davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1908-06-18
WHY MORGAN OFFER Is RESTRICTED.
Erie Bond Coupons Lose Prior Lien Quality
After June 30

The restriction to date not later than June 81
OF the offer of ]. p. Morgan Co. to purchase
the July L interest coupons on the prior lien anu
general lien bonds of the Erie Railroad Compa1is
lis explained, It learned yesterday. by aruce =
section l. OF the ndenture of the first consohoaee
mortgage, under which the prior lien ana genera
lien bonds wera issued This article reads:
Neither any coupon belonging to any BOND mere.
by secured any interest obligations IN respec.
of any registered bond which in any way on OF
separate and apart from its bond shall be entitieu
to any benefit of or from this indenture excepss
after the prior full payment OF the principal Q.
all bonds issued Hereunder and OF all coupons
and interest obligations not SO transferred anu
pledged.
Coupons therefore, transferred up to the Close
of business on June 80 retain their prior men
quality which does not attach 10 those transleiIsU
after that date At the Office of j. p Morgan O. |o
It was said yesterday that the object OF the
rnent under which that firm would buy the coupons
was simply to enable the railroad company 10 use
in completing improvements under way Inc oot
siderable sum which otherwise must ha'c oo
devoted to payment of the July interest Oh 'iI0
two classes of bonds named, and that tre Iiio
had on hand ample funds with which TO meet ail
coupons presented for payment on and arler 'uis
1 by bondhoeers who might prefer not to sell their
coupons TO the banking firm.
New-York tribune., 1908-06-18
NOTES OF THE MINES.

A report comes from Nueva Casas Grandes'
Chihuahua Mexico, TO the effect that the lost
Tayopa mine has been found in the Guaynopa
region on the lands OF Colonel William G Greene
and the lands he holds for his Greene Gold-Silyer
Company with extensive federal CONCESSION n
to locate any and all minerals. Tradition ana
legend have thrown around Lost Tayopa' haIo
of romance coming down from antigua Gays;
of is that there Is slu.uVo-VVV
worth of bullion buried there. The location OF
Tavopa has been hunted for years past
Bills Of lading for two carloads Of copper have
been received at the New York office of the
Douglas Copper Company, in this city The ore
is from the companys mines at Fundicion.
Sonora Mexico. and is consigned TO the Nlcnolas
Copper Company, at Laurel HUI, Long lslano.
The ore ASSAYS IS per cent copper, Il ounces
gold and 500 ounces silver to the ton The gross
value these two is about slz'apV-
Theodore Douglas. the president Of the company,
who is at mines, advises the New \ ork once
that he expects to ship copper vafuinS ABOUT
$4,000 a month at the present price OF the
metal.
John y Kirk of Butte Mont, large stock
holder of the Butte and New York Copper Com
pany and the Western counsel for the company.
returned to Butte yesterday, after q conference
of the directors held No. 80 Broad street AT
this conference IL decided to rush work upon
the mines. It decided to issue a statement
Il the stockholders showing that the company is
in fee simple.
II is officially announced that preparations are
now under way 10 start operations in the Greene
Cananea camp. It is expected that the company
Will be producing copper some time next month
New-York tribune., 1908-06-18
MORSE INDICTMENTS
,.ro, Grand Jury Also Finds
Rlls against Curtis.

Grand jury yesterday returned another
re ~ % forty-one counts against Charles ".
rsi''af ,-;ce-u-esi6elt. ana Alfred H Curtis, as
yo's, ~ ere National Bank of North America,
r-ss''.,.ses its doors on January 2. The indict-
sfioA - .o- s2ecineo offences against the national
rea laws. snd involve charges OF nianipuaton
mnsis, Of the bank by Mr.. Morse in connec-
$. fhe american zee and Consolidated Steam
ss,p stock -. ,,,,,,,, 90. -,,,-roa in ,n. ,,-
W. with making false entries in various re-
&C. che Controller OF the Currency in 1905 and
- with rnisapplication Of the funds OF the
-, Rank OF North America in those years
..,ss entries consist according to the in
lne Of failing 70 include in the assets the
- s.ock OF the American Ice Securities COM
WE -. consolidated Steamship Lines ano OF the
- s,s.lf this stock having been purchased for
w." - n Nj Morse. Il is alleged. also. that
" &c justification OF entries in failing to in
., among the liabilities loans obtained from the
n..,-hocle- nses Trust Company. the Mercantile Ma
a, ae-s and the New Amsterdam National
-. -o the amount OF sS2S.oic.
80, counts charge Morse ana Curtis with mis-
--,.4rr the funds OF the bank in the purchase OF
- - ~ the American Ice Securities Company al q
,ben the price paid for the stock was known
W." .--;ectsilv inflated by Morse's manipulations
s-,xn the stock was worth less than was paid
=. This rnsapplicafion is alleged 10 have been
- IN four transactions, and the last six
-. =. the indictments have 10 do with the al
- z,s,ou--5nC OF invalid and uncoIlectibIe notes
= ,,e .--edstinE Of such sums to Morse. enabling
= :, u5-hdraH some s25o.ec0 from the bank when
!, bss TO right 10 do 50.
,s.s-s Morsc and Curtis appeared before Judge
80 n The United States Circuit Court later and
- tentative pleas Of not guilty the new
~, TIE defendants. whose trial Cn previous in
,,-,sr-s bas been sci for the October term Of the
--.,,sl Branch OF tfe United States Circuit Court,
,,-s given until July 1 10 withdraw their pleas
= s.usur 20 tii- latest. Indictment against them
v- No-se gave out a statement last night con-
s-,irg q request made by him to the Controller
:, ,bs iyr-ency- in Washington. asking for mail
~s is. a. the depositors OF the National Bank of
yD-5 America. Mr.. Morse's application for the
sr was denied. Commenting upon the cor
-.sDo7Sence NJ Morse said:
NJ Hanna on taking charge OF the National
rank Of North America. reported 10 the govern
-- that there only about $4,000 left. after
rs-ire depnSi-ors. He SAYS there Is ABOUT a
-5ilon laft Everything that il is possible 10 do
a 5is-s "a &c the assets has been done by him. and
,i.hin month he has stated to some stockholders
,hg- he Nss uncertain whether there would be an
assessment TIE stock not
he asked permission OF the Court to-day 10 sell
as cue in July. August and September. Nearly
t,Y of me July pa ymeHt has been partly antici-
rz,sd already and viii undoubtedly be paid before
II < vF
New-York tribune., 1908-06-18
DEPENDS THE RAILROADS
l.. +. LOree Too III to Make Id
dress at Ringers.

New Brunswick y. J., June III. F. LOree
president OF the Delaware Hudson Company, was
to have made the principal speech to-day at the
annual dinner of the alumni association OF Rut-
gers College. but he taken i'll on his private
car and his speech read by President Demar-
est In his address Nj. Loree protested against at
tacks railroads
For number Of years the railroads have been
subiected 10 a great concerted attack said Mr.
Ioree in his address The skill of the employees
the character of the officers and the honesty of
tho capta zation have alike been impugned. Back
of all stands the sinister threat TO segregate from
oil other forms of investment the investment in
rairoad securities: to over such investment
higb-handed control. assuming no responsibilities
for losses but limiting any possible gains to a
savings hank rate Of interest. Should this EFFORT
he successful it is certain to degrade the en-
cloves to drive out the capable officers and to
io6 n the refusal OF investors to make new con-
.,h,,+;ors to capital If such an effort we're
,.o,,vbt about the consequences 10 the community
ou1d he more far-reaching than one likes to con-
template IN . -.
A. tho commencement to-day several gifts TO the
,,ooa were announced. One, of $500 is from
- w Herbert class of 10, a trustee to estap-
49, 1ob7 oliver Herbert memorial fund.
New-York tribune., 1908-06-18
REORGANIZATION
Southern Steel Company

The Plan and Agreement OF REORGANIZATION dateo
May 18TH 1905. having been approved BY all tns oe
posting First Mortgage Bondhoders and Coha'ersA
Trust Note Holders by creditors 10 MAJORITY III
amount OF all claims nled proved and allowed IN the
bankruptcy proceedings and by stockholders 70
large amount the Reorganization Committee III oFoer
that all security holders and creditors may oecons
parties to the said Plan OF Reorganization and
the benefits thereof HAVE EXTENDED THE TINE
FOR THE MAKING OF DEPOSITS THEREuNpER
TO AND INCLUDING JULY 1ST. 1905. AFTER
WHICH DATE FURTHER DEPOSITS WILL ONLY
BE RECEIVED SUBJECT TO SUCH TERMS AND
CONDITIONS AS THE COMMITTEE MAY SEE FIT
TO IMPOSE.
Creditors reminded that their claims must De
fled, and allowed in the bankruptcy proceed
ings prior deposit under the Plan OF Reorganization
New York. June Is. 1908.
JAMES T. WOODWARD. Chairman:
OTTO r. Barnard.
ROBERT b. VAN CORTT.ANDT.
WALTER r. ROSEN.
FRANKLIN @. BROWN.
W. p @. HARDING.
CORNELIUS VANDERBILT.
Reorganization Committee.
D. C. BOIsSEVAIN. Secretary. 30 Pins Street.. New
York City.
HoRNBLowER. MILLER & POTTER. Counsel
New-York tribune., 1908-06-18
THE NEW CURRENCY Law.
Many Banks Likely TO Take i'd
UQntdge of Its Provisions.

Washington. June 1.-THE Treasury Department
has received from the Chemical Bank of New York.
which is a temporary government depository, its
entire deposit Of public funds amounting to N,ozs-
coo, with the explanation that the bank does not
pay interest to depositors and as it would be re-
quired to pay interest at the rate Of per cent a
year under the terms OF the new currency act and
the regulation of the Secretary Of the Treasury.
the officers OF the bank decided not to make an
exception in favor of the government.
The American Exchange National Bank Of New
York, a regular government depository. also sur
rendered excess of $4,000 over the amount
which the government required the bank to keep
on hand to meet disbursing officers checks. This
amount under the law, is not subject to interest
charge The assumption that the action by these
banks in surrenderins their deposits is a strong
indication that they will not take advantage of the
new act authorizing the formation Of national
currency associations throughout the country is
said be in all probability erroneous though the
Treasury officials have definite knowledge OF
what any individual bank will do in this matter
The fact that these banks prefer not to pay in
terest on deposits have no bearing on the
wisdom OF their joining a currency association
Letters from bankers in all sections of the .coun-
try are being received at the Treasury Department.
asking for the necessary blank forms and details
the formation of currency associations and
the interest thus displayed is regarded as con-
elusive that national banks generally will take ad-
vantage Of the authority conferred by the act
Among the inquiries submitted at this time by a
large number of banks, principally outside the great
money centres, is whether it would be TO the
advantage of a bank to retain its government de-
post taking into consideration the present mar
ket price Of government bonds and the per cent
interest to be charged under the new act. This
question has been answered by w. w Mccoy,
the government actuary who finds that a bank
having a government deposit of 100000 secured
b. United States per cent consOls OF 1880 in a
community where money is loaned at per cent in
terest. would have at the end of the year net
profit of s7Ol 4 from the government deposit.
New-York tribune., 1908-06-18
IRON TRADE CONDITIONS.
Iron Trade Review" says:


The reduction in the price of crude steel and g
number Of finished products has been followed BY
increase in specifications. but there is little II
aay increase in demand for any finished product,
except steel bars for which fair amount OF con
tracing has been done by manufacturers OF agri-
cultural implements At = time when politics Is
receiving much attention there is some satisfac-
ton in recalling that the last Presidential year was
characterized by decided improvement in the iron
business well as in other lines. and there is
reason for hoping that he experience OF 1904 Will
be repeated this year. Following the conference
manufacturers al which the reductions In steel
prices decided upon, there has been very gen
eral misrepresentation in regard 10 its dellbera-
tions. be stated positively that the meet
ing was entirely harmonious in arriving at the de-
cisiops announced. that there was no suggestion OF
an attempt TO coerce independent interests which
favored a moderate price reduction into con-
fnllation OF the old level of prices and that the
fndependent interests credited the cooperative
movement with having saved the trade from de
moralization. and both producers and consumers
from disastrous losses. Among the important
manufacturers there has been criticism of the
Gated il. The daily orders now being received by
The United States Steel Corporation are in excess
of those OF last month Some ore has been sold
during the week at the 5-cent reduction, and II Is
expected that buying will continue at a moderate
rate In spite of the reduction in the prices Of
ore which caused some meters of pig iron hope
for lower quotations, pig iron prices are well main
New-York tribune., 1908-06-18
THOMAS J. BRADY co. ASSIGNS.
Extracting Firms Liabilities Amount to
$4,000. with Assets.

Ths Thomas :. Brady Company building and
,yrtrsctinE hI1n Of No. 1123 Broadway. assigned
y.ssr6sy 70 John r. Butler for the benefit Of
r.itors Thomas J. Brady. the president Of the
o-nsny zas head Of the Buildings Department
rnssr Mayor Strong. and was removed after an
r=sstsa1ion Of the department. but when Tam
ns-y cane into power he was made Commissioner
Hsr and later chairman OF the committe TO re-
rp the Building code. He resigned his Office in
n I, enter the building business
NJ R-ady's net liabilities may amount 10 about
rs aith sufficient assets. If he realize on
~ was said he attributed his failure 10 his
t.rT for the Bronx courthouse, work on which
lxysr- fIsffen recently ordered stopped
New-York tribune., 1908-06-18
DIVIDENDS PASSED
Failing off IN Earnings Affects
Tsco Vanderbilt Roads.

Dividends were passed yesterday by two Van
derbit lines. the Cleveland, Cincinnati Chicago &
ST. Louis Railway Company Ghe Big Four and
the Lake Erie & Western Railroad Company, ow-
ing to a falling off in the earnings The directors
OF the Big Four declared the regular quarterly
dividend of II. per cent the preferred stock,
payable on July 20. but omitted the semi-annual
declaration the common, usually made at this
time.
Six months ago per cent was declared, and
from 1902 to 1907, inclusive, per cent year was
paid In 1901 the rate 3la per cent and in 1900
per cent. The directors OF the Lake Erie & West
ern, the common stock Of which has never paid
dividends, have passed the sem-annual divl-
dend the preferred, on which l per cent was
paid half-year ago. From 1904 to 1907 inclusive 3
per cent annually paid, and in the three pre-
ceding years per cent yearly. Big -Four common
stock fell from IS to 47z the announcement OF
the passing of the dividend. closing at the latter
figure. a net decline OF rs points, while the pre-
ferred lost 81 points NJ. E. ingalls,. chairman OF
the board, said after the meeting of the directors
The Big Four might have declared dividend
year but considering the state OF business the
directors did not want TO take the responsibility
splendid condition. and its new. facilities would
make 1t big money tie wth dnT any is ta
improvements have cost more than they were ex.
fully inenced while it turns out that they are
hardly necessary for the time being but of Of course
pany has some floating debt, but not any very
The recovery in business this summer will be
gradual After what have passed through we
cannot expect to return very quickly to our for
mer conditions There are two elements Of
strength. however. which have been lacking in
previous hard times periods: one is the fact that
all our currency is sound and the other Is that
our farmers and country communities are
wealthy.
The omission of the common dividend. it is said
by bond houses, VIII invalidate the bonds of the
Big Four a savings bank investment in this
state, unless the company shall before the end Of
the year make declaration which shall bring the
total disbursement the common stock up to 4
per cent for the year, and perhaps. even If that
action shall be taken, under the law in this
state the first mortgage bonds of railroad oper-
ated part OF the system Of a railroad corpora
ton of this state available investments by
savings banks provided that at time within fve
years next preceding the date of investment the
railroad shall have failed to pay regularly and
punctually' each year least per cent all of
its outstanding capital stock.
New-York tribune., 1908-06-18
uJLY COTTON ADVANCES BRIsKLY.
Shorts Fly to Cover and Rumor OF Bull Deal
Grows Stronger.

The feature of the local cotton market yesterday
the sharp advance In the price Oh inc 10y >
r+ion which t,nored from 1os cents the low point
of the day made soon after the opening TO H. 10
cents. gain Of q points, or s2 10 bale Ihe ah-
vance In this month was due to brisk snort COW
erins and gave rise to rumors that the mucn her-
aided bull deal IN that option had begun
The interests behind the movement, IL was salo'
Included Frank fIayne who has been conducting a
bull campaign, in July at New Orleans One or the
stories that was put while the upturn was gong
on was that Hayne his way mere 10
take charge of the bull campaign In THIS market
and although this later denied, 1t served It's
nurrose in lifting prices The July long interests
appeared to be adding August and September 10
their lines and those options also advanced sharp
ly the former from 1915 cents to 1o4o cents and
September from ss5 to 1o0f cents July closeo
at 1853 cents August at cents. and Septernbe-
at sa9 cents.
New-York tribune., 1908-06-18

1IyTIr pEOP-lE OF THE STATE OF NEW YORK, BY
thc rrace Of and independent 20 Mary Z
S.1ssT I;eoreianna Crofu J. ParkEnan crosby Ellen
Tarrsn F,nnte Warren. Mary Warren. John warren
,Te.ISn Nu-zv Harriet Stevens Nellie Crosby Lene!
Iar,ar tJns THOMAS Hine Bertha Mou.hrop Flsck
snsan Sioulthrop Mouithrop. Bradley Cronut.
Tlrora Sarah Augur Emily Augnr,
NJ, n Gilbert, Maria Barnes, Ellen Pheps, cara NJ
,T,t,ia Howard Ives l. Matthews Bridget cross
Ir,v Nav Hine Eliza G. wilkins Lily warren EIiza-
slnS snh - watson Margaretta ". Crosby, Thomas D
70 fsrorIr The Projectors OF the New Haven City
,-,si 1iround BROOKLYN Company. Caroline Louiss
- Frederick Drew. John w. Drew. Charles w
DoTTfs Charles Morris. tr-. Edward T. Morris and
19Ssri-s W Hine to all persons interested in the
saats of MarEaretta Warren. late Of the CITY OF New
athervise send greeting: You and each OF you are
r cited and required personally 10 be and appear be
-. 1ur Surrogate County OF New York, at the
s,rr,gntes court County. held az the Hall OF
Or New York. the SOth day or
- I;.s Al haIf-p.st o'clock in OF
tn account or proceedings " Nathan H Tuttle. as
ysctor under VIII and Testament OF Ma-garetta
u warren deceased; such OF hereby cited
a. ar under OF twentyone years required 10
onc.ar by your guardian. Fl if have
none 10 appear for enc TO be appointed or N
Sointsd by the Surrogate represent in
- 1-oceeding In testimony whereof have caused
Inc seal OF the Court OF the said County OF
New York to hereunto affixed Witness. Hon Abner
c Thomas. Surrogate OF our said County: at
r. ( the county New York the 9Th DAY OF May.
The year Of our Lord one Thousand nine
hundred and eight DANIEL J. pOWpNEl,.
Fpyy " DAVIDSON. Attorney Executor. DAVIDSON
Rdr 4s-4s 1avton street. New Rochel- y j
New-York tribune., 1908-06-18
COAL SUIT NE4RS END.
Both Sides Rest-4ppeaI to Fed
eral Supreme Court Probable.

Philadelphia June 17.-After brilliant addresses
by Attorney General Bonaparte, on behalf of the
government. and John G. Johnson. OF Philadei-
phia, representing the seven defendant railroads
In the government hard coal suit both sides
rested to-day and the submitted to
Judges Dallas. Gray and Burlington. OF the United
States Circuit Court, for determination Both .he
government. and the defendants will file briefs
covering legal points raised during the arguments.
Mr. johnson in his address aSsailed the consti-
tutionality of the commodity clause of the Hep
burn act, under which the proceedings insti-
tuted, and decried that authority which seeks to
centralize the government and segregate the
people
Mr.. Bonaparte, in Mr.. johnson, con-
fined himself principally TO defence of the con-
sututonality Of the commodity clause and asserted
That the power of Congress to regulate and even
to prohibit interstate commerce when it was mimi
cal to public interests could not be successfully
disputed II is obvious, he said, that Congress
viii not admit thai corporation is an imaginary
thing. II cannot be, he continued, that the same
gentlemen be the active agents in g railroad
company and coal company and then deny that
the two interests indirectly If not directly, the
same by taking different names.
Mr.. Bonaparte in referring TO the power OF Con-
eress 30 regulate corporations, even TO the extreme
OF conscation. cited the case Of bridge over the
Allegheny River which condemned and razed
by the Secretary of War the authorization
Of Congress Mr. Bonaparte said that the owners
OF the bridge, which was erected by a grant OF
the State of Pennsylvania, invested their money
knowing the right of Congress subsequently To
pass laws based on changed conditions
One of Mr.. JohnSon's arguments was that the
power OF the railroads to own coal properties was
conferred by the laws OF Pennsylvania and could
not be interfered with.
The courtroom crowded again to-day and
the speakers received the closest attention 1t is
said that. whatever the decision of the Circuit
Court the will be taken TO the Supreme Court
OF the United States.
ST. Paul June I.-Thomas Cooper. land commits
sioner Of the Northern Pacific Railway, testlhed a
the federal hearing to-day that the coal land
owned by the company the railroad s2Ifo"
q year and worth to the company S5o,ooocvV
All the coal used by the road west of Bismarck
y D. comes from its own mines. said the witness
New-York tribune., 1908-06-18
.pIzoNA SMELLING ADVANCES.

An advance Of cents snare 10 10 ce"''' -, IA
+-,o, was attributed to the inability o. 'he
,'~+e 20 cover their contracts, said to amount 10
a,+,. thousand shares. The scarcity OF the stocH
q .xnlained by the fact that the company - ~
the hands OF receiver ana the oi''ceiS Hare % ~ ,a
~ 80 II is also said that certificate for more
,t.r twenty thousand shares has been Deposited
.,,i, = trust company, which refuses to split the
s,nc, up into small lots Charles W. MORSE wa
i'ii''i, - h,gb as s. 10 4 share and within the
-, ,ronth touched s. ~
New-York tribune., 1908-06-18
SALE OF q. & o. SECURITIES.
rp, -ei.r-sr,, n tn. Tribune !

IBy Telegraph TO The Tribune
haliimore June I7-Alexander Brown & Sons,
sna.rs have bought $4,000 Of Baltimore & Ohio
nor en s. per cent bonds. s4,025eoO OF Baltimore
q Ono first mortgage per cent bonds and sl-5l3p
Baltimore & ONO Southwestern division 81 Per
eu bonds
Asxsn6er Brown asked II his house had bought
ne eonds IN behalf of an underwriting syndicate
Et: NO we've bought the bones direct from the
Hrosd company but ] don't mind saying that the
sssrsnty Trust Company Of New York is inter
si.' As f5- as know IL is the only banking in
rHgtor interested besides ourselves.
New-York tribune., 1908-06-18
SurrogateS' Notices.

n PURSUANCE OF AN ORDER OF HON. ABHsBR c.
| Thomas a Surrogate of the County OF New York,
motto. ~ hereby given all persons having claims
against Matilda A Elder. late OF the County OF New
york deceased, 10 present the same. with vouchers
thereof subscribers at their place OF transact
q ONCE of Duer Strong Whitehead.
Se 20 wall Street Borough OF Manhattan in
,n. city Of York. before the i2th day OF
August next -.
psted New York. the 5oth day OF January 1908
Executricss
pI-rF STRONG & WHITEHEAD. Attorneys for E1-
No so wall Street Borough OF Aanhat-
Tork City