davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1907-06-06
FIGHTS TERMINAL SALE
Toledo Bank Alleges Conspiracy By
Morgan and Allies.

Ioiedo June 5.-A petition opposing the con-
AIlhatlon of the sale Of the Toledo Railways &
terminal Company filed In the United States
circuit Court to-day by the Ohio Savings Bank and
Trust Company. 1t alleges that J. Pterpont Nor
gan and his allies in banking and railroad circles
entered into conspiracy at the time the terminal
road was sold. and that a committee representing
the bondholders bought the road at the set price
of 100000. It further charges that the creditors
were prevented from bidding the road by pre-
arranged plan Of Morgan and his allies
1t is said that the road would have sold for a
much higher price had 1t not been for this alleged
agreement between the railroad interests, whereby
the road was TO be bid in at the upset price of
S2.0OOOC0. thus freezing out unsecured creditors
and holders OF floating Indebtedness.
The petition that should the sale of the road
be confirmed scheme is afoot TO organize a pur-
chasing company and bond the road for SG,O0OOOO
these bonds to be secured by the Pere Marquette,
Lake Shore and other railroads. said 10 be in the
Vanderbilt system.
1t is further alleged in the petition that note
for S5,oS9 II is due the complainant: that there
other defendants in the position and that
these claims amount to 100000. The petition ap-
peas also in their behalf
The capital stock OF the Terminal road
S3.6e000, according to the petition. and the ma
Of J. Morse is Owned Dy t.e IN @ PanKh6 @ nUuSf
the stack of the Pere Marquette.
bondholders organized and 1t is alleged that
this committee entered into collusion with the
commonwealth Trust Company. on the application
of which the road went into the hands of
the road was knocked down to a low figure to pre-
nen6 The collection Of liabilities ana prevent the
Further allegations are that the Pere Marquette
company without compensation as a reward for
its failure TO oppose the foreclosure of the mort
a An the railroads entering Toledo. With or
of Morgan. II is alleged, and a result OF
ms none 81 the roads opposed the bidding Of the
the low price on May 2S
New-York tribune., 1907-06-06
FOR SAFER RAILS.
Open Hearth Process, Steel Men
Think. UM SolUe Problem.

The efforts of the principal railroads of the coun-
try to promote the manufacture of a durable
quality of steel rails. both railway and steel
think, have opened the way TO a solution Of the
problem IN the future. Ex-Judge Z. H Gary.
chairman OF the board of directors OF the United
States Steel Corporation, said yesterday: 1T is
probable the leading railway officials and the lead
ing oncials OF the manufacturing companies will
soon, personally by competent representatives
make thorough and exhaustive study Of the whole
situation at which time every important question
relating TO the quality of rails will be discussed
with the hope on the part of all concerned that
there will be unanimous decision which should
not be questioned by any I do hesitate 10
say that II 1t is practicable to manufacture bet
ter rail than the IN our corporation
will make it,
In line with this statement was one made vester-
day by another official Of the steel corporation He
said the question of manufacturing open hearth
rails had been agtated by the railroads only within
the last year two. Prior to that the railroads
had asked for Bessemer rails or had not specified
what they wanted In the Iatter case the Iesserner
rails had been supplied because they could be
more easily manufactured and at less cost to
the consumer. He said that some open hearth steel
was being manufactured by nearly all Of the com
panies, but 1t was being used for other purposes
Asked If he thought the United States Steel Cor
poration would make effort supply rails made
by the openhearth process, he replied: I cannot
answer that question. The authorities will un-
doubtedly do all in their power to meet the de-
mands Of the railroads. The changes necessary to
supply the roads with rails manufactured by the
openhearth process would involve the expenditure
of considerable money. and it would be time
before facilities could be provided to meet the large
and increasing demands OF consumers"
It is the opinion Of many Of the leading railroad
of the country that the only relief IN the rail-
problem lies IN the recthcation OF the United
States Steel Corporations methods OF manufacture;
that Is by the manufacture OF rails by the open
hearth process. With the Bessemer process and
the ones used II is said be extremely diff
feut to keep down the phosphorus a high phos-
phorus content W.'N high carbon added gives
hardness and weaEl.~ Qualities and makes brittle
steel. By the open hearth process the phosphorus
is held at minimum. and the result Is much
durable rail.
Charles NJ Schwab president Of the Bethlehem
Steel Corporation, emphatically denied last night
the statement published IN morning newspaper
ured by the steel corporation poor in quality and
dangerous.
II said by official Of the Bethlehem Steel
Corporation yrls2HE 4Ases.1Sat a rail mill
being installed IN the bethlehem plant for the
exclusive manufacture OF steel rails by the open
hearth process.
New-York tribune., 1907-06-06
TAXING CORPORATIONS.
OUer Sar Thousand Companies WM
Contribute to State Fund.

Trenton, N J.. June 5.-Secretary Irvine E.
has filed with the State Controller q preliminary
schedule showing the taxes assessed against mis-
ceilaneous corporations for the year 1907. On IT
6.1S1 companies, against which the aggregate
taxes assessed amount to 81. .565,54s O4, $685.
945 IL than those in the corresponding sched-
ule last year The increase In the number Of COM
panies reporting is 522
There are 6.172 companies which are assessed upon
the capital stock These will pay taxes aggregatng
$2,i5o S94 81. The of this class is computed
the basis OF the capital stock issued and out
standing the rate of One-tenth of per cent for
stock up to $4,000 900. twentieth of per cent
for stock exceeding 100000 up to s5.0OOOOO and
$50 for each million above s5,O0O.OO0.
The life insurance companies pay per cent
their surplus and thirty-five one-hundredths of 1
per cent on their gross premiums There three
OF these companies, whose taxes for this year are
s4os. .0s0 80. as against s341, ,69s p last year.
The Prudential heads the list. its taxes for this
being $685. 2O1 10, against S24l.4l2 29 last
year. The Mutual Benefit comes next. with taxes
OF s1O4043 66 as against $685. 1876 O4 last year. The
taxes Of the Colonial Life So S45 81, against
s3,491 SO last year.
Four express companies pay aggregate taxes of
s1.613 2s, one parior company $3913 a. and one
electric light company $40 II.
The United States Steel Corporation heads the
list OF companies taxed the basis Of their capi
tai stock Its outstanding stock amounts to $685.
6SS,600 and the tax is $47.179 Is. Seven companies
pay taxes issued capital exceeding 100000
900 and 225 on more than S3O0O.00O.
New-York tribune., 1907-06-06
TRADE IN CHICAGO.

Chicago June 5.-Reports that the recent frost
had caused extensive damage 10 the Kansas wheat
crop Offset to-day the present favorable weather
conditions and caused the wheat market 10 close
steady The September delivery was unchanged
OF the final quotation OF yesterday. July wheat
was &c lower. July down i4c to ssc
Oats were &c lower Provisions were TIC 10 loc
lower
The market opened firm on a good demand.
which was based upon higher prices at Liverpool
in the face OF yesterdays three cent decline the
local board. Later. however prices declined about
one cent because OF excellent weather in this
country and Canada for the growing crop. The
weakness became more acute trading pro-
gressed and by noon prices fully two cents
below the early quotations. Tthe market then
rallied sharply and all of the loss was regained
The recovery due to active demand by shorts.
who were aroused to action by a large number of
reports from Kansas. which declared that the full
effect OF the recent frost showing up in the
wheat fields OF that state. The foreign situation
also Influenced the advance. The Hungarian crop
report estimated the wheat yield OF that country
this year at 900 bushels less than years
crop and a dispatch from Parts claimed that bill
has been introduced In the French Chamber Of
Deputies temporarily suspending the import duty
wheat. The market closed steady. July opened
unchanged TO Nc higher at 959sc to 957sc advanced
to s61tc and then declined TO 94c. The close was
e5Sc September opened sc to 11c higher at Csc to
e8ssc sold up 20 Sslac and then declined 10 9612c.
Final quotations at g77sc 10 CSC, Cearances Of
wheat and -four were equal to 5S3.6oO bushels.
Primary recaipts $4,000 bushels. against
26.Ol0 bushels for the day last year Mime
apolis, Duluth and Chicago reported receipts of
200 cars against 296 last week and III cars
year ago.
The market firm at the opening, be-
of firm cables and the initial advance In
wheat. The slump In wheat. however, caused
moderate selling. which brought about a decline Of
nearly one cent. Part of the loss later re-
gained buying by commission houses and cash
interests. but the market closed easy. Improved
weather conditions for the growing crop tended 70
weaken the market July opened unchanged TO isc
higher 54s to 54ac sold off To 53S4c and closed
81 TO 54kc Local receipts 5l7 cars with 2S2 of
contract grade.
The trade In oats small, and the market was
easier because of excellent weather for the new
crop and selling by a local bull. July opened a
shade lower a shade higher at 491s TO 4914c sold
off 10 4sac and closed at 40 to 491sc. Local receipts
So
Traders I'm provisions were bearish because of the
enormous receipts of live hogs at Western packing
centres and sold freely all day. Local packers
were credited with numerous sales. At the close
July pork was off 10c at Sl6 17h. Lard was down
7Ihc at So 05 ribs down 7l2c at IS 70. Esti-
mated receipts for tomorrow; Wheat, q cars;
corn 602 cars; oats 50 cars; hogs. 27.OO0 head.
New-York tribune., 1907-06-06
CHICAGO TRACTION TROUBLES.
Minority Stockholders Delay Reorganization
Plans.

Louis c. Krauthonf and George W. Wlckersham
who have charge Of the reorganization Of the Chi
cago street railroads. returned to this city from
Chicago yesterday. They said they had had a
satisfactory regarding traction matters
in the latter city and that the reorganization
plans proceeding slowly They declined TO
discuss these plans at present however.
According TO a dispatch from Chicago the mi
nOrity stockholders OF the West Division and North
Chicago city Railway companies still refuse to
deposit their shares with the Chicago Title and
Trust Company, they have been requested TO do
because the essential features of the purposed
organization plan have not been made known to
them, and also because, before depositng their
stock. they wish 1t guaranteed that they Will re-
fun equivalent in the securities of the Chi
cago Railways Company, the corporation
which is 10 succeed the Chicago Union Traction
Company under the reorganization plan.
The stock OF the Chicago Union Traction Com
panv and of the North and West Chicago Street
railroad companies. which has already been de-
posted accordance with the requirements of the
ord slance Is now ready for redepost with the Chi
cago Title and Trust Company, and such deposit
will be made it is said, the delay caused
by the action Of the West Division and North Chi
cago minority holders is
New-York tribune., 1907-06-06
orHER MARkETs-RY rElEaaAnu

East Buffalo, June 5-CATTLE firm: prime steer, ses
SO 30 VEAIS-Receipts. 800 head: active and stss
S5g$S 2S Hods.Reeepts. $500 head active and SeI6s
higher; heavy So 50q$6 TO- mixed and Workers "a 7nS
So IS; pigs So 75Gs6 80; roughs SIS 60as5 So sFEy
AND LAMBSReceipts $500 head; active: shean StSaS
lambs l5c and warnings 25e lower; lambs 81 hoess ~
sheep. mixed. $3as6 Is ' - '"G~o'
Union stock Yards. PittsburE, June 5.-CATTIr-sur
@ Py sh market steady; ehoice 50 2as6 prime $50
80 20 sfEEF--Supply light: market STEADY nrfn1s
Tene5s s3g Se SSqse rs Gus and common ssas4 SO
Receipts far market slow prime heavies ss $3.50 80;
eTs ,nd and pigs 50 7Ogs6 Is; r0gghs s5Qs5 50.
head market light cattle strong l0c higher o1hS|s
steady common to prime 81
QSo; heers. S3S5 So bulls 5Ods4 60 calves sas<-,
stockers and feeders. s36s5 Is. HOGS-Recepts sb,;
1900 head market steady TO lower; good "a rrn1s
heavy So 2OgS6 25; medium good heavy 50 i58s5 %
butchers weights SO 20dS8 so: good 20 prime mf.-5
s6 2oqse 25; light mixed ss 26ss 27t packing IS SO
asa 90 pigs IS b0aS6 s0 selected s6 25s6 S2S SuiS ~
sales. Sc 203s8 Is SHEEP-Receipts about 0o had
market strong sheep. IS ooGs6 IS; yearnss sTsT 60
lambs SO 60GSs CO. -
Kansas City June 6.-CATTLE-Reeeipts 1900 head
including LOCO head OF southerns market strong choice
and dressed beef SIS e06s6 35 good
g sogso fS Western fed steers 81 25@ss soeers and
COWS s2 5o9s4 native cows 81 e9s4 20 native hssr.
Rscspts looo hsad market 50 hixher tsn. 80 aoi bulk
New-York tribune., 1907-06-06
NOT INCLUDED IN MERGER PLAN
G. w. Morse Denies That Hudson Naviga-
ton Company Has Been Added

A report in Wall Street that the Morse steamship
merger would include the Hudson Navigation Com
pany was denied by c. w. Morse yesterday. The
coastwise lines only, according to present inton-
tons, will be in the Consolidated Steamship Com
pany, the final organization Of which is virtually
completed.
Shareholders of the New York and Cuba Mail
Steamship Company 0he Ward LiEe) and the New
York and Porto Rico Company have received for
NAL notice. extending 10 them the same offer as
was made 10 the shareholders Of the other lines.
namely exchange Of 100 shares OF stock and ten
per collateral trust bonds Of the Consoli-
dated Steamship Company for each 100 shares OF
their holdings in the old companies In the Of
these concerns, however, the shareholders viii not
receive the July l interest COUPONS on the new
bonds The greater part of the $40 1000 stock Of the
New York and Cuba Mail Steamship Company and
OF the IS 900 900 stock OF the New York and Porto
Rico company has already been turned in under
this offer shareholders Of the other coastwise lines
included in the merger had previously received and
accepted the offer. These include the Clyde Steam
chip Company, the Mallory Steamship Company,
the Eastern Steamship Company and the Metro
potap Steamship Company.
Most holders of stocks in the companies included
In the merger have exchanged their securities under
the plan.
New-York tribune., 1907-06-06
TRUST CO.'S NAY UNITE.
Lincoln, Bozcling Green and Car
negie Joined by Rum0r.

II was reported in Wall Street yesterday that the
Lincoln and the Bowling Green Trust companies
were likely 10 be merged with the Carnegie com
pany, but this was denied by two OF the companies
interested. According 10 previous reports OF the
purposed merger. the combination was 70 have
total resources OF $0OO,0O Tho total resources OF
the three companies mentioned $4,000 OD. OF
this sum the Bowling Green Trust Company has
deposits OF $2l7O0Oo the Lincoln SIT 10000 and tho
1arEegie which began business only last January.
$4,000.
officials Of the Bowling Green and Lincoln Trust
companies said they had not heard OF any pur-
posed merger, and at the Office OF tho Carnegie
company II was said that the merger proposition
was IN the hands Of Charles G. Dickinson, the hon
orary Vice-presdent. and that II too early yet
TO make any statement regarding II.
The new board OF directors OF the Carnegie Trust
company met yesterday and organized by electIng
othcers for the ensuing year The former officers
with the exception OF William D. Averel one OF
the assistant secretaries. and Francis Hamilton
counsel. reelected. Mr.. Averell retired 1t
was announced. account Of other business re-
curing all his time. The other counsel were re-
elected. The following were chosen members OF
the executive committee: Leslie NJ Shaw James D.
Laying, A. b.. Chandler, Frederick II. Eaton
Charles G Dickinson Paul NJ Warburg and Fred
erick Lewsohn. Messrs. Shaw. Warburg and Low
sohn were elected at the first annual meeting last
Monday. Mr.. Shaw who formerly Secretary
OF the Treasury, is president of tho company.
New-York tribune., 1907-06-06
IRON TRADE CONDITIONS.
The Iron Age" says:

The purchase by the Lukens Iron and Steel Com
pany of the Criskany mines and the three blast
furnaces In Virginia is regarded significant fol-
Buffalo the part of the Wickwire Company.
Both are makers of steel whose experience in draw
ing upon tho open market for basic pig iron during
tho last six months seems 20 have created desire
10 become independent, a matter OF safety. IL
Is understood that the Lukens Company attached
special Importance 10 the acquisition OF reliable
ore property. The pig iron markets throughout the
country have been very quiet. The furnaces are
sold far ahead and show little disposition press
iron for distant delivery while many buyers
have little confidence in the market in view of the
general business situation and the financial outlook
The feeling is prevalent however. that the present
level of prices will be well maintained until the
end of the summer. The English markets are said
10 have been weakened by reports of decline of
81 in the price of pig iron on this side. There
is nothing in conditions here TO justify such a
port Foreign iron continues 10 come in but we
cannot learn that any fresh commitments have
been made lately 1t is believed, however, that
foreign iron will come forward for three months
more. The leading interest has bought 10000 tons
OF low phosphorus iron in addition 10 5000 tons
taken last week.
Steel rail- sales during the week include 1900 tons
for the Chicago Northwestern. 1000 tons for the
Arkansas, Louisiana & Gulf 5000 tons for the Wis
consn Central and 1000 tons for the Pennsylvania
The Atehison requirements will probably aggregate
about 5000 TONS of which considerable part will
probably be rolled east of the Allegheny Mountains
The 6eaboard Railroad is expected to place soon
quite heavy tonnage for the latter part OF this
year and for nsxt year.
New-York tribune., 1907-06-06
THE COTTON LEAK TRIAL.
statisticians Say Correct Advance Informa-
ton Cannot Be Given

WASHINGTON. June 6-victor II. Olmsted, chief
statistcian of the Department of Agriculture, was
witness again to-day in the trial Of Edwin s.
Holmes IT, former assistant statistcian of that
department on the charge OF prematurely divulg-
ing information concerning the cotton crop. Mr.
OTnsted related conversations with Holmes in 1904
in which tho latter spoke OF his interest in gold
mines In Idaho and his intention 10 erect an apart
ynanf house in Washington. In response to ques-
ton by Holiness attorneys. the witness said that
.1sn nrenaration r ion was honestly conducted.
Stephen D. Fessenden, who was once an "a as
into the methods of gathering information for the
crop report He said 1t would be impossible Tor
snv one even with all the information before him. to
forecast the crop report accurately an hour before
its issuance because the final figure is always the
result OF the exercise OF the judgment OF the chief
sta
New-York tribune., 1907-06-06
WHY FoRcAN RESIGNED FROM ALTON.
LRy Teleararh 70 90 TrIhnne- !

IBy Telegraph 70 The TrIbuneI
Chicago, June 5.-James r. Forgan, president OF
the First National Bank OF Chicago. denied to-day
that his resignation a director OF the Chicago g.
Alton Railroad was due to a clash at the meeting
of tho board of directors in New York over the
payment of a preferred dividend.
II rendered my resignation Il month ago because
I had time to attend the board meetings" said
Mr.. Forgan Il do not know why II has not been
acted upon. l have interest in the Alton per-
sonaly and know nothing OF a clash at a meeting
Of it's directors"
Mr. Forgan is neghbor OF President FELTON, or
the Alton and is said to have consented to be a
director of the road at the solicitation OF that Of
nCial.
New-York tribune., 1907-06-06

The following petitions in bankruptcy were filed
Yesterday with the clerk the United States Dis
trtct Court:
Involuntary petition against the Bailey Piano Com
pany, of l%Sth st and Canal Place The Bronx with
Oscar Il. Brlchner. $4s4; Fred ]. Lennon. So Tho
cral assignment on June TO Harry Harris Lindsay
Russell appointed receiver, with n bond Of $4,000
also TO issue receivers certificates to raise
might be necessary 70 conduct the business
Of which sum $l25,O00 secured by assigned accounts
due the bankrupt company The assets are estimated
counts and the remainder. $4,000. In stock In
trade. pianos material. etc There are. IT is said
and others partly completed. ocott. Gruber. BOnynge
* McAIanus the attorneys for the petitioners.
IS Howard street, by creditors. follows: Martin l.
cohn & Co. $lo44; Friedman Johnston. soss; Lin
Montague appointed receiver with bond Of 81 500
f. r. HawIey was appointed receiver of the bust
is claimed the bankrupt owns stock in the Star Fire
Insurance Company as well as bonds and stocks in
which there remains equity.
Joseph F Perdue was appointed receiver OF the bust
ness OF Dreyfuss & Co. of No 125 Broad street.
voluntary petition was hled by Louis Lexenhof of
assets Of 500 The principal creditors are oCon-
and lO9 Christopher ST Florence C Won Asten Rind-
back, Austria, 600 similarly secured New York
Protestant Episcopal City Missions Society $4,000,
NJ. J. Jarmuowsky, $4,000 secured by similar mort
gage; German American Insurance Company. SAL 900
Mande SI1 O0O secured; Of the Indebtedness slzszz
Schedules Of julius Goldsmith show OF s1se55
Of S492o The latter consist Of cash, 1885,
stock S2229; nxtures, S4o4 accounts s2O2l depos-
The schedules assignment of William "a
n taddrs and bude a. at Mo Madison sye WITH
lumber mill at No. s6 Guernsey ST. Brooklyn, show
setz Ss1, ,44e
New-York tribune., 1907-06-06
Bowling Green Trust Co.,
20 BROADWAY. NEW YORK.

20 BROADWAY, NEW YORK.
Capital, Sl,000,000. Surplus, S3,00O,O00
OFFICERS:
EDWIN GOULD President
WILLIAM H. TAYLOR 1st Vice-Presidens
CHAS p ARMSTRONG I'd Vice-President
JOHN A. HILTON Sd V-Pres. G Treas.
WILLIAM II. LAWS - Secretary
DIRECTORS:
Charles P. Armstrong, John A. Hilton,
Frank Brainard. Myron T. Herriek,
Harry Bronner, Edward I. Jefery,
franklin O. Brown, Winslow S. Pierce,
Robert C. Clowry, Morton F. Plant,
Edmund C. Converse, Dick S. Ramsay,
VIM. Nelson Cromwell, Frederick B. Sehenek.
Grenville II. Dodge, Andrew Squire,
A. Goepel, William H. Taylor.
Edwin Gould, Edward R. Thomas,
Frank J. Gould. John P Truesdell.
George j. Gould. E F. c. Young
New-York tribune., 1907-06-06
TO PROCEED WITH ERIE & JERSEY.

The directors Of the Erie Railroad voted yes
terday to go on with the construction Of the Erie
& Jersey Railroad, as foreshadowed in The Trfb-
This work VIII be taken up as soon as
the necessary arrangements can be made, which,
IL is expected will be very soon, as some Of the
contractors and materials already on the
ground Work this cutoff line was suspended
temporarily about April l. largely because 1t was
feared that the provisions OF the public utilities
bill would seriously interfere with the scheme To
pay for the construction of the new line the Erie
& Jersey Railroad Company has borrowed 100000
for three years at per cent, and has given It's
bonds TO the amount OF s, 10000 collateral.
New-York tribune., 1907-06-06
INrER.mET. DIVIDEND REPORTS.

1t Is expected that at the meeting Of the Inter
borough Metropolitan directors to-day action will
be taken on the preferred dividend The recent de-
cline In the price OF the Interborough- Metropolitan
securities on the Stock Exchange and the fact
that the preferred dividend for the year ended on
March 81 was not earned by more than 100000
have created an impression that the dividend may
passed to-day, but interests identified with the
company appeared to believe that no change would
be made Directors OF the Interborough Rapid
Transit Company have declared the regular quar-
terlv dividend OF "a per cent the stock.