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The Question of Re-investment arises whenever the dividend and interest periods approach. Our new circular describ?* seven issues o( bonds which have been cirefullv chosen ?o7 their ?fetv. marketaHlitv and liberal yield?from 4.30% to 6.2$% o??wNr"?clr' ljj*^*Nadioi)?&Kt?nu New York - Leipzig i W. N. Coler & Co. BONDS 43 Cedar Street NEW YORK We offer bond? of denomina tion. of $500. $250. $100, for the amall inveator, to yield over 5</<. Free of Federal Income Tax. S?nd or call for detaUed information. STABILITY OF BUSINESS GOOD INCOME You are assured of both if you purchase the securities of the American Public Utilities Co. Invrt.ti{jfiti><n Invitc-J. H. F. McConnell & Co. S? Pine M. New **ork l'honc ?0?4 Jolin Bonds Eighteen selected Bonds and Notes described in our July list of offerings fient on Apvlicatian. William P. Bonbright & Co. iMorpereMe 14 Wall Street, New York Philadelphia Boston Detroit laoodoo William 1*. llonbrlaht * Co. TarU: Bonbricht A ? ?. STANDARD WU-IBIV ?~\ Wllal. SELIa 10? Ntl'Dil Transit 1? 10 Atlantic Refln M) Ohio Oil t5 ln?l. I4|>* Une .T. South I'ennOll M*Htt**J?*XOO. ?:*> s. O. of Ky. M *?acuum Oil CmkLH.PFORZHEIMER&CO. 1'honet? ????(? I : r-l l?r-?.:i?l :'6 Broad St . N. Y. To Net the Investor 6% Public Utility Bonds Of a 1T'.!.|>. ? ??!? growla? iVnipany. . ,l'ir on re?/?., st. Meikleliam & Dinsmore M Broad M.. \fw York City. Philadelphia 1'ittsbutgh Boston Wm.A.Read&Co. Investment Bonds Naaaau & Cedar St*., New York ?'hlcago Philadelphia Bu.tcn London B MTTROPOLTTAN g } TRUST COMPANY at the City of New York 4? Well Street I TruMrl. Banking and Trun! Bailar*??. DIVIDEND NOTICES. _ UNITED FRUIT COMPANY DIVIDEND NO. ?0. A. quarterly dividend of Ud per cent on th* capital sto? k <>1* tliia Company has been declared, payable July 15th. 1U14. at the office of the Treasurer, IS] Sut?- Street. Boston, Ma*?., to *to? kholdcr* of i'c.irl at the? clone of business June 90 1014 ? H ?.RI.EK A HCBBARD, I ? . , ? r QUARTEKL.1 DIVIDEND Sheffield Farms Hawson Decker Ce. 1'Hi:fki'.ki:i> ?STOCK. Kesolved, that a dividend of 1 | paid Sept. l*t, HI14. to holders of the de? ferred ?stock <?f Sheffield Karins -SVm son !>e.-ker ?'o. aa of record at th?' ?lis?' of business Ai?ku?i '.".''? mil. Be It further rMOlvad that for the pui ? ??oee of p?yIn? nui!? dividend th? books of th? transfer of the Preferred Stock of the BhefHeld Pai I >? ker ?*o. rliam at w 1*. M. Au?ust V'-'d. 1!?14, to re? open 10 A. M. September 2d. 1!>14 _1> S HOKTOK, Secretary, IIIIVl'KOI'l.l;> BANK, of the City of New Yoik. June lMh. 11*14 ONE HT'NDRED ANO TWENTY-SIXTH njCONSEVlTlVE SEMI ?VNNl'AL DIVIDEND The Board of Director? have thin dav de ? r.arivl a semi-annual dividend of 1'IVi: PER ? KNT. payable on and after July 1st, l'-ll, ?o atoekholders of ?record June ?Oth, lSll. The transfer books ?'? ?lose June 'Mb. 1914, and reopen July 1. ].?14. W11.I.1AM MILNE, CaahlW. ?KitiHAM.- i \.*HAN.;i: national. HANK of '.ht City of New Tork. June :?!. 1914. The Board of Directors have this day ilc elared a semi-annual dividend of three |<r ?rent., free of tax. payable on and after July 1. 1114 t record at the close Of bu- l'H I V ?. wtl M R ? Brest, and Cashier. Recul?t quarterly dividend No 6 of one and ?hree-nuarters t?i cent (1%%) on the first preferred Stock oiiV-tandlna of William I*. Hcubrlcht *. Company, Incorporated, will 1? Mid July 10th, 1914, lo t?to?kholdera o? record. June .loth. 1?14. A. I*. TAIalAKERR?., Treasurer. .lune n, l!?M THE BANK OF AMI.IIH \ New York. June l'.Hh, 19U. Tha Board ?r Director? have to-dav de clar?! m arml-annual dividend of fourteen 114) per ?ent. fiee of tax. payable July 1st. 1 '14 ?o alockh??..iers of record of this dat?*. ??s ?111 remain closed un? til July :?.d. l?14 **V. M. BENNET. Cashier. TEAMSTERS PLAN STRIKE They and Ironworkers to Quit if Denied Arbitration. A general atrike of building material teamsters and structural iron worker? i? possible to-day, unless demands for arbitration of the difference between the Meade Transportation Company and its employes are agreed upon. The teamsters have been on rtrike for three months. A sympathetic strike -would tie up building operations in the eitjr, it was said. John McGee, chair? man of the New York ?nd .New Jersey Marine Arbitration Board, has been appointed by the striking union to rep *r*?en|- '*? in arbitration proceedings. Tfc? Head? company ha? refused all off??*? for mediation, the labor oreani xatlaa representatives ??/. REVIEW OF THE WEEK IN FINANCE Market Stands Up Under Shock of Suspension of H. B. Claflin Co. SPECIAL CAUSES FOR THE FAILURE Business Depression Alone Not Sufficient?Money Rates Continue Low. Suspension of the EL B. Claflin Com? pany, the greatest wholesale drygoods house in the country, started liquida? tion and short selling that aroused se? curity trading into such activity as it had not seen for months. Considering the long established reputation of the concern that was obliged to seek the bankruptcy courts, thr market respond? ed well to the strain put upon it and justified in great measure those who had been insisting that securities had , discounted much of what general busi? ness was struggling under. Banking? support, which liad intervened to sus? tain the holding companies of the Claf? lin group, played a large part in check- ' ing the decline. At the end of the week net losses were not large and the gen? eral price levels were little changed. The brief upturn, however, that had followed Southern Pacific's victory in i the i?upreme Court over title to its oil ( lands was forgotten. When first rumors began to be heard of the impending difficulties in tlv? dry goods district they were not credited by many, so long had the reputation of the i H. B. Claflin Company persisted from ' the days when it waa the great com mere!?] house of the world. Others, re? membering former occasions of slack? ened trade, repeated that Claflin obli- ' g?tions were so widely held by the banks that they would carry the con? cern through. On Tuesday and Wednes? day, however, selling appeared that could not be credited to the usual oper? ations of professional traders and did not seem accounted for by the Supreme Court decision against the railroads in . the intermountain case. A sharp break in the price of one of the affiliated cor- j por&tions late on Wedr.?s lay centred? attention on the II. I-, Cli flin Company. So announcement oi. Th irsday of ap- ' pointment of receivers came as a shock rather than a surprise. Evidence of Slack Business. To the casuists in Washington, who, serene in the illusions of persecution by big business, have calmly put a.??de with easy phrases repeated evidence of depression prevailing throughout the j country, the news must have impinged j like a jet of cold water on a man i.i a dream. No matter what special influ? ences may have operated in the case of this particular concern, it was hick of profitable business that pushed it into the court?. B? the nature of its financing the H. B. Claflin Company was, however, particularly liable to feel the force of '"?favorable credit conditions ?rising through the slowing up of industry, in? stead of borrowing funds in one centre it kept to its old method of taking its customers' notes for purchase?, indors? ing them and disposing of them coun? trywide. Of late the interior bankers butt been taking les?; and less of these bills receivable, until the burden upon the central house became too great to !)<? carried. When it became necessary to call for assistance here it was found that its business was so extended that the sum necessary, if New York was to assume the indebtedness now widely scattered, was greater than could be granted. Change in Nature of Notes. Conditions have changed for the old commercial house, and this city is no longer the great jobbing centre of th? country for staple drygoods that it waa Mara ago. To keep up its immense business the interests behind the com? pany had created customers thiough buying into retail stores all over the country and association with great re? tail concerns here. This changed the rature of the notes issued for each sale of goods. Formerly the maker was an independent buyer, tin his rested the necessity of payment at maturity if h? wished to continue to do business with his wholesale house. This obligation on the maker became less where he was practically an agency. Banks discrimi? nate between the old-fashioned two name paper made by buyer and seller in a bona fide commercial transaction and such as this, but in the case of the Claflin receivables its long pre-emi? nence assisted to keep it in the favored class. Investigation will show whether or not this relation between maker and indorser of notes haa resulted in what practically amounted to extension through issuing new paper to pay for the old after the transaction out of which it arose should have been ended | and to what extent, if any, the notes , are accommodation paper. Federal Itcserve Currency. Considerable discussion of the Fed? eral reserve currency to be issued against rediscounted paper, wilh ad? ditional security of 40 per cent, in gold, has naturally arisen. One oi the effects of the new law ataald be? ta cause bankers to serutinlap Cire | fully the notes they buy so they may be certain whether or not they com? ply with the rediscount requirements in arising from a bona fid? pur j chase of commodities. Actual com j mercial transactions between separate I buyers and sellers will have to be , sharply distinguished from agency pa ) per and accommodation indorsement?. The new currency is intended to fluctuate with the needs of trade, and so the commercial obligations OB which it is based must be such that they w:h be wiped out at maturity. What, after the strain of this com? mercial difficulty, will follow ?a? ; nouncemen. of such partial relief in the advanced rate case as has been i generally forecast is ? diflcnlt <iu?s ! tion. It mi.y be that securities have ' got pretty near down to rock bottom. j that business has been the worst and that nothing can prevent the hoped for [ upturn in the fall. Then the prom? ised crops should be bringing new money into trade, and possibly the elections will put difTerent ideas in the I minds of those who control the na? tion's policies. More (.old for Foreign Banks. Abroad the great European financial centres maintained fairly well their more confident tone. The French loan is on its way toward a public offering. Brazilian affairs may be straightened out in the near future, and London saw more gold flowing into the coffers of the Bank of England. In addition to taking the greater part of the new South African gold of the week of? fered in the open market the Bank ai England added nearly ?1,300,000 to its bullion, but its proportion of reserve to liability fell off over a point and is still the lowest at this time of year for eight years. The heav- ship? ment? from this country to Paris have aided in bringing the gold of the Bank of France up to the unprece? dented figure of 3,975.000.000 francs, more th?n 100,(H)O,O0O greater than lait w?ek. The Bank of Germanjr in creased its gold holdings some 24.000, 000 marks. Engagement of $11,0;X>,000 more in gol?] for Paris made the total since the first of the year around $80,000, 000. Exchange rates were a trifle higher than at the end of th? we?k before, but with the filling of require? ments of the semi-annual settlements abroad and reports that the Bank ?>f France might soon reduce its discount rate, it was considered that the present export movement had culminated. Money Here Still E*ay. Money rates, not unnaturally, were hat lirmer here, bu' call loans did not get above _ per cent., ami re? newals until Monday were made at l7?. Time accommod?t ?on ended the week about '? of 1 per cent, higher for ! some of the maturities. The commer? cial paper market practically ceased to ii<> business for awhile after the Claflin failure, but resumed before the week had ended. Surplus reserve in clearing house j institutions Saturday morning was a little over $31,000.000, nearly **.7,r?oo, 000 less than the week before, and ?gala under last year at the sama t.me. Payment of income tax, which must be completed this wee,., ?together with the fcold exports, had largely overbalanced currency shipments from the interior, and ?ash holdings wero more than $1*2,000.000 smaller, but de? posits and loans were contracted. Money rates may be expected to go higher this week, but the advance will probably not be great. President Wilson's Boom. "The Bache Rev law" of the week says: "President Wilson's official state? ment to the Virginia editors will have some good effect in reassuring the country, but there are two or three things that, if done at once, would go much further than verbal assurances to lift the country out of its real de? pression. "First of .'.11 railroad rater, should be raised at least 5 per cent. This is not enough, but anything les?, will be eventually ineffectual. If the Presi? dent has the power to bring this about, he should u??> it. Th..' condition of the nvilroads is <?ne of the greatest causes of the slump in business. And upon the restoration of railroad credit by granting the carriers sufficient net earning power, depends their future and the well-being of the whole coun? try. This restoration of credit hinges upon the government's action. "The signal for such a gigantic boom as President Wilson predicts would be a brief official announcement by the Interstate Commerce Commission, somewhat as follows: 'The petition of the Eastern railroads for an advance in freight rates to Jhe extent requested is hereby allowed and approved.' "The next Maus should be the appoint ment of a high class, expert business tariff commission, to remedy at once several glaringly apparent mistakes in the tariff bill affecting interests which will unquestionably be wiped out if relief is not afforded. Such a com? mission could take up these subjects, to report upon them while Congress is grinding out the trust laws, and ac? tion could be taken at once if President Wilson had confidence in the commis? sion. A commission of this character would then be able to take up delib? erately the work of perfecting the tariff not to change it materially, but to make it efficient and workable on the most scientific lines. The cxistenco of such a board would be an assurance, and not a disturbance, to tho whole country." -? RESERVE BANK DIRECTORS Organizers Surprised at Small Number of Nominations. Washington, June 2H. Members of ?the Reserve ?Bank Organisation Com? mittee were surprised at the compara I tively small number of nominations i submitted for directors of the federal i ?-serve banks. The member banks ar?' ' to elect six directors for each of the twelve banks, or seventy-two in all, I still *he entire number of nominations i submitted for directorship was only 788, with more than seven thousand : banks voting. Tins result showed a general dispo? sition among the banks to confer and work harmoniously in their selection i of directors. It waa generally expected that the list of nominations would have been much ?larger, and it would have | created no surprise if it had reached two thousand or more. ' The largest number of nominations I was in District 3. where 112 names j w.re submitted. This district corn New Jersey, Delaware and a ! portion of Eastern Pennsylvania, i There are 7.~?7 national banks in the district which have accepted the pro? visions of the fed* ral reserve act. District .">, composed of the District of Columbia. Maryland, Virginia, North Carolina, South Carolina and part of West Virgin!?, nominated only thirty ?Candidates, the smallest of any of the districts. There are 475 national banks in this district which nccepted the pro | visions of the federal reserve act. STATE BANKS IN FEDERAL RESERVE Only 50 Now, with Trust Com. panies, Against 7,500 Na? tional Institutions. Washington, June 27. Fifty state and trust companies have quail t ?il lor membership in Federal ?reserve bunks as ?gainai 7.500 national banks. This small number of state insti? tutions in the new* Federal banking pi'.ii is ?iue chiefly to state laws for? bidding state banks to acquire stock in other corporations. There are only twenty si ates in which the Treasury ?Department officials are certain it is possible for state banking institutions I?? bicorne members of the new Federal reserve banks without some modifica? tion of the laws. The?? st ites ?.re Y? rmont. New York, New Jersey, Delaware, Maryland, Vir? ginia, Weil Virginia, Kentucky. Ten ?, Ohio, Indiana, Illinois, South Carolin:?, Alaba" -i>pi. Arkan Texae, Ariiona, California and .-?n. Two of. these ?-fates. Kentui-ky and South Carolias, ?passed enablin?. the passage of the Federal re 1 serve act which ?make it possible for the state banks and trust companies to ! reserve bank system. In \'ew M'\ico and Montana it il Vor tru?t ?ompar.ies, but not for ?tote bunks, to become member bank. . demi reserve banks. No effort has been made by the re? scue bi.nk or?*an?7:?tion committee to indue? state organisations to partie i pa??> in the Federal reserve banks. Na? tional banks oversubscribed the stock of the reserve hanks and it was not ! necessary to solicit the participation ? of state banks. However, there were stitp institationa which were anxious to be among the original members of the new reserve banks and all such were welcomed, in case they met the reouirements of the Federal reserve act. To Merge Old Hat Firms. ?*|.!i to The Tribune. 1 Fall River, June 2S. A corporation has been organized un?>er the laws of Massachusetts to acquire the proper? ties ?f the North American Hat Fac? tory, the New England Fur Companv. Bristol County Pat Works and Old Colony Hat ( ompi ny, un?ler the name of "Marshall's Inc." The capital of the Bew corporation is $700,000, of which f 600,000 is common stock ?nd $200.000 I STOCK EXCHANGE FOR WEEK [ I!,?iiintrd from Sundap'x Trlhunr.) Following Is the uau?l table glv ing the number of shares of rll stock' dealt in last week, together with the hlghe-?. lowest and final price"?of tne week, the net changes of the week and the high and low prices of the year 1914. with the hl?h and low price?? of the year 191.1. ^^ Total sales for the week. 1.?I1.?00. agvinst 576,900 #*Veek ago and -J7. 200 n vear ago. ______ ._., , ,?,, From January * '*? -"??'- *?*"J ?7 *-?????. ???ainat 46.728.400 in l'Ji?? Dti i?p. >l?l?l I rut?, i ?l o uary 1 to date, 1914, .17. 6.16.600. against 46.728,400 in 191.1. ?... , <,??,?,tl?n r.'?o* | ***** 1914 IJUW Name. Shsrea ?Tk..-n.l.Jun.? -*7. 14 N't Hl?h-\l_* l?1?' rold Mini? , I.? <w.'??!'????. I chan?e .mi Ml. I ?V-.1 r-Jw-ff ? ':.: . U%l u .-, h lAdsmo Kvi rasa - | AI iKk.i i..,| i M. - All1! ?'liiilmeiH i ?u? pn 0 i Amal ? "op| er 4 I Am Aki >1i? "? , A il, I ?il do | i- -f> ? Am ? .ii 7 i .i.i -, r*ta\ I h ... Foundry | 7 -I.i | hi i r..l. . . 0 i Am ?'tur. i i. f . | I Ara < -.,!?.,n ? m.. . ?'. Am I'm ?i ????? . \- i Hide ? I. pf.. ? UlUMed . . , Am M_p . 4 ! Am Mmeltln? . 7 ?i i ; i . '?Tl,.?l. I .??!? Am st. 11 Peundrj. sgaj . 7 da prof? ir.-ii. s Am Tel a Tel. . ? ??i?.?? co . ?i , de pn I new., Am Wn.ili-ti 7 I do pi. fi ? writ I .i|.?-i i f, .' .?. ? ..mla . ?i ?Ai? hlson . .'. | .1" 7 lAtlaml.' Coast LAD? _ Ililll.lHllI I.?. '?. . ?; I Ball a Ohio 4 ?I.. i??i f. : :, Bethlehem Hteel ... Ti i .1?. pr. ferrad. ?; Brooklyn itapPl Tr. 0 ?lirtH'klyn T" O**". ? I ?Brunswick . .". BUttl ri. k <*<? . . '.,i Petroleum . , .I ... 0 Canadian I .1 ?Leather ... 7 i ?lo |?r? f.rred. 4 ChM A ?Hilo. ? I.i ?Jr. it Went i ? ? ? ?. '?. i 111- M A: M r da prefi rrad. - i ??un?) ?Con Copper.. ly pf. Col i'?? i a- Imm. Southern. do Sd preferred,. i ?ontlnental ? '?"? ? ? .in preferrod. Idated Qaa .. Corn Prod?; ?? do pit fern ?! ? ? Cre? Carpel L*e 11.1 a Hudaon. l? LA W. 1?, m? r A- Rfl. .I,, pri'ftrieil. nistiiiine ?secur ??? D S 8 * At. Krle . .lo 1 ? do 2d i?? tt i?-> ?I ? ? .-,. ni ral El ? irle .. i'. a. i.il M? tors . ... .... i ?. ?' in '1. i-..".lr!. .-?. H I*. do referred. >;t Northern pref.. do ' it ? Qu??enh< Im l-.xp.. 7 ?. M?.., . slake- . Illinois Central ? ? ilion .?.?pp. r. Iiiterl?..!" Mel . . I. ? :. I lut li.ii v ??i N J- ? ,-, lint Hnrt Oorp. . ?j ,i., peefi ? linter I'unii? . .1 , ;?!>'!? r. J City * : ??. , ,?;.?.. .1 . . ? Valley. ? a Myers.. i ?.ferrsd. ? ifxitiK Island,..... s BUc.. rd. i' ? ? '??-.I. |l -. M ;iv i-.>ii.|.aiii'-* 1 ?O I ??*?"* ; ; |Manhattan Kiev... . : red .... ?Mi ?Mai - M, \ ?Petroleum 4i? M.nia Con Minn it Bl laOUl?. .. il .-?i P A 9 9 M . ?? I. Mo ?Kan a , ., w ',<??? r- ? ? Mont II do pref? ?r."i National BlaClilt .lo pri-f'ii? Nat K? National l.ea?l. do pref? rred.. ?. M'.ll .i Mes 2d , r. \ y Central S Y S H .v M. s y < >?? i a \*. i Norfolk a ??> North Aroerli Norihei < ?niai 10 Bllvef. T< ; A Tel. Mu I ?.ai,?a R R People'i ?... a: ? '. I' ?' ?' A ?I I. do |i? f? ir.'l. gb coal 100 P p ..i.? _. . I??1?, M? 41% IllO.aOO 7lV i.iool ?? ;..?"", *.7?4 I 1"" , lejto I 4,4'!?' ! .,4?i<i| MS%\ 100 11T ' ? , i p?o ?.?'?: ?i?? ?i ..?., vus 11*1 IM ? ?.????I Il H IKHI| '.H .m??. :u , tat] ? ] 6, Km, GIS M 1" lia H?? ;ui 1" I? "?' 1 n?n l.'l.? ll'l is 7% ?.!'. 101 4 m .;??? KH ll.i*. 120 V? i< 1,300 23014 )00 1??' 1"? ?"" ir. , i:t i ?.??H?! 7.'.'? aoo h1?! i??'.! ii.'.?.?' ii% ioHI i;:..??.?? W%] ix,*., MO 101** loo-i, i.i??" i-i', im ; 20OI 44 , 4*1 13,700 n%\ ??. i liai I MX) ,:oo 100 KHI 100 2.S0O 20HI NUI' .'.7 1.-..4.H? lUTi'i ?U.?O0 B00 1021* !? in?! M7., 11,100 lt%\ 2e,?aO0 41'-. m,400 pu 4"?>i 1.14 | |,?00| l.il l_,?00 41 ?'? too loo 1.70O g loo -J-". pKi ;u :i. o ;i?>'l 2uo ?S? H l.'.'OO l'J'.l' 1.SIHI V". .?.. ?.r. 100 7" 2,400 ll'.i , ?., ?OU !ll?l Il'* ion 1914 1 i;.?o pi PHI- i JM.44MI 21?*? 1 ?..?.. Il I pK?, 37:i 00 171 i t ?? H?', a700 ??'? 1,800 MV 2,000 ?4**| ?00 B8*4 ?n.MMi 1.41-., .1,000 :?*^'?i ,-, boo r..'. Un 111 I RIO 11314 S.?00 17:?. 1 ?."? US) B 4'-? ?2"4| M>'?| IHI L3414 l-?'?i s, !?S5_ !l08% **104**i loj ?pi' I 1 200 1 '.'?> ROO V" ?; i ano :-.,?' 1 UNI 40O 1.4IK? l'N? 12 800 lei.iMxi .".i^i 110 11?. 13 , lo:, i..? 16,100 1117. zs - ? 2?S\ 21.400 U. . i ? ?. ' 121H ;,.:?....? M I 130 ?.TOO 21 red... I ?'?"" do j r.-r? ? ?.''1. m l'ai Car.. ? do | -.?fcrrp'l. ? el Sprlnc... on Copper,.. I* idins . . I .( pn '? rn:.l. i?, i a - do j.r. terr* rt?" k l.?lan?l . do i-ii-ft'ircl. Ruroefy . do preferrod ? Une. do preferred . ?St I. a- ?*-?"' Kran. ? do '??I preferred,. St la SoU'.flV.. ?t'Tll. ... i ? ? el red. Pi in Roebui k . ...I Hlooa She? 8 4 !.. ?Southern PaclBe ... ,ln . . rllii. ..' ? n R).| !.I siii'i.-l'.ik'T .,.. do pi.f.rr. ?I.I 1 ? "T. T. set t ? i 'H?'|.a:i> .... Tlilr.l Ar ft R t??m citj i: T ... : | ?.i-nT linon Ha? At ?Paper ? i Union P ? do preferred. ? . red.., In l?rv ??iKalj pr.. | Rj Invest.. i do : ?.; ; .l,'?r.. ? : U I ?iteel. . . . . Vi? ?*?r ?'hemlcal.. ! ... pi- f. ??? Va H? & Tower... <!?? preferred... . K?p.. a ? ??? ??. ?Mai ? M fir. ?!?? l-i preferred. rtl ne & I. i: ? ? ntral.! i:;*. f),?'?? 4L'?? 103 , 200 i:?4:. 1,200 l ?00 '>', 4>.?? 21H i?;:. . ?j... is; 162H '.':,".. 4.?? 7,4?m MO 700 :; o.?? 4. i II, . i??7*.. H?SI 124 V. 1171* MJ ),-, 101% 1?* ? u . S* I + 3S? 'i m. w*_l il i - 2%| i-?> t:??\ ?0 . '.V' 17" 17?? ? 113t. .I7, 12 ? m lasii n I.V. 4!? 11?'.". i 104 , 11? I7\ 22 IMS 171 \ US - s - S! 213% BOO 2,100 - . 1 4i?. K.'S ? PU?7. - 1% KM? - ?_ ??: . - -. ii.\ - 1% 50S ! - 1 *. 1*4 - *.*': 107 i ? . M?M 100? ? II??'. ... . ?SI m k ?i aafi .-? SM.FS M HANK STdCKS. Followinf are the high, low, final and net changes of all bank and troat company shares sold during the last week: HO!,I) e?N ?IT0CI KXCHAN'-.F. ISh'r? ?juoictlon Ranee. | Net I a-m 'Final, i channe. I ^ Hank of ''ommerce. Bid. l**S\ ? 34 I 170 Aik. 1*71 preferred sto'k. to pay 7 per cent ?umu latir? diwdends. First mortgage tro 1?! bonds at ti per cent will be issued to the amount of 1300,000. The officers are: James Marshall, piesident; Robert Marshall, rie ?-president; Percv C. Guy, trt'iisiir"T. These with Earl P. Chsrl ton, Kdward Barker, Simeon B. Chase and Richard P. Borden constitute the board of directors. Chicago Great Western Report The .Chicago Great Western Railroad Company reporta gross operating rev? enue for May amounting to $1,090,016, a decrease of $3",__9, and net operating revenue after operating expenses of $193,803, $36,853 lower than for May of last year. For the eleven months ended Msy 31, gross revenue totalled $1? 10*> ttOr- - *?'-~* mma? met? ' while net revenu? decreased $246,884 to $3,149,586. Dividends in Fall River. (By Telegraph to The Tribune] Fall River, June 28. Direc*ir? of the Richard Borden Manui'.-cturing Company have declared a ?-uarterly dividend ef 1 */?? per c? nt on the capital stock of $1,000,000, and the Weetamoe Mills' directors declared 1 per cent on the capital of $500,000 which will cause a total outlay of $20,000 on a total capitalization of $'?500,000. "Peggy-on-the-Pulse." in the Sunday Magazine of The Tribune, July 5, ahows the differences of "learua and the Spider," a pictured story with a point, as good as Joseph Clement Coll has >et ' . ! "-I - - NEW FRENCH LOAN OF $161,000,000 To Be Issued at 91 on July 7?Interest 3?/2 Per Cent. BOURSE DEPRESSED IN SPITE OF THIS Next Month's Issue of Rentes To Be Reimbursed at Par Within 25 Years. fin ?Cable to The Tribune.; Paris, June 2H. The Bourse had its troubles last week about the rentes taxation scheme, the market remain? ing depressed and very narrow. The Claflin failure was without direct ef? fect here, but undoubtedly cause?! further despondency all alone the line, especially in coppers. This note of de? pression is quite unusual on the vergt? of a big national loan, which under ordinary conditions gives a fillip to the market. Details rejrardini? the new French loan were published yesterday in the shape of the official white paper sur? mounted with the usual "R?publique Fran?aise. Libert?, Egalit?, Frater? nit?," stuck on the walls of Paris, and informing the public that the flotation of a national loan of $161,000,000 was under way. These rentes are redeem? able in twenty-five years at the latest and bear interest at 31. per cent. They will be subjected to a tax of 4 per cent, and will be issued on July 7 at the price of 91 per cent. The cap? italization rate, therefore, stands at 3.70 per cent, whereas that of the old 3 per cent rentes at the current rates does not bring in more than about 3.57 per cent, but the new rentes are at? tractive for other reasons. The fact that the nevr bonds are re d 'emable in twenty-five years at the latest renders them unusually de? sirable, especially as, the issue price being 91, there is a redemption pre? mium of 9 per cent, seeing that the obligation will be acquitted at par at the excitation of that time. Another feature of the new loan is that indus? trial shares are mulcted by a double form of taxation -i. e., an income tax of ! per cent and also a transmission duty or transfer tax calculated on the ? average price of the security during | the previous year. This tai; has been | raised from one-fifth of 1 per cent to j one-fourth ?,f 1 per cent, and from j July 1 next it will be nearly one-third , of 1 per cent. This tax, which applies to all industrial securities, has been increased twice, whereas the 4 percent tax has not been changed and is estab? lished on something fixed that is, on the revenue -but the other tax is vari? able, because it depends on the market rate of the security. The revenue of the new rentes will be almost invariable, which is an ad? vantage. The profitable price of the issue of the new fund ?91 per cent, has at once caused a certain movenunt in the business world which has ?already brought about a premium of ll.? points. On the other hand, the old perpetual 3 per cent rente has lost ground, the ditTerence on the week being almost a full point, this being due to a large number of arbitrage sales effected in order to subscribe to the new loan. Thar? is groat commotion these dayi among French capitalists, who now lind that sending their funds abroad is entirely ineffectual as a means of es? caping taxation on transferable ??.??u rities. Experienced financiers like Raphael Georges Levy and others say that the simple-minded capitalists who j believe that tneir money deposits be- | yond the frontiers wil* be kept secret by bankers and intermediaries will be ' disagreeably surprise'. The French fis*, ' authorities when the law taxi t ai.-ferable securities, was passed made arrangements to se- \ cure full details concerning French in? vestments and deposits in foreign countries. This arrangesent made by i Ut? French Fisc, affects also American citi/ens living or domiciled for a time ; in France. These and any who miry hope to escape the new French law by depositing their money in ba..-;a out si.le of France will have to pay the tax on capital and th? death duties the same as French cilizens. -? WEEKLY CURB TABLE. INDUSTRIALS. ttua , ?"?_*? '-v:; Brit-Am Tob. m US i....... ,'.,, i.. ?.? ... -.'-' 10 ?Kelly S|)rii?4'i? W. ... 10 ?lo 1st ormt. M M Marconi of Am.. Vx 3 gat Maxwell M .<>">? M% do l??t l>ret. i* '....?> .lo *_<1 pr.''.U14 Kai C *>.- ?-'? l?>) do |?r?'f. :r, ?Puebla s ^ R.. -"? RlkerAH C turn ???. tterllng ?ium w i ?.S i.?oo t<.!> ?Prod |>f. ?"> '.',70? Til C ?l ??oofAui 8*1. 4.900 I'n I'rollt S ? ? ill? Overland.. 114 ?,mU U ..?'<!'? Film... :*>, STANDARD OIL SUBSIDIARIES. Hale?. Hikjh. lorn. Leal A.l> 2,000 AnKlo-Am nil.... 17 16', l4 . 1? ? litlantl? Ref M ? .'?7. f.90 ? ? :0*J Bu? k.-?.- P U.a.IM IM I3?i ? 4 il Oil? ? tU -10 ?'1 ? S 11 ?'i.?? ? lit I* I_ .'?0 49 49 - 7?) Cuml.? r?an I 1' !.. il M '?4 ?3 4 ?Eureka P la.2M Ml Ml + l 103 ln.li_n;i P I..Ill IM I***? ? 4 IM Mat Transit.M 49 49 - ?I N Y Transit IM ?10 ??0 Northern 1* 1_111 104<4 104',? ?5% Low??!,!.? on .i;i>_ m rotf ?50 Pler.e oil . 79 7< 7S ? 1 410 Prai'.l?' O I ?i.. 01 IM 43.-? ?20 mno i',.ii,i on .m t.z :;<* --h 91 Ho'itti.in P I_Ut 219 ?.'JO ? i 3 S?o-t r.iiii P V HI HI HI ? ? KO Ht.in.'. O ,.f ?Cal.Ml 304 317 ?7 --.n?! o ..f lad ?7j ?m M -li? li Stiiml O of Kur?. 41.' 4..' 4f?3 -? ?-?O St.in.l <> of K' tit ? I 1 ?Mend O of Neb..M x\~> 355 ?13 IMBtaad " Uf N J.405 3is 40*. +t l.l? S'an.i ?> ??f N Y. 715 20? I'll Hont O mt kir ???tU :73 -.7*. +7 ?*7 Cnlon Tank . i?7?_ S3 m - ?.". 114 Vacuo? Oll ?n ? ( MISCELLANEOl S RIGHTS. Sal? llith. \j?m. l?Oet. AD \? rlalil?. Z\. f% ?* k i?i n. m... 40?, * ? !o i f r-? 1C.400 d., riK.-te. 3?? 1,300 l'n IV M r,r,-h:> : - | | MINING. 900?. ?ver < innol... ?'. M| 9*. I*B? Boston Montant.. 7', 7, 7', ? ?, .i.len < opi ei . . "t 1 , 1 , 300 lWiti.?h <-ol ?op ..1 .2 -_ i. H? Buttai? Min'.-. H ?, *?-?>* "M Butte-New York.. '.v, | _. ?, 1.O0 ? an i'op C W I.. "I *'. 9_ "XWOi'ai? ??old ?<llver..*C? S3 +4 3?00?\irilon Cobalt... ,V l? 1, ?1 Arlz Spielt... 1\ 1?, ..' m 1 '?i? Mlaee.. i 3-32 1 >. ? B ? om :? IV -ane... 1?- 1?, i <?" 1.1 i'n.-.i ? 'on. ' , ?Ml.*47 41 41 I *SW Klorenre . 1% r-, {M , - I ' ? ? t1.'. ??r?rene-?'an me* Il 1er Mm?. I? Co.*_?t| HU 1170? Jumbo Kxten .... *,', 4*1 5 _ rooK.ir Iaake. 1.*, i',* i?4 _jl ? Consol.. *f?7 ta et _ ? -Dar ... P, l?. Va - ;. ???*? ia -?r. i*. i>, is -?- ?, 1_M Nevada mili. ...'r. r,i :i - i -?' Mpl-slne M Co... SU 6?. ?? ;l4100?>ro .MO i?. ju lu ?A. l'ac Smelter?. t? i, S _ * 1*00 Stand ?aiver-'lae-d lf| '.?? 1?? _ ? JMe8?e??art ; ? \,\ il. _ a, 1400Tonop?h Merjer. ?4?; 40 41?45 1900 Tonopah Kxten... M| ;i? 3*. ? A 100 T<?nop?h M of M. M i*. M _L 11300 Weut Knd Conool ?T?, 70 71 -? BONDS. 15????*- an.', note*.. 9??, MU '..?. ?lu ?etjuoton c,** ?on ?k.ii:?, nr, l'.t-. MM S T,C 4??s 1H.*..101', ?or, lui*. +J? MOON Y C 4^8 IM?...I?. 1?S 10?, __ ? . Exec-tor _ 1|MMI 1?** Chartered 1822 t ? e The Farmers' Loan and Trust Company" Nos. 16,18, 20 & 22 William Streift Branch Office, 475 Fifth Avenue New York. ,t * UFD05, 15 Cockspur St., 8. W.} 26 Old Broad ?traet, L Q PAEIS, 41 Boule-fard HauMmann BERLIN, ?6 Unter den Linden, K. W. f v Trailers' Letters of Credit, Fortign Exchange. Administrator mmIff Guardian LONDON MARKET AWAITING EVENT! Present Adverse Circum stances, It Is Believed, Will Be Adjusted. MONETARY SITUATION CAUSE OF OPTIMISA France, Germany and Russi; Bring to an End Their Campaigns for Gold. [By Cal.le to The Tribune ] London, June 28. The stock market were held practically in suspensio last week by the combination of inter rational and home conditions, but o the whole the belief was that the ad verse circumstance?, which include the Irish deadlock, Mexico, the .N'ea ?East and the Claflin failure, would sooi find satisfactory adjustment and tha the markets would be on the right sid after the holidays. The money situation is one of th chief causes of optimism, and all sign point to plentiful and cheap money ii the autumn. A few weeks ago the fea was expressed that the Bank of Eng land would be unable to strengthen it? gold holdings sufficiently to meet th? autumn demands safely and smoothly but already the stock of gold, with th? addition of $6,235,000 last week, ha: reached the comfortable figure of $199, 640,000, while the reserve has in creased $4,805,000 to $148,375,000. Or account of the increased deposits th? proportion of reserve to liabilities ha; fallen slightly to 17.10. Gold is thus practically at the de sired figure of $200,000,000, and indi cations are for a still further increase though, owing to variou.i reasons, prin? cipally trade depression, the newel countries will probably have to con tinue for some time remitting gold tc Europe. Both France and Russia now hole approximately $800,000,000 each ir gold, which is a far greater HUM thar Is often seen in the vaults of trading institutions, while the Reichsbanl? holds upward of $340,000,000. Wit! these immense sums in their hands France, Russia and Germany have r?;i??.d for the time being seeking for gold, and London holdings are increas ?ig rapidly. This readily accounts for the pres? en optimistic feeling and justifies it as well. Opinion here is divided con? cerning the United States. The pre? vailing belief seems to be that the de ?>n there is largely the natural reaction from a too buoyant prosperity, while it is also recognized that Mexico, the tariff, the new banking system and the uneasiness regarding President Wilson's policy toward big business and railroads are al' adverse factors, It || felt advisable for Europe to eo cautiously until it i.-s seen whether the Claflin failure does not clear the com? mercial atmosphere of New. York, as, if there are adverse influences in the American wind-up, there is likelv to be a strong demand from New York for K??l<!, which will change the situa? tion in the European money centres. -m NAVY YARD'S QUICK RELIEF Boston Sent Salem 3,000 Lbs. of Bread in Two Hours. Washington. June 28. The prompt? ness with which the government is prepared to re s j oik! *o eme'^oncy calls tor food supplies is .?ho ? n i?y a report to the Navy Pepaitmenf from Captain Coffman, comrrandint of ine Boston Navy Yard, on the distribution of pro? visions to citizens of the tire stricken city of Salem, Ma--?. Within two h'.uis after Governor Walsh, at 9 o'clock in the morning, had requested Captain Co.'Tman for food ??upplies three thousand pounds of loaf bread had been distributed and seven thousand pounds more was supplied later in the day. Eleven tons of pro? visions also were furnished. These issues were made ui<l<?r au? thority given the command?*, ii, and Governor Walsh expressed his appre? ciation of the promptness and value of the services rendered by the navy. STREET CLEANERS HOLD MEMORIAL March to Church and Hear Ser? mons?Lauded i'or Care of Thoroughfares. The rain of yesterday was not per? mitted to interfere with the first memo? rial service for the men of the Street Cleaning Department, which was held in the Church of St. Anthony of Padua, Sullivan st., between Houston and Prince sts., in the afternoon. Despite the downfall fully 2,000 men assembled in Washington Square and, headed by Commissioner Fetherston and his deputies in two automobiles, arid by the department ban 1, marched to the church. St. Anthony's seating capacity was overtaxed. Hundreds crowded* into the aisles while other hundreds were un | able to gain admittance at all. Father Aniceto Silvicni. pastor of the church, delivered an address in English, and he was follow ?.?d by the Rev. Father Steven Simi, who spoke in Italian. Sixty-one members of the department died during the past year; 30 in Man? hattan, 24 in Brooklyn and 7 in the 1 Bronx. Father Silvioni impressed on the men ! in the department their responsibility i for the health of the city. He said ' the modern laws of sanitation were as '< old as the Bible, on which all laws are i founded. "I take th?** occasion," he continued, "to render you the grateful thanks of the public, Mr. Commissioner, for your thoughtful efforts to better the public health. To you men of the department I offer my personal thanks and the | gratitude of the public for the excellent j care you take of the public thorough 1 term*." _HAVINGS BANKS._ GREENWICH SAVINGS BANK ? (INCQR***ORA*__tp 8. E. fnr. 6th Are. and H.th St.. New ?, ork . THII-KATK INTEKEHT DIVIDEND > SIX MONTH'? ENDINI. eX'SK It. i-.t? On all ?urn? fr'.rn $?'. to 1:1.00?) to d-po?. Itom entitled ?o Interest under the by-liwi, ?t it?.- -aite of m\ FOUR PEft CENT. per annutnynn *o nni'*h of ?very ??count? ?hall not excee>| |l.0?"i. and at the rat? ?of TH?EE r ONE-HALF PER CEIT. per annum on so murh of every ?.count ti shall exiee.l $1,<*KJ0 payable on and after 1?14. DEI'0?ilTS MAOK '?ON OB BEFOIE nnou ??ayah tos \ s fRAMCI*, M BACON, l\ or.DKN CBIfOLM .11 IV 10 WILL DRAW* INTEREOT ?ELY 1. 1914. JAHR* QC1NLAN. President *HA*****.E8 M I?i:TCKER, Treasurer. .JR ? ' UecretarUs. UNIONDIME SAVINGS BANK 40th Street and Sixth Avenue .\n In'Test Dividend ?110th con?aecutlva, has ?been declared at the rate af Three and One-ha'f Per (eat. p? r annum. CMM J.jly 1. 1314. and payable on and after Thursday, July U. Uli on nil sums entitled thereto under tke Dy-Laws. ? Money drposlfed on or before July M draws Interest from July 1, ISM. , Alex. V. W. Kinnan, President I ranci? SI. I.fake. Treasurer. William il. Kom, ?secretary. SEAMEN'S BANK FOR SAVINGS'j M and ?A Walk Htreet. THE TRUSTE?-? HAVE ORDERED THAT INTEREST be paid to de posi'ors entitled thereto for the six in??nllis milin* Juii - M, 1 T* 1 I On ?accounts i?'?' <x."dtnf- thr?*thou sanj dol?an at the rato of l"OCR PER CENT., p<*r annum. ..- mi and after Monday, July co, mu, DANIEL It A ENES Tresldent. AEOKiii: M. HALSET, ?ashlar. WILU6TON H. BENEDICT. S?c? r?tai y New Tork, June 4th, 1014. ?NOTH E? | Dopoaits to draw Interest from Julv 1st <>r oc?, lat ?u- Jan. lat or Apt 1st, must be made on or before th.- last day ot the previous month. Dry Dock Sayings institution 311 * MA B?m EKY. < "r. :i,l St.. New York. The Trust?-?-? have declared a dlvl?len4 for the six months eiidinx iutv .'?". K<?. on all cfeposlts entitled thereto under th? ? ?. ai ihr tu.:.- of THKKK ?BS-1 ONE-HAM Per (?ft?, .?n all sums r?# e-caadln^THREE THOfSAND I>? ?I.I,AUS. payable on and after July *.*0. '?.?I l Deposit? made on or before Julv 10 will be entitled to Infrey from July 1. 1914. ANDP.EW MILLA l'realdent. WM F, PATTER80N. V.-Prea & Trea?. CHARLES IflEHLINO. Secretarv. NEW YORK SAVINGS BANK N. W. Cor. 14th St. and 8th Avenu? July A 1914. dividend at ?!?? rate cf FOUR PER CENT. |. r at,mini on all ?unis from $?*> to ?Z.QOt entitled thereto mule'- ?he by-law? DEPOSIT?? MX HE ON OK III I i ?HI 4II.V Kl WIM, DRAW INTEREST I lf??M ,11 LI 1 Wllata! \m EELHINORR, Preeldent. JAM Ft I. WANDIaINO, Treamirer It It. BRIN? Mil.IN?;. T-eanurer l IRINOKERHOfT, ?ac-wtftraf I SAVINGS BANK GERMAN SAVINGS BANK IN THE I IT*? Of NEW YORK. (OK. m AVE. AND Ulli STREET. New York, June 2T. 1914 Interest at ?he rate of THREE AND ? I PER CENTUM per an num will i.e credited ?lepoHltor? for ?li? *l. months ??mlins June :;n. l'.i|l. on ?li ?um? entiil.-.WIierei.? under the bylaw? n t ?i <e--.lin(,?liree thousand ?:?.n?io> dollars, aaj will !.. ?payable after July _o. |..?,.?siia mad?? on or before July lit 1?14. will ?lraw interest from July I. 1011 ALFRED I.<>K!.KER, President. A KOPPEL, Treasurer. United States Savings Bank S. W. (or. MadiMxa Ave. and Ssth ?i A dividend ha? been declared for tkt three or >iii months ending June ,10, 1911 at the rate of THREE AND ON/C-HALF FKi! CENT er ami.i'ti .?n ill account? ?if $.-. and m ards entitle?! theroao. payable July -.'0, t? li.-ii.isit.. !ii*>r on or ?before per _. vsur.l? ?titled thennp. payable July :'0. 1*11 llepoalts ni>UI.- on or before ?Inly 11 will draw interest lr?m July lot. lull ?IIAKU's N TAIN" r?iR. President. JOHN H VSViHV Treasur.-r NEWSBOYSJ>LEASERAINE. See Vim Off at Steamer and Give Him Hunting Knife. The ?econd w?ek of Paul J. Rainey'? 1'J14 ;-?t of African hunt pictures will bcKin ut the ('a ino this afternoon. A number of new picture? have been add i I. ?I owing th"? Wandarobos tribe pf natives doins their war dances, thtk march across the veldt and into tk* jungle, wild Birds weaving their neiE f.nd oilier scenes. .Mr. <gainey Ailed on the Imperator. ?m Saturday on a long hunting trip U India und #Africa. He was surprised and bigbly plcised with the delegation ?jf newsiioy* who HW him off on the] ?.learner. They presented him with ?. ?ir^-e hunting knife a? an exprc?5ioa of their cratitude because half the rm c ipts of th? Kainey pictures last wed ??vas given to the Newsboys' Fund. ? . ? FREIGHT BOAT LAUNCHED New Ship of Mallory Line Wi? Be Completed Soon. The Mallory Line announced yestef? day that its new freighter, Nechs* would 'be ready for service betw??l New ajfork and Galveston within tw? months. The vessel, which was launched at Newport News on Saturday, is 421 f******* long, with a 55-foot beam, and has ? displacement of 11,000 tons. For the transportation of eiprel* ! and perishable cargo the Neches is a? innovation, having nine exceptionally large cargo ports on each side, a largo i over-all hatch forward, as well as four ' overhead hatches averaging 24 by ?? feet in size, six quick acting hoisting winches, ten b-ton booms and on? 30 ton derrick. . The cargo spaces under decks art equipped with a new system of ventila? tion for the transportation of perish? able cargo by large v.-ntilators, ??( ducts and electric fans.