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THE INDIANAPOLIS JOURXAT,, SÜXDAY, JUNK 22, 1902. PAÜT TWO. Granger Farweli & Co. Bankers and Brokers STOCKS, BONDS and INVESTMENTS No Other Member cf New York Stock Exchange in Indianapolis. ALBERT R. THOMPSON, Mgr., 59 South Pennsylvania Street. Htw TtL 219. Old 5C32 Win. is the silent worker whose company we seek. Bring us your savings, we will pay 3 COMPOUNDED SEMI-ANNUAITyY, on sums cf or orer. Various sums may be deposited or withdrawn, as desired. THE MARION 'TJXTST CO. Northeast Corner Monument Place and Market Street. im 3? BOLTS, TURNBUCKLES HEAVY HARDWARE SAFE DEPOSIT $5 A YEAR Special Department for Women Visitors Cordially Velcome OFFICES: Indiana Trust Build' 'g Cor. Washington St. and Virginia Ave. Closed on Saturday afternoons. ... INDIANA ... HOTEL COMPANY 6 per cent. Preferred Stock New Claypool" Hotel We are agents for the stock and call attention to Its merits. Persons desiring to either buy or ell are Invited to communicate- with us. The Central Trust Company 150-154 East Market Street. NEWTON TODD, STOCKS and BONDS Fletcher Bank Building. Do you want to buy or sell Indianapolis Gas Bonds. Indianapolis Street-Ry. Bonds. Indianapolis Street-Ry. Stock. Telephone Bonds or Stock. Ter re Haute & Indianapolis R. R. Stock. Chicago Bank Stocks. Indianapolis Bank Stocks. Indianapolis Trust Co. Stocks. Home Brewing Co. Stock. . 1 am constantly dealing- In all the above. Tli oldest Stock and ilond ltrokerage House In Indiana. Kstablished 1SS7.) We Quote Lowest Trices On: Indianapolis street-Railway.. JJelt 1 La 11 road Common stock. .-?L8 We Will Buy: ludlauapolls Btreet-Itallway Stock. Ollff orcl Arriok Lombtird 13villcllntr CUflfiCQQ IH SPECULATION ÜUUULOÜ 1100.00 infested in Grain or Stocks byonr "Safety Valve Plan" ehonld resnlt in a profit of $00.00 to flOOO.OO within 50 dajs. Writo for particulars and send for our free book "Modern Methods for Safe Investments." M. B. FLOWER Ä CO., Bankers and Brokers, Chicago Stock Exchange Bld., Chicago. SAFE DEPOSITS. S. A. FLETCHER I CO.'S Gif O I3or0it: Voult 8tS Eaat "WnshlnKton Street. Absolut safety Aft.tr.st fire and burglar. Fo ficeman cay and nlht on guard. Designed fat safe keeping of Money. Bond. Wills. DejJs, Ab. tracts. Silver Pit. Jewels. n4 valuable Xruaks. Fackagca, tc. Contains tox. Ilent 3 to 943 Per Year. JOIITV S3. TAR1CIXGTOX - - - Mnnnaer U. S. Scale Co. TFKRB HALTh, 1ND. (Established tS75 Manufacture of all kinds of large Scale. ANTI-FIUCTION liEAHINGS. preventing wear upon the pivots. A rreat Improvement over any! others. The MOST DLTRABLtJ Vaßon and Track Scales made. Send tor circulars, reference and prices before buy. In tr. COMMERCIAL OPPORTUNITIES Bought and Sold. Htm Proportion of Meril Orjtn'nti anJ Fimnctd ' Old Onts Rtorjiniied Wo have clients ceklnj; investments, Investors, Partners Some Choice Investment Securities for Sale Indiana Investment anJ Adjastment Co., 1Z29-IZ34 Stevenson Building. 1 . pub-' U, S. DEPOSITARY OFFICERS JCKH FZRJUM, PmideM H. A. SCXIQTZHAULT, Cath'er TKIC. STEMPFEl, Ant. Caihier A.XDRIW SKJTH, AuL Chir AMERICAN NATIONAL BANK 22-24 EaitWü!n3!on Stmt J fcaxsza Hzzs Ursa -OF E 3?s?X V. J. Holliday $ Co. Hi SECURITIES We Offer Subecf to Prior Sale: Union Traction Co. Bonds 5s Island Coal Co. Bonds 6s T. B. Laycock Mfg. Co. Pref. Stock. .6 Atlas Engine Works Preferred Stock. 6 Indianapolis Fire Insurance Co.... Stock Home Brewing Co Stock For particulars call or write. LATHROP Sc HAUEISEN 305 LAW BUILDING United States Steel Is a Sale and the Gould Stocks a Purchase Fully explained in our Special Let ter Monday. Those who followed last week's Special are congratultit in? themselves. Our dally up-to-date market letter forecasts move ments in Stocks and Grain. Write for them. PORTERFIEID & CO. COMMISSION BROKERS, 196 X, a Salle Street, : : Chicago, 111. BURGLARY, THEFT and LARCENY Are you going1 to Kurope or the seashore this season? Will your residence be an object for BURGLARS? Protect yourself and enjoy your vacation. Procure a BURGLAR POLICY in the Fidelity and Casualty Company of Xew York, the pio neer in Its line. Less than C cents a day will purchase a ITjO policy, covering all your household and personal effects. Call tele phones, New IrOJ, Old main 4TG. or drop us a card. Delays are dangerous. C. F. SAYLES & CO., Agents, x Bast Market Street. I- - New Phono, 20 nl r?3. Old Phono, 533 ito. u!:iikni;ucheu, r.iroKKi:, GUA1X, PROVISIONS AND slO.KS Koonis 14 and 1, Board of Trade. Tradis executed. Anv quantity. Also n- eive and deliver any commodity with immediate settle ments. Jor.1, WILLIAMS, COXTUACTOR und HUILDER OfT.ce, C21 and Lenicko Huildiu. New 1'hbue -JCJl A AVO.Ui:il-VOHKI.G "ICO V." It Performs .Mirncles of Healing In a Curious Wity Profits Sfo() Dully. London Telegraph. Great excitement rckns throuKhout the Greek community o Contantiuoide owms to the mira cles irfiTmed by an Uoa ot the Virgin Mary, which, tor hundreds of years, has bten pre served in the church at Alt! X'ernier, in Stam boul. Thi icons method of ferioriuin wun der is not original, a another on- exists in the Island of 1'eraniOi, which has the same habit, consisting of suddenly falling on the believer and triWlns him violently till blood Hows. Then the uffercr U cured. The Icon at Alti Mermer has hitherto been quite quiet, and Is simply an ancient picture of tho Virgin lainted cn wood. About a fortnight ago a Rirt, EufierinK from eiiilr?y, had a revelation that she was to go to this church and have a special service reformed and she would be cured. Accordingly the went,, and durln.? the service the priest gave her the icon to kiss. The moment she touched it, it knocked, her down and kept on striking her. After a second service, ana a good belaboring by the linage, the ghl was cured completely, and the reputation of the loon established. Kvery tiay new cures are he;rd of. and thousands of cripples and invalids Hock to the church. The Greek patriarch U scrijusly trouble. 1, as the Orthodox church loes not admit that icons jkw seas thw powrr of working miracles. In spire, however, of his opposition multitudes continue to throng the building, which is makir.g over 10 a day by the salo -f candUs. Last wtek the patriarch rent a special con-.mission. consisting of the grand vicar. th-. secretary en-'ial of tlie Holy yyr.od. and th- lUshop of Xanthupolis. to examine the icon. They questioned ttv: priests, but could get no delinite evidence, the chaplain stating that he was too busy to notice each cure. In consequence of the failure of the com mission an ofüeial communication has ben a.l-drcs-ed by th patriarch to the churches, warn in? th people at: J Inst b ing deceived, and also reminding them that If !'! does perform miia cis He dots so jcratuitously. and no amount of money paid to the churched will hely. I'eiinioii fr Veteran. Certificates have been lisued to the following named Indiar.ians: Ir.ertsise. re storation, It issuo, e tc. John II. Pavls, I'ennln.cton. i; Iv.vii M. Kvars. outh Whitley. ti'; Ulla A. irtoael.urr.tr. Sidney, $11; 1 nj iroin '. i'arter, lone Lilk. J: Wilham J. Kevnol Is. l'ralii lon. J'.i; K-djert IS. i:iankn teker. Dunkirk. S'.'j; John II. Teinj lin. Holtland. S:; William Haürüoh, Markle. $;.; J .hn P. liaushman. A-h-rvlll-. ?1T: William U. Me LiuvMin. Portland. $.'4: Ariern leblr, Indian apolis, ill; Silas P.. cliaord. Ti-rre Haute, p.7; James A. Timm-tns, Natl, nal Military Home, Marion. i2; Thomas W. Sletth, Ilro.krfton, Jit; William P. Avery. Mi.-ha nka, I1U: Henry Is.n. r.Ioomington. 517; Kudy Prick. Pni n City. i'Mj; John McChire, Jndiar.ar lis. $!; P:nanuel Dur yt. Frankfort. 51-'; Milton Tltu, South Ittnd. Alfred I. Neat. Indl ina dis. fl:; Herod Kislev, Wet7'halia. Js; Kenjarnn P. York. Na tional Military Hem". Marlon. j; Jonatlian T. Kelton. Wadrsville, Jb; Henry W. IMons, Ander en. JJl. Original Widows, ete. Dorca. ?. Nlsbett. Cyn thlanit. $S; Ada It. Kailey. Vernon. J; i:iizateth J. Whybrow, P.-.rl Park. js: Pnzabetfi Kenulck, State Sdüers' Hoine, I.afaetle, n; l'htüperia Insner. Terre Haute, JS; Sarah Polinp, 1'uling, Henewal, Widows', ttc Lliul f th J. Ullis. Sa lem, in. EU ftl . bMli tie. . f. f - --.: .: 1 r . W r' .'tf vv1''.; 1 INVESTMENT EXPANSION OF CREDITS 3i i:acing rnATtnn of thi: rm:s- KXT FIXAXCIAL SITUATION. Stock Relatively Quiet Last "Week, Kxplt on AYetliicMlay nnd Thurs day Depressing Iuflnences. NEW YORK. June 21.-To-day'a dull and professional stock market calls for little comment. An advance of over a point In United States Steel was a sustaining force In the opening dealings. The demonstrative buying by brokers usually employed by the syndicate helped thla movement. The South western railways made some show of strength, St. Louis Southwestern preferred rising 1U. The effect of these movements never extended far. The whole list turned heavy on the appearance of the bank state ment, and the close was easy, with prices slightly below last night for the most part. The bank statement showed a gain in cash of Jess than $1,000,0)0, while the estimates had been for nearly $3,000,000. Deposit liabil ities were increased by a loan expansion of nearly $3,000,000. The net result was an en croachment on the surplus reserve of $1, 144,100. On the eve of preparations for the July settlements the showing was consid ered disquieting, especially in view of the continued firmness of foreign exchange. The organized campaign to advance prices of stocks, which has been in evidence for some time past, gathered volume and force this week and carried prices up with a gen eral sweep on Wednesday with the largest dealings for one day since early In May. On Thursday there was a movement to take profits by the bulls, and an aggressive attack by the bears caused a sharp re action and pause. The bull party had some adverse factors to deal with, which werj ignored early in the week, but which gained in influence on sentiment when the reac tion set in. In fact, the advance had little Immediate news development as explana tion, and seemed based on the general as supmticn that- the sustained general pros perity of the country justified higher prices for securities. The unexpected Increase in the stocks of the Illinois Central and the granting of rights to stockholders to sub scribe at par gave the whole market its fill up on Wednesday and helped the bulls to take profits with the first appearance of real outside interest in the market that has been aroused. The manner in which unfavorable news was ignored on the rise Is shown by the prominent place taken by the Reading stocks in the advance, in spite of the miners striko and the continued paralysis of the anthracite trade. Professions of confidence in the success of crops and sug gestions of probable increase of dividends in railroad stocks were the ostensible mo tives for the buying of the grangers, which were prominent In the upward move ment. The Gould railroad stocks, as a group, led by Missouri Pacific, were con spicuously strong because of an apprecia tion of the improved strategic position of these properties in the railroad world by reason of recent accjuisitions and exten sions and the belief that a financial plan for consolidation of operation is being worked out. There were rumors of a con test for control of Reading on tho part of the Pennsylvania and its subsidiary com pany, the Baltimore & Ohio. There was little effort to belittle the importance of the anthracite miners' strike and the call ing of a national miners' convention to consider the extension of the strike into the bituminous fields. The making per petual of an injunction against the conver sion of $200,000.000 of United States Steel preferred stock into bonds has had a de pressing effect on the securities of that corporation and on the general financial sentiment. With the Northe n Securities project already contested in the courts, the shadow of Judicial disapproval is thus thrown over the two most important finan cial projects of the recent era of expan sion, and a large part of the results of that era are felt to be brought into question. In the money market call loans have been easily negotiated, but the outlook lor tne future is not felt to be clear. The demand for time loans has been a feature, as it was the? week before. The advancing ten dency of sterling exchange here and its de cline in Paris has called renewed attention to the large obligations of this market to foreign lenders and the coming effect on our money market of the maturing of these obligations. The discount rate has ad vanced at raris and that center has with drawn funds from London, which In turn has sold securities here, creating a demand for exchange to pay for them. The foreign trade statement lor May issued this week by the Bureau of Statistics shows the smallest trade balance in our favor for any May since lau'j, owing principally to the heavy falling off in the volume or ex ports of all classes of agricultural articles The exhibit is disquieting on account of tho expanded condition of our foreign credits. Of domestic requirements the week has seen the announcement of various new bond and capital issues, including the open ing of subscriptions to the ship company and Metropolitan Street-railway bonds and various other projects. The July settle ment requirements are yet to be met. The July disbursements and the repeal of the war taxes are looked to for relief, both here and abroad. As to this relief it is to be considered that on July 10 tho London market must provide for a L per cent, in slallment of subscriptions to the lCQ.OOO.wO consols issue, followed by two successive monthly installments of 20 per cent. each. In this country the montn or July ts likely to witness the beginning of the interior de mand for money to move the crops. The repeal of the war taxes is expected to af ford somo relief of the requirements of the surplus revenue collections. But last year's continuous relief by means of government bond redemptions is no longer open, by reason of the withdrawal of the treasury's offer. The large expansion of deposit liabilities by banks and trust companies the country over has often been pointed out in current financial discussion. The above facts are corroborative of the need of conservative policy in the use of credits. The market for bonds has been quite ac tive, but rather spotty and irregular. United States twos advanced the three and old fours, registered. Vi and the old fours. coupon, -s per cent. The new fours declined i per cent, as compared with last week's closing call. Following are the day'B share sales and the recorded price changes: IliRh- Low- Closing Stocks. Sales. est. est. Jiid. Atchison 4.T.O.) 5H;i fc2 t2l Atchison pref lid In', Haltlmore A: Ohio lcüH lwtJ,3 lui7 H. & O. pref 'Jl Canadian Pacific 3.2J lS5- 135 135 Canada Southern 'SI Chesapeake A: Ohio 7c0 A'i 40": 4i Chi. li: Alton 1") S 25 3S C. ii A. pref 7j Chi., InJ. i"c Iuls 5"0 75 75 C, I. i L. pref .... .... .... 87 Chi. Ä East. Illinois... 1 x) ITS ITS 1TT4 Chi. Great Western 2ü0 ' 2'j'i 2? Chi. e. W. pref. A Chi. G. W. pref. Li 1C-) 4S 4S 47 Chi. & Northwestern I'd C. It. I. V P l' 172, 172-, 171 Chi. Term. A: Trans.... Z-JJ IT j Chi. T. Ac T. pref 37 C, C, C. Si St. L...... .... .... .... Iv4 Colorado Southern 2o0 Clli 31 ?''; C. S. first prer' 71 C. S. se.-ond pref 2"0 43' 43 43 Delaware 'c Hudson 174 1 1. . Lack. West 275 Penver A: Klo Grande 42'i D. Ä: K. G. pref 4V) 53'i S3 lJt Hrle "J 37- ?. 8.-i4 Krie first pref -W CT Krie s'onJ pref i Great Northern pref... 50 ls"H 14 Hocking Vall-y lxi hbl iL Hocking Valley pref si Illinois Central 1,""J 15 liTi 137'; Iowa Central 1.0 42; 4j:a 4v Iowh Centra! pref bu' Kansas City Southern z l . C S. pref. ... ....... .... .... 61 Lake P.rie Ä: Western I. . P. ä: W pref. ...... .... .... .... 137 I.. Ä; N 2"0 irS 11' i 1.1.. Manhattan L 600 131 13. 13, Met. Street-railway l.Vi- Mexican Centrai 10 2'4 27: National Ily. of Mox... lK-o 1' IS", lS. Minn. & St. Lou Li 1 114 114 113', Missouri Pacific 1 J".i 1 1! Mo., Kan. & Texas.... P0 117' 2KV 7.1. . K. Ar T. pref 10) i'j;S ts :,s4 New Jer?fy Centra! IS." New York Central.... fcJ 137 13tH i:.; Norfolk Western .r,G' N. Sc W. pref 51 'j, didarlo & Western Too 11 2 Z2 Pennsylvania 2.1') 132 Iii-, l;; Heading 10,2' e.; 3- c-7ii Pea line IlrH rrf ''a M K I'eadlni: feconi pref... 3 71 C.i'j ,;::. St. I3uti Ac San Kran.. IV-O 63 S9. ti'.a, St. L. v S. P. lt pr x'ij st. I v S. V. 2d pr 7:. I.t'uthTetern.... 1.5e3 Cu? Cu'i Z) St. L. Southwest, pref- 3.SV) st. Paul 6,1 v0 St. Paul pref Southern Paeiftc 2,e) Southern Hallway l.VK) Southern Railway rref. 3) Texas & Paclflc 9,6-t ToL. St. L. & West.... 10-) T.. St. L. & W. pref... m) Pnion Pacific 4, GvO Prion Pacific pref "Wabash 1.10O Wabash pref 1,V) Wheelir.g & Iike Krie. 10) W. & L. E. 21 pref Wisconsin Central &) Wis. Central pref 2u) 7 174H 3'. 937, 43S 21 37 103 25 Si 4rs4 1 173 4; 21 37 lJiii 2'J 4-Vi 173 13 W S 42 l'5 Ml 23 45, 2 3H4 27 43 1OT 223 114 133 43 EXPRESS COMPANIES. Adams American United State Wells-Paro MISCELLANEOUS. Amal. Corrr 3,300 Am. Car v Poundry.... i'0 Am. C. tv F. pref 2 xi Am. Linseed Oil 10 M S2 id 24 C6 22 SI 24 &" 32 93 47 11" t;c 92 22i) 121 30". lfi 2014 73 r s 21 123 67 42 102 45 S3 234 - 17 73 12:. 62 13 81 13 S4 14 54 3 S9 90 td 24 Am. Linseed Oil pref.. Am. Locomotive Am. Loco, pref Am. Smelt. & Eef Am. S. & It. r,ref Anaconda I'mlnir Co... Prook. Kaph. Transit.. Col. Puel & Iron Consplldated Gas Con. Tobacco pref General Electric 100 2' 70 4,300 400 200 SOI 200 111 f.7 534 220 121 So" 16 111 M'i 924 220 1214 Si '3 ie Hocklns Coal Inter. Paper Inter. Paper pref Inter. Power Lacle.Se Gas National Itiscuit National Lead North American Pacific Coast Pacific Mail People's Gas Pressed Steel Car Pressed Steel Car pref. Pullman Palace Car.... 100 101 ICO iv) 100 123 42 123 42 102 .Republic Fuel S-TO 17 73 Republic Steel rref 100 7.-, 126 Supar Tenn. Coal & Iron ?,i0) Union Has & Paper Co j. u. & 1. co. prer U. S. Leather 8 13 13 U. S. Leather pref TT. S. Rubber .... .... IT. S. Rubber pref .V0 5.i 5 3S S0 D04 U. S. Steel 21.2--0 33 TT. S. Steel pref 12,oo0 MS Western Union 100 90li Total tales . 165,500 UN- ITED STATES PONDS. refunding twos, reg refunding twos, coup.... threes, reg threes, coup new fours, reg new fours, coup old fours, reg old fours, coup fives, reg fives, coup United United United United United United United United States States States States States States Si ites States States States .107 .10t .107 .107 .133 .135 .100 .110 .P'5 .105 United United Local Ilntiks iintl Trnst Companies. im a. a :ked. 131 15S 131 117 2.-.0 160 213 2'Mj Amarlcan National Rank 12S Capital National Rank Central Tiust Company 123 Columbia National Rank 113 Indiana National Rank 22a Indiana Trust Company 155 Marion Trust Company 26 Merchants National Rank 187 Securltv Trust Company 1(6 Union Trust Company 215 Local Traction nnd Intlnstrtnls. BiJ. Asked. Indianapolis Street-railway 64 '.5 Indpls. Street-ry. bonds (fours) &7 fS Citizens' Street-railway fives 1W4 110 Reit Railway common.. 103 106 Reit Railway pref 13i Indianapolis Gas sixes 102 V I. & E. Traction bonds (gold fives) 93 T. R. Laycock Mfg. Co., 6 p. c. pref. stock 1C3 103 J. T. Tolk Co., 7 p. c. pref. stock 110 Clilcnsro Stock. Granger Farweli &. Co.'s Wire. American Can 13 Amrican Can pref f,4" National Riscult 4S National Rlscuit pref 103 Diamond Match 134 MONETARY. Kate on LomiH and llicbnnce-Clonr-1 11 Ks nnd Balances. INDIANAPOLIS. Commercial paper, 4U' per cent.; time loans, LCaG per cent. Clear ings, Sl,l,O),3'3S.20; balances, $306,351.43. NEW YORK. Call money steady at 3 per cent. Prlrre meicantlle paper, 4b per cent. Sterling exchange nominal; actual business in bankers' bills, 4.i for de mand, $4.S5Uft4-U tor sixty days; posted rates, J4.SÖ and )4.Ss4; commercial bills, H.84Q4.S3H. Clearings, $230,475,827; bal ances, $1C,210,SS9. CHICAGO. Posted exchange, S4.S6 for sixty, $4.SM,2 on demand. New York ex change, 35c premium. Clearings, $22,290,645 balances, $2,053,119. BOSTON". Clearings, $2C,030,S01; balances, $1,C51, PHILADELPHIA. Aloney, 44 per cent. Clearings, $21,275,'.c3; balances, $2, yj,'J31. ST. LOUIS. Money steady at AVi'jV per cent. New York exchange, 35c premium. Clearings, $7,27b',4ri3; balances, $1,164,176. BALTIMORE. Money, 5 per cent. Clear ings, $4;023,S76; balances, $771,304. CINCINNATI. Money. 36 per cent. New York exchange at par". Clearings, $2,457,750. Money Hates Abrond. LONDON. Money, 22 Per cent.; dis counts, 2y-16U2t8. Consols, 90 7-161196. Spanish fours, idi. PARIS. Three per cent, rentes, lOlf 67c for the account, bpanish fours, 81. tO. BERLIN. Exchange on London, 20m 47Vspf for checks. Markets for Silver. NEW YORK. Bar silver. 52?sc; Mexican dollars, 42V2C LONDON. Silver bars closed at Sld an ounce. Specie nnd Merchandise Movement. NEW YORK. Imports of specie for the week were $137,3U'J in gold and $37,302 In silver. Exports of specie from this port to all countries for the week aggregated $1S7,3jj in silver and $14,297 in gold. Imports of dry goods and merchandise at the port of New York for the week were valued at $10,2s2.7b'3. Treasury Statement. WASHINGTON". Saturday's statement of the treasury balances in the general fund, exclusive of the $150.0 O.00O gold reserve in the division cf redemption, shows: Available cash balance $202,013,221 Gold &D.01S.1C0 "WEEKLY HANK STATEMENT. Large Increase in Lonns the Chief Feature HeserTO Conditions. NEW YORK, June 21. The weekly state ment of averages for the associated banks shows the following changes: Loans, Increase $7,944,700 Deposits, increase 8,084,000 Circulation, decrease 60,700 Legal tenders, decrease 42,100 Specie, Increase 919,000 Reserve, increase 876,900 Reserve required, increase 2,021,000 Surplus, decrease 1,144.100 The banks now hold $12,15S,250 in excess of reserve requirements under the 25 per cent. rule. The Financier says: "The official state ment of the New York Associated Banks last week showed, as the most striking fea ture, an increase cf $7,914,700 in loans. This was not altogether unexpected, for the speculation on the Stock Exchange was active during the week at generally ad vancing prices, thus calling for increased bank accommodations. Moreover, there was the beginning of the accumulation of money preparatory to the July disburse ments, which naturallj- affected bank loans to some extent. The net gain in cash was so much below the amount estimated from the traceable movements of money during the week as to be difficult of explanation. The specie increased J'JIO,.), while the legal tenders fell on Ji:.i'i, making the net in crease In casn .b.:: the estimated gain was J2.5S.5to. The interbank movement was quite uniform throughout the week, as also were the subtrasury operations, and tho difference between the ottlcial and the estimated gain in the previous week was slight, so that It is altogether improbable that the actual change in that week could have been reflected in the return last week Possibly the discrepancy between the act ual and the estimated gain in cash in last week's statement was partly dus to for dern exchange operations, which were im portant. Another explanation is that the trust companies ouring the week probably drew con5lderable amounts nf rash from the banks in order to strengthen their re serves, preparatory to the making up of their semi-annuai statements to the state banking department. The deposits were increased $.v0S4.0X). or $737,XO less than the amount called for by the Increase in loans und tho net gain in cash; therefore the statement was not entirely harmonious. The required reserve was Increased $2,021, 000; deducting therefrom the $v76) net gain in cash as above, leaves $1.141.100 de crease in surplus reserve, making this item $12,158.20, against $J.G11,250 at the corre sponding date a year ago. The daily aver age of clearings for the week was 5213,O"0, C0, against $1S2,01000 in the previous week, reflecting the larger volume of business on the Stock Exchange. Comparing changes in the item of loans of some of the larger banks it is found that six institutions in creased their loans by a net amount of $7,jO.0oU." PRIVATE AVI It n ADVICES. Light Volume of Trade, with Consid erable Demand for Steel. Meyer & Klser's Telegram. NEW YORK, June 21. Dealings on the Stock Exchange to-day were in exceed ingly small volume, extreme apathy pre vailing in all quarters. The market has been strong, however, chiefly Influenced by Steel common, which was again bought quite freely, presumably for the same in terests that have been aggressive pur chasers of the stock for the last day or two, in addition to which the steel issues have apparently been sold to a standstill recently and the semi-official forecast of June earnings has changed sentiment to a considerable extent in their favor. A favorable bank statement had been gen erally anticipated, but when it appeared it was found to be exceedingly disappoint ing, particularly the increase in loans of nearly $S,0uu,000 and the reserve decrease of over $1,000,000. The closing was dull and featureless. Aggressive HuyiiiK In Steel. Granger Farweli & Co.'s Telegram. NEW YORK, June 21. It is said that the underwriting syndicate advanced the Steel stocks. The ag-gressiveness of the buying caused some short covering and some buy ing of stocks throughout the general list. After the bank statement, which was not as good as expected, came out, there were moderate recessions, selling stock bought earlier in the day on the strength of Steel. It was thought at the close that there would not be much change in the situation next week, unless something unforeseen should happen. Manipulation of the Gould stocks is expected to continue, and turns undoubtedly will be made In St. Faul, but there Is nothing in sight at the moment to cause a radical change in the market situa tion. "WEST POINT TRADITIONS. Things That Help the Cadets to the Highest Ideals. Kansas City Star. "I give it as my fixed opinion," 6ald Gen. Wintield Scott, "that but for our graduated cadets, the war between the United States and Mexico might, and probably would have lasted some four or five years, within its first half, more defeats than victories falling to our share." This tribute to West Point from a non graduate may be appropriately recalled at this time of its centennial celebration. A half century's history has added to the rep utation of this remarkable institution. Talk as much as you will of the exploits of vol unteer officers, this country's greatest bat tles have been fought and won by troops officered by West Pointers. As General Scott pointed out, the 500 graduates were largely responsible for the success of the Mexican war, although the highest com mands were in the hands of the veterans of the pre-academic armies. In the civil war, out of sixty of the most important battles, all except five were com manded on both sides by graduates. The chiefs, both federal and Confederate, were West I'ointers. Two hundred and sixty eight graduates attained the rank of gen eral officer on the Union side and 147 on the Confederate. They filled the most important positions and distinguished themselves as army, corps and division commanders. The outbreak of the Spanish conflict found the senior positions held by nongraduates, trained in the school of the civil war. But the academy alumni distinguished them selves as line and staff officers and lived up to the standard of the school. With such a roll of alumni West Point is a place of splendid traditions. The site it self became noted as a scene of operations in the revolution. The school project was dear to Washington, although he did not live to see it carried out. The academy looks back to such superintendents as Rob ert E. Lee, Schofleld, Howard and Merritt. The cadet of to-day is living among the memories of such former students as Grant, Sherman, Sheridan, Meade, Thomas, Rose crans, Hooker, McPherson, Kilpatrick, Custer, It. E. Lee, the Johnstons, Hood, Jackson, Longstreet and Stuart. This very fact is an education In history and in the qualities of a soldier. The man from West Point must sin against the light if he dis credits the uniform he wears. DISHONEST POSTAL CLERKS. An Inspector Says They Are Sure to lie Detected Some Time. Washington Star. "It is because one man thinks himself a trifle smarter than another that makes his thoughts run Into dishonest chancels," said an old post otllce inspector. I can account for the frtnjuant arrest in all parts of the country of employe of the postal service, especially clerks in post offices and letter carriers, only upon this hy pothesis, and that there is an inherent stre&k ia his composition of dishonesty, because he knows better than the public that once we get after postal thieves we never stop until we land them in Jail. And still they go on all over the land pilfering from letters believing themselves safe. It must Jar some of them when they tumble into the trap we set. "It is a niatttr of corresponding Interest to remember that, as these dishonest clerks well know, the trap which places the manacles around their wrists is the same old trap, like the same old bear trap, reliable and certain to hold fast once It is sprung, only it catches their pil fering hand instead of their feet. It is the de coy letter which the postal thief quickly and slyly picks up and secretes about his person or elsewhere, and once it is in his hand the trap la sprung, the hand of the inspector on the case closes about his wrist, and he walks to the station house to ruminate how easily he was caught once the inspector decided upon the man of the force who was the guilty among the honest. "Now, since every postal employe In the United States knows that once the officials are suspicious of theft along his route or postal car run. that the inspectors lay all sorts of traps to land him behind the barB, why will they steal money letters with apprehension practically inevitable? Recause human nature Is the same In all callings, and the postal employe Is cast In no different mold than the rest of us; It Is only his environment. Yes, they know instant ly, instinctively, whether a letter contains money, as a bank teller can tell by the feeling of a bill before he looks at It that It is coun terfeit. We know this, too. and that is the reason why we fish for them with the decoy letter, and land them, thus safeguarding the public and the department from loss. "The decoy letter looks no different from any other letter, and it feels Just the tame to the dishonest hand of the postal thief as any letter containing money. We usually place from three to five marked It bills in the envelope. The instant the fingers of the dishonest man 'strips' along the envelope he knows that it contains money, ana ne win steal it ir nc can. Reeaue of his eagerness and disinclination to let any letter with money go by him, enables us to catch him when we learn to a certainty the route upon which letters are stolen. "Some employes are very foxy, and go a long time before they are detected. They often try to place the guilt upon an Innocent fellow-carrier n this way. In making up their routes and getting their mall from the distributing tables, they handle the mall belonging to other carriers. It is an easy thing to detect money letters In the other fellow's lot, and include them In their own. to be purloined atf leisure and suitable opportunity. Suspicion naturally falls upon the innocent carrier, and he is placed under secret surveillance. Decoy letters are mailed and by other means it is endeavored to fix the guilt upon him. If our usual methods fail we too. become suspicjous that an innocent 'man is beinir 'worked. We drop him, and try to locate the actual thf, and it is not long before we have him in Jail. Sometimes two dishonest employes will work together, but as a rule postal thieves are like the lone highwayman, and prefer to go it alone. "You see, the dishonest employe fo-,nhly be lieves that he can beat the game, and an arrest in a large office has only a temporary deterrent effect upen the other secret thieves therein They are more cautious, and mav perhaps lie low for a brief time, bat not for long, it Ja a sineular bnt true offclal fact that once a man betrins to steal money letters he seldom volun tarily stops, and we have had men confess that they had been at this nefarious business for years, and would have remained at It as long as they were in the perviee but for their arrest It is an easy way to make money for the time being to the clerk or carrier whose salary does not nv?et his expenses. He becomes emboldened by the confidence in his cleverness to secrete the money letter, forgetful that with each re port of theft the efforts of the Inspectors are redoubled to entrap him. and the closer are drawn the meshes of the net sl-wly but surely being entwined around them. Very often the gutlty man Is positively known to the inspec tors for months before they can catch him red handed, the thief in the meantime bellevlr.ff himself undetected." A fiood Inrestnient Property. The Indiana and Ohio OU Company's stock Is now selling at $1 a share. Of the $50,0) allotment of shares $ia.l0 has al ready been taken, and the rest Is being rapidly subscribed for. This Is a good showinJT for a comnanv hut nn vmr nl.l but the resources of the company are ' making the price of its stock popular. PZSB INVESTMENT THE SECURITY TRUST COMPANY offers to its clients and others, Stocks and Eonds which it has bought on its own account, and which, after careful investigation of the proper ties, it offers to investors. SECURITY TRUST COMPANY 8 NortK Pennsylvania Street. WE OFFER FOR FIFTEEN DAYS SIBCIAL ALLOTMEXT OK FIRST MORTGAGE COUPON 01 UNDERWRITERS LAND CO. WITH STOCK BOXUS Issued in Denominations $50, $100, $500, $1,000 IXTKKKST rVYiYI3I13 OUARTEKLY With Interest Guarantee Clause Made by Trust Ca Resources Over $12,000,000 These bonds with stock bonus mike the most attractive, safest and yield the best returns of any security now offered in this market. They yield at piesent price better than O rlvl CI3XT. ICT" Special circular, price and terms on application. Call on or write XJrCIOC TRUST SECURITY OO. HICK0X BUILDING CLEVELAND.OHIO ff STRICTLLY Facias St. We offer Apart iieM 8! Preferred Stock S 5 per slh ) La Redeemable after 3 years at SECURITY TRUST CO. TRUSTEES TIIK diamond 3iauki:t. Trices Are Stiff nnd AVlll Go Higher hy Next Foil. Washington Star. "An article I noticed recently in the Star cn Imitation diamonds remind me of a fact or two concerning the real article, which may prove o interest to those who possess these gems and to those who would like, to have them." faid the diamond expert in a Washington Jewelry holism. "You know. It was said two years apo th.it the price of these jewels would go down by this time, instead ot which thi wholesale and nei sarily the retail price has steadily climtxd upward, and diamond.- will be much hightr next fall than they are to-day. The wholesale diamond marke-t la unlike that of other mar kets, which may be Hooded from time to time by a surplus, with attending drop in prices. Tha only diamonds on the majkf-t to-day come from the South African minos. as the mines In Brazil are now worked. No new mines are be ir.K discovered, as is th cae with poll ar.l silver. The output and the duration of life of the Houth African mines is, therefore, a matter of estimate and conjecture, and fen if new mines were discovered a quite unlikely thins? tho diamond trust could be relied upon to control them. At any rate, none are being dlscoverel, and thus the market stands to-day. This in cne measure accounts for the etlffenln; and upwaid tendency of the market. Cf course, u under stand that the initial output is regulated ly the diamond mine trust, and they can kt go or hold tack as little or much as they pl-a.-e, and they do not appear to I P ttir. muh ko. An importer, a friend of mine, went abroad für the pun-ose of putting in diamonds any .ay u; lc a million, and wrote nv that the condition of the market was 'fierce,' meaning that at the present prices of hltrh-grade f tones and my re marks are not directed toward th" other grad as they merely fullow along in lin thre was no money in theni to buy whol'.-Fal abroad. YuU see we are retailers, and if the wh ! si.le mar ket goes up 10 or even S per cent. It meai:s such a his raise on our retail prices that th-? change is at once noted by purchaser?, and it makes them he-sltate and balk a bit. V have soil more diamonds in Washington In the past two years than In any three of our previous history. The demand, like th market, is stiff, an ! when such is th ca reduction f rrlee la. of cour. not thought of. The Ids im porters Io not like to buy heavily In the f.u-e of a continually ri.ing market, fur if the ti le should turn they would be badly caught, as cm-l-titlon is keen, and some of the imj-ortfrs do a business on a margin of IS to 20 rer cent, profit. Aumlrir that they did business on a mar Kin of 2.". per cent, profit, a slump of 12 per ctr.t. would scorch them badly. The rtai!er can do business on a more indfpendent margin of profit. Thus, If h can Rft iO per cent, he will take It. wnlU be may. to effect a rale, be satisfied with or even Id pr cent. It all" deptn !s u;i,n the house. The rftaihr must necessarily make a pood margin of profit on diamonds as compared with his other stock, because their sale Is pro portionately less In quantity, and where a dejier may hav to hold Roods for a long time he would soon iro out of business if his profit was not large. Where goods are turned over quickly, as groceries, a mail profit J money-making. Kötailer, however, keep i:p their er.l of the market, and it is seldom that you will fi.nl one cutting th other on diamonds; it wouldn't pay all around. "Another point about the diamond, market h this: Steel-blue stones ar scarce, and their value Is htch and uncertain: that t. they may be worth I3"J a carat or J), wholesale. It de pends upon how much the purchaser delres the particular stone or stones. Dealers wiil keep these hlnh-ra4e stone in their safes, per hap for years, before they will let them go ur.tti they get their price. They are not shown usu 3 SECURITIES 6 PER CENT. GOLD BONDS FIREPROOF 3Ir Pork to investors t rsiair ally in the cases; It Is the pure white, or the commercial white, usually seen there. Many dealers 611 the latter e'tade for the former. ar.J a grade with a tins of yellow only vUlbl by comparison for the commercial white. Sm dealers would Fell a yellow horte for a hit diamond if they thought the customer wouldn't know the diHerence. "It remains to be. sen whether the n-w 'twentieth etntury style of cutting diamond- w ill take w ith the public that Is. w ure th entire top surface (f the Mor.e Is cut Into facet, without the little fiat, circular rer.ter or 'tat l' (t familiar elqht up to which the facets lead in the 'brilliant' style of cuttlne. In Washington there has been no demand fur the new etyl. and we h ive bar !le-i r.or.e as j t. It all depends whether the public will tak kindly to the n r style, wh:ch. It is contended, adds tire to the etone. Jlutles, amethysts and one or two other stones aro oft. n cut In tl is style, anl have f a for years, but with the diamond It ia entirely new." Wickert College Societies. New York Post. Somo of the newspapers which are not disposed to take the report of the exi.-tor.co of a Criminal Cluh at Yale too seriously arc recalling a club of horrid fam. wl lea existed at Harvard some years ago. The club was a myetcriod.s affair, but there wa one- thinff about it upon which every body agreed. It was very wicked. This, of course, made it attractive to freshmen, an.l they were induvl to Join in as large numbers as was ielred. llverything was t-CTvt. It was nr.t known what particular bfls of l.irknes the r'u mbor .s pi rj-. träte-. 'Ihcre was nn initiation f . e of J-". and this wm all tl fr.fhm.in was toll bt fore lie joined. After bee dnlng a m m-b.-r, the neophyte was gh n an opportunity to act as waiter at a dinner to the oM- r memb.-rn of the rlub, pa hi for from the inltlation-iVe rclrt?. This illnncr wa an jtdmary Kood eiinner; thnt was all. There were no further de !opm nt. The sriiii of the dinner was the sole purpose f the club. Of course, no fre shman : aioi ' lie frlmply Pile. his tlm-, an.l the next year di:u-.i at the expense of other frt j-.'i-men jo.sess-! of a. thirst f r w ick dne?s. Tor Silent IIa ne-net. Kansas City Journal. The other merninp: Kugene Ware four.'l the f ollow in?, troni whih dates an.l r.im s are omitted, in bis mail: ".My Dear War I tmte that y.ni have poMtivtly r-fue-J to ay a word for publi cation or make a prech ?inv your ap dr.tment as p nsion c unmlssh ii r. I 1 -lirve you are the r-an to jior.eer a Kn it reform by taking th? lend in rgan!zir.g . society which mi;-ht bo called the Sphlr.ite-. Its membership slu-uhl embrace all ort! rs of the army and navy nl all appointive otlie rs In the K-rvb'e of the govt i nn. e :it. It hhouhi be r'r.dr-'1 on tp.e condition f t-xtreme p- naltb-s that no nurnN-r hall make a !;pec h or give out an int rvi w. Once a year thert snould be a banquet at Washington after the fashion of other o clal organization. At this l.r.jue-t every guest should remain absolutely silent h.iv in no to.uts, in seechci, no conversation on topic of a public nature disturbing the atmosphere with only such youngs as th fl itte r of knives and fork :nj the gurt oi hixhUil!." t ussa