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New-York tribune. (New York [N.Y.]) 1866-1924, July 04, 1908, Image 12

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TREATISE ON OPTIONS.
Mr. Arthur Cramp. \*tr (Mr Editor of The Times,
ft— rrihrrt "Option*" a*
•• The most scientific and prudent way
of operating on the Stock Exchange."
This *y»tem. although very popular on the Continent
ace in America, Is sot so well known amon*»t In
»wHn •• Its merit* Justify.
W« hare Jt»t published ■ new Treatf!^ •■ thl» sab
ler*, which will be sent port free on application to
The Seereterr.
London Paris Exchange, Ltd.
BANKERS.
Busfldon House, Bank,
v'*s../ London, England.
Or from any of it* Branches.
R. L. DAY & CO..
.37 Wall St., 35 Congress St.
KEW YOBS BOSTON
HIGH GRADE INVESTMENT BONDS
Municipal and Railroad
Mrmlwi New T«rk »nd
Bocton Stock Excfaaore*
GUARANTY TRUST CO.,
NATIONAL COPPER BANK,
METROPOLITAN TRUST CO.,
MECHANICS' NATIONAL BANK,
DEALT IN.
CLIIMTOIM GILBERT
2 WALL. ST.
Dividend Notices.
AMERICAX r-OCOMOTTVE CO.,
SO Church Street, New York. June 2Mb.. 190".
The Board or Directors this day declared a Quar
terly dividend of one and three-quarters per cent,
upon the preferr«l capital stock. payabl« July 21.
IWMS to the preferred stockholders of record at th«
dose of business on July 6. 190 S. Checks will be
mailed.
Transfer book* of the preferred stock win close at
6 P. M-. July 6, 190 R. and reopen July 22. 15>os
S. T. CALLAWAT. Secretary.
Financial Meetings.
New Tork. June 80. 1908.
Kotlo* Is hereby given to the stockholders of Th«
Dacrle Fir* Company of N«w york that, by order of
the Board of Directors, a special meeting has been duly
called for ten o"c.<Wc A M. on Friday, 'he tenth day of
July. IPOS. at the office* of the Company. Ma 82 Beaver
Street Borough of Manhattan. City of New York. for the
purpose of onnj>*s»rln»r a Resolution authorizing and In
rtroctlnjr the PresHenr and Secretary, en behalf of the
stockholder*, to liquidate the Af »ets of the Company, and
thereupon, after presiding for th» liabilities of the Com
pany not reinsured, to dlstrlbm» from time to time the
p-rv^w..^ of paid Assets remain vnosK the rtockholfl
•re pro rata. THEO. H. PRICE. Pree't.
vr. B. THORN. Bec'y. .
CAN PAY P.. W. A L. E. COAL CO. COUPONS.
The Mercantile TrrjFt Company announced yes
terday that It had received the funds to pay the
July 1 coupon? on th« first mortgape 4 per cent
bond?! of th« Pltt*hursr. "Wheeling * & Lake Erie
Coal Company. When the interest on these bonds
fell due. on July L stockholders who presented their
coupons for payment were informed that the trust
company had no money •with which to pay them,
but word was received on Thursday from the re
ceiver, at Cleveland, that the funds to meet the
payment were being forwarded. The company Is a
subsidiary of the Wheeling: & Lake Erie.
NEW ORLEANS BANKS MERGED.
[By 7>l«frraph to The Tribune.]
New Orleans. July Th« "Whitney Central Na
tional Bank, with $2,500,000 capital, deposits of
00,000.000 and $1,300,000 surplus, took over to-day the
Central Trust and Savings Bank, with $1,000,000
capital. $714,000 deposits and $350,000 purplus. The
combined Institution will he known as the Whitney
Central Trust end Saving* Bank.
RAILROAD EARNINGS.
BTTPTAIjO. ROCHESTER * PITTBBTJKO.
IPOS. 1907. 1908.
Fourth •week in June.. CC5. 447 *2M.83« $147,857
July 1 to June SO 8.000,237 8.413.199 7.628.449
COLORADO & gOUTITERN.
Number of miles 1.R41 1.«f3
Fourth veek In June.. S2«6.P!H 8300.184
July Ito Juno 30 14.2r>».fi49 13.3fi2.505
BTTTA.T>O. BOCHESTER & PITTSBURO.
Month of May —
Jftimber of ir.!l«e 5«» 56« 56S
. Gitwb earnlne*..- $502,018 IW.W* $3»7.552
OperatSr* K|XMi 5.55.917 456.321 844.947
Net earnings J145.0P3 $377,537 $42,605
July 1 10 May 81—
Grr>» earrlr** $7.R62.551 K7.3H.ltt $7^88.282
Operating; *xr*n«-» ... 4.692.855 4.737.292 4,2««.251
Net •arnlnmi 11 rnnr. JS.9M.SM 53.f47.827 $3,072,011
BAXGOR * AROOSTOOK.
Month of May —
Orr*s t*m!T.K*. J2OJ>.«»« *2R2.131 $213,279
E3rp«cse« 127.1&S 191.5*7 IJW.44W
Net «&m!r:rs $ffl^OO ?»0.M4 tmjOl
mmmmmSJS^.^.. $2,fis7.OS<> $2,957,052 $2,250.2C0
Sr^e^TT... LfKttl 1.966.349 1.414.44«
Net earrJnFß II mm. 9MMM 1990.703 8051.014
IOWA CENTRAL^
Gr^T l i^inlt y T'. .. mum $255,910 $225M«2
Exßfn«*» SBi tajte*... 199.034 HMW 1^371
Net SmT $2.^ IK™ »«.«g
! 'Total income «■"*» ' •»«■ ••*"
Exjy. OT »f and iax«. .. «s?«2 «.<Bt.«l «*■*"
Exjyi»es and taxee.... Z^..4.< 2.QQ1.172
Net lnoorof 11 m». $7«.5n3 J^.340 "-***
Other laoonv> 23-6. S **.'- $ SLW
Tot* l«Mn» $7?7.451 $950.0fi8 t74 «- Wio
■noDßtvaua & ST. LOUIS.
Month of Mer— o1 $.vM.fi«o
anjir 1 •* »« » w «
jgts=zz 'VS *T« "-
ecar.?.rr. *gg
1M«1 income $1,115,462 $1.375.59S $1,450,426
•Surplus.
NASHVn^E. CHATTANOOGA * ST. LOUIS.
itooth cf Mar- , IS^
cil^r?^::::::::J^ J%XI '!%$>
snna» '*■- 01 J ~- 423 fft4 ' 781
j~s^-"^^s 3M rets
«2-— •»— •jas wss
gßrpra » $571,172 »■«*» $837,649
ST LOUIS miTHvnyTERN.
Nte^tn^.- 5M.573 J3404J52 *»L 586
N», earning 11 mo*. f1.78».41» $2..V".520 $1,899,951
DELAWARE & HUDSON.
£^~^ * s^
Operatin* «-xpenae«... ft« 7.458 l.ll~.^>* i^ec i-qj.iw
Jjes:::::: « &•&«
iSra^S^S MSB
Net earning. $509,058 f«2e.«S» Pee »1 17.377
Grow «arnlr.p« 5 mo.. 57.319.5V5 f7.«t18.1M P»e4JS>.SSB
Serial «T*n«*--- 4.710.359 4.790.2&5 Dec _ 78,896
Vet *arnlnr» ft ran $2,609,197 $2.?24,909 Dec.5215.712
Tctal »nrom» $3.025.J>77 f3.84».2«4 1>ec.5323.2«7
TaV-^b^th cep-m-U 271.250 157.033 Inc. 113.645
M earr.inr» I »n«- •«■»•■ $3.191.e2» r>H-.5486.»32
CCBA R-MLROAD.
».,_,>, «f u lr lflOS. Changes.
u rn n» •••, •• ♦173.010 I>*«. ♦18.4*>4
O^rtJ?r*n'n^ --". . 113.CM inc. **i
Net «arrin« $6^.^77 *£ f».713
>et *arnin^» ai «o» 1.. •» kkh
Fixed charce* - 1 _ ice. 3.P68
BBrpJUB m*m am. $13,275
From IWjrl «• Mmy 81- fI.MW.SwO ln-.f IM,«M
j grr.tlr^^W.7.7- _l^^- toe - 8 "- flS2
wSSa eSSp" ••■•'•"•'■'•'•• SS3.SIO In". 3.5.5109
' Bcrplu. .- •■»*•» Inc."^lT7
DENVER & 810 GRANDE
190 S. 1907-
Xi -"- ■ ■
DULLEST DAY IN STOCKS IN MANY YEARS
NEW YORK STOCK EXCHANGE SALES— FRIDAY, JULY 3, 1908. -■_
11 +^ flifrgffiSS %"* :r lgna Sit "S3 -JS |:3 a.enSL^::::::: £& f4f 4 p ffi gg
i% Tic e3e 3 c c°o P p p c r f ::::::::::: SB | f Sim A «» — SaX» %£'& $&& ™ *
1 *»~£VB& : F 111 iiß i p i : lSHi^^ i 1 1 1 1 %
m — Aineric^Cotto* OU. .?..^::^3.^ 30* 30% 30^ 3W SO% 510 ♦■* Missouri .Kansas & Texa3...... 27 27Vs 2|% 2T> - -^
I ! fi S^llE'S ICIi C ITh SS^:::::::::::::::: i|tfy*» % I
.276 ♦ 3 American Malt pr 32 32J4 32 32V. 32 35^ 500 — 'Newhouse M. & S iok 103% W3\ 104 Vi
«^ i + Steel F^y pr ctfs.. 36Jj 37 Ig » 37 3,^, 100 J_% lowa OS^J-^-^-^Ji:;;;;;-;; Jffl Jgfft ffijt 107« 1«^ M 8
lllSliilil 1g 1 | Btllli If 1 1 11
So tis b^u^'a Ohio:::::: :::::::::: m m. m *% wg *£ Qjs ♦••» SggffiSSffi'sS SftrSirSSS
i = isrHse-iE lllllli I i m^^ ; = iiii 11
i i mb^^ee: liii 1 1 1 5i 111 1 1 1 1 i
1.500 + X Chlcaio. Mil. &St P 133% 134 133% 134 I 188* 134g .00 — - Roclc Island. . . I^4 g* »
Hi! Si I WMllffli
Tntoi mlm for the day 7L592 sha,reß. compared with 377.619 shares for the corresponding day in IW7. same peHo, ,_ ivr
Totoi sales. Januaryl to^July I inclusive. 54.723.161 shares, compared with 115.771,959 shares for the same period In 1907. .
•Unlisted. =
FINANCIAL AFFAIRS
STOCK VALUES FIRM.
Prices Up on Small Transactions —
Bank Statement Figures.
Stock market operations yesterday were made
up of thTinsi^mca.t dealings of unimportant
traders, th- total business amounting toW
71 502 shares, a low record for the year and for
the last twelve yean. The greater number o.
Wall Street Interests were out of town, ana
much regret was expressed in commission
houses and among speculators in general that
the exchange opened at all-something that
would not have happened if the governors had
listened to the petition of the members who a
week aero decided that the dull situation in the
Street warranted a triple holiday at the end of
the current week. There were only a few trad
ers on the floor, while banking houses practi
cally were deserted, orders from the latter
■aura being about the smallest ever known for
one day In the history of Wall Street. The ab
sence of outside buying and the inactivity on
the part of the room element, however, did not
lead to a demonstration against values, prices
ruling firm throughout the five, hours of trading,
with net gains at the close in all the prominent
shares, though the improvement was confined to
fractions, except in Baltimore & Ohio, which on
purchases of less than 1,000 shares ended the
day at. a net advance of 1%, Reading and
Union Pacific, in which operations generally are
heavy, supplied but a little more than 10,000
shares between them, while the only other is
sues in which dealings amounted to more than
5,000 shares were United States Steel common
and American Smelting, the latter being the
leader In point of activity, with a total business
of 11,000 shares. Extensive comment on such
a market would be a waste of words. The bank
statement published after the close of business
was complicated by the movement of funds in
connection with the July payments, and the loss
shown in cash and reserve did not reflect an
actual withdrawal of money from this centre.
Trust companies and corporations withdrew
large sums from the Clearing House banks for
interest and dividend payments, an indication
of which -was presented in a cash loss by the
Clearing House banks of more than $11,000,000
and a grain by the trust companies of more
than that amount. As a result of all changes
the average statement showed an apparent loss
in the reserve above legal requirements of $11,
403,500 to $54,695,300, which compares with
£356,250 at this time last year and $6,465,075 In
1906.
Bank statement figures show cash and reserve
holdings In the Clearing House institutions, in
the trust companies and in non-reporting banks
to an extent that discourages the idea of higher
imtea for money in the near future; indeed, cur
rent indication* point to relatively easy quota
tions for loans In the harvest period, when in
terior requirements in connection with the
financing- of the crops will be effective in taking
a considerable amount of currency from this
centre. New Tork holds more'than one-eighth
of the entire amount of money in the country,
and in the current month the supply will be in
creased through excess treasury payments and
receipts of funds from out of town points, not
withstanding the Treasury call for $45,000,000
of government funds from depositary institu
tions. Xew York holds SIP.CiOO.OfN) of federal
funds, and bankers would be willing to give up
this entire amount as their proportion of the
call, particularly as it is estimated the govern
ment's excess of expenditures over revenue re
ceipts in July will reach at least $20,000,000.
According to the monthly report on the amount
of money in the country, circulation in June in
creased $9,27n.000. while for the fiscal year
there was a gain in the amount of money in the
United States, outside of Treasury holdings, of
$131,115,033. This sum and a large total be
sides is lying Idle, owing to the inactivity of the
business world and in the investment markets,
but the accumulation that is going on is
strengthening fundamental conditions, and at no
remote time it will prove a powerful Incentive
to a revival of industrial and stock market
activity. Borrowers can now secure loans for
over the end of the year at almost unprecedent
edly low figures, and yet the demand for this
Port of accommodation is exceedingly light,
while the same thing may be said of that for
shorter p>wiods, for which 2 to 3)£ per cent are
quoted for from sixty dayj= to nix months. Lrittjp
commercial paper is offering in the current
market.
GOVERNMENT BONDS.
The following shows yesterday's closing quota
tions for government bonds, compared with Thurs
day's:
—July 2.— — Jury 8. —
Bid. Aeked. Bid. Afked.
C. S. 2*. registered. 1930 104 10S 104 inn
U. S. 2s, coupon, 1930 104 — 104 _
U. P. S.«, registered, 190$ 100 Kif>*4 mo ino«i
V. S. 3?. coupon. lf)OS lOOSi 101 1, 100% 101
U. B. 3s, small bonds.... inn — lOO 1 *
D. S. 4«. registered, 1925 121 V 122\i 121 !*! * 122">i
U. S. 4s. coupon, 1925 122'< i 123 1 i 132% 128 M
AMERICAN SECURITIES ABROAD.
London, July 3, 4 p. m.— The market for American
securities was Inactive at unimportant price
changes. Last quotations follow:
l»ndon New York New York
close, e-qulvalant. clrv«e. Changs.
Anaconda 8H 41 4 42 __ *
Atchlson .- *3*» il% MS
Canadian Pacjfln 164 *» MM! 15W4 + 1%
ft Paul 137 '•"••' ! i 133«, — H
Erie. 19% 16% 10' ? — 14
do Ist preferred... WShk 34' i 3«'i
Illinois Central 132 I2BH 12*"k — 'i,
Louis & Nash KWI4 104*; 105 - %i
N v Central 106H >"«"* 103H + %
Pennsylvania «1 a * 130J» »»* - '4
Reading UK H3H USH
Southern Pacinc.... **'= M'» «•'* + H
Union Pacific 149»i l«* I«J* + i
U B ewfi 3^% 3 7 * s *^* ~ *-«
do preferred Jos?i 103 108 U — U
FOREIGN' MONET MARKET. — Call money in
London. ft »i per cent; open market discount
rate for short bills. 1 3-16 per cent; long Mils.
I>4 per cent; Berlin discount rate, 2% per rent.
Paris discount rate 1% per cent. Paris exchange
on London. 25 francs 12% centimes. Bar gold,
TTs. 10% d. Berlin exchange on London. 20 marks
38 U pfennigs.
FOREIGN SECURITIES. — British consols for
mo»-*T. 85 per cent, for the account, £8 ft. French
NETT-YOKfe T>AILY TRIBUNE, SATURDAY, JULY 4, 1908.
BOND MARKET SALES.
500 i: S 3s Reg 100 | 27000 Man 4s Stpd »7
3000 Japanese 4V-S ... 89H 9000 Marine 4 ! s» 09
3000 do 2d .*. Bf> l 3000 do JO
2000 do ... 8914 5000 Mcx Cent Con 4s. bl
3000 do K0 • 21'iim Mich S Tel 5s &6S
7000 do 4s 7914 1000 Mo K& T Ist 4s. 96 s *
6000 Rep of Cuba 6s. .104 1000 do 2d S3 1 *
1000 D S of Mcx 4*.. 92 8000 Mo Pac 4« 70 4
4000 N V State 4<?...109% l fifM > do l'>»
13000 N V C 4Hs 1967 1000 do '}
New 108 . **"> N of M Ist Con 4s 81^
203000 do 107}, I 3(hk> do el
10i Adams Ex 4s 87% li»>o N V Cent L. S Col
1000 Am Cot Oil -iVjFi. 91»« Shis 82
20f«) Am H & L 65.. 00 15000 do Reg 81
42000 Am T & T Convt 6t«X> N V Air B Convt
4s 55% 6s 90?*
22000 do KSH 3000 do 9OJ 4
60000 do Wig 20<X) do .- 90:»
5000 do Col 46 S8 8000 NY Q &B L H
29000 Am Tobacco 65..105>* & P 5s "''a
16000 do 105 1 * 11000 X V N H & H
7000 do 106 1 * Deb 6s 127
3000 do 4s 72'-t 6000 do Ctfs Ist pd. .124 5g5 g
3000 do 7244 1 34000 do 124 *
1000 A T & S F AdJ | 10000 do 124*
4s BSH 12000 do 120 •
1000 do Gen 4e »7"^j 24000 X& "W Convt 4s. 83
. 5000 do 9S'i, 23(XM) do £■>*«
63000 do 98 i 5"00 do «'i
lOOi) do Convt 4p... 91 i 1000 Nor Pac Gen 35.. <2
21000 do Convt 55... 100 1090 do Prior 4«... ..101;*
2000 B&O Pr 3H5... 92 2000 do s2OF.IOIH
ldooo Bkln Rap Tr 4s. 7W4 '^00 do I"-'*'"**
3000 do 71-» 20000 OS L. Gtd Ref 4e 90H
9000 do 71% 20000 do 90,
9000 do Cl Tr Ss 99 j r>0"0 do s-|s -| v *
2000 Cent Leather ss. 95 I 2000 do •••••• -"j, 1 *
1000 C & O Gen 41411.10014! 2f>oO Perm Convt 3%5.. 9.5^i
iooi> Chic & Alt 3H- . 64V. . 600 do 3»4s 1915 ■ ■ v~%
2000 Chic ft N W Con 122000 do »-?»
69 117 10000 do »2H
6000 C B&Q Jt 45.. 96\i 1 39<»K) do »2»S
2000 do 96 I 125<*"i0 do Con 4s Rets. 101 1,
13000 do soF. 96H 660C0 do 102
400,1 do 96H 30"0 do 102W
4- 100 do 96 ) 15000 do ,i.-- lO i,'*
27000 do Gen 4f P7 7 *1 2000 Read G>n 4j».b2oF 97» 2
1000 do 111 Dlv 3>£s S.S 140fx) do "'•»
1000 c I & L Ref «5.124 1000 St L I Mt & So
1000 C R I & P Gen Gen 5s 107
4s 95 1000 St L 4 9 F Ref
2000 do R*f 4s 85 4» 67
2000 do sIOF. 85 2000 St P M & MM
14000 do RR 4s 63 69 104,
WOO do 62*4 5000 do *H» 106»»
1000 do C! Tr 5e.. . . 65 ! 1000 SA&A P4s S2
7000 do 64% 2Oi"'O do K2> 3
5000 Clpv C C & St L j 15000 So Pan Ist Ref 4s M
Gen 4s 94 ' 5000 do »°'*
2000 do . 94»» 2000 do 91'«
1000 Col & Bo Ref & I 2000 South Ry Ist 55.. 97%
Ext 4^s TRY, 2000 TOUR Gen 5s P5Vi
7000 do .... 79 1000 lie Blrra 6» 106H
9.KM) Col Ind 5s 62H 8000 Union Pao Ist 45. 101
10000 do 62 3000 do 100**
1000 Diet Sec Cor 65. . 72\* 50") do IOOH
8000 do 72 80000 do Convt 4b.... 90*
104K) Erie pCI Tr 4s. 82*4 1000 do 90 1 *
42000 Bit RT N Rets. 100% 51000 do 90
8000 'do 1004 18000 do 80%
6000 do l"0Vi 22000 do Ref to WI. to
1170(10 Jnt-Met 4H5.... 67 35000 do £,!?
1000 do «7>- t | 19000 do »•■>>♦
11000 do i'.l-i 249000 V S Steel SFBs 9»
6000 do 66 I 18000 do 9S>.,
7000 do <'.7 29000 do 97 /»
2000 Kan City So 35.. 71%| 7000 do 98
6O1X) do 71 500 d 0d 0 Res 97* 4
1000 L S & M So 4s 4000 bash Ist 85.... 104
1931 92>*i 1000 Wan Pitts T Ist.. 43H
3000 do Deb 48 834 1000 do 24 ?',i
6000 do 9* 2000 do 10
10000 do 93^4 4000 WNY & P Gen
1000 L ft N T'nif 4s. »74 Rs 91
2000 do 97»* 1000 "West Sh 4s Rec-.lOi)
1000 do AX& C4s 87"i 40>)0 Westlngh S F 69. 80
1000 do 87% ..
Total saleF of bonds. $2,000,000.
MONEY AND EXCHANGE.
MONEY MARKET.— Money on call opened at Hi
per cent; highest, lii per cent; lowest, 1 per cent;
closing. I<@l^! per cent; last loan, 1 per cent; ruling
rate, 1 per rent. Time money displayed practically
the .same features throughout the -week, call money
l»<-in^ characterized by a liberal supply and mod
erate demand. Rates. 2 per cent for sixty days;
2'f<2'. 1 per cent for ninety days, 2\- 2 'S'2%, per cent for
four months. B@S)£ per cent for five months and
V&@B% per cent for Fix months. Mercantile paper
was taken in fair volume here and elsewhere.
Some attractive names were offered. Rates, ZWfl*
per cent for sixty and ninety days" Indorsed bills
receivable; 4ft-i 121 2 per cent for choice four and six
months' single names; 5 per cent for less well
known names.
FOREIGN EXCHANGE.— foreign exchange
market opened steady, with rates virtually un
changed at 4.R710#4.5715 for cables. i.8680@i.8G95
for demand sterling and 4.8565@4.85% for sixty-day
bills. Short francs were quoted at 5.16% less 1-16
and short reichsmarks at to 1 * plus 1-32. The mar
ket held Steady in the morning and early after
' noon In the afternoon rates were unchanged from
the opening at 4.8710@4.8715 for cables, 4.5«90®
18696 for demand sterling and 4.?565«4.85a* lor
sixty-day bills. Short francs held around 6.15
less 1-16 and short reichsmarks at 96^ plus 1-3*-'.
Business was dull.
Bankers' posted rates were as follows:
Sixty days. Demand.
Sany/reichsmarii::::::::::::::: »* l*%
Paris, francs »•"£ 1 *?
Belgium, francs i'Tel 818%
Switzerland, francs »•!«£ mi
Holland, guilders ■*° 1 * X 40? »
DOMESTIC EXCHANGE. — Boston. 20c dis
count"; Chicago. 25c premium; St. i.ouis. 60c dis
count; San Francisco, sight $1 premium, tele
graph I" '••<•• premium; New Orleans, commercial
50c discount bank $1 premium; Cincinnati, mo
premium; Savannah, buying 3-1 «c discount, selling
par.
BANK CLEARING." —New York, exchanges
620,064, balances J15.880.486: Chicago, ex
changes $44,704,780. balances $4,802,829; Philadel
phia, exchanges $21,464,212. balances $1,851,735;
Baltimore, exchanges $6,084,692. balances $484,513.
SILVER MARKET.— Bar sliver, 53«» c. Mexi
can silver dollars, 46c. Bar silver In London
closed at 24 13-16 d; unchanged.
GOLD PREMIUM. — In Madrid, 11.80; Lisbon,
11.60.
MEXICAN EXCHANGE. — Mexican exchange on
New York is quoted at 2.02 c.
GOVERNMENT RECEIPTS.— Customs receipts
reported from Washington, $725,614; Internal rev
enue receipts, 2,701; miscellaneous receipts,
$191,968. Receipts for the day, $2,060,280; ex
penditures, $3,860,000. Receipts for the month to
date, $4,324,492; expenditures, $8,840,000; excess
of expenditures, $4,616,508.
SUB-TREASURY. — Bub-Treasury was
debtor to th* Clearing House $2,661,558.
MONEY IN CIRCULATION.
The Treasury Department reports the total money
in circulation on July 1, us compared with the pre
vious month and with July 1 last year, as follows:
July 1. 'OS. June I. '08. July 1, '07.
Gold coin . . $614,553,088 $618,«20,761 $698,762,929
Gold certificates. 7&5,464,309 7fe3,705.459 002.073,
St doUa£ SI . U " ~nx:A.'.\X\ 78.103.331 81.604.518
Silver cert'lfVaUs 460.581.877 456.068.484 470.R7.%,1. >
Fubsid stiver 122.912.990 121.882,863 121.768.eT6
Treat Tnoua 1890 4 968.084 f1.u68.591) 5.0T5.M.1
UP n0te8.... . 840.188.888 192.274 342.713.
N not°e I » a! .. b . a . nh 8321431.630 637.432.199 800.<W,*35
Tota]s $5,048.457. aW $3,036,162,289 $2.M4,M2,2H
Circulation per capita, $34 si: July 1, 1907, $33 96;
July 1 1!*«>. 532 41; July 1. lißß, $3119; July 1. 1904,
$30 80; July 1. 1903. $29 39; July 1, 1902, $2840; July 1.
1901. $28; July 1, 1900. $26 £0.
BALTIMORE STOCKS.
<Furnlshed by Van Befaalck * Co.. No. 7 Wall street.)
Bid. Asked | Bid. Asked.
United Railway. ID 10% Cotton Dude. ... 6 13
An Incomes MM 1 * Ma <*" incomes — 234
do incomes.... gl£ Norf ny & L fig g9^ w *
GnA SV T 3 •'• Light &I' pref.. — 40
do Income I!! 15 H do 4%5. ...... 694 -
d 0d 0 lsts 434 4* Chas City Ry 5».100 110
Seaboard! .. ... '» " 7 rha» Con Elec 6. 88 00
d. lrt prer.... 25 40 ContTruet 16.1 175
do 2d pref . 12 18 I'nion Trust — 60
,-,,, i. . ... sfi>; :•«•»! Third Nat Panic. 115 125
do l(i year la. SO 00; I Fidelity A^Dep.. 117 123
Consol G*» ..... — 1"5 Maryland Trust.. — 60
INACTIVE STOCKS.
The following were the* last actual salts and the
closing Quotations for stocks in which there were
no transactions yesterday on the New York Stock
Exchange: _ ,
Last CloHng. I La»t Closlr.g
sale. Bid. Asked. sain. Bld.AFked.
Adams Ex.167 172 185 K-o &D M. J~ht 4 »
•Am BS pf 77"i 75 78 Lac Gas pf . 90 50 100
Am Can.. 4}Z 4* 5 LE & XT. . 19* il3 W.i
do pref. .. 64** 54^, 68 , do pref. ... 42 JS 45
Am C4F. 34 — — Lake Shore. 3oo 270 —
Am C0a1... 120 100 ISO | Long Island. 38 80 40
Am Cot Oil 30% SOY* 30% Marine ..... T^, 7 o<H
do pref... 80 80 90 do pref ... 20?» 19% gj*
Am Di st T. 30 — 39 Mackay Co.. « 64 ••»
Am Exp...lSs 185 200 do pref.... 86 «4^* 6.»»*
•Am Gr T. 7V4 71 8 Man Beach.. 2"» _2 6
Am H& L 3<2 3 SH Ml Coal pf. 90 75 —
do pref... 18 17% IS 'M St Ry. . . 25 25 30
Am Ice Sen 26 7 i 2fiMi 26% Mich Cent... — I£> 195
•Am Lin. .. 9 fi£ 0>« | MSP&S S M.109H I<*« .10. 10
•do pref.: 20 20 23 j do pref....1.«4 133 Vi 133. .
Am Malt 514. 5 6 MK4T pf 59 53 58-.»
Vm D fß7» 7« 79 Mor & E5...169V 4 ISO 182%
Am s"nulf..2oo 180 220 | Nash & Chi .110 110 120
do pref... 92 90 95 'Nat 8in.... 84J4 8314 84
Am Ptl Fir 7^ 7^ 8 'do pref. . .114", lln 118
•Am Spf .125 120 126 Nat E & sip '.)-* .9-4 10
Am T& C. 641, «2 69 ! do pref.... 77 ■ ... 80
•Am Wool. 22% 22% 24 \ 'Nat L pf.. IBM 93^ 100
•do pref.. 87% S7U, B** NRofM pf M% — 51
Ann Arbor. — 15 30 do 2d pf.. 1. — 19^*
do rr f . — — 80 New C Coal. 35 2.% 40
At.h pf..:. 92 92 92H '? T Air B. 66% 65 68
At Coast L9O SS 89 N V C&St L 37 3. 40
B& O pf.. 87 S2 S7 do Ist ? 102 87 M
Beth Steel. 15% 13 15% do pf.. :2: 2 68 13
do pref... 44 40 60 NY Dock pf .4 — i2H
Bln Ga5.. 112 110 120 N & pf.. 80 70 |0
Brunswick.. 9 8% 12 North Am... 60U 59 60
BR & P.. 99 70 105 Ont Silver.. 4a 4 i\ 5
do pref... 105 105 — Pac Coast... 76 74 77
B& S pf.. 64% — 65 do Ist pf.. 90 .5 l'">
Can 50..... 61 6O 61 do 2d pf . .SO 75 80
Can Pac... 159% IS»H 160U Pacific Mall. 25 24% £>>»
•■& SA T. 1041, 100 110 |Peo 4 E.... 15% 15 20
Cent L pf . 93*4 92% 94 PC C&St L 731, 72 .5
Cof N J..193 190 195 do pref 91 80 f««
Chic & Alt. 26»4 24% 25% Pitts C0a1... 11% 12 13
C& B I pf.115 — 150 do pref.... 42* 41 43
CB ft Q..228 150 240 Pr Stl Car.. M 27 23
COW pf A2O 17V* 20 do pref.... 82% 83 80
do pf 8.. 7% 7 814 Poll P Car-IBM* 155^ 109
do deb... 49", 45 50 Quicksilver . % % '»
•CM&SPcfs.l2.'>% 124% 128 • do pref.. . 1% 1 5 .
do pref... lSO 149 151% 'Rv Stl Sp.. 88 3. »
•docfspf.l4s 144% 148 I -do pref. .. 9..% 93 90
C& Xw pf.205 2>X) 21<> | Rend Ist pf. 82 82 S_%
C S PM&0.132 130 m I do 2d pf.. 81% s - "■ ■ *
do prff...lHs 186 165 |R W 4 0. -114% 115 125
Chic T Tr. 5 4 8 Rut RCopf 27 25 30
do pref... 15 10 25 SL&&F Ist pf 42 42 48
Ch Un Tr 3% 3 3Vi do 2d pf . .26 24% 26
do pref... 10 8 10 doC&Elcfs.l2s 115 ISO
C C C&St L 53H PI 54 do ctfs pf . — M) 120
do pref... 9O<* — 90 do ctfs new 49 4S Da
CF&I pf 50 40 tO St L & Sw. 16 16 16%
Ist pf. 58% 58 59 do pref.... 38% 3s^4 39%
Con C0a1... 87% 80 90 Seari>- R pf . . 90 '-- fW
Com. P R.. 16% 161* 17 So Pac pf...H7 116% 117
do pref... 69% 67% 70 *T»nn . Cop. . 86% 38% 36
Del AH... 157 157 161 ' Tex & Pao. . 23H 23 2^H
DL 4 W..624 BOS 520 do Ld TV. 67 57 64%
D& R G.. 25 40% 46 Third Ay R. 3!", » 32
do pref... 60T4 68 63 T Rj-b &L. 9% 9% MJ%
DM4 P D 11% 7 IS TStL & W 20% 19>* 1!' »
•Dis aw... 34 33% 34% TCRT .. 99 88% 80
•D 8* A 11% 11% 13 'U B & P.. 5% 5% •
•do pref.. 20 19% 22 ! Mo pref... 57 55% 56%
Erie Ist pf 34% 34% 88 \V Ry tart.. 22H 20 22
Ev 4T H. 62% 60 80 | do pref ... 36% 87 39
do pref. .. 85 80 100 US C I F&F 21 21 22
Fed M 4 9 79% 71 80 !r S Express SO 70 85
do pref.. 76 77-% 80 .*U S Leath* 12 5 12
•FedSpf..9s% M 96 »do pref... 100% 88 102
Gen Ch Co. 65 56 68 I" SRAI. .48 46 4S
do pref... 89 M 100 "U SR4 RlO 9 11
GranbvM.. 9«U 96 100 «do prof... 23 21 30
•ON ore cfs 59 5*% 59% C3Rat pf 60 58% 61
Hay El Ry 23 20 27 Vandalia RR B.'. — 85
do pref... 74 70 79% Va-Car Ch.. 22% 22% 28
Kock Val .86 82 8S do pref... . I<>l >* 80 100
do pref... 80% — 88 Va 1C 4 C 49% 4<5 5|
Ine-R Co.. 61% 60 — 'Vulcan Del. 4»* 3 5%
do pref... 84% SO — «do pref... 2S 30 PS
Int Harv... 54 W% 60 Wabash .... 11 10% 12
Int Paper.. 10% 9% 10%: Wells- Ex. 280 245 300
do pref... P5 53 &5 Weil Md ... 9 9 11
•Int Power. 31 80 a3 W Mfg It- pf 80 74% SO
Int Pump.. 23% 23 23% W&L K. >;■* 6 7
lowa C pf. 34 32 35 do Ist pf. 13 13 18
Kan 4 M.. 35 3O 42 do 2d pf . . 9 7 9
XC & So. 23% 22% 24 Wis Cent... 15 16% 17%
do" rref. . . 54 53^ 56 j do pref. . . . 35% 36% 40
KCFS&M pf 66 60 63 !
•Unlisted.
THE WEEK'S BANK CHANGES.
,- Clearinfc House members, averag*.— — »
Junie 27. July 3. ""harp's
loans $1 23 1.220 POO $1,241.05W5.50n Inc. $9.575,700
cn^cle 316 670.200 806.623.600 Dec. 10.046.600
Legal tenaer! 70.472. 78.1».4OO Dec. 1.253.300
Deposit* .... 1.320. 176.400 *1,820.470i800 Inc. 2»4,400
Circulation" .. A8.«60.200 5t?.459.000 Dec. 840,300
•United States deponlts included. ? 17.9.^.500.
The following shows the relation between the.
total reserve and the total deposits on the respec
tive dates:
June 27. • July 8. Changes.
cnecie $31 6 670.200 $306,623,600 D«<?.510.046.600
I^l tender.. 79.472.7^ 78.1891408 Pec. 1,283.800
Totals $306,142,900 $384,813,000 Dae.«IXBZ»JOO
C Ut.SeISSu 330.044.1P0 330.117.700 Dec. 73.60Q
R«.e^v« ... $66,098,800 "~5R4,605.500 Deaf 11.403.500
CLEARING HOUSE BANKS— ACTUAL CONDITION
FRIDAT.
an . $1.2i5.5>'.7.0P0 1nc. 522,405,500
£^f rl " 208.W9.600 Dec. 17,778.800
iiral tender's" 78.107.900 Per. l.fil.i.pOO
if^ocf" .'..... 1.8l?008.600 Inc. 5.019.900
Sta.V. W. 548.400 Dec. 12.000
•United States deposits included" $17,346,200.
Reserve on all depoi-lts, $20,647,675 decrease. Reserve
on deposits other than United States. f21,0*0,5i5 de
crease. Cash reserve. 25.98 per cent.
SUMMARY OF STATE BANKS AND TRUST COM
PANIES IN GREATER NEW YORK NOT RE
PORTING TO THE NEW YORK CLEARING
HOUSE.
l.nans $007.R62,.«.00 Inc. $2,684,700
c rPr 4 "..'.'.'. 76.236.900 Inc. 12.728.200
Lo^al tenders 13.371.900 Inc. 638.900
Tnwl deposits • -• 903 350.900 Inc. 18.550.000
Total deposits. eliminating
amounts due from reserve
depositaries and from other
banks and trust companies
in New York Cltr 790.094.100 Inc. 13.545.000
RESERVE— STATE BANKS.
■ • Per cent.
Cash in vault $11,413,200 11.67
Depoelts in banks and trust co's 18.025.900 18.43
Totals $29,436,700 80.00
REoERVFJ— TRUST COMPANIES.
Per cent.
Cash In vault $7<».lt>f,.fiO<» 8.73
fSer-->!>lis in banks and trust co's 154.021.400 20.50
Bonds 5C.793,400 4.10
Totals ?29.901.400 83.33
Apßreratß reserve en deposit*. $328,447,100, increase
$16,079,500. Percentage of legal roierve. 86.20.
The following tables compare the Clearing House
(averaged) statement with the statements of cor
responding date In 1907 and 1908:
July 3, '08. July 6. 07. July 7. "O*.
l>lßrl >lBr $1,241,096,500 $1,115,724,800 $1,050,578
Snacl* 306.623.T00 1H9.71O.»«) 181.281.000
X.r«tal tenders T8.189.40fl 70.780,800 84.270.000
Deposits 1.820.470.800 1. 078,540.200 1.036.843.700
Circulation M.450.000 50.396.400 4S.4M.tUX)
.;■-■ :■■•.' .',-.-■••■ ■• - -'- ■.■,:■■■, ; -'■ . „.:";;•'
The. following shows the relation between the
total reserve and the total deposits on the rfspec
tive datea:
July 3, 'OS July 6. '07. July 7. "06.
Specie . $308.623. *"■■• .'.'»! $1S1.2S!.000
ijegal tenders ... T8.188.400 70,780.800 54.370.000
Total reserve. .. $894,813,000 $270,401,300 $2C5,561.»>00
Total reserve aid
de-poMts 830.117.700 2C0.635.05Q 259.055,923
Reserve $54,695,300 I 250 ?t;.4155^075
Per ct. of reserve 20.5 25.0 JSJ c
NEW YORK CITY BONDS.
Bid. Ashed. pid. A>k
«Ua, May. '.•'7. 1.107% — 3H». Nov., '9ft, 1. t&\ SOU
44«. Nov.. '57. 1 l"7 » 108 3>»". May. '54. c. S8 T » 8!»U
4^s. May. '17. 1.104 MM 3>,». May. \M. r. BS4 gj»2
4b. May. '57. I;100Vji m •* Nov.. '08. i lulu 101%
4e. Nov., "56. r. P9S W% 'fis. Nov.. •£!». r. 10271 103 Vi
4.-. Nov., "36, r. OO'i 9U«»|*6*, Nov.. '10. r.lo*',i * 104^
* Coupon or xtgUtscsd.
OUTSIDE SECURITIES.
Ttttl . or no interest was shoven in the market
white Prices in wmerg
sKxs If^sl sss«
count. Davis-Daly Improved a «™all fraction on
limited dealings. Boston was up *. Cumberland
es "was Tweak. The Goldfield" stocks were > unln
terestinK while prices elsewhere shewed practi
cal no 'change. In bonds Consolidated Steam
ship receipts were down V 4.V 4 . Tidewater notes were
up %. > ' - .
INDUSTRIAL.
' I Open- ! Hljrh- I Low- | La«
' 200 Am St! Fdry w 1.1 32 H1 tS\ 32- M
'SKT^:::: 4. r£ 130 J »;
"flsaftra??..:: «Sh! oth «»"*
MINING.
for I i^ri^M^ri^
500 Aluka Mine. Sec n| 18*1 *| "]?
8.000 Odd ... JW l ft »
2CO Bingham Ont S. 7-16 .-16 »-» •"£
Bo#ton Copper ... IS 11% }t\\ " .
12l»[Brlt Col Copper.. 4% 4 4 4% 4 .
W.oootCo*all Cent .... 35% 36% M. 36 j
3.76o! tcornb Frac I S« '•' »* ?^
200)tCon Ariz Smelt.. 12 13 1- ■■
1.100! duntvKly , 7%i •% I ;V»; V » ( '»
100iPavls-Daly Eet... 2 2 - . Z
150' Dolores Limited.. 6% •< «'J •
100' Dom Copper I** £* 1» »*
« l.lnoltFurn Creels Cop. 14 ' 15 M *»
2,lot>|tGold Bar 3** • I 3 J» j 4V4 V
I.7oo|Gold HIU J*\ *J* ?!> ,7?
1.0001 tGoMen Anchor .. 2Hi 2% «4 -'•
2.500 <-,oldfleM Con .... s«i *V B 5-16; 5 5-16
s,or^> tGoldfleld Daisy.. 80 P3 ?? 2j
sf-->!tGoldfleld O Bend. 24 I 24 24 . 24
70o'oreene-Cananea ..; 1641 10% lOS 10%
200 tGreene Gold-Sllr. 25 : 25^! • 25 ->
501 do pref ; 1% 1H »M II 1 *
l.lOoltGreenw C<r^> Sm. ! 10 10 I 10 It.
f.or»lnd Valle- Cons.. j 4 4%; 4 \ «*
Kin«r Edward .... »-l« *-!«■ 9-l« »]£
Z2O,>!i> 1 Ro*.o Cons.... 5 3-16; I 3-16 - !'! ' ■J- '*
600 Mason Valley .... 1 B-J6) 1 6-16; 1M« 1 C-W
ISOIMpt Expl & M... «6% *S. «% «S
100 Miami Copper ... 7>4 , 7% ■;• »"*
145 Ml.-mac Mires ... 2% 2H 2% 2%
SOOlMontez of CR.■ ■ ' 1° .!*_.] ls . 18 T ,
100 Nev SmelUne .... % % , $ „ *
S4O Ncr Utah Mft R 1 2% |» 2% 2 13; £
Nlpinsinif M C 0... 7 7% I • »
14.0001 tNo Butt- Exten. 26 : 43 < M 8«
Orphan Copper ... 3% 3% 8% 1 3^
310! Precious Metal*... 1 1 1 *
2.ooo!tßed Hill ITH M 17%t 1^
l.SOO'tSearch MAM.. 77 SO •• f>
I.sooiS«p & Pitts 12 ' 12 11% nm
700 Tram pc Con 14% ■ ' 14 15
1,500 Trl-Bulllon • 1H 1 7-l*» IS IMi
JOJTlntlc I 8% 3% *% »8«» 8 «
15 Tnr,r. M of N«T... 7% I 7% 7%! •"♦
430 T-iyra P»v prof. .! 2 6-16! 2% | 2 9-16 2**
lCOJUnlted Copper ... 6% «6%j fls^ «%
250 ! Utah Bln?h<un ... 4% 4S 4% 4S
700 Yukon Gold M...1 3%|8»-18) 3% 3%
\ 1 ■ ■ •
BONDS.
* I I Open- I Hlich- J Lo-ar- ! Last
Sales. I I Ing. ( eat. f est. | «*!•■
$10.000 !Al!)(i-Ch 5s A lnt.j 71%! 71% 71%! 71%
20 00o;cons Ps 4.= rcprs..! 0% I 9% ! 0% 1 *
72.000 Xof Mcx 4% wl. ' P2 I 94% 92 92%
$3.ooo|Tldew «p c notes! 99%! P«>4 l 98% W<4
}— «
•Odd lot?. tSe.llß cents per share.
CONSOLIDATED EXCHANGE SALES.
■ t
STOCKS.
Shares I * I Open- ! High- ! Low- 1 Last
sold. I I Ing-. ! est. [ eat. ! sale.
CO AlHs-OiahnAra ... 11H US 11SI IIS
,\mal Copper 66% 66% 66% 66%
lOiAm Ice „. 26V* 26% 26% 26%
360 Am Locomotive... 48 ■ 4«% ! 49 ! 4%%
8.0701 Am Smelting 76% 77% 76% 77%
10, Am SuKar.: 125% ' 125 *! 125% ' 125%
40 Anaconda Copper.. 41 Si 41** «I%] 41%
10 At Top ASF*.. 81% 81% 81% I 81%
30: Bait & Ohio £7% $7% »T>» «7%
ltOißklyn Rap Tt 4<! ! 4«% I 4' | 4«%
70! Central /Leather..! 25 : 25% 25 25S
170'Chl Mil ASt P.. I 13.*? V 134 133% 133%
20 Col Fuel & Iron.. 2«% ! 26% ! 26% 26%
30 Erta 19% 19*4 l!> 10
130 lot Northern pref. 131% ! 131% ( 131 M 131%
SO Ir.tep-Met _ 11% 11% 11% US
120 do pref SO% 30% ' 30% ' 30« i
10; Mo Kan & Texas. 27 27 27 ! 27
10 Xatlor^l Lead 65% 65 T i 65 % 65%
20) V Central ! 104 : 104 104 • 104
llolNor Pacific | 136% I 137% 136% I 137
120 Pennsylvania .... 12"% 130% 120% 120%
1,240 Reading: 113% 114 113% 114
20 Rep Steel I 17% 18 17% IS
2io! Rock Island ' 15% 15% 15% 15%
230! do prof ' 2J»Hf 20H 2"W 2r>S ■
2301 Southern Pacific .' ss l*!l * ! ««% ?6U »•<,
60 f Southern Ry [ 16% 17 j 16% ■17
1 S7O Union Pacific I 145% 145% i 145% ! 143"i
1 610 U S Steel J» ; 35% 3S 3SH
7io| do prof ' I«3U 103% 103% 103»i
»— . — — 1
11,140 Total sale*.
> — '- ' '
MINiNG STOCKS.
,
Shares I 1 Open- ! Hl«th- I Low- ' Last
sold. ' I 1n »- I est - ' eßt I B * le
s«Oißlu# Ball. —I .04%! .04% .«V4% .04%
6t'O Comstoiik f 3i> ( .32 I .30 .52
7001 Comb Fraction 67 .61 .57 : .*>!
600 * Con Cal A Va.... 56 '■ .56 i .56 I .68
rjTOJDlamor.dfleld ! -1« .It ! -16 : -1«
SOO^Goldfleld Daisy .79 .S2 .7» .52
30O'f}.-.Mleld Con [ 8.37%1 5.37% 5.37% 5.37%
' .32 I .32 ' .32 .32
pooV^hir I 2.70 ! 2.70 ' 2.70 2.70
701. Tramps Con I .14 I -1* I -14 | .14
.1 It 10 Total »ale«.
I •
WHEAT.
Fa>B 1 ~ I Open- ' Hifrh- ; Low- | Lan
bush, j I Ing, f est. I est. ' »ale.
2.58.Q.10; September option..! 87% | SS% I 87% | 87%'
MISCELLANEOUS SECURITIES.
(Revised by Frederic H. Hatch. No. 30 Broad street.)
Stocks. Div. Bid. Asked. Stocks. Dlv. Bid. Asked.
Am BS* F 4 36 40 KCEL4P.B 113 115
do rref ... 7 75 SO Lack a Steel... — 33 38
Am Brass... ft 105 112 Lord & Taylor 8 125 133
•Am Chicle.. 12 ISB 192 i do pref 6 99 1"2
do pr'f ... 6 92 95 L^rillard pf... 8 110 135
Am Coal P. . B>j 65 69 Nat Ca»h R pf. 7 100 12»
'Km Press .. 6 974 102V4 Niles-Bem-P .6 9O 100
Am Thread pf 4 34 4^ do pref 0 90 100
Am Type Fdy 4 3« 38 Otis Elevator. 2 35 39
do pref.... 7 95 98 do pr«f 6 M 8.1
Babcock &W 7 90 95 Old Dom 3S. 8 100 115
Barney *S C 4 — 6O Pratt & W pf. 6 95 105
do rr*f ... US 1 20 *R Bak Powd. 8 13» 143
Bordan's CM 9 135 138 do pref.. . 6 90 100
do pref 6 MB 10S «Saf CH* L 8 113 115
Bush Term.. — 3O — Standard Coup 8 35 45
Con Rub T.. — 4 • Standard Mill. — <> 74
do pref . — 15 25 do pref 3 30 33
Conn R&L. 4 60 <tt Texas Co 12 125 130
do pref 4 65 75 Trenton Pot.. — 3 7
•Celluloid ... 8 125 — do pref — 40 50
Empires &I — 5 10 do fdy ear.. 4 40 60
do rref 4 45 M Trow Pirec... — 30 40
Hall Signal..— 30 35 Union Carbide— ?7V4 —
Herr-H -M . . — 30 45 Union Ferry. . 2 12 13
Int Nickel... — W 90 Union Typew. 9 57 «2
do pref . 6 70 SO do Ist pref. 7 103 112
in,' Silver — 8 « do 2.1 pref.. 9 102 10«
do pref.... 4 51 S3V4 United Bk N. 4 81 S3
Klrhy Lam..- 2O 25 do pref 6 51 53
do pref — 50 65

•And extra.
BONDS.
Int. Bil.Asked. Int. B'dAaktd.
Am Malt Ist. 6 99 101 N T Blsc Ist. 6 100 —
A P& F Ist. 6 95 100 Nwest C R Ist 5 75 —
Am T& S Ist 5 85 93 Old D 8 S Ist S 95 I(VJ
Km T F dot. 6 100 108 Ont Power Ist 5 (>» »A
iieck J-J Ist 6 100 105 PC 4 C 1953. 3 35 45
Int Nickel Ist 5 72«4 774 Stock Qrjot Tel 8 65 —
Int Silver Ist 6 103 108 Sun CCo IM4 3 BO 65
do dbt 6 79 83 Un Carb Ist.. 8 6$ 102
Le«r (FH> Ist 6 90 — Un Lead dbt. ft «J4 M
Met Wat Ist. 4 45 88 Va-Car Chem. 3 SO 101
H J Stm Ist. 8 SO 90
BOSTON STOCKS.
(Furnished by R. U Day & Co., No. 37 Wall street.)
July 2. July 3. July 2. July 3.
Bost & Albany- .202 2f>2 Br«ton Conn .11 il\
Boston Ele^• 133 *134 Cal A H^-!a M..C55 MB
C. JR& I' S T.I4S US Centennial Mln.. 23 •_.;
Fitchburß rr ■(• • — 125 Copper Ranice M. 711$ Tl'i
XTX 11 4 H..1354 13« | Franklin Mm »>■» <>- 4 ;
Old CM0ar......m I*2 firanby Mln •«» 05
West End St Ry S3 S2*4 Mmi Con Mir.... 4% ♦',
do pr»f 102 101 V, Mohawk Mm. . STtj If ,
JIBSS ElecCoa.. 0 9 No Butt* fin «7
do pr«f MM 46^ !'»! '», r »,,la Mtn ...iaa Kis
Am TAT Co..ll« 11.% Old Pom Mm... tSH 334
New Km T.-i...ii: 112 Parrot Mia 23 23
W Tel & T Co. •« •« Qulncy Mln ■ ■•«
do pref «5 «> I Tamarack Mln... .^s Bg
In SIMM Mach.. 824 Ml 4M l 4 Wolverine Min...l.t» 11.T
do pref ... 3i ■ TJ ■ Smelters Co. M "•'.
Arcadian Mtn... 3'» Wi do r r>-f 4U 4 42
Am Pneumatic s'« •'• j'' «Mi 'J4I- 24.
do rr-f 13 l- v 4 Mi», Oas 624 624
Atlantic Mln 144 14>* do pref xf. Bj
Shannon Mln... 13' 4 13 l + Utah „ 401, 4H.
Hinch-iin Mln... 25c 25c [ United Fruit 141 141
•Asked
PHILADELPHIA STOCKS.
tFurntshed by Charles I». Barney & Co.. No. 25 Broad ■
street. New York, and No. 122 South 4th street. :
Philadelphia.)
Bt'l, Atked I Bid 9 ked
Am Cement "a l , 33* Lehigh Val R R. eoV «l
Am Ry Co 44 44 » Mar*den .... \\Z IS
fambria ?>tepl. .. 314 »1% Phlla .-a. 81 39
Con Tr of NJ. 70 Tt>4 do pref 40 404
Kl«v St Ttat Co. 314 32 Perm R R Co. Ml I M*> T-ltf
KUr Co of Am. ION 10% Perm Steel C 0... •;.• ■
Falrmount Trap. S M ,1 , pr-f . .. 97 97V,
Oen Asphalt ... 1 5 PhlU F:ie<? C 0... »M« 04
•to pref •21 24 I'm, a R;»p Tr 174 17U
Ins Co ct N A. 21 21»» Pmckeless Povr... • 11
Lake Sup Corp. ■ 7 fnion Traction. .. 52 624
•I" vr~t 2« 27 V Oaa imp C 0 . .. MS <»\
Lehlßh \. M MH «Takaa 1 Co. . 23 25
BONDS.
Am R> cenv 5«. 95\ »; I Phil* Dm 4» «»4 Co\.
Else & Peo 45.. |M ... do 5, 99\ 100
KeRBX eRBo c*.
V* TRUST CO. **>
13* nTTIt aye . corner mth st.
M B'w»7- 100 yV. 125 th St. 3d At«. • Ua»j * I £.
TOPICS OF THE STREET.
FOREIGN TRADING.— Foreign hous-s ■»<*r» IJaM
active factors in th» local market, the n*rro*iiJJ3 l
of fluctuations her* and In London prmctl^Zj
making arbitral business impossible as far
profits were concerned. The London market w,J
a* lifeless as that in New York, except ta toa.
of the Kilt 'edsred issues, which were In fair s*. '■
mand for investment account. fall money *j,
easy at' the British capital, with loans r-portM
at one-half of ! per cent and plenty of sevea-^
money at 1 per cent. There was no chan?s \*\
discounts. The Continental market* showed jftfi
Important changes.
Walker's copper letter says: "Copper is lull «•
a flight decline. Lake Is 12 7 to 13c and •!«.•
trolytlc 12\c a pound. Domestic consumers %r,
buying sparingly, but the as:sresrat« of such brut-
MM Is fairly large. A3 American manufactory,}
have no stocks on hand they are obliged to obtalaj
all their current requirements In the market, j.j
has been reported that a very large nurplnjj 3
copper was accumulating in the hands of jt^J
ducers. Advices from Lake Superior state tisat
an unusually large quantity of copper Is pii^ „,
on the docks at the several smelters. Inquiry &.
velops the fact, however, that this copper Is «lc
ply awaiting shipment, nearly all of it havta,
been sold. All of the leading producers are ma*,
ing frequent sales of copper and occasionally dj v
posing of good sized lots. Taken as a whole, tit
market Is simply in a waiting position. Cop^jl
is not sold every day. Usually the consuming
Interests act together, more by natural incli&aSoj
than agreement, and buy very heavily, or tlsn
keep away from the market and buy sparing
a3 they are doing now. The outlook for the traM
is decidedly hopeful. Unless there are unexp»«»ij|
and Improbable political developments there «ffl>
be a further decided Increase In the consumption!
of copper between now and the end of the ""••eut
year. When the buying begins the price of copp»j'
undoubtedly will advance to 14c or 15c a pound.**
UNITED STATES STEEL*.— The United Stats*
Steel Corporation Is now operating close to S#t3
cent of its total rapacity, which is almost up t»«
the production in "he month of .March. when ap- :
proxlmately 51 per cent was reported at one tfcaa,!
A few weeks ago the corporation waji operator
not much over 42 per cent of capacity. The yaij
over the last week has been a lutle over 1 p^t
cent. While there ha 3 been no pronounced buy.'
ing movement, a representative of the- Steel Cer-J
poration says the underlying conditions are a«t^
tin? stronger and that the industry ought to fc>:
prove gradually.
GRAIN EXPORTS FOR THE WEEK -"Brad.
street's" reports the exports of grain for the wwk, 1
with comparisons, figures in bushels, a3 foiled:
Wheat, flour included. 2.009^96. against 3,12».M»1a3
week and 2.095,0<H In this week a year ago. yo?
the fiscal year to dat<s 203.872.837. contrasts^ wttM
172.<«3.844 in Mi Corn. 15..>49. compared with qaj3
last week and 1,410.80* In 1307. For the fiscal y»a?
to date, i.^.2»5.!>28. against 73J06.546 In 190 C. The ex
ports of corn for the week were the smallest oa>
record.
BALTIMORE & OHIO TO PAT 5 PER CENTS
RATE. — It is learned from trustworthy boutcss:
that the directors of the Baltimore & Ohio Rail*
road Company, at their meeting scheduled for nsxsi
Thursday, will in all probability declare a dividend"
of 244 per cent for the half yea:% thus reducing ti«
rate from a * to a 5 per cent annual basis. Th*
opinion has been entertained in some quarters thai
the company would cut th« rat* to 4 per cent an-*
Dually, but it Is now declared by those lnfome<ji
on the situation that it has been practically d»-{
cided to make a reduction of only h* of 1 per ce=»
In the semi-annual payment.
IRON AND STEEL EXPORTS AND IMPORTS*'
—The exports of iron and steel (not Including on*
for May were valued at $11,251,425. as against C 4!
5M.043 for May. 13i"C. For the eleven months entojj
May Iron and steel goods to the value of B7X
304.24S have been exported, as compared with T64.«
301,612 in the corresponding period of last year*'
The imports of iron and steel goods, excluding ore,
in May were valued at J1.347.332, compared wtttj
*4.520.1<V3 in May of last year In the eleven mentis
the iron and steel imports have been valued as
$25,^5.253, as compared with $37,315,605 In th« corrM
spondlng period of last year.
EXPORTS AND IMPORTS OF COPPER.—
exports of copper, not including ore. in May wer»
valued at $7,502.6*3. as against $5,316,433 In May of
1307. In the eleven months the value of copper «•
ports was $36,454,643. against $84,376,439. The Import!
of copper.' not including ore. In May were valued
at 1854,708, as compared with *t,17ix«530. For til*
eleven months the value was $23,114,837. as con*
pared with $36,383,127.
UNITED STATES RUBBER.— Secretary Wat.
son." of the United States Rubber Company, «■■
plains the non-Issuance of earnings for the la«#
quarter by the fact that the company will prob
ably return to its old policy of publishing earn
ings only once a year. He says that owing to th»
peculiar nature of the rubber business, the greate
part of the earnings of the company being mad»
in the last quarter of the year, the earnings for.
the first quarter cannot be estimated with tlMl
proper degree of accuracy to make them of much'
value.
DIVIDENDS DECLARED.— hay«
been declared as follows: Brooklyn City Railroai 1
•;i a per cent quarterly, payable July 15; P'tt»-i
burg Lamp. Brass and Glass Company, regular
Quarterly 1% per cent on the preferred: Allegheny
Bridge Company, regular semi-annual 1% J> e 3
cent: Electric Company of America, regular semi
annual 3*£ per cent.
TRANSFERRING STOCK EXCHANGE SEAT&i
— The New York Stock Exchange membership of!
Eric B. Dahlgren has been transferred to Loui*
Livingston, of Edward Sweet & Co. The seat °«
Robert S. Barclay has been posted for transfer t»
Robert H. Simpson v
FIDELITY TRUST COMPANY— At the r^^laT
meeting of the board of directors of the Fidelity
Trust Company. New York, held on Wednesday
July 1. 1908. Hugh Gaffney was elected a director.
SOLD SUBJECT TO $1,250,000 MORTGAGE.
Syracuse. July 3.— Tb*> pji tamxmm In
dependent Telephone Company was soM this monn
Ing In mortgage foreclosure proceedings. Roy 34c»
Canne. of Rochester, bid in the property in b»
half of the reorg-.inlzatlon coramitt«» of the L'niti*}
States Independent Telephone Company for J2&,Mt
but this is subject to a mortgage for $".-•• '•
CONDITION OF TRADE.
"Pun's Rev.ew " siv?:
Trade is quiet, but healthy in tone, and the las*
week made moderate proeress in the right direc
tion, despite the interruptions of holidays and poli
tics, i Confidence in the future la evidenced In mas?
ways, encourage mn' being derived from favorsi*
crop reports and many comparisons showing that
June produced much better results than any ir.oota'
since the setback last October. This was partiM*
larly noteworthy in the insolvency record. Ja*
being the first month of I!K>< to supply wnaWi
liabilities of commercial failures than th« corre
sponding month last year. Manufacturing -erar«a
snow the customary mid-year curtailment of «*"
tivlty for inventories and repairs, bill r»-» motion
is expected to be prompt, and many idle p;aa.»
started up on July 1 with a (ail amount of )viS j2
ness in sight, while threatened controversies <££
adjustments In wag» scales are not materiails— »•
labor leaders appreciating the necessity of conc«»
slons in conformity with reductions of lilies* «
evidence that industrial progress will soon be ■••
is also found in the rising prices of raw * M iS
notably wool, silk, rubber, hides and leather. M
cotton and pig Iron are conspicuous ••*pt:oa»
Railway earnings in June were 18 per C*Bl *•*•
than last year, and foreign commerce at Jff?
alone for the latest week showed a sntn of *■' ,"
523 In exports and a los>» of $7.'». : >9.ri92 In tMPgJ*
as compared with the s;cme week last year. Fr#{»
ration for July Interest and dividend dls&urw"
ments of about >'.'■• •■>"•' •■••>.. did not stiffen «t ■-»
for money even fractionally, and th* Treasury
ance for Ji;ne was unexrecttdly favorable, read-
Ing the deficit for the fiscal year below $80,000.00*
Bank exchanges at New York for th-» *"«l.
12.5 per cent less than in li>f>7. jvirtly on accow;
of small security trading, while at other '••^5.,
cities the decrease was S.S per cent. Ab J MC "rJ,i
serious controversy over readjustment of '*™*L.
in the iron and steel industry promises '.:::'.« '•' ll^L
ruption to work, although some delay may .■?!
caused by arrangement of details. Some br^;"j)
of the business have alreidy agreed upon 5 SfwT
ptr cent reduction without any discussion.'
leaders recognizing the necessity for harmony —
this time.
Bradstreefs says:
It has been a very quiet week in tr^f,^jJS
dustry seasonal influences, holiday obsl^ il?ia»j
and semi-annual stocktaking giving a 'I"} ••Jjj
rearance to most lines. In •^ l « o » ''*y3i
Northwest and Southwest has felt the nn i^^^J
of rainy weather on city retail and < ounf J/ 4 ,'l^^|
At points where weather has favored TT<yr^slT T < yr^sl
sales at retail rather earlier than usual "^Jpl
year have made for some activity in »°^i.
goods, but collections as a whole have Peen^r^i
Jobbing trade has been of a nlllng-in « h »i^»«.
and wholesale trade Is still of ■ oon^2r3*
character, awaiting the outturn of the «*gJs3
political events As to the former, it ma> °*
that developments have not been • > tlr * l^,,., # £
able, reports to Bradstreet's and the ■ „| fgJ
the cereal markets testifying to the agricuJi ™
situation being still unsettled Heavy rains , : ;i .
reported delaying han-esting in (vana s"*|Bj3H
the weather has been too dry in the c ~J^^M
west for wheat. A slight shading of w , lnt *, r , «r* '
crop prospects and an irregular condition 10
oata and other food crops, as w«n *\ ?,™ 3 m*S*;
piles left over, are reflected in ini.nw^zTm
prices, but. cotton la easier *a »\eu***-.# *«• ,
pori»

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