
product which has always been known by that
name. Blended whiskey is mixture of so-called
straight whskcy and neutral spirits. to which
harmless sugar coornE has been added. This
mixture of so-called straight whiskey and neutral
spirits has always been known to the consumer
US 'whiskey,' and to the trade blend
New-York tribune., 1907-06-05
TROUBLE IN ALTON DENIED.
Hartman Interests Did Not Force Dividend
Two Per Cent on Preferred Stock

Reports that there had been a stormy meeting
OF the directors Of the Chicago Alton yesterday.
and that F. H. Hartman had compelled the Rock
Island interests in the property TO declare divi-
dend the preferred stock against their wishes.
denied officially There was a meeting OF the
board Of directors. and it was the largest of the
kind in many months. and a dividend was de-
clared, but there storm and no attempt on
the part Of the Hartman interests to compel ths
Rock Island interests to do anything they ala not
want TO do As a matter Of fact, Mr.. Hartman IS
not in a position 70 dictate To the Rock Island
people.
The dividend declared because il was earned.
earnings estimated a low aveTag sc showing
surplus after the dividend declared in January and
that declared yesterday Of about S76600 equivalent
to ( per cent on the common stock Two per cent
was declared on the preferred stock md per cent
on the prior lien stock both semi-annuaL
At the meeting plans were discussed for the i'm
provement of the system. including the elevation
Of tracks in Chicago and the elimination "
grades The question of issuing new securities did
not come up. the road needs additional capi-
tai but $500 600 set aside from earnings for
improvements.
New-York tribune., 1907-06-05
TEL. & TEL" VOTES NEW STOCK.
Issue of $21,OOOO00 to Go to Shareholders
at Par-Earnings Increase.

As recently predicted in The Tribune, the direc-
tors of the American Telephone and Telegraph
Company yesterday voted an Issue Of $21 100000 new
stock at par to stockholders. Payments will be at
the rate of $50 a share July % and $50 on Octo-
ber ..
The new stock Is issued in advance provide Or
next years requirements, the policy Of the company
being 70 keep financed ahead Of its actual cash re-
qurements The 1907 requirements are provided for
by the proceeds Of the Sl0oCoo0Oo convertible bond
issue.
The statement Of the American Telephone and
Telegraph Company for the first half Of its fiscal
year ended May 81 shows surplus after payment
of dividends and all fixed charges Of than
81 SooG0 This is fully 10000 in excess of the
plus for the same perIOd Uf 1895! and IS than
enough TO ray full years per cent dividend
the $2l.CJo0o0 new stock which has just been au-
thOrized The net earnings Of the company for the
first six months Of the current year before dlvi-
deuds. but after interest charges. show increase
Of $4,000 over the first half Of 1906
New-York tribune., 1907-06-05
THREE sYNDICATEs DISSOLVED.
Bond Market Conditions the Cause-Morgan
Company in One Deal.

The dissolution of three bond syndcates was an
nounced yesterday the most important being the
syndicate headed by J. p. Morgan & Co. which
underwrote N00oO0e0 Atlanta, Knoxville & Gin
cinnau division per cent bonds of the Louis
vile Nashville Railroad Company last July. The
members of the syndicate told of the disso-
iulon yesterday, and We're asked 20 take up the
bonds Tor which they had subscribed and Which
had not already been disposed of
II was learned that less than 10 per cent of the
SoVtlutO issue had been sold. The bonds which
were originally undeTwritten at 9S, were quoted
yesterday around %. which represented IA shrink
by the underwriters. ~
The syndicate headed by Brown Bros & Co
which last year underworld $5.0O0OpO Norfolk a
Western Halfway Company divisional first lien gen
solved, the syndicate associated with Mac
kay Co. which underworld the 100000 s per
gent debenture sinking fund bonds of Park & Til
lord, issued last year
The unsatisfactory conditions which have pre-
vailed in the bond market for the last wear were
said yesterday to be primarily responsible for these
various syndicate dissolutions
New-York tribune., 1907-06-05
TO CURT4IL DEMURR4GE.
Lumber Firm Sues p. II. II. to
Establish Precedent.

Abnor p. BtGolow e CO., lumber firm Of No sos
West 5ith street has entered suit against the
Pennsylvania Railroad nomnally for 81 but with
the purpose Of curtailng demurrage charges. The
system of railroad ana lghterage charges for de-
murragc affecting the lumber dealers has de-
veloped into "A gigantic system Of graft OF the
hold-up Variety said Alfred Bunnen the plain
tiff's attorney. last night and my clients have
brought this suit 10 establish their rights
Under tho laws Of the United States and the
rules of the Pennsylvania Railroad COMPANY ''
continued Mr. Bunnen. "A consignee has forty
eight hours after receiving notice Of its arrival TO
remove carload of lumber. The CARRYING com
panles. to exact dcmurrage, make IL a practice of
letting the Consignee know when the car arrives
at Jersey city, that he is compelled TO pay
charges while is in transit to this city
Early last month Blgeow S co. ordered a car
load of lumber from Virginia to be delivered at
West 37th street. The arrived on May % and
my client began unloading it Immediately on re-
coving the notice Shortly after noon the chief
clerk in the freight office teIephoned Mr. Groos-
kurth, one Of the firm, that the railroad company
would charge 81 demurrage the car.
MY clients refused to pay. and they were told
Der to leave the At this point | was snIlad
into The case, and made demand @. r. Smith
general agent oi the Fennsylvanla in this city for
my clients property Mr.. Smith refused 10 act
IN the case and It was taken to the 7th Municip9l
District Court, where, upon my clients making an
affidavit 10 the facts and the giving of = Sond
by the United States Fidelity and Guaranty Com
pany for double tho value of the lumber held an
order was obtained directing City Marshall Lang
disposition Of the June 10. of course Uyc
shall expect the Pennsylvania people 10 pay all
charges incurred"
g. r Smith, representing the railroad company.
could not be found last night. ''
New-York tribune., 1907-06-05
NORAWETz RESIGNS rs DIRECTOR.
But No Discussions in International Paper
Company, Says Chisholm.

! ne resignation of Victor Morawetz from the d.
rectorate Of the International Paper Company was
announced Yesterday. The announcements came as
surprise in some circles and led a r1lTnor that
there were dissensions in the company and that
-dr Morawetz's resignation foreshadowed the with
drawal Of the Mills interests. his election having
been at their request. il was said.
The runored cause Of Mr.. Norawetz's resigna ton
was denied by Hugh J. Chisholm president of the
company. who. also denied emphaticaly that there
were any dissensions in the company or any oppos-
ing factions, as had been said. He said Mr.. Mora
Wetz resigned because he going 10 be abroad
Tor several months and desired to be permanently
relieved Of some Of his business interests The
report that his resignation foreshadowed the with
drawal Of the Mills interests Mr.. Chisholm said
was absurd and utterly untrue. AS a matter OF
fact he said. the latter were II anything increas-
ing their holdings. and proof Of this he declared
was the fact that Ogden Mills had been elected "A
member Of the board. in place OF Albrecht Pagen-
steClier. who resigned last February
Nj MoraWetz sailed for Europe about three
weeks ago
New-York tribune., 1907-06-05
COTTON CONDITION Low
POOREST IN TEN YEARS.
A0erage on Nay @5 Vas 70.5-
Same acreage as Last Year.

Washington. June 4.-The monthly government
report on cotton. which was issued to-day, showed
that the average condition of the growing crop on
May p was 7o5 per cent as compared with S6
per cent and 7T.2 per cent at the corresponding
dates in 1905 and 1905, respectively and a ten year
average of SAC per cent. This is the lowest June
average since 1897
FROM reports Of the correspondents and agents
the crop reporting board finds the total area
Pianted and To be planted to cotton in the United
states this year to be about the same as the area
planted last year-that Is ono acres planted or
10 ne planted this year compared with 50 O49 600
acres which was found TO have been planted last
year
ne crop reporting board of the bureau Of sta tis-
.'cS on the Department Of Agriculture after care
iui consideration Of replies to supplementary in
9"Fies. reports from special Investigations of the
correspondents and agents Of tho bureau OF stalls
u's ana tn" report of the bureau Of the census on
cotton production in 1908 found that the estimate
made on June !, 1906. Of the acreage planted to
cotton In 1905 was too low. and 10 bring the figures
rs near as possible 10 the actual facts the board.
after considering all the evidence on the subject.
made certain adjustments and revsions in the re-
port NJ June 4, 1906, which showed that the area
planted in 1905 about 30 2O49.00O acres
The following table shows by states and for the
United States the revised figures Of the area
planted In 1906 In acres. the planted and 70 be
planted in 1907 compared with that planted In
1875. IN per cent; the area planted and 20 be
planted In 1871 in acres, and the condition of the
crop on May . in per cent,
New-York tribune., 1907-06-05
BUSINESS TROUBLES.

The following petitions I'm bankruptcy were fled
Yesterday with the Clerk of the United States Ds-
trict Court:
Charles F Mitchell mo address, involuntary Pc
titlon by Frank BunneH. of New Haven. and ].
Willard Spencer of Seymour, Conn. who say that
81 O7O is due them commissions the sale OF
bonds. Transfer OF valuable assets is alleged as
an act of bankruptcy
Hanson Drug Company: debts. $500 assets. $50;
principal creditor F, n James, S2.22S Assets con-
sis of cash In the possession Of the receiver. SO
and stock trade. $40
Max Dreyfuss. ]. c. Price and Ludwig Dreyfuss.
under firm name OF Max Dreyfuss & Co. No lbs
Front street involuntary petiJioni creditors with
claims as follows: Copeland & Mittenheld. &lls
Morse & Rogers. s2ss: NJ. NJ. SittenheId. SIS Trans
fer OF assets is alleged
The Bailey Piano Company 1SSth street and
Canal Place. The Bronx. assigned for the heneft
OF creditors 10 Harry Harris The company wa
incorporated in 1901
New-York tribune., 1907-06-05
PENNSYLVANIA COMPANY MEETING
Old Board of Directors Re-elected-Increase
of $2,226, ,429 46 in Net Earnings.

Pitsburg. June AT the annual meeting Of the
stockholders Of the Pennsylvania Company here
to-day the old board Of directors was reelected
The report for 1906 showed gross earnings of S46-
0685 = and operating expenses of go l2s So The
net earnings were $l3I47677 So. increase as com
pared with 1905 Of s. 22s. 40 4s The tonnage in
creased 1898 Per cent and the number Of passen-
gers carried increased 1852 per cent
II was voted TO extend the age limit for persons
entering the employ Of the company from thirty
I'VE 10 forty-hve years. This action follows
similar step taken by the other companies or tho
fennsFlVania system. As the meeting to-day was
tine last to be held by any Of these companies this
year the increase IN the age limit IS now IN force
throughout the entire system
New-York tribune., 1907-06-05
EXCHANGE AGAINST BUCKET SHOPS
Statement by President of Consolidated De-
fines It's Position.

ogden D Budd president Of the Consolidated Ex-
change has issued long statement In reply to
criticism regarding the attitude Of the exchange
toward bucket shops, and the brokers who have
been driven from other states and are seeking nd
rniftance 10 the Little Board" Mr.. Budd
quoted in yesterdays Tribune. and his statement
uut out yesterday afternoon merely supplements
and emphasizes his position, which is wholly OPP
posed to the admttance Of undesirable brokers to
the exchange. -, =,
The Consolidated Exchange is working 10 Kill off
the bucket shops. and people who may believe that
tba exchange will prove haven for this class OF
business do not understand the purposes Of the
evcbanga and the determination of its officers
ia iDbnld its rules and regulations and It's honor
New-York tribune., 1907-06-05
NEW AUSTRALIAN SERVICE TO BEGIN

Announcement made yesterday that the
Australian Mail Line. new organization backed
by Andrew Weir & Co. of London and Glasgow,
would begin its service from San Francisco to
Australia and New Zealand In August with the
sailing Of the steamer Foreric The line will
employ six steamers in its service. and will have
n monthly sailing from San Francisco. The line
will take up the business formerly carried on by
the Oceanic Steamship Company.
New-York tribune., 1907-06-05
CHICAGO MEAT PRICES ADVANCE.

Chicago, June s.-,lsats OF all kinds. with the
exception OF the poorest cuts Of beef,~have been
rising steadily in Chicago for three weeks. and
dealers say that tho advance viii continue. In
of the poorer sections OF the city retail deal
ers have not handled piece Of meat, except beef
for the last three weeks. Lamb. pork and other
meats are beyond tn" reach Of their customers
Lamb has advanced three cents pound in the
last three weeks and the large wholesalers say
that they cannot get enough any price to sup
New-York tribune., 1907-06-05
NEW HAvEN'S VALUATION.
Director of the Road Believes 1t Will Show
$500 for the Stock.

A director of the New York, New Haven * Hart
ford Was quoted in Wall Street yesterday TO the
effect that the valuation of the road which Is
being made by John +. Stevens, formerly chief
engineer of the Panama Canal, would probabIy
demonstrate a value for the New Haven shares or
$500 each The same director also said that If tho
real estate alone of the New Haven road could be
sold the price at which property adjacent y, TO
was now selling the proceeds would pc Suincleflt
to linuidate It's entire Indebtedness. teaVlng me
remander Of the rond and equipment iFee asset.