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Evening star. [volume] (Washington, D.C.) 1854-1972, May 23, 1909, Image 17

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The World of Finance and Trade.
Washington; New York; London.
Upward Trend in Southern
Railway Is Continued.
Crop Conditions Make Grain Mar
kets Very Unsteady.
Nothing Pessimistic in Outlook for
Prosperity?Review of American
Trade Conditions.
Sl-'-rial Diipitoh to The Star
NEW YORK. May 22?The stock mar
ket was not overactive today, but still
rather more active than it has been re
cently on Saturday, and the movement of
prices was emphatically upward. In re
sponse to increasing indications of
ftrenpth in the copper trade?these being
firiklngly corroborated by the Increase in
tlie Calumet and Hecla Company's quar
terly dividend yesterday?Amalgamated
Copper and Anaconda stocks rose sharp
ly. Consolidated (Jas made a good ad
vance. The Western Cnlon Telegraph
Shares were very strong in consequence,
of course, of the decision of the United
States courts awarding the Western
Union SO.OOO.OOO in its Ions-contested suit
brought against the American Telephone
and Telegraph Company.
The upward trend that has been so long
noticeable in the Southern railway shares
was continued; the unexpectedly favor
able report of the Pennsylvania company
Tor the fiscal year was responsible for an
advance in Pennsylvania stock, while the
Long Island railroad shares, of which
the majority control is vested in the
Pennsylvania, rose in sensational fashion.
United States Steel common was heavily
bought and touched a new high record
price. The salient feature of the market,
however, was a steady and sustained ad
Vance in the Great Northern preferred
and Northern Pacific shares?stocks that
have hitherto been distinct laggards 'in
the current movement. Stories of a
prospective Increase in the Chicago, Bur
lington and Quincy dividend were, it may
be. accountable for the strength displayed
by the parent Hill stocks, and no one
was found willing to dispute the proba
bility of the rumor, inasmuch as the
ability of the Burlington to pay a larger
dividend has long been conceded.
Grain Prices Fluctuate.
The grain markets fluctuated irregu
larly. reflecting at last the counterbalanc
ing influence in the trade of the favorable
weather for the crops In our own coun
try, as contrasted with less encouraging
prospects in this regard abroad.
Of news announcements during the day
the most important was that concerning
the purchase by a prominent private
banking house of an issue of J30.000.00U of
*!<? per cent thirty-year gold bonds of
Armour & Co. The weekly bank state
ment was of the same general character
as that of a week ago. The average fig
ures of the return reported an increase in
cash of over S6,000,0?H) and a decrease in
loans of nearly J2,500,000. In the actual
figures the cash movement of the week
appeared as nearly balanced, but a de
crease in loans even larger than that re
ported in the average statement also
brought about in the actual statistics an
increase in the bank surplus reserve. As
the banks outside the clearing house re
ported likewise a decrease in loans the
effect of an extension of foreign credit in
this country was plainly visible.
Pessimists Needn't Apply.
Those in search of facts upon which to
base pessimistic views concerning either
the state of business or the future of the
stock market certainly did not find any
encouragement in reading the reports of
the progress of mercantile and trade
affairs made public today in the usual
week-end reviews of the great commercial
Journals. Irregular conditions in the busi
ness world were of course attested, and
the same prosperity is not felt equally In
all sections of the country or in all indus
tries. The general aspect, however. Is
of the most hopeful, not to say buoyant
sort. The entire agricultural situation is
splendid, the indications so far as they
have appeared being for a crop of corn
this year the largest in the country's his
tory. and this fact alone. In view of the
high prices now commanded by the com
modity, is almost sufficient to Insure ma
terial business well-being for another year.
The iron and steel situation is working
up to the state of a distinct boom.
Railroad earnings are constantly grow
ing larger, and with a settlement of the
tariff controversy and continuing good
weather for the crops it Is entirely rea
sonable to expect that the stock market
will ko on discounting just as it has pre
viously in the year the Increased business
profits and the larger industrial divisions
that will be reaped later on.
Here's Food for Thought.
one feature of the week has been the
appearance of the number of statistical
statements of no little importance from
? business and financial point of view.
'J'he preliminary summary of the tables
Hi owing the worlds production of gold
ttinle public by the government bureau
?t statistics was read with great interest
in the financial district. The fact that the
r orld's fetock of gold has Increased about
r>ne-half in the last ten years and has
doubled in the last twenty-five years
bears witness to an element in the
financial situation, having a constant ef
fect upon prices of securities and com
modities *upon which Wall street may well
pondfcr. The controller of the currency's
compilation of the reports of the country's
rational bunks under the call of April
fcs was also published, showing an in
crease In the percentages of legal re
serves s-ince the first of February, and
cmiy a slight decrease in this percentage
as compared with that of a year ago.
1.ike wise, too, the true Inwardness of the
current sold export movement was thor
oughly revealed in the government re
port of figures of our merchandise ex
port and import trade for the month
of April.
How About Gold Shipments?
An attempt has been made to show
that our shipments of gold to Europe
bud to Argentina are the result of a bank
note inflation in the country which is
accomplishing the purpose of forcing the
Vetter class of money out of the United
States. The figures on this point show,
of course, that the country's increase
in hank note circulation in the last year
}:a? been inconsiderable in comparison
with the total volume Of circulation, and
not greater than would be justified by
the increase in the country's stocks of
gold. The fact, therefore, as disclosed,
tl.at the excess value of the country's
exports over Imports has been in
the first four months of the calendar
year only *7<>,000.000, as against SWJ,
PtKM*? in T.MfcT*. and *15.5,600,00 in 1007,
Hands as a sufficient proof that our gold
exports have been caused by commercial
trade reasons. And these reasons, in
asinifili as they chiefly attest the prepara
tions made by our manufacturers for ex
panding business, are of a kind to sup
port rather than diminish American
NEW YORK, May The metal mar
scis were as quid as usual in the ab
sence of cables. Tin was quiet at ?JO.ii'iia
Copper remains steady, with lake
Quoted at l."?.12'-ral3Jt7Vfe, electrolytic at
l_,.??7u.a1 :t.o0 and casting at 12.7.~>al2.S7i;.
I,?v.d was firm at 4.:<0a4.40 and spelter
at ,-..15a5.lU iron was steady and un
Closing Stock List.
KEW YORK, May 22.
. ,?Sale* > Clos 8
lligh. Low. bid.
Allis-Chalmers, pfd 61% 61% f'11*
Amalgamated Copper 84V* Kf* 84%
American Agricultural 39% 39% 39%
America* Bt-et Sugar 38>i 37% 3<%
American Can, pfd 82% 82 82
American Car ft Foundry 55*4 55 M'4
Aid. rlcan Cotton Oil
Amor. Hide & Leath.. pfd.... 41% 41% 41 %
American Ire Securities 4039% W?l
American Linseed 1<>
American Locomotive 57% 57% 0>
Amer. Smelting ft Refining... 93% 93 93%
Amer. Smelt, i Refining, pfd.. 109% 109% 10^S
American Sugar Refining 132%
American Tel. ft Tel 139% 139% 139%
American Tobncco, pfd 101% 100% 101
American Woolen 38% <56% 36%
Anaconda Mining Co 61% 4;t% 51
Atcbisota 110 109% 109%
At< bison, pfd
Atlantic Coast Line 128% 128 128%
Baltimore ft Ohio 114<* 114% 114%
Baltimore * Ohio, pfd 9*
Bethlehem Steel 29V* 29 29
Brooklyn Rapid Transit 79 78%. <"%
Canadian Pnalflc 180% 180 179%
Central leather 30'* 30 30%
Central Leather, pfd 108%
Central of New Jersey 29o
Chesapeake & Ohio 78% 78% 78%
Chicago ft Alton 71% 79 ?1%
Chicago Urcat Western 0 4% _ 4%
Chicago ft Northwestern 182% 182% 182%
Chicago. Mil. ft St. I'aul 151% 150% 151
C.. C.. C. * St. Louis ]2
Colorado Fuel ft Iron 41% 41V* JJW
Colorado ft Soutbnrn 65 65 W
Colorado ft Southern, lat pfd ?*%
Colorado ft Southern, 2d pfd ... ??? ^80
Consolidated Gae 145% 144% 145%
Coita Products 23% 23% .23%
Delaware ft Hudson IS*.',4 196 1 9o%
Denver ft Rio Grande 49% 49%
Denver ft Rio tirande, pfd 87%
Distillers' Securities 40% 39% *0J^
Erie 34 33% 33%
Erie, 1st pfd 60% 50% 60%
Erie. 2d pfd **1 41 40%
General Electric 160% 160%
Oreat Northern, pfd 147% 146% 146%
Great Northern Ore, ctfs 73 72% 72%
Illinois Central 147 146% 146
Intcrboro nth-Met 16% 16% 16%
Interhoruugh-Met., pfd 44% 44% 45
Inter-Harvester 83 82% K.%
Inter-Marine, pfd 24% 24% ^4%
International Paper 13% 13% 13
International Pump 40% 40% 40%
Iowa Central 32% 32% 32%
Kansas City Southern 47% 47 47
Kansas City Southern, pfd.... 73% 73% 7?%
l4>uiaville ft Nashville 139 138% 139%
Minneapolis ft St. Louis 68 57% 57%
Minn.. St. P. ft Sault 8t. M... 137% 135% Mb*
Missouri Pacific 75 74% 74%
Missouri.* Kansas ft Texas.... 42% 42% 4A*
Mo.. Kansas ft Texas, pfd 7-%
National Biscuit 106-% 106% *2$.#
National Lead 88 87% 87%
Nat. llys. of Mexico 1st pfd.. 53% 53% 63%
New York Central 131 130%
New York, Ontario ft West... 49% 49 49%
Norfolk ft Western 91% 91 90*
North American 82t? 82% 82%
Northern Pacific 147% 146 147%
Pacific Mail - 29%
Pennsylvania t 135% 134% 135%
People's Gas 115 114% 114%
Pittsburg. C.. C. ft St. Louis 91%
Pressed Steel Car 42 *2 41%
Pullman Palace Car 190%
Railway Steel Spring 43%
Heading 158% 157% 157%
Republic Steel 28% 28% 28*1
Republic Steel, pfd 91% 91 nA*
Rock Island Co 32% 32%
Rock Island Co.. pfd 70% 70%
St. Louis ft S. Fran.. 2d pfd.. 46 45
St. Louis Southwestern 27% 27%
St. Ix>u!s Southwestern, pfd... 65% 65% 65%
Sloss-Shefleld Steel ft Iron 83 82% 82
Sonthern Pacific 123% 122% 123%
Southern Pacific, pfd 128%
Southern Railway 32 30% 31%
Southern Railway, pfd 71% 70 70%
Tennessee Copper 42% 42 42%
Texas ft Pacific 34% 34% 34
Toledo, St. Louis ft Weat 52% 52% 62
Toledo. 8t. L. ft West., pfd... 69% 69% 69%
Union Pacific 189% 189 189%
Union Pacific, pfd 97% 97% 97
United States Realty 83%
United States Robber 39% 39% 39
United 8tates Steel 60% 60 60%
United States Steel, pfd 120 119% 119%
Utah Copper 52 52 51%
Virginia-Carolina Chemical.... 51 ?0% 50%
Wabash 20% 19% 20
Wabash, pfd 51 6?% 50%
Western Maryland 22% 22% 22Vi
Westinghouae Electric - a.... 83%
Western Uhlon 77% 76% 76',i
Wheeling ft Lake Erie 11% 11% 11
Wisconsin Central 59 59 58%
Total sales for the day. 344,600 shares.
New York Bonds.
NEW YORK, May 22. .
U. S. ref. 2a, registered 101 \
U. S. ref. 2a. coupons 1013
L\ S. 8s. reg 101}
U. S. 3s, coupon 102 ,
U. S. 4a. reg 11S%
U. S. 4a, coupon 121
Allis-Chalmers, 1st 5s 88
American Agricultural 5s *100
American Tel. ft Tel., cv. 4s 103%
American Tobacco 4s 80%
American Tobacco 6s 112%
Atchlaon general 4s 101
Atchison Short Line 1st 4s 06%
Atchison cv. 4a 110
Atchison cv. 5s 111%
Atlantic Coast Line 1st 4s *96%
Baltimore ft Ohio 4s 101%
Baltimore ft Ohio 3%s 94%
Baltimore ft Ohio S. W. 3%s 91
Brooklyn Transit cv. 4s 88%
Canada Southern 1st 6s 106%
Central of Georgia 5s *110 "
Central Leather 5a 98%
Central R. R. of N. J. gen. 5s *127%
Chesapeake ft Ohio 4%a 105%
Chesapeake ft Ohio ref. 5s ctfs 102%
Chicago ft Alton 3%s 76%
Chicago, B. ft Q. general 4a 100%
Chicago, B. ft Qulncy Joint 4a 98%
Chicago, Mil. ft St. P. gen. 3%a *91
Chicago, R. 1. ft Pac. R.R. col. 4s 81%
Chicago, K. I. ft Pac. R.ll col. 5s 93%
Chicago, It. I. ft Pac. Ry. rfg. 4s 92%
C., C., C. ft St. Louis gen. 4a 97%
Colorado Industrial 6s 76%
Colorado Midland 4s 86
Colorado ft Southern ref. ft ext. 4%s 99%
Delaware ft Hudson cv. 4s 106%
Delaware ft Hudson lat ref. 4s *102',4
Denver ft Rio Grande 4s 97%
Denver ft Rio Grande ref. 5s 94%
Distillers' 5s 77%
Erie prior lien 4s 90%
Erie general 4s 78%
Erie cv. 4s, series "A" 86%
Erie cv. 4s. aeries "B" 75%
General Electric cv. 6s 143
Illinois Central 1st ref. 4s 100%
Interborough-Met. 4%s 78%
Inter-Merchant Marine 4%s 74
Japun 4s 88>4
Japan 4%s 94%
Japan 4'js, 2d series 93%
Kansas City Sojthern lat 3s 7ft
Lake Shore deb. 4s (1931) 96%
Louisville ft Nashville Un. 4s 101%
Missouri, Kansas ft Texaa 1st 4a 100%
Mo., Kan. ft Ttxas 1st and ref. 4s 86%
Mo., Kansas ft Texaa gen. 4%a..'. 91%
Missouri Pacific 4s 83*
National Ilya. of Mexico 4%s ;?4%
New York Central gen. 3%s *93%
New York Central deb. 4s 96%
New York City 4%a (new) 112%
N. Y.. N. II. & Hartford cr. 6a 138%
Norfolk ft Western 1st con. 4s *98
Norfolk & Western cv. 4s 98%
Northern Pacific 4s 1 102TJ
Northern Pacific 3s 74%
Oregon Short Line rfdg. 4s 95%
Penn. cv. 3%s (1915) 97%
Penn. con. 4s 105
Reading general 4s 100
St. Ixrals ft San Fran. fg. 4s 87%
St. IiOuls ft San Fran. gen. 5s 91%
Kt. Louis Southwestern con. 4s 80%
St. Louis Southwestern lat gold 4a 94}
Seaboard Air LJne 4s 84V.
Southern Pacific cr. ctf. 4a IOO
Southern Pacific col. 4a 91%
Southern Pacific R.It. lat ref. 4a 95
Southern Railway 5s........... 112*?^
Southern Railway general 4s 83
Union Pacific 4s 108
Union Pacific cv. 4s 107%
Union Pacific 1st and ref. 4s 99%
U. S. Rubber 6- lo4%
U. S. Steel 2d 5s 104%
Virginia-Carolina Chemical 5s 97%
Wabash 1st 6s 1 112%
Wnbat>h 1st and ext. 4s 76
Western Maryland 4a 85%
Westinghouse Electric cv. 5a.. 94%
Wisconsin general 4s 93%
New York Mining Stocks.
NEW YORK. May 22.
Alice 2.60
Brunswick Cou., offered 06
Oomstock Tuimel Stock 27
Ooustock Tunnel Bonds 18
Con. Cal. and Va (i2
Horn Silver 60
Iron Silver 1.20
Leadvllle Con .046
Little Chief, offered 08
Mexican .73
Ontaria 3.50
Opblr 1.25
Staudard 1.66
Yellow Jacket .55
NEW YORK. May 22.-The market for
coffee futures opened quiet at unchanged
prices to a decline of 5 points, and while
this was rather hotter than due on the
showing of the French market, which
was % to % lower, prices Were sustained,
l>y continued support of the near months.
The market closed steady net unchanged
to 5 points lower. 8?le? were reported
of 11.500 bags. Including May at 7.10u
7.15. June at 6.85 and September at 6.10.
Spot quiet; Rio No. 7, 7%a8; Santos
No. 4, x%ali. mild quiet, Cordova, 9%a
Foreign Exchanges.
I5KRUN. May 22.-Prlces on the
bourse today were firm.
PA RIP, May Prices on the bourse
today were firm. i
Washington Stock ExcHange.
Sales.?Regular call. 12 o'clock noon?Capital
Traction 5*. $300 at ll&V
Columbia R. R. 5s. $5ou at 10.V
Potomac Electric Conn. 5a. $1,000 at 103*4.
Washington Rwy. and Eleo. pfd., 5 at W). 1
at f?0% 3 at flOU,. ? ?
Mergenthaier Linotrpe. 10 at 209. 5 at 209,
10 at 20#, 10 at 209. 10 at SOS?*. 10 at SOS'i.
Bid. Aakad.
O#nriftown Gas 5a 110 116
Washington Gas 4a 102 104
Washington Gas cert. 6a 107% 114
Capital Traction 5a IIP'1* 120
Anacoatia and Potomac 5a 103U|
City and Suburban 5a 104
Columbia r>a lOo'i 105^
Columbia 6s 110
Metropolitan 5a 113 114
Washington Rwy. and Elec. 4?... 8!> M?%
Wash.. Alex, and Mt. Vernon Sa. 04
I'otoniac Electric f'ons. 5s 163 103 H
Potomac Electric Light 3a 110 110%
Nor. and Wash. Steamboat 5a.,.. 103
Chesapeake anil Potomac Tel. 5a. 10-V? 10?J
Emerson Steam Pomp 6a 75
Waahlngton Market 5a, 1927 102% 108Vi
Washington Market 5a. 1947 102's 110
Capital Traction 1345? 135^4
Washington Rwy. au<l Elec. com.. 421^ 43
Washington Rwjr. and Elec. pfd.. 80 W5i
Wash., Alex, and Mt. Vernon.... 41 55
Nor. and Wash. Steamboat 20O 275
Washington Gas tfS% #W
Georgetown Gas 50 62
Bell Telephone of Pa 107*4 *?*%
G. F. and Old Dominion 74 .....
Mergenthaier I.lnotjpe 208X4 20ft
Lanston Monotype 14% 15Vi
Greene Cananea 10% 10^
American 170 192
Capital 203
City 150 .....
Columbia 276 ....
Comncrclal 177% 17S^
Farmers and Mechanics* S10 ....
Lincoln 128 ....
Metropolitan 215 220
Rlggs 540
Second 158 160
Washington 315 320
American Security and Trust 244 250
National SaTlngs and Trust 206 .....
Union Truat ; 130
Waahlngton Loan and Truat 202ty
United States Trust 104%
Home Savlnga 280 ....
Merchants and Mechanics' Savings 149 160
Union Savings 235 250
Dime Sarlngs 10'i ....
Arlington 24 27
Commercial 6',i ....
Corcoran 70 ....
Firemen's 20 21
Franklin 55 ....
German-American 207 ....
National Union 0(4 ....
Potomac 34 85
Columbia 4V4 5
Real Estate 84 100
Waahlngton 2 S
Security Storage 185 ....
Waaklcston Market 15% 19
LONDON, May 22.?After a short pause
early In the week the stock exchange
markets resumed their activity and
strength under increased public support,
and with a few exceptions closed at the
best points for the week. British funds
and colonial stocks were an exception to
the general improvement, being adversely
affected by the new issues, actual and
prospective, including the $15,000,000 New
Soutth Wales loans, the $5,000,000 Trunk
Pacific loan and the $30,000,000 Canadian
government loan. Foreign bonds attract
ed increased continental support and
moved upward under the lead of Rus
sian^ and Japanese. The latter were es
pecially good at the week-end on redemp
tion rumors. Kaffirs experienced a set
back early in the week on realizations
by weak holders, but the shake-out ap
pears to have benefited the market and
to have brought fresh buying. This caused
a resumption of buoyancy in the leading
shares, which touched new records for
the present movement.
American securities fluctuated widely
and irregularly, with business confined to
attention by the professional element to
gold exports. Heavy liquidation and the
death of H. H. Rogers were the chiet
influences in the early break, but dividend
rumors and a sharp spurt in United States
Steel on reiterated reports of improving
trade brought values back sharply, and
in spite of the disappointment that there
was no Increase in the Pacific dividends
the market closed firm. United States
Steel was 3% points higher, while the rest
of the list was from a point higher to a
point lower than last Saturday.
MANCHESTER. England, May 22.?
The week's turn-over in the cloth market
was small, being affected by a further
advance in cotton. China especially de
clined to pay the enhanced rates which
manufacturers were impelled to ask. India
sent small miscellaneous orders, princi
pally for light goods, while South Ameri
ca provided moderate business, but the
home trade and Mediterranean orders
^ere meager.
Yarns were >4 dearer on the week In
sympathy with cotton, but the turn-over
still was below the average. Spinners,
especially those using American cotton,
declare that margins are not remunera
tive and advocate an extension of the
VVhitsun holidays and the closing of the
NEW YORK, May 22.?Wheat?Receipts,
84,000 bushels. Spot, firm;. No. 2 red,
1.45 elevator; No. 2 red, 1.45 nominal,
f.o.b. afloat; No. 1 northern Duluth, 1.37*4,
f.o.b. afloat; No. 2 hard winter. 1.39%,
f.o.b. adoat. Opening easier, because of
poor cables and bearish weather news,
wheat rallied sharply on bull support, but
finally eased off under profit-taking, and
closed partly %c net lower. May,
1.39%al.39%; closed, 1.39%; July, l.?)%a
1.24%; closed, 1.23%; September, 1.13%a
1.15%; closed, 1.10%; December, 1.13%al.l4;
closed, 1.13%.
Corn?Receipts* 12,750 bushels. Spot,
steady; No. 2. 84% elevator and 81 %, f.o.b.
afloat; No. 2 white, 84%, and No. 2 yellow,
81'%, f.o.b. afloat. Option market was
without transactions, closing unchanged.
May closed 84%; July closed 78$*; Sep
tember closed 75%.
Oats?Receipts, 62,525 bushels. Spot,
strong; mixed, 2Ua32 lbs. nominal; natural
white, 2fta32 lbs., ti3aG6lt; clipped white,
34a42 Ibf.. ?3%a0?.
Hay?Firm, No. 3. 70a75; good to choice,
Hops?Quiet; state, common to choice;
1908, 10al4; 1907, 5u?; Pacific coast, 1908,
Sail; 1907, 3a7.
NEW YORK, May 22.-The market for
evaporated apples is firm, with fancy
quoted at 8%a9%; choice at 7a7%; prime
at Sad**, and common to fair at 5a5%.
Prunes are steady, with quotations rang
ing from 2% to 11% for California fruit,
and from 6% to 9 for Oregons, 40-50*8 to
20-30*8. Apricots are unchanged, with
choice quoted at 10al0%; extra choice at
10%al0%, and fancy at 11al3c. .
Peaches are rather ea&ier, owing to Ill
creased offerings from the coast and a
slack demand. Choice are quoted at
6aG%; extra choice at 6%att^, and fancy
at 7a8%. Raisins are unchanged, with
loose muscatel quoted at 3%a4%; choice
to fancy seeded at 4%ati%; seedless at
3%a5%, and London layers at 1.15*1.20.
The condition of the Treasury* at the be
ginning of business yesterday was as fol
lows: Reserve fund, gold coin and bul
lion, $150,000,000; trust funds, to redeem
outstanding certificates, gold coin, $844,
073,8?0; silver dollars, *484,978.000; silver
dollars of 1?00. $4,293,000; total. $1,333,
344,8?J9; general fund, $151,692,764; de
I posits in national banks. $74,037,899; in
1 Philippine treasury, $3,455,950; awaiting
reimbursement, $63,844; current liabilities,
NEW YORK, May 22.?The statement
of clearing house banks lor the week
I shows that the banks hold $19,919,775
more than the requirements of the 25 per
cent reserve rule. This is an increase of
$5,301,890 in the proportionate cash re
serve as compared with last week.
The statement follows:
_ Lobns, 91,338,224,100; decrease, $'_',454,
^Deposits, $1,400,657,700; increase, $3,441,
Circulation, $40,059,0u0; decrease. *62,
Legal tenders, $77,^84,200; decrease,
I ^11 fOUO.
8pecle, $292,200,000; increase, $6,179,000.
Reserve, $270,084,200; increase, $6,162.100.*
r?iulred, $359,164,425; increase.
Surplus. $19.919,775; increase, $5,301,850.
Ex.-U. S. deposits, $20,523,000; Increase,
The percentage of actual reserve of
the clearing house banks today was 26.G-I.
The statement of banks and trust com
panies of Greater New York not report
ing to the clearing house shows that
these institutions have aggregate deposits
of $1,278,153,900, total cash on hand, $145.
126,400, and loans amounting to $1,121,
| The Financier will say;
"The statement of the associated banks
of the city of New York for the week
[ending May 22 reflected a further de
crease in the loan item, as well as in de
posits, the contraction of loans having
amounted to $7,049,100. while deposits
decreased $6,446,800. Gold exports for the
week approximated over $6,5UO.OOM. but
the banks were enabled, through heavy
receipts from the interior, as well as
from operations with the subtreasury,
to overcome this loss, the cash changes
for the week, based on actual conditions,
having been only $187,900. The con
traction in deposits, of course, lowered
reserve* requirements and the result was
seen in an expansion of $1,423,800 in re
serve, bringing the present surplus to
$22,339,525, the highest point, with one
exception, reached thi6 year. Money rates
continue very easy, and it is quite likely
that international exchange movements;
will continue1 to be a feature in this mar
ket for some time to come. The sum- j
mary of state banks and trust companies
in Greater New York not reporting to the
New York clearing house showed a mod- i
erate decrease of $2,8S7.?00 In loans, to
gether with slight decreases in cash and
deposits. It is quite evident that the
process of shifting loans from the banks
to trust companies has ceased."
CHICAGO, May 22.?New high record
marks for the season were made today
in the price of wheat and oats, the May
delivery of the former advancing to 1.32%
and of the latter to 61%. Com also was
Arm, but provision# were only steady.
The wheat market was an erratic af-1
fair, with the strength of May a promi
nent feature. Shorts in that delivery were
more uneasy, owing to the short time re
maining in which to make deliveries.
With the exception ot the current month
the market in general displayed consid
erable weakness early in the session
owing to a weak market at Liverpool and
; the continued favorable weather in this
country for the new crop. Later, how
ever, prices advanced sharply, the July
delivery rallying l%c from the low point of'
the session. One of the principal bullish
factors wa? a report credited to an offi
cial of one of the western roads which
estimated the wheat crop of Kansas at
the low figure of 69.000,000 bushels
against the government's estimate oi
94.000.000 bushels made May 1. Another
strengthening influence was an improved
demand for cash wheat here and in the
northwest. The market was nervous dur
ing the final hour, but bullish sentiment
predominated and a firm tone prevailed
at the clone. The rango for the day on
May was between 1.31 and 1.32% and lor
July 1.16)4 and 1.17%. Final quotations
?^ed ?a,n? of * to May being
1.32% and July at 1.17%al.l7%.
Increased receipts of corn prompted an
opening raid on the May delivery of that
grain, which'resulted in a break of al
most a cent In the price of that option
and caused moderate weakness In the
market in general. The market, however,
soon turned strong on buying, based on
reports from points in Illinois, which
claimed that the country movement was
practically ended. During the day the July,
delivery sold between 68%a68% and 69%.
The close was firm, with prices up % to
%a% compared with the previous final
figures, July being at 69%.
All deliveries of oats rose to new high
levels for the season as a result of re
newed covering uy influential shorts.
There was no change in the general situ
ation, reports from the country being
quite unanimous in claiming favorable
conditions for the new crop. The top for
May was reached at 61% and for July at
54%. The market closed at almost the
highest point at net gains of V4a% to 1V>.
with May at 61% and July at 54%.
Trade in provisions was quiet, and
prices held within a narrow range. Ths
strength of grain was offset by a 5c de
cline In live hogs. Prices at the close
were 2%c lower to 2%a5c higher.
Cash: Wheat?No. 2 red, l.nOal.52; No. 3
red. 1.40al.48; No. 2 hard, 1.32al.39; No.
3 hard, 1.27al.32; No. 1 northern, 1.32a
1.34; No. 2 northern, 1.30al.33; No 3
spring. 1.28al.32.
Corn-No. 2, 73%a74; No. 2 white, 74:
No. 2 yellow, 74; No. 3, 73%; No. 3 yel
low, 74; No. 4. 72%.
Oats-No. 2 white. 62; No. 3 white. 60a
61%; No. 4 white, 59ati0%; standard 6l%a
ST. LOUIS, May 22.?Wheat?No. 2 red
cash, 1.54al.56; May, 1.36 bid; No. 2 hard.
1.36al 40; July, 1.13%al.l3%; September,
Corn?No. 2 cash, 74a74%; July, 69%;
September, 66%; No. 2 white, 76.
Oats?No. 2 cash, 58%; July, 57%; Sep
tember, 44%; No. 2 white, 60.
MINNEAPOLIS, May 22.?Close: Wheat
-May, 1.32%; July. 1.30%; September,
1.10%; cash No. 1 hard, 1.34%al.35; No. 1
northern, 1.33%al.34; No. 2 northern,
1.31%al.32; No. 3 northern, 1.30al.31.
Flour?First patents, 6.30a6.50; second
patents. 6.20a6.40; first clears, 4.90a5.05;
second clears. 3.55a3.67i.
Bran?In bulk, 24.00a24.50.
MILWAUKEE, Wis., May 22.?Wheat
No. 1 northern, 1.35%; No. 2 northern,
1.83%; July, 1.17%al.l7%.
Rye?No. 1, 88a89.
Corn?July, 60% asked.
Barley?Standard. 75; No. 3, 74; No. 4,
DULUTH. Minn., May 22 ?Wheat?No.
1 hard. 1.34; No. 1 northern, L32%; No. 2
northern, 1.30%; May, 1.30%; July. 1.30;
September, 1.11%.
BUFFALO, N. Y.. May 22.?Wheat
Spring higher; No. 1 northern, carloads
store, 1.35; winter, nominal.
Corn?Easier; No. 3 yellow, 79%; No 4
yellow. 78%; No. 3 corn, 78%a79^; No. 4
corn, 77%u78?-4; No. 3 white, 80.
Oats?Higher: No. 2 white, 64%a6Ci; No.
3 white, 63%a64; No. 4 white, 62%a63.
Barley?Feed to malting. 75.
Rye?No. 2 track, 96.
Canal freights wheat, 33% to New York.
TOLEDO, Ohio, May 22.?Wheat?Spot,
1.53; July, 1.19%; September, 1.12.
NEW ORLEANS, La., May 22.?Spot
eotton quiet and easy, unchanged; mid
dling, 10%; sales on the spot, 625 bales;
to arrive, 25 bales. Futures opened
steady at an advance of 1 point on July
and a decline of 6 to 6 points on later
positions. After the first call the decline
became general on week-end selling out. j
Leading Interests sold freely and were
evidently working for y, decided reaction, j
No attention was paid to the very bull
ish week-end statistics-, but much was
made of better weather reports and a
falling off in the local spot demand. To
ward noon the active positions were 11 to
14 " points lower than yesterday's final
prices. The closing was steady, at a
net decline of 11 to 12 points.
Futures closed: May, 10.95 nominal;
June, 11.00 nominal; July, 11.18; August
11.07; September, 10.03; October, 10.69
December, 10.68; January, 10.71.
NEW YORK, May 22.-The dry goods
market was very quiet for the day, the
weAther being adverse. Cotton goods
We Offer Fall Paid Shares
International Lumber &
Development Company
At a Bargain.
Mutual Brokerage Company
7tb Floor Mutual Life Bulking,
Philadelphia, Pa.
1.000 pbare* Mitchell miu;n? stock
nt Wi-,
my23-3t*4 Address Bo* 02. Star office.
Thompson Investment Co.,
SpeolalliitN In
Listed, Unlisted and Curb Stocks
We ftlve quotation* on any attck.
Send iin your wants.
740 Real Kutate Truat BNIic.. Phlla., Pa.
- .. V- ^^*'->
OV*-<?r'*i-C't\~4 .-"J ?*1O"**i~1?">?*''*C*'*??
k b
Si z)'f
si;lt the &
Serial Building
0 Association.
K JOHN QUINN. President. =&
;i|: BERNARD LEONARD. Vice President.
N. II. SHEA, Treasurer. *<?
*<? JAMBS F. .SUEA, Secretary. 3C
>.? . 2Z
J 643 Louisiana Ave. N.W. j
3? ap21-eo,tf-40 ?
f New York Stock Exchange
Members | Washington Stock Exchange
I Chicago Board of Trade
and sold on same favorable
terms as we offer for trading in
New York stocks and bonds.
liibbs Building
New York Los Angeles
Washington San Francisco
E. F. Mutton & Co.,
New York Stock Exchange
New York Cotton Exchange
New York Coffee Exchange
Chicago Board of Trade
New Orleans Cotton Ex
F Street N.W.
Telephone Main 11170.
Thomas L. Hume,
| Harrimani&Co.
Members New York |
Stock Exchange
Colorado Building f
Telephone Main 1603.
? E. F. CAVERLY, %
? Assistant Manager. 3
Hi tnyl800t 3t
' Perpetual
Loans on Real Estate.
$1,000 for $5 Monthly Interest
$2,000 for $10 Monthly Interest
$3,000 for $15 Monthly Interest
$4,000 for $20 Monthly Interest
$5,000 for $25 Monthly Interest
Payment* back on principal draw 4 per emt
Interest. No commlaalona. Moderate axons**
506 11 Ith St. N.W.
apl-tf.4> '
Money at 5%.
Heiskell & McLeran,
?oao-tf 14Q3 h ar.
closed very firm. Cotton yarns are tend
ing higher even though trade is limited.
Linens are more active. Burlaps are
quiet. Fino and fancy cottons move
slowly from primary hands.
Imports of merchandise and dry goods
at the port of New York for the week
ending May 15 were valued at $10,817,014.
Imports of specie for the port of New
York for the week ending today wero
$210,845 silver'nnd Si.14,53'.! gold.
Exports of specie from tlie port of New
York for the week ending today wars
$8,580,7^) golU and $&0,<&J silver.
r X. .#
m ?
; rVT
Capital, Surplus and Undivided Profits, $^,343,560.38
Protection and Interest.
VERY DOLLAR deposited in this company's hank
ing department is protected by the most stringent pre
cautions that approved banking policies can sug
Interest Paid on ALL Accounts
?subject to check. U. S. Treasury supervision.
CTTRAVBLERS' CHECKS ISSUED-available everywhere.
Edward J. Stellwagen President
James G. Payne 1st Vice President
Geo. E. Hamilton..2d Vice President
Attorney and Trust Officer.
Geo. E. Fleming. Third Vice Presi
dent and Asst. Trust Officer.
Edward L. Hillyer Secretary
Edson B. Olds Treasurer
Harry O. Wilson Asst. Treasurer
W. Frank D. Herron Auditor
ftfmrice J. Adler,
" Scott C. Bone,
Joarpk H. Gran ford.
G. Thomas buniop,
Geo. E. Flaming,
Grorpp Olhson.
Bernard H. Green.
George E. Hamllto*.
Walter S. Harban,
J. Tbilman Hendrick,
Frank C. Henry,
Chas. Jarobsen.
Rudolph KaofTmaan,
D. J. Kaufman.
John Vi
A. 8? Kenny,
Jamr* b. Lamble,
3. Nota MrQtll,
Frederick B. McGt
Clarence Moore,
Aulick Palmer.
James G. Payne,
Duncan C. Phtllipa.
Franeta A. Rtckardra.
John H. Small. Jr..
B. Francla Sanl.
Rdward J. Stellwaren,
r. Tertrea.
William P. I.tpicMlh.
One Company vs. One Hundred Sixty
f. Northwestern Mutual Life omitted?show Net
f Gains in Insurance in Force
I in 1908 aggregating - - - - $285,903,622
Insurance Company ALONE shows a Gain in
Insurance in Force in the year
1908 of $63,013,026
This being a gain of $16,594,990
greater than that of any other com
pany, and equal to the combined
gain made by twelve of our other
best companies.
Notwithstanding The Northwestern's large
jjj; New Business in 1908, its Expense rate, always
t low, was lower than in years.
| "Insurance Gained" means both new mem
X '
I;! bers coming in and old members staying in.
? The Northwestern's insured are satisfied.
{ HUSKE & SMITH, Gen'I Agts.,
I 513-516 Union Trust Building.
Under U. S. Treasury Supervision.
Golden opportunities are
often missed for lack of
capital, but if you will start
an account in our bank now for your youngster he
will have a nice birthday present when lie is twen
ty-one. His chances for a successful business life
will be greatly strengthened by the independence
your nest egg will give him.
Deposit it in your own name if you like, but
deposit it. That's the main point.
As little as one dollar is enough to start a sav
ings account with, and we pay 3 Jo interest.
1 Home Savings Bamiks
Seventh and Mass. Ave. N.W.
7th and IH1 Sts. N.E. 436 7th St. S.W.
BOSTON. May -2.?Tlio consolidation
of the Boston Chamber of Commerce and
tiie Boston Merchants' !\8?ociation, un
der the name of the Boston Chamber of
Commerce, will become effective June 1.
I when the two organizations will hold a
j special meeting. At thin meeting the
new organization will adopt by-laws and
1 elect a board of directors. Numerically,
j the new organization will be the stronjt
I est local commercial liody in the United
| State*. Its membership will be Indi

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