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LABOR AND INDUSTRY. Amos Steelsmith, a well-known oil operator, has filed a petition in bankruptcy in the West Virginia courts. The liabilities are $80,000, with $90,000 assets, mostly in oil land, the prospective value of which is much higher. About 250 union woodworkers employed by manufacturers of refrigerators, bar and office fixtures at St. Louis struck yesterday to enforce a new wage schedule promulgated recently by the Woodworkers' Union. The scale had been refused by the manufacturers. The Ohio Supreme Court in the case of the State vs. the Dayton Traction Company has decided in favor of the traction company. The decision is important to interurban railways for the reason that they affirm to such railways the right to carry freight through the streets of the municipalities along their lines. The suspended First National Bank's building and fixtures, at Niles, Mich., were sold yesterday to James Reynolds and D. S. Scoffon, of New Carlisle, Ind., and Charles F. Pears, of Buchanan, who will start the Niles City Bank. Mr. Scoffon, who will be president of the bank, is president of the First National Bank, of Buchanan. Pears is cashier of the First National Bank, of Buchanan. The Niles City Bank will open for business to-day. Prominent stockholders as well as the officials of the American Shipbuilding Company in Cleveland deny that the Morgan syndicate is endeavoring to secure control of their company. It is pointed out that Senator Hanna, who is said to be negotiating the deal with J. Pierpont Morgan, is a very small stockholder in the American Shipbuilding Company. It is said that Mr. Hanna controls less than 5 per cent. of the stock of the company. The Massillon, O., coal operators are laughing at the threat of a strike and the miners are despairing of gaining their points. The conference Monday evening disposed of the eight-hour work day for hoisting engineers by referring it to a joint committee of operators and engineers for settlement. The demand for pay for working "bone coal" is now being considered. A mass meeting of the miners of the district will be called the last of the week. The joint conference of miners and operators of the Hocking Valley, which met in Athens. O., yesterday, is in a deadlock, the operators demanding a modification of the docking system and the miners unanimously refusing to concede it. At present the value of the coal docked. is paid into the treasury of the miners' union and the operators claim their trade is being ruined because of the large amount of slate and dirt in the coal. No agreement is now in sight. The export movement in American coal has been checked, according to a report from Consul Thackara, at Havre. He answers many inquiries from coal dealers here by the statement that American steam coal, run of mine, alongside the wharf at Havre, is quoted at $5.83 per ton, while British coal ranges from $2.31 to $4.30, the latter the very best quality of picked coal. There are also discounts on these English rates and unless the American exporter can solve the problem of securing cheap freight rates, his coal, though delivered on board more cheaply than the British coal, cannot compete in Europe. The Telephone, Telegraph and Cable Company of America, at a special meeting in Jersey City yesterday, approved the resolution of the board of directors providing for a decrease of the capital stock from $30,000,000 to $9,000,000. The decrease is to be effected by reducing the par value of a share from $50 to $15. At the meeting 219,400 shares were represented, almost entirely by proxy, and the vote in favor of decreasing the capital stock was unanimous The Telephone, Telegraph and Cable Company of America was organized about sixteen months ago, and $5 a share was paid, and later $7.50 additional became payable.
