FINANCE AI MA Week's Speculative Activity in Harriman Pacifics. RUMORS OF BIG DIVIDEND "ocinor nf Mnnev Market Favored the ""'"t) ? Advances. SLUGGISHNESS OF LEADERS Prices Fluctuated Unevenly Over Narrow Range in Closing Hours?Bank Statement Was Displeasing. NF.W YORK. July '.'7 Tit" sluggishness of the Ilarriman Parities*. which has been !n c violence ever since the intended dividend rate on Southern Pacific was made definite y kni'wn. was a continued restraint on the st??ck market today. Prices fluctuated unevenly over a narrow range and trading at times was nearly idle. The complexion of the tvank statement was not liked, the growth in deposits through the heavy loan expansion offsetting practically all the benefit to the surplus from the g.sin in cash. wrucn was nearly as utr.m- .u.u? ii-aivu. Foreign exchang" ri.es were fully he'd anrl the conviction wis strengthened that next week will see a renewed outgo of gold to France. The demand of the Rank of France is not to be constrne.I as a rolicv of accumulation !?f Idle snrj'!:is, .is its ^ ?d holdings are still $22..'!72,r?u.~? Ie> th:n in this week Inst year, while its note issues a.ul outstanding loans are many mi Hen^ in excess of last year's figures. Hank i?i: irs f--r the week shown an expansion nvf-r last vear. am: It civnillcnnt fl? il w'. 'i' \ctv Yitrk'a CI f it* iners. for five clays are $7u.ih? uh>o less than last year. those for .<11 cities outside tlie seven leading re serve i enters ar-? ?'.?r?.000.0(K> greater than last year, thus reflecting the widespread distribution of the ;u tivitv. The week's t xuai si a of New York bank loans Is attributed to a transfc r "f loans fr->m trust companies t<> banks, induced by the unprofitable rates for m? ney on can. There wis some recovery in the Krie issues from recent weakness. "Firmness in lTnited States Steel was attributed to the expectation of a very favornb'e report for the .Inly cuarter to he published next week. Cotton carriers and industrials showed some special strength. Changes at the end <>f tin- day were small and the tone irregular. Total sales of lH>nds. par value. S-OKimmi. Some speculative activity developed in the Harrlrman Pacifies dur'ng the week on the prospect of an increase in tlie dividend rate on Southern Pacific. The doaliiLkfs in these Rtnrks snme nnirr.i lion with the circu'at'on of some rumors that the Southern Pacific stock may Ik* advanced to a 7 pf-r cent rate. The head of the system allowed it to be clearly understood that the rate -would ret be hgher than tl iH-r cent, with the effect of dasHing somewhat the speculative enthusiasm of Hue dealings. Followers Were Suspicions. Follower* of the movement in the market, who had been confident that they were following the lcadcrstrp of insiders in the Pl.irrlrrvans, became suspicious. Tiie easing iif the mon&y market was in favor of the advance. There was a lack of confidence. I owever, in the duration of the easy money conditions and the rise In foreign exchange to the gold export point was a contending , _ ._ _ l iw (ur. The lirvited Staffs Ste*l tonks weakened :iv>nv. ntarily on the news of the strike of miners In the f-ake Superior mliit-s. but recovered after the poor prospeets of success of the mrike btnanve known. The copper market continued unsettled and was a detriment to the stock market. The failure abroad of the Manchurian railroad loan guaranteed by Japan Jarred tiie confidence in the return of favorable Investment condl tlons. ltej>OFts from mercantile circ les were favorable and railroad earnings made a good showing. The bond market continued apathetic and discouraged the Lopes of revival of investment demand. I'nited States registered advanced and the ,'m % per cent on call during the week. NEW YORK BANK STATEMENT. NEW YORK July 27?The Financier will say: I.uat week'* official statement of the New York associated bun lex was favorable, though It disclosed only a s?.na!l increase In surplus reserve The cash gain quite closely agreed with that which wu.< estimated upon the bisis of the traceable movements of money during the week: this gain, as recorded In the statement, was U'.Hdn.OtMl It resulted partly from aubtreasury operations, including redemptions of 4 per cent bonds, and also from FPOfdrits r?f ??-l ..r . v .. r ? w? tiiiu vi v ui i cii1 ^ , lilt; latter principally from nearby points. Deposits Increased 122,781 ,'JOO. which amount was about e?jual to the *min of the augmentation in loans, plus the gain In cash, so that the statement made a good proof. The required reserve against general deposits lucre $5,<3t5,40 , deducting which from cash gain left Sl'n.tXH, as the increase in surplus reserve to $i,2r>sat?7r>. Computed upon the basis of deposits, le.*** those of $'J7.7V?>*.t>X> public funds the surplus is $l?.2U8.X2r?. I#oans were augmented $17,913.70(1; this was probabSy due to bank loaning of trust ! \ompany balances which were on deposit frith the former, because th<- low rates for I caii money made unprofitable direct loan- I i'ig by the trust companies of such balances. The dally average of bank clearings f??r the week was >.?**>. against $27u.O00. 1.1 UI7 * > < v.\en institutions increased this Item by $17.t>??i.i??;7 n?*t; five banks gained net cash. THE FOREIGN BOURSES. liONHON, July -7.-The stock exchange it* sti 11 suffering: from the insistent absence or public support. and new capital creations and values at the end of the week again .sl ow h shrinkage. Consols were sold by t ?.e underwriter^ who found themselves saddled with more than half of the south Munrhurian railway issue of and although the Transvaal and Braz.ilan loans have been postponed temporarily the fact ; that they would he issued in the near future | prevent* any material improvement In standard securities. The midweek recovery n American shares strengthened the lone of the general niarket considerably. but in the absence of a sustained buying pow?-r prices <*hs?d again and Mntbhed dull. Am rkans mad* finite a spectacular display early in ih? week under the lead of the Pacific storks.tlie good buying t?elng prompted by the prospect of an Increased dividend on Southern Pacific, and these shares Jumped points at a tim^. Then I i he postponement of th dividend caused a ' sharp setback. but in spite of this Southern Pacific finished seven points higher than last Saturday, t'nicn Pacific- was two points higher. but the general list was unchanged with the exception of Canadian Pat itlc, which closed two points lower, on disquieting weather and harvest prospects. Although the i>osltlon of the Hank of Kngland Is being strengthened by th*? absorption of gold arrivals, the possibility of dearer money here and abroad in connection ?itb crop movements is making discounters cautious with regard to ong dated bills, Hi" rales for which are gradually hardening About It.OOO.UflO in koI'I 55 *? American Linseed O!!... I American Linseed Oil pfd.. y An:?Ticaii I-ocomotlre .w American T.ces>nu??Ive p'd 104 -j American Sninnnjr ?fc icenmn^. iic?v* 110 American Smelt's & Kefln'? pfd lf*? At; ricari Sucar R<-flnliiff 122% '22^ 122 American Tobacco pfd. certif.. 87Vi 83Vs Anaconda Mining; Co 5K ?-7\i 57 Vi Atchison 94% 94 Vi f*4-% Atchison pfd 9-Vj A:lant!c Coast Line !*7 Raltlmore & oliio Jiaitimore & Ohio i?fd $5 Hn.-okiyn Rapid Transit 3!) Ml Cunadinn Pacific 17.1% lT.ri% 17.~?V_? Central of New Jersey. 175 Chesapeake "?& <>:iio 35% 35*tj 35% Chicago ?i-< m t Western 11% 11 Mi H Chleaffo Northwestern 151 150 151 ; Chicago. Milwaukee & St. I'aul 13r% lo4v* IX"* | Chicago Terminal <& Trans. of?l 5 I Chicago T?*nrhis 1 & Trans. pf*% 00 ! Co'orado A. Southern 2d pfd.... 40 4.?"* 45% 1 t JlIat'Ml (illH 121% 121%. I <'.?rn Products Kefin'np Co 17% . <'?:rn Products pfd 72% I !.Viaware A: HiiKm 172% lM'!nvrar<'. Lackawanna & West 409 Denver & Rto Grande 27% 27% 27% l>t uver & Klo Grande pfd 70 Distillers' Securities 00 <10 CO I :;!? 24% 21 24 Kile 1st pfd K0 r?. i-.'. r?9T? Kr!e 2d pfd 42 41 Mi 41% General KTectrlc 1"1>% Illinois Central * 141 International Paper 14Vi International Paper pfd 71% International Pump 24% International rump pfd 70 Iowa Central 17% i~% 17% Ioua Centra! pfd *iS% " *')*. 38% Kansas CItjr Stmt hern 20 % Kansas City Southern pfd 'r?7 L?ii!sv!lle & Nashvll e 114 III 113%; Mexican Central 21 Minneapolis & St. Ix>u!s 41*i 41^4 41 Minis.. St. P. & Sault Sr?*. M l'Hi^ Minn.. S{. I*. Ar S. Ste. M. pfd . lj**_ Missouri Pacific 70% 7^;% 70% y I' s>oiiri. K ? n>x . < .V 'l'ex * '.7 % 39'. * Mlss iu: I. Khiih:i ; ?? i?fil. ("7^ >'?% 07* i Nation*] I.fsi-i fil <11 C.l National It. K. ..f pfd .riOV, New Vf.rk Central 113V* U2*fr H3 New York, Ontar'o ?.v Western 38 Norfolk &. Western 75*6 Norfolk & Western pfd 7i?-85 North American <>-s Pacific Mail 30 S,> 2ft U i Pennsylvania 124 123\? 123% People's (Ja.? S*11 a i rpfMmnr C. & St. Louis f?9 Pressed Stee] Car 3.*? Pre.xed S'eel Ca:* pfd 01 !Pullman Palace i'ar IBS Heading !?'?> % H*i itraillns 1st pfd 80^ *>>2 K) !U Mi'Ji-.ir 2d |?M TS Rrpuh'Steel.. 28*4 2->-/? 2KU, Ilepnhlic Sleel j??V* 38 St. I.ouia Southwestern ..... 2<> St. !.< :iis Southwestern pfd M Sent hem Pa. He ftl*; !*?% JKflfc Southern Pacillc pfd 112*1 r.2li 112 Southern Ita'.Kvar IftVj 10'^ 15*4 Southern Railway i?f '? 11i To!?Mo. Si. Louis & Western... 2f?~M 2':7v 2iiXv Tn'cdo. Sr. Louis ?V West. pfd. r.M% 4i?a, I'nion Raelfic 140% 145% l-i<'% f'nlon I'aciflc pM 8-?? I'niteil States Kxprtss * 1M 100% li,"3; jooa; Virginia Carolina Chemical 27 Vj 2*1% 27!/? Virginia Carolina Chemical pfd 101 Wabtsja V.t\ Wabash pfd Psrgo Exjirw 280 WeKt'njrhouso Klectrlc 145 145 145 Western I'uion 78 7S 77 j Wheeling & Erie j Wisconsin Central 17U. I Wisconsin Central |?fd . 40^i Northern l'ae!fl?- 13IU4 l'&5-% Central Leather 2W& 2**1 V* Central leather I'M.. .... 91 S!oss-Sheffl*'!d Steel ^ Great Northern i?fd 137*4 J3f?% HT Interboro-Metrcpolitan ._. - 15?i Interbnro Metropolitan pfd 45 45 44"-^ Total sales for the day, 207.200 shares. New York Bonds. NEW YORK. July iiT. I". S. refunding 2s. registered 105% T*. S. refunding; 2>. couj?on 105% ?*. S. r**. registered 102% V. s. :ts. coupon 10VA T'. S. new 4s. registered 127'i 1. H. new 4a. coupon 128Vt American Toljacv? 4s 7o% Au**-rtcan Tobacco Che*a|H ake & Ohio iVja 101^, Chicago A Alton . r!or Hen 4s. . 93 Erie general 4-. bid 79^ Hocking Valley 4?~?s l?ld 101V, Jaj an lis 99% Japan lis. iid series 99V? JapHu 4. certificates IK) Japan 4li*. cerllth at< k. 2d series 87 Iuill.il .1 i VOl. I 6c Xashtrllle unified 4s. bid 9S | ran cou.-oi gold 4?. bid 1)7V? i Mexican C?mral 4s 81% Mexican Central 1st Inc 21-% Mlvim a poll* & Sr. l.oitla 4s. offered ST Mis&ourl. Kansas & Texas 4a. hid *'>% Missouri. Kai:>*H.? 6l Tps?3 2ds K(? National It. H. of Mexico <*on*ol 4s. bid.... ?2 New York Central general tt^?s 1? W* New Jersey Central general ~m 122 Northern Pacific 4s lfrtFV,, Northern Pacific to 71** Norfolk A Western consol 4s 9."?Vj Oregon Short l.lne refunding 4s S.S% Pennsylvania 3^s WVt Readlne genera 1 4a . . 94*4 St. I.ouW ?fc Iron Monntaln consul '>*. nid... 110 St. I.ouis & San Francisco funding 4a 77% St. T/Ou!h Southwestern con. 4s. hid 72 Seaboard Air I.ine 4s 70 Southern Pacific 4s Southern Pacific Isi 4s. certificates 91 % Southern Railway 107*4 Texas & Pacific lsta. hid . 112V? Tol-do St. Ixniia & AVe*tern 4*. 75V& 1'nion I'acltte 4s 1W) *. S. Steel 2d "* W7Vr? Wnbaah 1st* 10Sl4 W*atern Maryland 4s. hid 73% Wheeling & "Lake Erie Is. bid ?0 WUcoiiaiu Central 4? $47s New York Mining Stocks. NEW YORK. July 27. Adams C(?nij(?l!?!atP(l ft Aiirr .. 400 Breece 35 Bmnawick Consolidated. offered JVO Comatoek Tunnel 20 * o:is3 I ll<>rn Sliver 160 j Iron Sth er. .. 225 I I?ea?lville Consolidated 8 little Chief 0 Ontario 375 I Oi>UIr >1" I'otual 12 S*v?*e - ?I2 SU-rra N**va.la Sn ail Him** 25 Standard THE GRAIN MARKETS. CHICAGO. July 27.?Fresh confirmation of Mark rust in I ho whaat fi.'lds of the northweat rsus-J an ndvanc* of more than 'J <- nts |i r bushel in th3 pric* of .wheat tier.' tod y. At the dos? tho S "pt'mber d- l'.VTy s'.aiwt-d a nst Rain of 1*4- Co n was up '^a**, (tat!" wcro % higher. Provisions wvr a thud; to 7> c>r.ts higher. riie sharp arlvancs in wheat prices followed a weak opening due to selling brought out by lower prices at Liverpool and b> a decllm* in the urtc. ...i I " * w iirai Uil | the Minnoapol's curb. Favorable weather I fi r the crop In this country also had a ' weakening tendency at the start Sentiment in th - pit. howev.- , ><>on changed to bullishness upon rec?ipt of r-ports from Minn -spoils which claimed thai blark rust Is steadily spreading throughout the l>akotas ard Mlnii'sota. An Improved demand for cash wh-at at Minneapolis aid-?d : In bringing out all act!V? demand for wheat here by shorts and commission houses. As trading progressed th? buying b~cani-> mor? urgent and prices advanced rapidly. Th? market closed strong, with prices almost ? HE WORLD I at the lop. Clearances of wheat and flour were equil to 501 .tiflO bushels. Primary receipts were 70S.0O0 bushels, compared with l,2i'2,000 bushels th? corresponding day a year ago. Minneapolis, Duluth and Chicago reported receipts of 365 cars against 2!i"2 cars last week and 725 cars a year ago. The corn market opened ea3y because of -ain and cooler wfather in the southwest. : hut became tlrm on buying bas^d on the i sharp advance in wheat. Trading was | rather quiet all day. The buying was chiefly by leaning commission houses. The mark.H ) closed firm. September opened unchanged I to % lower. at Kt^ to 53%, advanced to I 53%. and closed at 53%a53%. Local r?c"ipts ) were 135 cars, with 17 of contract grade, j Trading in oats was very quiet and the j market followed the trend of wheat and corn. There was quite active covering by shorts late In the day. which caused a strong finish. September opened unchanged to Vs lower at 38% to 38-V advanced to 3!?Vs and closed at Local receipts were 57 cars. Provisions were qi;l?t and steady. A I feature of trading was the liquidation of ! lard by a prominent local holder. The j market was supported by packers. At th> , closes September pork was up 5 cents at ] 16.50. Lard was a shade higher at 25. Ribs wir.i a shade higher at H.75. Estimated receipts for Monday: Wheat. 11(> cars; corn. 205 cars; oats, cars; hogs, 41.000 head. ST. I.Ot'IS, Mo.. July 27.?Wheat?No. 2 red cash. ?8aS9; No. 2 hard. '.HialHVi; S -pI tember SV'i'i; December, SM%. Pom-N". 2 cash, 53; No. 2 white. 54^:1 I 54V September, 52<4; I)jcmh?r 4S>V I Oats?-No. 2 cash. 47; No. 2 wh:te, 411; i n. . ? v. 'i^>i . n OCfk/_ i Of ut'i . .*079. 1,/ruciiiucj, uoTg. i MIIAVAl'KKE, July 27.?Wheat?No. 1 northern, 101a1(U; No. "J northern. SHJalUO; September, ?3%al?%. Rye?No. 1. S7. ' Barley?No. 'Z, To1-..; sample, 47a70. Corn-No. cash, : September, 53% hid. DUI,UTH. 'Minn., July .7.?Wheat-No. 1 hard. 1<>0%; -No. l northern, 101%; No. ' , 1lUI. T..l.. 1? l1 1/ 1 ? 11 1 - j 11 XJl ? i i* I 11 , AX r\J , ?1 u I > , ll'l 72 , 'jv, t , J.-' * , I I December, 101. | MINNEAPOLIS. Minn. July 27.?Close: Wheat?No. 1 hard. No. 1 northern, ; l^-'; No. 2 northern, !)8%aSW: No. o northern. JMa'.rO. | HEARD ON 'CHANGE i Throughout the week in the local financial : world stock of the Washington Gas Light Company continued to monopolize the at| tention of the traders on the stock exchange. and each of the noon meetings of tlu' exchange ti*as made intetv.. while 1 > was accepted for a iot of ten .shares at the end of the week. Capital Traction was inactive, though a few shares change! hand? around i:?5yi, and one sale was made at l'!7. All through the week, however, the general question was going the rounds .whether the usual summer vacation time reaction was not about due. Gas was the only really live Issue on the board, and upward of 1,5<:<> shares were bought and sold during the live days' trading of the week. There was some demand Wednesday and j Thursday for bonds of ine street railway j companies, and $ll,U'.K> of Washington Railway and Electric 4s changed hands Thursday at 81. Lccal Stock Market. | RjtBj*!- of prices week ending July 27. 1007, furi lushed by Griffin Ilaij-tead & Co. Itomls. Open, llittfx. Low. Last. Tap. Tiaer. 5'a.. llo1* llt>v% 110 1 I0V5 | Wash. Uy. 4 s.. Hi% H\% HI Hi I $1.IM.*U l\>l. II. 1C. tfa... HO 110 HO 110 I |5,o0o Wash, lias Cifs.. i j&fa 1 10t>Vj lotJVfi I Oiu>n lliirh I,nw luif bo Wash. Ry., coin 0^4 36% $1,077 Wash. Gas 77 7!* 75'^ 7a% 77 Mergentbaier 2i>7 207% 207 2o7*ft $l,iHK) Lanston 13VI? 13^ 13*4 13/s, 730 Mitchell 3V? 3'* 3l? 3*4 *5 < ounnerrial N.K 210 21U 21) 210 10 .Nat 1 ?'ity Dunk 14* 144 144 144 Boston Stocks and Bonds. BOSTON, July 27. MONEY. Close. Call loans 2%a4 Time loans 4%& 94 Va Atchison pfd 83i4 Boston & Albany 210 1'oston & Maine, bid 100 Dos 1011 Elevated, asked 140 Fitch burg i'lil, bid 123 I Mexican Central 211,* | I New xork, .New Haven aud Hartford, a?k* d 1 liti I L'uion Pacific 11tt% MISCELLANEOUS. I American Arge. Chemical 18 Americau Arge. Chemical pfd 81 Awer.can I'm umatic Tube 5'-i i American Sugar 122 j Au.er.ean Sugar pfd 125 j Ame.ican 'leitgraph ami Te.ephone 107 American Wwi^u 2\i% i American Ww.eu (ti'd 01V*I hdikni Electric Lluiu 211 y* I Massachusetts Eitctrlc 14 I Massocuusetts Eltctrlc p:'d 55 Massacntueits Gas 58 j L'niied Fruit 110V? lulled Stooe Machine ... 4 | l intcu Shoe Machine pid U. S. St-??el 37 yA \ I . S. Sleei p?d l^H, MINING. j Adventure 2\ i Allourx 45 Amalgamated IHJVfc Atlantic, bid 11% ISlnghum, a: ked 15 | Caiuiuct it inc.a, asked 800 OlltPIIIIIMI ' ? t opjKT Kange HJ it&iy West Frank, tn Isle Kova.e 1?/* Mus.>>ii?-iiu.sei ts .Mining .? Ya Michigan 1 il,-2 Moiia ?\ K hOyvj Montana foal & t'oke Old L/ouiliilon 4i Osctoia 127 I'arrot Ill yulucy 41 .NUAUllim 10^1 Tamarack 104 Trinity 22% Uuueti Lo??i*er C2 I'niled Slated Mining -IS L nlted .Siait-s Oil 11 I .'tali 4?j * l?-ior;a 7 Wiiu?nu 7 Vfc MANCHESTER CLOTH MARKET. ? MA NO H EST Kit, England, July 27.-Inquiry on a better scale in the cloth market tills week resulted in increased business. especially as the manufacturers are Inclined to relax their recent firm attitude. 'I he Indian business was confined to light fancy fabrics, as the offers for shirtings were still too low. China took fair quantities ol standard clotns, and South American orders showed a moderate increase. Yarns were quiet. Continental houses took American crops more freely, but the home trade bought sparingly. l,ow grades met with poor inquiry and spinners complain that the maigins are disappearing. Quotations remained unaltered., NEW YORK SPECIE IMPORTS. NEW YORK, July 27.?Imports of specie at the port of New York for the week ending today were $12.47.4 silver and SC9.3S7 KOK1. Exports of specie from the port of New York for the week ending today were $923,530 silver ar.d no geld. NEW YORK METAL MARKET. NKW YORK. July 27.?Metai markets were dull and largely nominal, as usual in the absence of cables. Tin was uncharged at 40.00a<0.50. Copper nominal, with l:ike quoted at 21.00 aii.OO. electrolytic at 20.50ail.00 and casilns: nt 2O.00a2'.).25. l>vid was dull at 5.15a 5.2"r and spelter at 5.9.">ati.00. Iron was quiet 1 without farther change. Financial News Letter BY W. G. NICHOLAS. Spwlal Correspondence of The Star. NEW YORK. N. Y.. July 27. 1907. Cheap call money gives the cliques anil their manipulative agents chances for fairly profitable midsummer campaign work. It seems altogether probable that the call money rate will remain low until the demand for funds for crop moving purposes begins to be felt. The current of money from the east will start in a few weeks ana continue witn inert-asms lorce timing the remainder of the year. It therefore becomes necessary for whatever bullish manipulation there may be in the stock market to work Its course between now and the 1st of September. The efforts of the pools to mark up stocks at this time encounter almost no opposition of a:i Influential kind. The bear loaders are putting lip no fight, leaving th<* field entirely In the possession of those who want to see prices established on a higher level. After a Ions soason of liquidation, when a market has been sold to a standstill, the bears themselves are willing to see a price uplift in order that they may resume operations to better advantage. Manifestly there 13 more in it for the bears to begin selling from the high level than from the low level, assuming that their reading of general conditions is right. ? * Market action these days is witliin narrow limits. The chapter of accidents has several times operated to check manipulation for the advance, but nevertheless prices hold well and the trend seems to be slowly upward for th^ time being. Few are found who believe the movement to be well grounded or who lo.>k for permanently higher prices. At the same time, for reasons mentioned in the foregoing, the prospects rather favor the theory of a further small rise, and the professionals are acting in conformity with that idea. * * * The markets were unfavorably affected by the North Carolina incident and tho scriKe at me L.aKe superior iron mines. Some few wide-awake traders had advance information about the strike and made a turn in the steel stocks. The general public, however, had no intimation of trouble in that quarter, an.l the news cam* as an unpleasant .surprise. The theory entertained thereabouts is that the steel trust wtll be in no hurry to settle matters. It is in a good condition now to stand a strike and will be easily reconciled to the cessation of production extending through a period of several weeks. A strike of long duration^ would be a serious matter, but as this particular trouble has hardly commenced there is little use to speculate on remote possibilities. * * * The fri< tion which lias developed between the federal anil state courts of North Carolina is looked upon in Wall street as being full of market danger. The prevailing notion is that while the railroals directly concerned may gain a victory over state authorities they were impolitic in making the fight tiie way they did. The contention is that if they nad gone about their defense in a less defiant manner they might have gained their point just as quickly without antagonizing tlie- masses of the people as well as gaining public ill will in every quarter. Knocked out on the broad propositions advanced by the railroa 1 companies the state retains the indisputable right to i?ass laws for the local regulation of railroads which mleht make life very bur densome to them. In a war of reprisal and retaliation an aroused state can hurt railroads within its limits worse than the railroads can liurr the statf. This phase of the situation is the one which is attracting attention in Will street and railing down upon the hea is of the management of the Southern railway harsh criticism. President Flnley and his associates are gettins it on every hand both by wire, mail and word of mouth, that they have made a tactical mistake in the course mapped out for their North Carolina campaign. The trouble with some 6* the people intrusted with the management of railroads and other corporate-property is that they feel impressei with the need of convincing l-? & i Hin f Ko ra rxrtti'nr f i1 1 iiicii m vtv (V i i p mab mcj at c I'V/ ?t v? i \<> and fearless characters and that they must demonstrate In a way to prove this? regardless of consequences. It therefore turns out that, some of them are headstrongly bent on taking the wrong way to do what they consider the right thing. * * * It was not until Wednesday that the street took stock in the; report that South ern Pacific was to bo placed on a vnnr1 the nnle nf Inn A man just back from there epitomized the information he acquired in this brie* paragraph: "Kverybody at the hotel was in receipt of daily mail from Wall street or from some banking friend or adviser. The gist of the correspondence seeme 1 to be that the country is going right ahead prospering and earning money for security holders. Among other things I learned was that all the Harriman railroads are prospering beyond anything that could be conceived of: that I'nion Pacific was to be maintained on a Id per cent basis and that Southern Pacific was to be put on a <> per cent basis this year and 7 per cent next year. The talk about New York Central was not so rosy. It appeared from the information collected at the big hotel that the management was incompetent, and that the property would have to be run by the public utilities commission. It was represented to this collection of retired millionaires that there was nobodv connected with the management big enough to carry througn the grand scheme of improvements mapped out for Greater New York and that everything was at sixes and sevens in that particular. As for the steel trust issues the advices were exceedingly optimistic. Steel common was to be put on a. 3 per cent basis at the next meeting of the directors a few days hence, and In December was to ba raised to 4 per cent The tip was fnat within a year Steel common would be cheap at 75 and that Southern Pacific would be a bargain at 113. Not a word was said about the possibilities of tight money or business depression. These old dreamers who had made their money and were living on their incomes, existed in a world by themselves, feeling serenely confident of the permanency of good times and of the utter impossibility of a change for the worse They were living in a state of perfect happiness." * * There is one stock which is free from the vicissitudes of or*iinnrv husiness c.ondl lions. This is Smelters. The great Gug- I genhetm industrial will prosper regardless of whether times are hard or times are Rood. In fact, it should do better in periods of depression than at any other time. It Is engaged In the attraction of precious metals from the ore. It buys the ore on an ascertained value and sells the output, making very liberal allowance for expenses and profit. When everything is dull the mining of gt>ld and the other highclass metals will keep right on. Smelters has a cinch. It Is paying 7 per cent and earning 20 per cent, besides having imI mensely valuable Interests In all sorts of | sine issues, wnicn are carriea on us dooks at a moreli- nominal valuation. Smelters is the on<> industrial which at current dividend rates and with its known earning capacity ought to be regarded as the cheapest tiling on the list. * * * The lawyers employed by Mr. "Jim" Hill to find a way to distribute the accumulated Burlington surplus ot $40,000,000 to $50,000,000 have gone up against a snag. Apparently they do not see how this can be done without taking up. or in some way refunding the $200,000,000 in 4. per cent Burlington bonds, which are indorsed by Great Northern and Northern Pacific. Any distribution of the accumulated surplus j might strike some quarrelsome bondholder ilM i;nMIIli] HM inijri'llijll Ull Luc llirui/ luav the security was In danger of impairment. Maybe, after all. Mr. Hill is not as anxious as some people think to distribute this bis surplus. His roads are In need of money and if they cannot Ket it from the public they mi?lit be able to borrow it from their own concealed balances. FARMERS LEAVE VICTORIA HUNDREDS TAKE UP CLAIMS IN OTHER AUSTRALIAN STATES. Low Prices in Queensland and New South Wales Said to Be the Cause. Special Cablegram to The Star. SYDNEY. July 27.?For somo months there lias been a steady outflow of the agricultural population of Victoria. Farmers are giving up their holdings and are seeking new lands and new homes in New South Wales and Queensland. And most of these farmers had been settled for years In the best parts of the state which they are leaving. It Is no uncommon thing to read in the newspapers of fifty or sixty departures daily or even more- Several reasons are assigned for thia migration. One is the high price of land In Victoria as compared with that of New South Wales and Queensland, the high valuation put upon the land representing the high rates of taxation for irrigation and other purposes and the fact that most of the best land had been sold by the government so that the young farmers have little chance for securing suitable country for agricultural purposes or for grazing. There is yet another reason which accounts for many /if Hut rloiiQrtnrPc rm..f. ting along in years have owned farms consisting of some of the l^st land in Victoria ?they have prospered and saved money. They can sell their lands ami at good prices and they are doing so. They say that they want greater areas of country so that their children may found homes for themselves and for their families, and the amount they receive for* their Victorian nrnrinrf l..c fin o CiO t Viom ( . i nnrnltuca as much land in New South Wales and three times .as much in Queensland. In both states the purchasing terms are very liberal, and the areas from which a man may select are practically illimitable. It is safe to say that many of these people are making a mistake, for distance always makes the prospect more entrancing. Victoria has the finest climate of any state in Australia. Queensland, where most of the farmers appear to be going, has the worst. When fine seasons are experienced all goes well, but the long droughts (the last continued for seven years) result In terrible sufferings for man and beast. Then again many of the settlers will be hundreds of miles away from the railways and otlqn they will br> obliged to suffer for the comforts as well as the luxuries of ..fe.. Deporting Kanaka Laborers* What seems to be a very serious state of affairs is threatening the sugar cane plan tations. In order that the people may be assured of a "white Australia" the federal government some time ago decreed that the Kanakas must be deported. These Kanakas are natives of the various islands of the Pacific adjacent to Australia who have for many years been working on the sugar plantations. Some of these peopla are married and according to all reports have become gocd Christians, have settled homes, and are acknowledged to be good citizens and their .abor is needed In the development of the country, but the government makes no exceptions and ail must go. Some 4.000 have already been returned to the islands from whence . ev name nnrl at least 1.500 more must go before the end of the year. After living the greater part of their lives among the whites whose ways they have learned to love and to admire they are being sent off to do the best they can among semi-barbarians. Hut few dotails have been allowed to leak out as to how the business of removal has been curried on. but it Is known that some have even been landed on the wrong Island and that In all cases there appears to be a general disposition to return to old and savage habits of life and give up their civilized ways. And the difficulty with the proprietors of the plantations now appears to be the securing of labor in the place of the Kanakas. It Is admitted that the cane country is no place for white men to work. White men may superintend the labor of Kanakas, but when it comes to the actual work of the handling of the cane Itself it Is very doubtful whether white men really can do the work under the conditions presented. Proprietors in the sugar cane belt have advertised all over Australia for workers and. though they offer good wages, there have been practically no responses to their advertisements. Now they have agents in Englajid, France, Austria and Italy on the alert for suitable men with instructions to head off some of the remarkable stream of emigration flowing in the direction of the United States. The opinion of practical men openly stated* is that t .e sugar cane industry here can be worked only with colored labor and that this Is the beginning and the end of the argument. And now V, r, V, ^ 1 - 1 I - l ' ? ' * ' viia >. me luivicu iouui is pi tiimmeu me oUulook for the sugar industry is naturally very gloomy, especially for the coming season. Distance Always a Bar. Mr. Deakln. the commonwealth premier. ?nd Sir William Lyne, minister of trade and customs, were accordea a royal reception at Adelaide upon the occasion of their arrival after their visit to London and the Imperial conference. Addressing a crowded audience at the town hal. Mr. Deakm maintained that distance was a standing debit of the Australian who journeyed to London. Out of sixteen weeks' absence he said ten had been spent in ocean travel. He argued tnat they should [ try to prevent loeal party politics from impairing national Interests and prejudicing Austral-Imperial interests. The conference had helped to bring the necessities of the commonwealth before the people of Ureat Britain and in that he believed it to be a good thing. The Eyebrows. Front Hnrper'u Rnrar. The eyebrows shoOld receive as careful If not as frequent attention as the hair. With a bit of cold cream on the linger tips rub the eyebrows gently to loosen any possible dandruff. s|*tce they are often subject to this annoyance. Then wash them with a mixture of alcohol and water. Lastly. brush them, using the little brush on the end of the nail file. First brush them straight up toward the hair, then straight down, and the line will be fine and wellshaped. If tills treatment Is used regularly the eyebrows will constantly grow more beautiful. Brushing up the outer tip after the last stroke downward gives a coquet iisu expreaeiuii tu ?ome lacea, but til? curve or straight line designed by nature is rarely Improved upon. New York Dry Goods Market. NEW YORK, July 27.?The dry gnods market was firm and faiirly active today. Large sales of printed fabrics are being made. KING OF SUM IN BOLD GORGEOUS REPRESENTATION BT PORTRAIT PAINTER. Discussion of International Politics Precipitated by Italian Newspaper. Spei-lnl C?l>lecriim to The St?r. PARIS. July 27.?His majesty. Chulalongkorn. King of Slam, is delighted with his portrait by M. Carolus Puran, which has Just b?en hung in the salon of the Socl?e Natlonale. ami will remain there till Hie exhibition closes. The picture Is practically all gold. The king stands against a background of old gold plush. H!s dress is white, hut the embroideries on the collar, belt and sleeves are of gold. His sword has a golden hilt and scabbard, his helmet Is white and gold. His right hand holds a golden scepter, his breast Is one mass of orders, mostly of gold, and Is crossed by a golden sash. Over his shoulders hangs a cloak of cloth of gold studded with diamonds and pearls. It can easily e Imagined how a painter like M. Carolus Duran reveiea in tins magnineence, ami now gorgeously his brash has rendered such a riot of gold. It Is not often that anything the Italian newspapers may say upon the subject of international politics attracts much attention in France, but the recent series of articles appearing in -a Trlbuna of itome partake In some respects of the character of startling revelations. It should be re memtiered that I without a representative at the conference. History Repeats Itself. It is recalled here in France that history has repeated Itself in this instance. In 185!), when France proposed a conference of the European powers with the object of settling the problem of Italian unity on a federal basis, so as to secure the temporal inde? pendency of the papacy, the Hritish government brought the proposition to naught. And now the Italian Journal reveals the fnct tiuit In when nil th.> exeat powers of Europe were favorable to the representation of the pope at The Hague conference, it was again the Influenca of the" British government, which strangely enough at that date included the Duke of Norfolk as the representative of the conservative Catholics of Great Britain, that defeated the suggestion. The czar, upon whose initiative the conference was summoned, was willing to recognize the moral position of the pope and the great influence that he repeatedly exercised in behalf of the cause of peace, and accordingly lie pressed upon the Italian government that it should withdraw its opposition to the papal representation. His representations were seriously entertained by tiie Italian foreign minister of the day. Admiral Cunevaro. He was anxious that Italy should stand well with Ilussia. as lie was e,ndeavoring to secure concessions from China, and as Is well known. Russia was all-powerful in that quarter at that time. He was also desirous of Improving Italian relations with France, with whom the lirst commercial treaty had just heen concluded, to the chagrin of Germany. The latter power was cooling off. and Italy desired to come closer to the dual alliance. Italy's Relation to the Vatican. "Furthermore." says the Trlbuna, "Canevaro, like many Italian politicians, was convinced that one day or another Italy and the Vatican must come to an understanding In the common interest, and that to demonstrate on a favorable occasion the conciliatory sentiments of the Italian government wouid be to render a signal service to the liberal party of Italy. The conference at The Hague seemed to him to be an excellent up^urtuiiu; iu e^num utti^ m tue light of a sovereign position in relation to the Vatican, and at the same time to exhibit in the face of other nations the tolerance that inspired the Italian government." The position then was: Russia demanded the admission of the papal representatives; France warmly supported Its ally. Kussia; Germany desired to give its Catholic subjects a proof .that the Protestant government was friendly to tha prestige of the head of their church. Austria maintained an attitude of reserve solely to avoid the appearance of affronting Italian susceptibilities. or arousing Italian suspicions, but with Italy favorable would have supported the Itussian proposals. Then occurred a remarkable manipulation of men and of nations. For policy's sake the Italian minister was Instructed to oppose the " ' I ~ ~ .1 If o tU.it I nuusmil pmpunai, iinu nicrii iv nao mai the British government Interven-d and made known to Russia that the English government would take no part in the conference if Italy was not represented. New Form of Bullet. From the Youth's Companion. German army officers have recently experimented. with satisfactory results, with a new form of rifle ball invented by ar Italian, Signor Cel-RIgottl. The projectile terminates at Its front end In a rcrewshaped projection, the purpose of which Is to Impart a more continuous revolution to the projectile during Its flight. The effect Is SJllfl to D to give u mucn longer range and a flatter trajectory, with the same original velocity as that of projectile's oJ tfle usual form. For some reason the Invention was not accepted in Italy, but It Is said that this fact Is regretted by the Italian authorities since the successful experiments In Germany. Indian Bones Unearthed. From the I'hllatlelpliia Ueeord. While digging on the Updegraft .arm. above Newbery, Lycoming county, recently, several workmen turned up an old Indian skull and some body bones. The ground In which they were digging Is back of the schoolhouse. a;id It Is supposed to be the InHion n j mnl n sr irrnnn/1 Tht1 Alfred /nsstre r?*nt Ucnismi and kre'j) them rental. The F. H. Smith Co., 11408 N. Y. Ave. Jr27 28d A NEST EGO. j The home that has a re- ! serve fund?a snug little nest j egg?is the place where contentment dwells and where smiles are thrown upon the - future. The only wav to. own a !!l reserve fund is to save a portion of your income regularly and persistently. We will guard your savings zealously and pay you 3 per cent for j! the privilege. HOME SAVINGS BANK, 7th and Mass. Ave. N.W. Branches: 7th and II Sts. N.E., 4^6 7th St. S.W. Deposits more than a Million and a Half. _ Jy2T tf Make It a Point To Lay Aside ?a portion of your income and deposit same regularly in our SAVINGS DEPT. Such a i ' course win soon enaoic you to "get ahead." E7Intercut pnl<1 on living* acconnft. Sar. ingi Dept. open on Snt?;rcz National j I BANK, j I Pa. Ave., opposite U.S. Treasury, j jj25U8d j, ^ 9 AM ANNUITl ISSUED BT The Mutual Life Bnsuranc# Company of New York On**?h Hied Income for life, nhlch Inwma la protected l.jr o*er f ?nr hui?