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Evening star. [volume] (Washington, D.C.) 1854-1972, January 16, 1908, Image 21

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The World of
Finance and Trade
Profit-Taking and Short Ac
count Activity Today.
. *
No Genuine Pressure Upon the
Market at Large.
London Was Heavy in Nearly All
Departments?Local Money
Rates Continued to Relax.
Sixx-isl Dispatrh t<> The Stnr.
NEW VORK. January, 16?The irregu
"?? nod generally speaking reactionary
'?ndencies which were observed in yester
day's stock market continued today in
emphasized form, hut as was the case
t lien the declines were interrupted by fre
quent rallies and a number of stocks ex
hibited exceptional strength. There ap
pea-ed to be no genuine pressure upon the
tuirket at large in the shape of actual j
liquidation. but there was much taking j
of profits and renewed and aggressive op
t i t; ions for the short account.
It is seldom the case that there has
been such unanimity of opinion in the
Wall street community with regard to
the immediate course oi prices. With
f'tic mind almost t lie professional traders '
of Wall street are. and have been since
the opening of the week, declaring that
th" extent of rise in prices was such to
warrant a substantial reaction, and they
have been basing their ventures accord
There. wer% various supfrfici.il explana
tions advanced in connection with to
i!av s irregular tendencies. A good deal
of bearish capital was made out of the
prospective federal prosecution of th
Standard Oii Company in the alleged
railway rebating case, and wholly un
warranted efforts were made to throw
doubt upon the protwbie resumption of
on> ot the larger financial institutions
which suspended In, the October panic.
Tiierc were likewise vague and unfoundsd
innuendoes with, regard to the success of
the recent note sale by the New York
< ciitral Company. These several matters
wer? at all events actively exploited in
connection with the selling of securities.
British Discount Rate.
The really most Important news of the
da;,- was that with regard to the reduc
tion of the minimum discount rate of the
Bank of England from 6 to 5 per cent.
Tlv bank mad?A an exceedingly strong
showing In connection with its action
upon Its discount figures, but these cir
cumstances apjieared to have been dis
counted in the ^ondon stock market,
which was heavy ; in nearly all depart
ments. Operations here for foreign ac
count were not upon a sufficiently large
scale as to influence price movements
The local money market continued to
exhibit relaxing tendencies, and the pros
pects favor another exceedingly strong
bank statement Saturday. It is under
stood that the retirement of the clearing |
house certificates has made very rapid
progress since the compilation of the fig
uros of last Saturday's bank statement.
Thflre was a considerable increase in
the volume in the day's stock market, a
somewhat noticeable fact in view of the
general tendency of prices. Maximum
otcltnea lti excess of one point were quite
rttmmon, and American Smelting suffered
a particularly severe break.
Amalgamated Copper Affected.
Amalgamated Copper was naturally un
favorably affected previous to the an
nouncement of its quarterly dividend by
the knowledge of the reduction in the
dividend of the largest of one of Ks .sub
sidiary1 companies which is still in active
The Tocal traction shares moved irregu
larly Brooklyn Rapid Transit was re
actionary, while the Interborough Metro
politan stocks were exceptionally strong
on further discussion of the noteworthy |
success of the new subway to Brooklyn i
little news of gossip attached to the
movements in particular stocks in the rail,
way list. Northern Pacific and Reading
were exceptionally strong in the early j
part o? the business sess;otv but subse- i
ouently both Mocks shared In the irregu- j
Inr tendencies of the market at large, j
Union Pacific f.nd Southern Pacific were
specifically offccted by the day's judicial
dec*! ion ty the cffect that interests promi
nent :n the management of those proper
ties tliould answer the questions pro
pounded to them last year by the Inter-1
state commerce commission.
NEW YORK. January ifl._The cotton
market opened firm at an advance of 11
to 22 points, with May selling at 11.30, or
a little over $2.50 per bale above the low
ttrices of yesterday morning. Trading was
extremely active and excited, but the
opening was better than due on the ca
bles. and In spite of big over-night buy
ing orders, prices eased off slightly during
the early session under heavy realizing by
the bull leaders, .w-tive months being 14
to 15 points net higher in the middle of
the morning
Futures opened firm; Januarv. 11.15 to
11.2^: February. 11.23: March sold, 11.32
to 11.44; April. 11.49 to 11.30; May. 11.50;!
July. 11 "'1; August. 11.October, 10.57.
Th? market made new high records late
in the forenoon, early offerings having
o'-en absorbed with such promptness as to
start covering by early sellers, while
there also appeared to be a good demand
from spot cotton houses and the south.
Brokerjs believed to represent the new bull
leader - vfere sellers early, but bought at j
the reaction of 7 or H points, and before
midday March here had sold at 11.47 and !
May at 11 ..V.. or 25a28 points net higher. J
Spot, quiet, middling uplands. 12.00; mid- ;
illng gulf. 12.23.
Estimated receipts at tlie ports today.
"?.UJ0 hales, against 31.05t> last week, and
."C.rt?52 last year. For the week 2ht>.otX)
lairs. against 293. OS 1 last week and 34M,
7*d last year. Today's receipts at New Or
leans, f nal^s. against 14.."112 last '
> ear, .tnd at Houseton. t.NSMi bales, j
against 21.401 last y?ar.
NEW YORK. January It; Spot cottonj
? iosed steady, 'J5 points higher; middling
uplands. 12 lo middling guif. U'??. Sai-s. j
?? 2UH bales.
Liverpool Cotton Prices.
I.I VKRPOOL. January 1?'?.?Cotton: Spot, j
?j .let: pri< es, twelve [joints higher; Ameri
can middling, fair. 7.0M; good middling,.
?; ?#7: middling. n.-Jl; low middling, <5.07; ;
ii'iol ordinary, .*>.ii5; ordinary. 5.15. Th?-!
. ie.s of trie day were 5. < K O bales, of]
tvMi h '"*?> wc-re for" speculation and ex
port. and included 4,'Joo American. Ke
< fMpts, hales. Including 15.10O Amer
an. Futures open d and cosed nrm:
American middling, g. o. c.. January.
5 January and February. 5/fJVj; Feb
;:iry unil March, tt.Oo; March and April.
?:.< April and May. May and
J me. c,.oo; June and July. 5.'.??s,,s; July and
A ;gust. r..!'5; August and September,
September and October. 5 721,*; Oc
tober and November. 5.?>2: November anil
]i?rerabrr, 5.~>9Vi
Generally Support Him in Senate
Finance Committee.
The Senate committee on finance gave
further consideration to the Aldrich till
today. Various amendments were offered
and discasred. It is understood that no
svtifin of the bill has as yet been defi
nitely amended. The democrats of the
committee, as a rule, s-em to be largely
In accord with most of Senator Aldrich's
id'as. and the amendments they will en
deavor to have adopted will be generally
fll ? min/>r nature
Furnished by W. B. Hibbs & Co.. bank
ers and brokers, 1410 F street, members
New York Stock Exchange. Washington
Stock Exchange and Chicago Board of
Open. High. Low. 2:_43.
Amalgam. Copper... 52% 52% .W4 .>0 s
Am..Car & Foundry 32 32 31 31
Am. Car & F.. pfd. 80% H0% 80% 89%
Am. Ice Securities.. 17% 17% 16% 16%
Am. Locomotive.... 40% 40% 39 39%
Am. Loco., pfd 91 91 90 ( 2?-.
American Smelting. 78 78' 73% ?3*s
Am. Smelting, pfd.. 95 05 93% 9.> 2
American Sugar.... 112% 112% 111% llj-2
Am. Tobacco, pfd.. 80% 80% 80% 80 .?
Anaconda 32% 32% "J"'1
Atch.. Top. & 9. F. . 73% 73% 71% ?2% ;
A.. T. A- S. F.. pfd.. 86% 86% J?1--,???.<!!
Atlantic Coast Line. 73 73 73
Baltimore A- Ohio... 89% 801 ?* 88 8*
Batopilas Minin* 3% 37* 3-g ?>,4
Brooklyn R. T 45 45% 43li j-l's ,
Canadian Facific.... 152 152% 14i? ? l.jO
C., C.. C. & St. L... 60 <>0 ,5? u>
Central Leather 18 18 18 Is* j
Cent. Leather, pfd -?-???: ???;:;
Chesa. & Ohio "2 3- 31_? 31 <*
Chicago Great West 5% 5% htw
Chi., Mil. & St. Paul 115% 11?% 114% 115*
c. & n. w 149% u? i407?
Col. Fu* * Iron.... 22% 22% 21% 21%
Colorado Southern.. 25% 2;i% 24%
Consolidated Gas... 104 104 103_ ly*>
Corn Products 14 14% 13*4 14%
Corn Products, pfd.. 75% 75% 75% ?0/4
Delaware <R* Hudson 165 165 164 161
D.. L. &
Den. & Rio G. Ry.. 21 21 21 21
Distillers' Securities 34% 34% 33% ??,?
Erie, common 15% 15% 15% 15%
Erie, 1st pfd 34 34 33 33%
Erie, 2d pfd
General Electric.... 122 122 120 120/*
Great No. Ore Cts.. 54% 55% 51% 5.i
Great North., ptd... 122% 124 121% 122%
Greene Cananea
Illinois Central 131 131 131 131
Interboro Met 7% 8% 7% X
Interboro Met., pfd. 21 % 22% 21% 21 %
International Paper
Kan. City Southern. 22 22 22 22
Kan. City So., pfd.. 52 52 52 52
Louis. & Nashville.. 1<*'% 100% 100%
Mackay. com 50 50 58% 58%
Mackay. pfd..?
Manhattan Elevated 124 124 124 124
Mexican Central.... 16 16% 15% 16%
M.. Kan. & T., com. 26% 2?% 23% 24%
Mo.. Kan. & T.. pfd. 58% 58% 56% 56%
M. S. P. & S. S. M.. ......
Missouri Pacific 45 45 44 44%
National Lead 42 42 40 40
N. Y. Air Brake 69 ?? 67 67
New York Central.. 102% 102% 100 100%
N. Y.. Ont. &- West. 35% 35 Va 34% 34%
Norfolk & Western. 6K ON 67% ?7%
Northern Pacific 124% 126% 124 125%
Pacific Mail Steam. 27% 27% 27% 27%
Pennsylvania R. R. 116% 117% 115% 115%
Peo. Gas of Chicago 80 80% 87% 87%
Pressed Steel Car... 22* 22% 21% 21%
Rail'y Steel Springs. 20% 29V? 20% 20%
Reading 100 110 10*1% 107%
Rep. Steel & Iron.. 18% 18% 18 18
Rep. S. & I., pfd.... 71% 71% 71 71
Rock Island, com... 14% 14% 14% 14%
Rock Island, pfd.... 28% 28% 28 128%
Sloss-Sheffield Steel. 41% 41% 41% 41%
St. L. & S. F.. 2d pf 214% 20% 20% 20%
St. L. S. W.. pfd... 30% 30% 30% 30%
Southern Pacific 76 76% 74% 75%
South. Pacific, pfd.. 110% 110% 110% 110%
Southern Railway.. 10% 10% 10% 10%
South. Railway, pfd 33 33% 32% 33%
Tenn. Coal & Iron
Tenn. Copper
Texas Pacific 21 21 10% 10%
Toledo, St. L & W.. 14% 14% 14% 14%
T.. St. L. & W.. pfd. 37% ^7% 36% 36%
Union Pacific 125% 126% 123% 124
U. S. Rubber 24 24% 24 24
U. S. Rubber, pfd... 84% 84% 83% 84%
United States Steel. 30 30% 20 29%
U. S. Steel, pfd 04% 05 93% 03%
Va.-Car. Chem. Co.. 17% 17% 17% 17%
Wabash ...: 9% 914 0%
Wabash, pfd 17% 17% 17 17
Western Union
Wisconsin Central !
Wis. Central, pfd
Woolen Goods 18% 18% 18 18
Amer. Tobacco 4s.. 65% 65% 05% 65%
Amer. Tobacco 6s.. 100% 100% 100% 100%
Consolidated Tob. 4s
Rock Island 4s 61% 61% 61% 61%
U. S. Steel 5s.
Wabash Deb. Bs.... 88% 88% 87% 87%
# Closing Quotations.
At the close of the stock market the fol
lowing stocks had changed in price since
above quotations, there being no change
in balance of the closing prices:
Amalgamated Copper. 51%.
American Ice Securities, 16.
American Locomotive. 30%.
American Smelting. 74.
American Sugar, 112%.
Anaconda, 32%. r
Atchison, Top. and S. Fe, 73.
Baltimore and Ohio. *K%.
Brooklyn Rapid Transit, 44%.
Canadian Pacific. 150%.
Chicago, Mil. & St. 1'aul. 115%.
Chicago & N. W., 150%.
Colorado Fuel & Iron. 21%.
Colorado Southern. 25*%.
Consolidated Gas. 103%
Delaware & Hudson. 163.
Erie, common. 15%.
General Electric, 121.
Great Northern Ore. 54%. 1
Great Northern, pfd.. 123%
Illinois Central. 131%.
Interborough Met., pfd., 21.
Mo.. Kansas and Texas, com., 24%.
Mo.. Kansas and Texas, pfd.. 57.
Missouri Pacific, 45%.
National I>Vid. 40%.
N^w York Central. 10li?.
Northern Pacific, 126%.
Pennsylvania R. R.. 116.
People's Gas of Chicago. 87%.
Reading. lns%.
Rock Island, com., 14%.
S. L. & San. Fran.. 2d pfd.. 28%.
Southern Railway, pfd.. 34%
Union Pacific, 125%.
U. S. Rubber. 24%.
U. S. Steel. 29%.
U. S. Steel, pfd., 04%
Western Union. 60.
Rock Island 4 s. 61%.
United States Steel 5's, 87%.
CHICAGO. January 16.?Wheat today
was weak, influenced by a decline of over
Id at Liverpool and continued liberal re
ceipts in the,north west. May opened % to
%c lower at 102% to 103%, and sold at
May corn opened a shade to %a%c lower
at 50% to 60%, and held within that range
May oats opened %<? lower at 53% and
sold at 53%.
May provisions opened quiet, pork 5 to
7%c higher at 13.47% to 13.CO; lard off 2%a
5c at 8.07%. and ribs, 5c higher at 7.22'~
and sold at 7.17%.
The wheat market became strong in the
last half of the session on active demand
from shorts. The buying was largely in
fluenced by strength that developed in
the corn pit. May advanced to 1.03%. The
clcse whs strong at about the highest
point, with May up %a%c at 1.0?%al.03%.
The corn market became very strong
later, on active buying by cash houses.
The high point for May was 0o% The
close was strong. May being up %a%c at
Close: Wheat? May. 103%al03%;
July. 08%; September, 95%.
Corn?May. 60%a(X>%: July. 59%; Sep
tember. 50%.
Oats?May old. 54%; May. 52%; July
I old. 4.%a47%: July, 4.">%; September,
i 3'.* %a40.
Pork?January. 12.92%: Mav, 13 47%a
! 13.50.
I*ard?January, 7.8ft; May. 8.03.
Ribs?rJanuary. 8.%5; May. 7.22.
Rye?Cash. 80%.
Barley?Cash, S0al02
Timothy?March. 4.SO.
Clover?March. 17.25.
Liverpool Grain Prices.
LIVERPOOL. January 16.?Wheat?Spot
; steady: No. 2 red western winter, 7s 10d.
i Futures, steady: March. 7s 10%d: May, 7s
1 9%d. Corn?Spot, quiet: Prime mixed
American new. 5s 6d: prime mixed Ameri
can old. 5s 7d. Futures dull: January 5s
! 3%d; March. 5s 3%d.
Serious Illness of George T. Dunlop.
The condition of Mr. George Thomas
' Dunlop. president of the Capital Traction
I railroad, who became suddenly ill Tues
I day night, and who has since been con
fined to hi? home. 3102 Q street northwest.
' in a serious condition. Is reported today to
j l?e unchanged.
Odd lots of Mericenthaler stock sold to
day at the meeting: of the stock exchange
for 200. which Is the hlrhest level reached
since the recovery set in from the depres
sion which affected the entire list. This
movement Is accounted for by those who
claim to have some knowledge of tbe af
fairs pf the company by excellent busi
ness prospects and a natural return under
the circumstances to the levels which were
maintained several months ago.
Better figures were also recorded for the
bonds and the preferred stock of the
Washington Railwav and Electric Com
panv. and while the volume of business
was not large the securities in both in
stances were held at prices which show a
considerable advance over the low record
of recent weeks.
This change in the attitude of the own
ers of the stock, as well as the lnvest
infc^publlc. is attributed to the belief that
the change in the management of the
company which is to be brought about by
the choice of the directors of the company
who are to represent the majority of the
stockholders will result In the selection of
loral men as officers.
The committer which is inviting proxies
011 behalf of the policy of a local board
is receiving many responses, and the
prosDect Is that the vote cast Saturday
next at the annual meeting will show a
large majority for the ticket which has
been named.
Tne illness of Mr. Frederick C. Stevens. |
who is in Albany, N. Y., is pronounced
to be due to appendicitis, but from Infor
mation received here today it 1b stated
that the necessity of an operation is not
anticipated. Mr. Stevens expected to
attend the meeting of the stockholders
of the Washington Railway and Electric
Company in this city Saturday, as he is
one of the largest stockholders. As he
will be unable to be here in person, it is
stated that the stock which he purposed
to vote will be cast, as he intended It
should be. for the ticket which repre
sents local control.
At a meeting today of the directors of
the Traders' Bank the recent change
which has bern made in the control of the
stock was Indicated by the retirement
from the presidency of C. J. Rlxey and
the election to that position of Eldrldge
E. Jordan.
Arthur C. Plant, the vice president, was
made first vice president, and Julius J.
Peyser, who is the new member of the
board, was made second vice president.
J. Kendall Cain and H. Owen Thompson
were re-elected cashier and assistant
cashier, respectively.
Government Receipts.
National bank notes received today for
redemption, $1,084,435. Government "re
ceipts: From Internal revenue, $656,265;
customs, $801,555; miscellaneous. $117,
200. Expenditures. $2,080,000.
Washington Stock Exchange.
Sales.?Regular call. 12 o'clock noon?Capital
Traction 5s. $"00 at 110%.
Washington Rwy. and Elec. 4s, $1,000 at <7%,
$1,000 at 77%. $1,000 at 78.
Washington Rwy. and Elec. pfd., 30 at ?2.
50 at 72. 25 at 72. 25 at 72. 100 at 73 (buyer
Mergenthaler Linotype. 5 at 200, 1 at 200, 8
at 200.
After call?Capital Traction. 10 at 123%. 10
at 123. _
Washington Rwy. and Elec. 4a, $9,000 at <8%.
Washington Rwy. and Elec. pfd., 3 at 72.
Bid. Asked.
Washington Gas 4s 89% ? ???
Washington Gaa cert. 6s 102 105
Capital Traction 5a 110% 111
Anacostla and Potomac 5s 96% 100
City and Suburban Bs 96*4 100
Columbia 5a 102 103%
Columbia 6a 103% 107%|
Metropolitan 5a 106 107
Washington Rwy. and Elec. 4s... 78 79
Potomac Electric Light 5s 100% ....
Nor. and Wash. Steamboat 5s.... 107% ....
Chesapeake and Potomac Tel. 5s. 100% 101% I
Washington Market 5s, 1927 104% ....
Washlugton Market 5s. 1947 105 ....
Capital Traction 122% 124%
Washington Rwy. and Elec. com.. 25 28
Washington Rwy. and Elec. pfd.. 71% 72%
Nor. and Wash. Steamboat 280 310
Waahlngton Gas ?'?$
Georgetown Gas 90
Chesapeake and Potomac Tel.... 60 ....
Great Falls and Old Dominion... 65
Mergenthaler Linotype 199% ,..201
Lanston Monotype 8% 10
Greene Cananea 7 7%
Mitchell % %
American 142% 165
Capital 192
City 150
Columbia 280
Commercial. 206
Farmers and Mecbaulcs' 306 381
Lincoln 125 133
Metropolitan 800
Rlggs . 540 650
Second 13ft * . 150
Washington 390 410
American Security and Trust 220 260
National Safe 180 190
Union Trust 117 121
Washington I-onn and Truat 185 200
Home Savings 306 ....
Merchants and Mechanics' 14 ....
Union Savings 220 280
Washington Exchange 115 130
Arlington 25 35
Columbia 10 11
Commercial 5 8
Corcoran 74 ....
Firemen's 19% ....
Franklin 50 ....
tiorman-American 250 ....
Metropolitan 85 ....
People's 5 6%
Potomac 27 31
Higgs 7% 8%
Columbia 3% 6
Real Estate 80 ....
Graphophone coin 40 ....
Grsphophone pfd 85
Security Storage 175 200
Washington Market 18 ....
Special Dispatch to Tbe Star.
BALTIMORE. Md., January 16.?WHEAT? I
Dull-"'.I easier: spot contract. 101%nl01%; spot
No. 2 r??l western. 103%nl04; January, 101%a
101%: Wi.-uary. 102',al02%: March, 103%al04:
May. Iiiim asked: steamer No. 2 red. 08a98%;
receipts. 8,010 bushels: southern on grade,
CORN?Dull; old spot mixed, 64'i; old No. 2
white. 64a04%: new snot mixed. 63%; January,
03%: February. 62%a62%; March. 63%; steamer
mixed. 59%; receipts. 87.202 bushels: new south
ern white corn. U0a63%; new southern yellow
corn. 00%a04.
OATS?Dull: No. 2 white, 56%a5T%; No.
white. 54a56%; No. 2 mixed, 54s54%; receipts,
16.397 bushels.
RYE?Firm; No. 2 western export, 90a91; No.
2 western domestic. 92a93; receipts, 903 bushel*, j
HAY?Quiet, unchanged.
GRAIN FREIGHTS?steady, unchanged.
The weekly statement of the Bank of I
England shows the following changes:
Total reserve, increased ?1,504.000; circu- j
lation. decreased ?574.000; bullion, in
creased, ?1,020.000: other securities, de
creased ?853.000; other deposits, decreased j
f5.Tl.000; public deposits, decreased ?793.
000; notes reserve, increased ?lt568.000;
governmenlsecurities. decreased ?2.000,000.
The proportion of the bank's reserve to
liability this week Is 52.69 per cent, com
pared with 48.15 last week.
Bullion amounting to ?112,000 was taken
into the Bank of England today and ?195,
OuO was withdrawn for shipment to South
PARIS, January 16.?The weekly state
ment of the Bank of France shows the
following changes:
Notes in circulation, increased 3,175,000
francs; treasury deposits, 'ncreased 3,
900,000 francs; general depo.its, decreased
70,975.000 francs; gold in hand, decreased
? 175,000 francs; silver In hand, increased
: 725.01 >0 francs: bills discounted, decreased
66,225,000 francs; advances, decreased
I 20.175.000 francs.
Three per cent rentes, 05 francs 07% cen
times for the account.
Exchange on London, 25 francs 17% cen
times for checks.
BERLIN". January 16.?Exchange on
London. 20 marks 50 pfennigs for checks.
Discount rates?Short and three months'
bills, 5 per cent.
Government Securities.
Bid. Asked.
2 per cents, registered. lttO 104% 106
2 per cents, coupons. 1930 104% 103
3 per cents, registered. 1900-18... 100% 101%
3 per.cents, coupons. 1908-18 101% 102%
3 per cents, coupons, small. 1906.18 100% .....
4 per cents, registered, 1925 118% lift
4 per cents, coupons. 1925 120% 123
2 per cents, re*., pan. Csd.. 1936 103
4 per centa, Philippine, 1914-84 110%
Special DIapatch to The Star.
NEW YORK, January 16.-Announce
ment of the Bank of England's reduction
In Its minimum discount rate from 6 to
5 per cent ia expected to have something
of a stimulating Influence on bull senti
ment and serve to offset In some degree
the increasing bearishness of the profes
sional element, which for the last few
days has been exerting every effort to
bring about a reaction In the stock mar
* * '
Close observers of the market, however,
are of the opinion that the forces which
have been operative in causing the recent
advance will be further effective In hold
ing prices up for a while longer, though
conservative operators are now becoming
cautious about further extending their
commitments on the long side. The enor
mous flood of profit-taking which has oc
curred since the beginning of the week,
it is admitted, furnishes strong evidence
of the underlying strength of the market
position, but many experienced traders
express grave doubt if this heavy selling
will not soon exhaust the power of ab
sorption. at least temporarily, and precip
itate a moderate decline throughout the
list. . ,
* *
So far as the money position is con
cerned. it is not believed that this will
offer any hindrance to the bull move
ment. -but the rank and file of traders
are laying stress upon technical condi
tions as the result for their anticipating a
downward trend in prices in the near
? *
Today s developments are expected to
form something of the accuracy of the
position of the professional element.
Should the directors of the Amalgamated
Copper Company decide to reduce the
dividend to half of t per cent, as It Is
believed they will, it Is maintained this
should precipitate a recession in prices,
unless all adverse features of the indus
trial situation are to be ignored. Like
wise. the quarterly report of the United
States Steel Corporation Is awaited with
the greatest interest, as it is believed that
this will furnish further substantial evi
dence of the curtailment In business
which, under ordinary circumstances,
would find adverse reflection in the stock
* ?
Another matter which is fcot altogether
liked is the slow manner in which clear
ing house certificates are being retired.
Although money on both time and call Is
now ruling well under 6 per cent, and the
clearing house loan certificates have to
pay a 6 per cent rate, the elimination of
these, it Is said, should go on much more
rapidly than is the case.
There Is reason to believe, however, that
the chief hindrance to the retirement of
clearing house certificates lies in the
trust company situation. A large volume,
upward of *20,000,000, was Issued against
advances made to certain trust companies
during the panic, and conditions have not
reached a point which makes it feasible
tar the retirement of the certificates out
standing against suoh advances.
* *
There is considerable difference of
opinion with respect to the stock market
for the next few weeks. Some interests
which think that the advance has been
too rapid say that It may be possible to
continue the upward movement some
what further. They would not be sur
prised, however, 'to see a sharp reac
tion at any time. They do not think
it is safe to buy stocks now, except on
reactions. They admit, however, that
those who have been waiting for the
market to sell off have lost for the time
Ming opportunities to make quick profits
of from five to ten points.
* *
In some circles It Is maintained that,
regardless of the decreasing volume of
business throughout the country and of
the corresponding reduction In railroad
earnings, the present state of monetary
affairs and the outlook of further im
provements in this direction warrant a
still higher level of prices for the best
Stock exchange securities. Those who
take this position claim that the demand
for bonds will be materially greater In
the near future, and that consequently the
railroads will be able to raise money,
and. in turn, will furnish new business to
the manufacturing industries.
* *
Every one believes that these conditions
will develop In due time, but conservative
students of the situation do not think
that they will come about as quickly as
enthusiastic stock market Interests are
predicting. As a matter of fact, there
are indications, of a revival of business.
FOr instance, at one of the largest hotels
uptown, which, since Its opening, has
had among its patrons a large number
of corporation and business people, there
has been a greater number of these men
within the last week or ten days than
In any time since the middle of last Oc
These men, who come from nearly every
section In the United 8tates, report
tendency to reopen mills that have been
closed down and to Increase the forces
at "other mills where operations have
been on a small scale for some weeks.
They report. alBo, a better demand for
goods in mercantile lines.
* *
Southern railroad officials are still pessi
mistic with respect to the outlook in that
section of the country. They think that
the present calendar year will be the
worst year for the Southern railroads
that they have seen for some time. April
1 tho reduced passenger rates will go Into
effect, and they say that this will ma
terially reduce the passenger receipts.
They report the lumber business as being
fiat and the demand for fruit, notably
oranges, very light. Prior to the holidays
the demand for oranges was active at
13 per <box, and now it is light at $1.00 per
? a ? i in
More Business Than for Any Day in
Months .Past.
NEW YORK, January 10.?The cotton
market was very active and excited again
today, with more business than for
any day in months past, and sentiment
extremelv favorable to an advance in
prices. The report that Daniel Sully has
embarked on a campaign to move up
prices appears to have had a strong ef
fect . and local quotations advanced $3.30
per bale since the low level of yesterday
morning. The opening today was firm at
an advance of lla22 points.
There was heavy realizing, but offerings
were absorbed by a rush of buying orders
apparently from all sections, and after a
slight reaction the market advanced
again, with March selling at 11.47 and
May at 11.53 before midday, or about a
cent a pound above the prices ruling at
the first of the year. Spot cotton houses
were heavy buyers here.
Furnished by E. F. Button * ColQ.B.Chip
man managers, members New York Stock Hi
ekanfe, lSOi F st. n.w.
Opes- Rl|l. Low. Close.
Boaton Col. Cop 1".,
British Cel. Cop
Butte Coalltien 17}
Chicago Subway
Cumberland Kl?
Dominion Copper. ... ? _ _
OOUtfleld Cona'ted.. .5 5 (M* 5,1W
Greene to 7}% IS
Gold-Stiver... to 0-t* to
MJrtnac Gold........ Sto
M<?Klnley-?arrat*..l 1-1?
Nevada Cenael 12
VHads-l'tab Cop ... *to
Klstastas Minis* ... Tto
Trf-BolUon.,. ?, Jto
Ifalted Copper Co
. , ,
Quotations given below are tor lar^s
lots. Jobbers' prices from 1 cent to 3
cents hither.
EGGS.?Nearby fresh Virginia. QSa24.
West Virginia and southwest Virginia.
22a23: Tennessee. 22a23; North Caro
lina, 22; cold-storage, 19a20.
BUTTER. ? Creamery, fancy. Sla32;
Western, firsts, 20Ha30; seconds. 24a25.
Procees. fancy. 24a25; fair to good. 22a
23. Store-packed, fresh. 19a20.
CHEESE.?New York state factory,
new. large, 16%al7.
POULTRY.?Chicken*. ? spring. per lb..
15; hens, per lb.. 12; roosters, per
lb.. T; keats. per lb., 12; turkeys, tome,
per lb., 13al4; hens, per lb.. 14. Ducks,
per lb-, lOall.
DRESSED POULTRY.?Hens, choice,
per lb.. 14; roosters, per lo., 7a8;
chickens, per lb., 15al6; ducks, rer lb..
13al6; turkeys, hens, per lb.. 13^16;
toms, per lb.. 14alS.
VEGETABLES. ? Potatoes, per bbl..
No. 1. 2.00; per bu., 75a80; No. 2. per
bbl.. TBal.OO; sweet potatoes, ner bbl..
3.00a4.50; yams, per lb.. 2.50a3.75;
turnips, per box. 40; per bbl., 1.28;
rutabagas, per bbl.. 1.25al.?5; cu
cumbers. per dozen, 1.00; onions, per
bbl.. 2.00; per bu.. 80a85; peppers. Fla..
per carrier, 1.50a2.OO; cabbage, per hun
dred pounds. 8ual.00; cauliflower, per
bbl.. 3.00a4.00; kale, per bbl., 75a90;
spinach, per bbl.. 1.50al.75; eggplant,
per crate. 1.50a2.50; squash, Fla-. per
crate, 75al.25; snap beanG, Fla., per
basket. 1.50a3.00; new beets, per bunch,
4a6; lettuce, Fla., per basket, 1.30a2.50;
okra. per carrier, 3.00; celery, per
bunch; 40a6.V, Brussels sprouts, per qt..
10al3; tomatoes. Fla., per crate. 2.00a
2.50; parsley, New Orleans, per bunch, 5.
GREEN FRUITS.?Apples, per bbl.,
2.50a5.00; oranges, Fla.. per box. 1.50a
2.50; grape fruit, per crate, 3.00a5;50;
i tangerines, per strap, 800a5.?>0; Sat
l sumas, per strap, 2.00a3.00; pineapples,
Fla., per crate, 3.00a4.00; cranberries,
per box, 1.50a2.50; per bbl., 7.00aV).00.
HAY AND STRAW.?Hay, western.
No. 1, 18.50al9.50; No. 2, lT.50alS.00;
mixed. Ifl.00al7.00. Straw, rye. bundle.
14.50al5.00; rye, machine-thrash, 0.00a
9.50; wheat. 6.50a7.00; oat straw, per
ton, 9.00a0.50.
DRESSED MEAT.?Pork, small and
neat, per cwt., 6.00a0.50; large, 5.50a6.00.
LIVE STOCK.?Cattle, ax?ra. per
cwt.. 5.00; butcher, per cwt., 4.ooa4.50;
ordinary, per cwt.. 2.50a3.00. Hags. per
cwt.. gross. 5.00a5.25. Sheep, per !b- 8a4;
lambs, choice, 7a7%. Calves, choice, per
lb., 8%; medium, per lb., 7?/iaS. Cows,
prime, fresh, each. 40.00a50.00; common
each, 20.00a80.00.
BEEF CUTS.?Ribs, No. 1, per lb., 15;
No. 2. 12; No. 3, 10. Rounds. No. 1. per
lb., 10; No. 2. 9; No. 8, 7. Loins. No. 1.
per lb.. 14; No. 2. 12; No. 3. 10. Chuck*.
No. 1. par lb.. 8%; No. 2. 7; No. 3. 6.
WOOL AND HIDES.?Wool, cashed,
free of burrs, per lb.. 25; unwashed. 18a
21. Hides, green, per lb.. 5; dry, tall.
Sheepskins, green, each. 50a75; dry,
25a00. Mink, each. 3.00a4.00; raccoon,
25a90; red fox. 1.25al.75; skunk, 25a75;
opossum. 10al5; gray fox. 35a00: musk
rat. 15a23; musk rat kits, 5; rabbit skins,
1. Calfskins, green, each, 1.00*1.23; drv
flint hides, per lb.. 9; dry salted hides, 8.
GRAIN.?Wheat, 88al.OO. Corn, shell
ed. old. white. 08a71; yellow, 78; new
60a65; new. ear, 3.00a3.25. Oats, west
ern, white. No. 2, 55a57; mixed. 53a55.
Bran, per ton. 28.00a80.00. Middlings,
par ton. 28.00a80.00.
Lower Court Reversed in B. and O.
Coal Car Case.
RICHMOND, Va, January 10.?Judge
Jeter C. Pritchard of the United States
circuit court of appeals yesterday de
cided the case of the Merchants' Coal
Company, appellant, agt. Fairmont
Coal Company et al., appellees, revers
ing the circuit court of the United
States for the district of Maryland,
which had granted a preliminary in
junction restraning the appellant, an
independent coal concern, from prose
cuting its petition against the Balti
more and Ohio Railroad Company be
fore the interstate commerce commis
sion and restraining the railroad com
pany from answering or defending said
The case relates to the distribution
of cars by the Baltimore and Ohio for
coal carrying, the allegation being that
certain independent coal producers had
suffered from discrimination.
Judge Pritchard reverses the decision
of the lower court and remands the
case back with directions that the bill
be dismissed.
LONDON. January 16.?The rate of dis
count of the Bank of England was re
duced from 6 to 5 per cent today.
The reduction was anticipated, as the
fresh gold arrivals, most of which were
absorbed by the bank, and the return of
cash to the country eo materially
strengthened the reserves in the metal, in
spite of the considerable amount taken
by South America, that there was no ex
cuse tor a further prolongation of the.
higher rate, which so discommoded trade
for some months past. Even had the
bank desired to retain a higher rate it is
doubtful if it could be made effective, as
the supply of money in Lombard street
was so abundant as to be almost for the
moment in excess of the requiremehts.
The discount rate in the open market
fell to 4ty per cent. The recent conti
nental purchases of sterling bills indi
cated the probability that the gold bor
rowed from France during the American
stringency would be allowed to remain
here for a time and the bills renewed.
This proved a further inducement for the
bank to lower its rate. The stock ex
change already had fully discounted the
5 per cent rate, and the actual announce
ment caused only a slight hardening ot
In the American section business was
checked by the lack of a pronounced
lead from Wall street. With the easy
New York opening the undertone became
uncertain and the market finished ir
regular. St. .Paul and Union Pacific were
London Closing Stocks.
LONDON. Janusry 18, 4 p.m.
Consols for money $3*
Consols for account S3 lo-lO
Atchison pfd ;.... 89
Baltimore and Ohio
Canadian Pacific 5o
Chesapeake and Ohio 33
Chicago Great Western. Ml
Chicago. Milwaukee and St. 1 aul 120
De Beers IS*
Denver and Itlo Grande ?1. V
Denver and Rio Grande pfd 00 <j
Erie J?*
Erie 1st pfd..- JfJ
Erie 2d pfd
Grand Trunk
Illinois Central
Louisville and Nashville TlOOV?
Missouri. Kansas and Texas 27
New Central 10?
Norfolk and Weatern 70ft
Norfolk and Western pfd 85
Ontario and Weatern..., 3614
Rand Mines
Southern Railway....
Southern Railway pfd
Southern Pacific
Union Pacify pfd j?T
United States Steel.
United States Steel pfd W\i
Wabash pfd ??
Spanish 4s
Amalgamated Copper
Bar silver, stesdy. 25Tfcd per ounce.
Money, 8\is4 per cent.
The rate of discount In tfce open market for
short bills is 4tya4% per cent.
The rate of dlscount?ln the open market for
three-month bills is 4V4 per cent.
?Ex-rights. fEx-div.
St Paul's Plans.
CHICAGO. Janua-y 16.?The Chicago,
Milwaukee and St. Paul is to enter active
competition with the Harrlman and the
Hill lines for the trans-Pacific trade. J.
H. Hlland, third vice president, in charge
of traffic on the Milwaukee, it developed
yesterday, will leave San Francisco for
Japan on the Mongolia en January 30
Pacific coast extension of the Milwaukee
will be completed to Seattle, Wash., liv
lflOO, and the road then will he In a posi
tion to handle traffic through from Chi
cago. It is understood the Milwaukee
management prefers a traffic alliance with
some existing steamship company, but if
this cannot be arranged the road is pre
pared to build its own steamer* and es
tablish Its own line.
The currency commitsion of the Amer
ican Bankers' Association has completed
arrangements for a meeting in Chicago
next Saturday- to consider financial mat
ters and prospective congressional legis
Mr. W. V. Cox. president of the Sec
ond National Bank of this city, who is
a member of the commission, was asked
today by a reporter the probable action
of :he commission, and he said he was
unable to prognosticate; but he did not
believe me commission would change its
position on the currency question?a po
sition, which it had taken after many
conferences in Washington and elsewhere
an! after the hearings it had last year
before the banking and currency commit
tee of the House.
"The members I have heard from." said
Mr. Cox, "think the Aldrich bill a dis
appointing measure of relief and unsulted
to the currency needs of commerce.
"It Is maintained that there can be no
elasticity in a bond-secured circulation.
It is thought by some of the members
that the only effect of the measure will
be to create an artificial market for mu
nicipal and other bonds, as was done
during the civil war, when it was neces
sary to market our bonds.
'If the credit currency plan adopted by
the commission and approved last sum
mer at the Atlantic City bankers' con
vention were enacted into law, there
would never be an emergency, the volume
of currency automatically adjusting itself
to conditions, expanding and contracting
the crops It will expand. When there
arisen a demand for currency to move
the crops it will expand. Dhen there
is a redundancy It will contract.
"The members of the commission will
hardly favor the new Fowler bill. Each
bank is taxed in this bill to guarantee
the deposits of all. In other words, judg
ment and conservatism must take care
of Ignorance and recklessness. Objection
is also made to national banks doing
savings banks' business and entering the
field of trust companies.
"There are distinct lines In the businers
of these institutions, and they should be
kept distinct. Each Institution should do
the business peculiar to that institution
and not Invade the fields of others?too
common these days. If savings banks
are going to do a commercial business,
t h'-v should be permitted to do so only
under national bank restrictions.
"I am not very optimistic about im
mediate financial legislation that will be
of any njaterlal benefit to the business
interests of the country. The conditions
are most unfortunate where so much Is
needed and where there are such oppor
tunities for remedial legislation."
Turns in Securities to Corer Debt
He Osres Bank.
BUTTE, Mont., January 16.?State Bank
Examiner Collins, in charge of the state
savings bank, will report to Judge Bour
quin today that F. Augustus Heinse, who
owned 52 per cent of the stock of that in
stitution when it suspended a few worths
ago, has turned over to him securities to
cover the debt he owes the bank.
December 27 last District Judge Bour
quln ait a hearing incident to the proceed
ings growing out of the application of
creditors to have a receiver appointed for
the bank, announced that if by January
16. Mr. Hetaze had deposited $250,000 In
cash and marketable securities to the
credit of the bank and M. 8. Largey,
president of the bank, had deposited $75.
000, he would give the bahk until March
2, If necessary, to reopen.
If by that time it was not prepared to
reopen, liquidation the court said, must
follow. Largey has deposited the $75,000,
all In cash.
Restriction on Department Com
munications to Congress.
The Senate today passed a resolution
declaring that no communication from
heads of departments, chiefs of bureaus
or other executive officers will be received
by that body unless they are sent In com
pliance with law or are transmitted by
the President.
The resolution was the result of objec
tions,made to the reception by the Senate
of bills sent by Secretary Garfield In con
nection with a communication.
In moving the passage of the resolution
Mr. Lodge stated that the relations that
should exist between the 8enate and the
executive departments of the government
are carefully reviewed by President Madi
son, and he asked that a portion of one of
the President's messages bearing on that
subject be Incorporated In the record with
ui- e
his remarks.
Kentucky Senatorship Unsettled.
FRANKFORT, Ky.. January I6.-T0
day's joint ballot for United Stat s sena
tor resulted as follows:
Beckham, 60; Bradley. 64; scattering. 4;
absent, 3.
Senate Adjourns to Monday.
The Senate today agreed that when It
adjourns today it shall be to meet next
Monday. This motion was made by Mr.
Hale, and was stoutly objected to by Mr.
He/burn, who desired to go on tomorrow
with the consideration of the bill for a
revision of the criminal laws of the United
States, and said enough senators would
be present to look after it.
Senator Bacon said that if It was pro
posed to .hold a session of the Senate with
the understanding that only certain busi
ness would be done, and that senators
not directly interested in it need not at
tend the session, he would object to the
Mr. Hale's motion to adjourn until Mon
day was then adopted.
Arguments in Walsh Case Ended.
CHICAGO. January 16.?Arguments in
the case of John R. Walsh, who, for two
months, has been on trial before Judge
Anderson, charged with misapplication of
bank funds, were finished today. As
sistant District Attorney Dobyns con
cluded his address to the jury, begun yes
terday afternoon, urging the conviction
?f Walsh, and the Infliction of the severest
penalty possible under the law. Judge
Anderson's instructions will be delivered
during the afternoon, after which ' the
jurors will retire to pass upon the guilt
or innocence of the former banker.
S? $
Under Supervision U. S. Treasury. ^
k i>>
(fr "yj
?v; The secret of how to be- ^
f come wealthy is an open se- $
? cret. Save your money and
^ have it work for you.
if: Place it with us, and it will ijj
| earn for you 3 per cent-inter- ^
if est?besides, it is out of im
5 mediate temptation's reach. J
? ? *
$ ? t
| Home Savings Bank, ^
7th and Mass. Ave. N.W. $
? 7th and H Ste. N.E. 43? 7th St. S. W. ?
IP -y
Money at 5 Fer Cent
LOAKBX) ON* t>. <5. KSAti S9TATB.
Heiskell & McLeran,
? ooao-tt a st ? ?
teoller of the Ourrwy. aa r???>r^1 bv Swti^n
1*. Act of Coacres*. spptoved Oetofcrr 1. 1S?*.
for the xe?r ended December 31. ltO".
Capital stock sutborixed ?' 7. 222 2?
Capital stork actually paid in l.iHO.W ?0
Gross earning* for rear ended De
cember 31, 1M< ? 5".*W1 M
Total expenses for year ended De
cember SI. 1807 .... T?.?? 2S
Total debt#, being amount due 27.
2N7 depositors 18.MX JB
THOMAS R JONES. Ivesldant.
We. THOMAS R. JONES, tvresMent. c HARLES
E. NYMAN, secretary. and WOOOBI R\ BLAIR
W. V. COX and E. FRANCIS RIGOS. directors
of tUe National Savings and Tnist Company. w?
hereby solemnly imr that the sb??ve state
ment la trne to the beat of our kaowledgs ?n4
b*,,ef' THOMAS R. JONES. President.
CHARLES E. NYMAN. isaeretary.
' W. V. COX.
Total number of director* of this company,
*<?. ?.? u,?
Mr of "WVha, c umn,.
(Seal. \ Notary Public. D. C
Of the District of Columbia to the coatroller ?#
the currency, for the year endlag December ??!.
190T. as required by the 19th section, act *f
Congress approved October 1, 1W0. and ny sec
tlon 730. nnder aubchapter 11. under <?spter 1*. <%f
the Code of of the District of O&lnmMa. en
acted March 3. 1901.
Capital atock. fully paid $1,300,000 00
Groaa earning* for the year caded
December 31, 1907 135,1W #4
Total expenses for the year coded
December 31. WOT 00,226 *1
Total amount of debts:
Doe depositors |1,W1.M4 33
Dividend* unpaid 23A 00
Reserve for taxes and
int *?'!?
Undivided profits 1T2.400 W
Subscriptions addi
tiooul capital tln
cludlng premium on
samct 060,000 00
Deferred payment an
banking bouse 100,000 00
|2.F7%.M8 ??
R. r. HAUL.
kldolph kauffm^xn,
J. H. SMALL., JR..
VU. P. LIPSOOMB. Directors.
(Coaraltra Query to Investors.)
I am not afraid to get after baslness
tfcat's why I advertise. And whea 1 get
bnaineas you may be aare that I give It
proper treatment. That's why I maba a
plea for your building baalneaa. when y?a
have any to give. Whatever week yen
intrust to my charge will be haadled with
energy, aklll and satisfaction. Aak thass
who nave employed me about
' "The Rnilder Who Makea Good."
Of the
Mutual Investment Fire
Insurance Co.
Of the District of Columbia on December 31. 1001
Amount of premium notea f41,(MK 00
Caah in bank *1? 5?
Securities 3,900 *1
Fire losses..., _ 32 00
B. LEONARD. Pres. R. J. BE ALL. Secy.
CREDIT Issued.
Drafts issued direct on princi
pal cities of the world.
Money transmitted by cable.
Exchange bought and sold.
Investments & collections made.
Stocks & Bonds bought & sold.
? National
Pa. Ave.,opposite U.S.Treasury.
E know Real
Estate values
so thoroughly
well that you're
absolutely ? as
sured of the best possible
purchases when you buy
property through this office.
Many very apodal of
fera on hand at pregtat.
The F. H. Smith Co,,
1408 N. Y, Ave. -
(E. (XSmith. L. D. Latimer, C. F. Nesblt).
Jalfi _
Nevada Cons. Copper,
Cumberland Ely Copper,
Goldfield Consolidated,
Mlcmac, Goldfield Daiaya
Nevada Utah.
Thaae and all sthar curb atocka bought, as Id
aad aocurately Quoted.
Curb Brakar?,
The Safest Investments
Are those that do not lactoate during dis
turbed conditions of the money or atock
markets. First deed of trust notes (first
mortgages), well secured 00 real estate la
the District of Columbis. constitute "gilt
edge" investments. Thev do not depend
upon the Unsocial responsibility of Individ
nsla or corporation tor their stability, and
are exempt from taxation aa persons! prop
erty. We eaa supply such investments la
amooats from $500 uswird. Head fee
booklet. "CoacerDlcg Loans aad la vest
Swartzell, Rheem
& Hensey Co.,
91? F ST. K.W.
* ? "Make Aaauranca Doubt* Bura." <'
; | Will act as your FINAN- ! [
;; CIAL AGENT and place ; \
\! Loans for you on Real Estate <?
J; FROM $100 UP, will see to : I
;; the examinations of titles, the {|
< ? placing of Insurance, draw < ?
] | necessary deeds, make settle- <!
* > ments and advise in all mat- J J
<' ters affecting Real Estate <?
I: WITHOUT COST to you. {!
Paid4a Capital aad Sarpltis. 927M*. * 1
1416 PStreet. i\
* * W. J. ITBWTOJf, Proaidont.
1 ao30-90t 1

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