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The World of Finance and Trade.
Washington; New York; London. PRICES CLOSE HARD Week-End Figures Substan tially Changed From Friday. UNIQN PACIFIC FEATURES^ Earlier Ten-Point Advance Wiped Out and Bestored. BANK STATEMENT STJBPBISE Increase of S13.677.000 in Cash Re-j serve Caused by Decrease of Near ly $32,500,000 in Loans. S|*rinl Hispnteb tn The Stnr. NEW YORK, June 2fi.?In no other place than in Wall street was a heartier j ?welcome extended today to the temporary relief from work at the end of the pres ent torrid week, and. as was highly nat ural. dealings in storks during the day | were not more tlian nominal. Heaviness j In the London market owing to the an- | tieipation of the midyear settlements, j that has been in evidence for several days . past, again resulted in the selling here; of a moderate quantity of stock for European account, and yesterday's slight tendency toward a decline in prices was accentunted In the early trading by a cable from Paris that all attempt to list , United States Steel common shares there j had been abandoned. Hut the statement was no more author!- , tative on the point than any other that has recently appeared. It is well recog nized that the whole matter is now held in abevance. and discussion concerning it really exercised but small Influence as a j stock-market factor. After the first half hour of business, prices hardened and remained with nearly , all the prominent stocks at a higher j level throughout the day. Unal prices* were substantially changed from those] of yesterday. Only Notable Incident. About the only noteworthy Incident of the day was a decline at one time of j li'j points in the price of Union Pacific stock, wiping out the entire ten-point ad vance in the stock made earlier in the week. The stock, however, recovered with the rest of the market before the ' The weekly bank statement, which did not appear until much longer than usual after the end of business, was a remark-, able disclosure of financial conditions. In I the average figures of the returns there was a correction of last week's under j statement so that today's ilgures exhib- j ited a great increase of $13,077,000 in the j cash reserve, caused by a decrease of j nearly |32.nOO,<WO in loans and an in crease of nearly $7,000,000. Today's ac- , tual figures were, of course, a little less glowing than this, but they showed that an increase of $0,700,000 in the cash sur plus had brought about a decrease of S1_? ?H*U>00 in loans and an increase of fO.tiUO.OOO. A clue to the reason for this extraordinary state of affairs was in part afforded in the return trust companies. The loans of these institutions increased over $6,000,000, proving that bank loans | had been in some cases transferred from trust company books. Probably also for eign credit has recently been extended to i this market on a considerable scale. At the same time there are substantial rea- , sons for believing that heavy financial syndicate operations in the market have ; latterly been wound up with a conse quent reduction of bank liabilities. Irregular as a Whole. The week's stock market as a whole has been irregular. Prices fell sharply Monday, rallied in the middle of the week, so that two-thirds of the entire de cline from tlitj high point of the V^ar was recovered, and were then dull, Out steady, near the close. A feature of the market at times was a renewed agitation of the long discussed and still unsettled question as to the right of the Lnion Pa cific preferred stock to share in any di rect or indirect distribution of the Union Pacific's treasury assets. . Financial opinion seems to be pretty nearly evenly divided upon the matter, and it is altogether probable that the rights of the Union Pacittc preferred shareholders as regards the point at is sue must be settled eventually by the courts. With reference to the immediate j stock market it is reasonably clear that ( the market is passing through the usual June phase. It is the period of the year j when interest is always keen regarding the crops, and when, therefore, the nat ural tendency of the market is toward quietness, especially if a rise is gone on previously. Pessimism in Evidence. Doubtless a certain amount of pessi mism has been excited in the financial district by President Taft's promulgation of the corporation tax scheme, and ground for unfavorable comment upon this cei tainly exists, considered from a broad point Of view; but here again, however, it is all but absolutely certain that the corporation tax law. if passed, will have to be construed and sustained by the courts. Most serious doubts as to the constitutionality of the measure are en tertained in the highest legal quarters. One matter that was involved in no doubt at all during the week was the fact that the warm weather, while j making life miserable locally, was yet | a factor of decided stimulus in the gen- I eral business world. It promoted in a lively way the sale and distribution of summer merchandise, and did worlds of good to tl.e crops. At no time this year have the com mercial agencies been so unanimous and enthusiastic in their statements of the general progress of business as in t:.e.r report? published today. The activity 61 the iron and steel business is such that the expectation now Is that the mfHs will be ciosed only on a compaim tively small degree for the usual summer vacation season. Business seems every where at the top notch thus far touched Binee January 1. NEW YORK DRY GOODS. oi NEW YORK, June 26.?The dry goods market closed the week very strong. Buy ers are proceeding carefully, but are plac ing larg? quantities of merchandise under order. Jobbers' clearance sales will begin Monday and continue for the balance of the month. Linens are very strong. Bur laps continue quiet and prices are very low. Fine and fancy lace goods have been generally opened for the season. NEW ORLEANS COTTON. NEW ORLEANS June 2>l -Cotton Spot tirm. 1 - IK up; middling, llli; sales on the spot, 1.025; to arrive. 1,000. Futures opened steady, unchanged to 4 points up on the active months. Bullish crop statistics gave the market an up ward tendency, which would have been much more marked had it not been for extensive realizing by long interest over Sunday. The anticipation of a bullish bureau re pot t next Friday, and the knowledge of the fact that the Liverpool market would remain open until 7 p.m. to receive this information, also served to stimulate bull ?L sentiment, and a gradual advance iras steady, with the active months 13 to "?*> points above the close yesterday. Close?June. 1144, nominal; July. 11.57; August. 11.67; September. 11.05; October, 11.51; November, 11.51; December. 11.52; January. 11.53; March, 11.63. Closing Stock XJst. KBW YOKK. June 28. ? . ,?Kales?, Clos ? High. Low. bid. Allls-Chalmers, pfd 52% 61% Amalgamated Copper 81% 80% Mjl American Agricultural 43% 48% 43% American Beet Sugur 48% 43% 48% Amerlcun Can, pfd 80% 80% American < 'a r & Foundry 0t>% IW* 33% American Cotton Oil 74% 74% 74V Amer. Hide ft I.eatb.. pfd.... 42% 4>% JU American Ice Securities 30% WS 30J American Unseed 17 17 lW. Amerlcan Wvmiitlve 68% Anifr. Smelting & Refining. .. wO'i 80S .00 Amer. }<roelt. & Refining. pfd.. 1101.* 110% American Sugar 1!? fining 124 124 1-3V* American Tel. A Tel 142% 141% 141% (American Tobacco, pfd American Woolen 33% Anaconda Mining Co 48 47% 48 Atchison 115% 116 Atchison, pfd 106% D1? 106% Atlantic Coast Line 128 Baltimore 4; Ohio 11T 117 117% Baltimore & Ohio, pfd 06 05 04 Bethlehem Steel 20% 20% 2#% Brooklyn Rapid Transit 80 70^ <?% Canadian Pacific 181% ISI14 181% Central Leather 30% 30% 30% Central leather, pfd lt?4% 1(,4% 1"+ Central of New Jersey 285 285 200 Chesapeake ?<fc Ohio 77'i 7Q% 76% Chicago & Alton 60% 60% 68% Chicago Great Western 2<?i 2% 2 Chicago & Northwestern 182% 182% 182',i Chicago, Mil. Jr St. Paul 132',* 151% 152 C.. P.. C. ft St. Louis 73 Colorado Fuel ft iron 43% 42% 43 Colorado & Southern M'i Colorado & Southern, 1st pfd 81 Colorado ft Southern. 2d pfd 80V4 Consolidated Gas 140 139% 130% Catu Products 23% 22% 22% IVlaware & Hudson 101% 101% 101% I>?-nver * llio Grande 48% 48 48 Denver ft Bio Grande, pfd 85% Distillers' Securities 38% Brio 35% 35 35% Krie, 1st pfd 62% 62% 62 Erie. 2d pfd 42 General Klectrle 161% 161% 1*11 Great Northern, pfd 148% 148% 14*% Great Northern Ore, ctfs 75 76 75 Illinois Central 148 Intertiorougb-Met 17% 17 17U Interborougb-Met., pfd 61% 60 61% Intet^Harvester 84 Inter-Marine, pfd 24% 24% 24% International l'aper 1G% 10% 16% International l'ump 30% Iowa Central 20% 20% 29% Kansas City Souther* 45% 46 45>4 Kansas City Southern, pfd,... 72% 71 72 Ix>:iisville ft NasbTllle 141 Minneapolis ft St. I<ouls 110 65% 65 Minn., St. T. & Sault St. M... 138% 188% 138% Missouri Pacific 78 73 72% Missouri. Kansas ft Texas.... 41 40% 4rt% Mo.. Kansas A Texas, pfd 72 National Biscuit 105 National Lend 85 Nat. Itys. of Mexico 1st pfd 60% New York Central 133 132% 132% New Yorlfc Ontario ft West... 62 52 u2'4 Norfolk ft Western 80 North American 82 82 81% Northern Pacific 150% 140% 150% Pacific Mail *3% 89 82% Pennsylvania 136% 136% 136% People's Gas , 113U Pittsburg. C.. C. ft St. Louis 01 Pressed Steel Car 42% 42% 42% Pullman Palace Car 100 Railway Steel Spring 43 Reading 166 153% 154% Republic Steel 80% Republic Steel, pfd 104% 104% 104% Rock Island Co. 31 30% 30% Rock Island Co., pfd 70% 70% 60% St. I.ouis ft S. Fran., 2d pfd 42% St. IjouIs Southwestern 27% 27% 27% St. I?uls Southwestern^, pfd... 68% 68% <18% Sloss-Shefleld Steel ft Iron 81% Southern Pacific 180% 120% 130% Southern Pacific, pfd 132% 132 1*2% Southern Railway 81% 80-% 31 Southern Railway, pfd 60% 60% 00% Tennessee Copper 38% 87% 87% Texas & Pacific 34% Toledo, Ht. Louis ft West 47 Toledo. St. L. ft West., pfd... 07% 87% 67% Cnion racific 103% 101% 102% Cnion Pacific, pfd 104 100% 102% I'nited States Realty 81 I'nlted States Rubber 38% I'nited Statea Steel fi?l% 65% 66% I'nlted States Steel,pfd 123% 123% 12.T*; Ctah Copper 48'i Virginia-Carolina Chemical.... 55% 64% 64% Wabash 21% 21% 21% Wabash, pfd 56% 66% 50 Western Maryland 13% 12 12% Westinghonse Electric 88 84% 84 Western I'nion 72% 72% 72 Wheeling & Lake Brie 10 Wisconsin Central 55% 65 65 Total sales of tbe day, 349.800 shares. New York. Bonds. NEW YORK. June 26. 0. 8. ref. 2d, registered 101% U. S. ref. 2s, coupon 101% U. S. 3s, reg 101% U. S. 3s, coupon 101% U. 8. 4s, reg 118 U. S. 4s, coupon ... 120>4 Allis-Chalmers, 1st 6s 80 American Agricultural 6s 101} American Tel. ft Tel., cv. 4s ... 104-'! American Tobacco 4s 80% American Tobacco tfa 112 Armour 4%s 05% Atchisou general. 4s 101% Atchison hliort Line 1st 4s............ ... t04% Atchisnn cv. 4s 115%, Atchison or. 6s 116 Atlantic Coast Line 1st 4a 00% Baltimore ft Ohio 4s 100% Baltimore ft Ohio 3%? ... 04 Baltimore ft Ohio 8. W. 8%? *00 Brooklyn Transit cv. 4h 87% Canada Southern 1st 6b *100% Central of Georgia 6s *110% Central leather 5s 08% Central R. It. of N. J. gen. 5s *127 Chesapeake ft Ohio 4%? 104% Chesapeake ft Ohio ref. 5s ctfs 101 Chicago ft Alton 3%s 75% Chicago, B. ft Q. general 4s 0M? Chicago, R. ft Qulncy joint 4s 08% Chicago. Mil. ft St. p. gen. 3%s ... tWJ Chicago, R. I. ft l'ac. R.R. col. 4s..... ... 80% Chicago. R. I. A Pac. R.R. col. 5s 02% Chicago. It. I. ft Pac. By. rfg. 4s 01% C.. C.. C. & St. Louis gen. 4s 07% Colorado Industrial 5s *7T% Colorado Midland 4s 82 Colorado & Southern ref. ft ext. 4%a 00 Delaware ft Hudson cv. 4s 106% Delaware ft Hudson 1st ref. 4? *102% Denver ft R!u Grande 4s 07% Deliver & Rio Grande 5s 04% Distillers' 5s *75% Kri? prior lien 4s. pu Erie general 4s 77% Krie cv. 4s, scries "A" *84% Erie ct. 4s, series "II" 75 General Electric c?. 6s 147'4 Illinois Central 1st ref. 4s...., 00% Interborough-Met. 4%s K0% 1 Inter-SIerchant Marine 4%s 73 Japan 4s 871/, Jnpan 4%s 03% Japan 4%s, 2d series 03% Kansas City Southern 1st 3s 74% Lake Shore deb. 4s (TJ31) 05 Louisville k Nashville Un. 4st 100 Missouri, Kansas ft Tosn* 1st 4s 100% Mo., Kan. & Texas 1st and ref. 4s t*>6% Mo., Kansas A Texas gen. 4%s 00'4 Missouri Pacific 4s &2>Z National Kys. of Mexico 4%s 04% New York Central gen. 3%s 03 " New York Central deb. 4s *03% New York City 4%* (new) 111% N. Y., N. II. A Hartford cv. 6s 13S% Norfolk ft Western 1st con. 4s 68Vi Norfolk ft Western cv. 4s 08% Nnrtliern Pacific 4s. , 102*4 I Northern Pacific 3s 74% Oregon Short Line rfdg. 4s *04% I Van. cv. 3%s (1015) M% Penn. con. 4s 104% Beading general 4s 100 St. Ix>uls k. San FrHn. fg. 4s 80 St. I/ouis ft San Fran. gen. 6s 8!)% St. I/Mils Southwestern con. 4a *70% St. IxmiIs Southwestern 1st gold 4s J<4% Seaboard Air Line 4s 87% Southern Pacific cv. ctf. 4s 102% ii>uthern Pacific col. 4s 03 Southern Pacific R.R. 1st ref. 4s 04% Southern Railway ?>n 111% Southern Railway general 4s 82% Cnion Pacific 4? 103% Cnlon Pacific cv. llow Cnion Pacific 1st and ref. 4s !K04 U. S. Rubber 0k 104% U. S. Steel 2d 5s 105% Vtrglnla-Ctfrollna Chemical 5s OS Wabash 1st 6s 112% Wabash 1st and ext. 4s 77% Western Marylaud 4s 85 Westinghonse Electric cv. 6s S?4U 1 Wisconsin Central 4s *0o% ?Bid. t Offered. New York Mining Stocks. NEW YORK. June 20. Alice 1.85 1 Brunswick Con., offered 06 I'omstocU Tunnel Stock 20 1 Coinstock Tunnel Bonds 18 'Con. Cal. and Va .NO i lleru Silver 00 ; Iron Silver 1.40 | LPadvlUe c?0-. offered 00 I Little Chief, offered 0T I Mexican .. 1.00 I Ontario 3.50 1 Ophir 1.47% 1 Standaril" 1.75 | i Yellow Jackct .45 TREASURY STATEMENT. The condition of the Treaaury at the beginning of business yesterday was as follows: Reserve fund, gold coin and bullion, i $150,000,000. Trust funds, to redeem out standing certificates, gold coin, $S46.i:W. >500. silver dollars. $4S-'.,iC.'.u>?, silver dol lars of 1S90, ?4.224.?J(M); total. #1.:134.334. StftL IJeneral fund, $147,761,408. Deposits in national banks, $74.*)2.;i3S; in Philip- i pine treasury, $4,152,0T8; awaiting reim bursement, $18 213; current liabilities, fl05.U21.813. , Yesterday's statement of the Treasury balances in the general fund exclut>ive of the $l3t?.OtO,UJO sold reserve shows: Gold coin and bullion, $145,166,344; gold certificates, $25,253,780; available cash bal ance, 1121,412,219. Boston Stocks and Bends. BOSTON, June 20. * MONET. C?11 loans 8 Time loan* *a6 BONDS. Atchison Adjustable Atchison 4s 101 BA1LROAXNL Atchison Atchison, pfd 106H Bostnti it Albany 229 Boston A Maine 147Vfc Boston Elevated ISO Plt<-hburjr. pfd '30 X. Y.. X. H. & H 171 Union 1'acldc WH Ml SC ELL AN SOUS. American-Arge. (Chemical 48 American-Arge. Chemical, pfd 100% American Pneumatic Tube 8V?, American Sugar 1W American Sugar, pfd 120V American Tel. and Tel 1411) American Woolen 38V Ameri.-eh Woolen, pfd *101% Dominion Iron and Steel 42*4 Edison Electric Ilium 248 (ieueral Electric ltllla Mas.-achuserti Electrie 12 Massachusetts Elec., pfd WVi Massachusetts Gas United Fruit 138 United ghoe Machine flOV4 1'nlted Shoe Machine, pfd 2?% U. ?. Steel .. ?WK U. S. Steel, pfd ?. 12SU, MIXING. Ad venture 7ty AUouez 42'j Amalgamated 81V* Arizona Commercial <NM4 Atlantic OH Butte Coalition 2fi Calumet and Arlcrtoa 104 Calumet abd Ilecla 648 Centennial 31Vi C.ipper ltange 80% Daly West : 8 Franklin 17% Granby , 00 Greene Cananea 10 Isle Jtoyale , 25% I Mass. Mining 84 Michigan 10 Mohawk 06 Montana Coal and Coke 20c Nevada 23 North Iiutte Old Dominion 63 Osceola 136 Parrot * 30 twiner 8T mnD >n 16Mi Trinity 11 United Copper 10 United Statea Ml stag 4?% 1 United States Oil 32% Utah . 4\% Victoria 4V4 VVinona 8Mi Wolverine 147 ?Kx.-dJr. Washington Stock Exrtiango. Sales.?Regular call, 12 o'clock noon?Washing ton Itwj. and Elec. 4?, $8,000 at 87*4, #1,000 at 87*4. Washington Gas. 23 st 60%. 28 at 60%. 25 at t?%. 2% at 60%. 23 at 60%, 25 at <!!>%, 26 at TO. 18 at TO. 25 at TO, 28 at 10, 100 at 70. After call?I.anston Monotype, 106 at 15%, 100 at 15%, 200 at 15%, 100 at 13%, 100 at 16%. 100 at 16%. ^ GAS BONDS. Bid. Asked. Georgetown Gas 5s 107 110 Wasblifton Gas 4s 100 104 Washington Gaa cert. 6a 110 118 BAlLItOAD BONDS. Capital Traction 5s 117 U? Anacostla and Potomac 6a........ 104 100 Oity and Suburban 6a 104 .... Columbia 5s 103 105 Columbia tlx 112^ 110 Metropolitan 5e 114 116 i Washington Rwy. and Elec. 4s... 87*4 ST*41 Potomac'Cons. 3? 101% 105 MISCELLANEOUS BOXDS. Potomac Electric Light 5s 108 109 Xor. and Wash. Steamboat 6a.... 100 .... Chesapeake and Potomae Tel. 5a. 105'$ 10? Emerson Steam Pump 6a 78 80 Washington Market 5s, 192T 103'4 109 Washington Mnrket 5s, 1947 104 110 PUBLIC UTILITY STOCKS. Capital Traction "... 134% 135 Washington R?r. and Elec. com.. 41 43 Washington Rwy. and Elec. pfd.. t?0 90% Wash., Alex, and Mt. Vermis.... 48 35 "j Xor. and Wash. Steamboat 205 2s0 Washington Gaa 60% TO Georgetown Gas, 50 .... 1 Bell Telephone of Pa 115 1J9 G. F. anil Old Dominion 10 .... TYPE MACHINE STOCKS. Mergenthaler Linotype 208% 210 Lanston Monotype l3',<* 15% MIXIXO STOCKS. Greene Cananea...... 10 10% NATIONAL BANK STOCKS. American 170 102% Capital 208 Columbia 275 Commercial .' 177% ISO Farmers and Mechanics' 810 Lincoln 127 Metropolitan 210 220 Rljrcs 060 ..... Second 100 1?2 Washington 810 324 TRUST COMPANY STOCKS. American Security and Trust a?5 290 National Savings and Trust 200 211 Union Trust 180 186 Washington Loan and Trust 206% 210 Unltud States Tenet 105% SAVINGS BANK STOCKS. Home Savings 280 Merchants and Mechanics' Savings. 149 160 Union Savings 235 205 Dime Savings 10% PIKE INSURANCE STOCKS. Arlington 24 27 Commercial 5 Corcoran 71 Firemen's 19% 20 Franklin 66 German-American 267 National Upion 6 ..... Potomac 33 34% TITLE INSUBANCE STOCKS. Columbia 4% 6 Ileal Estate 90 100 Washington t 5 MISCELLANEOUS STOCKS. Graphophone pfd 30 ..... Merchants' Transfer and Ktoraga. 107 Security Storage 200 ?50 Washington Market 16% 19 ? FOREIGN MARKETS. LONDON. June 2fl.?'Trading on the stock exchange hue been quieter during the past week. A good deal of forced liquidation In various sections imparted an uncertain tendency with irregular movements. The Kafllp section reflected the liquidation the most, the settlement revealing a topheavy bull account, in which the carry-over facilities were con siderably restricted. This caused much selling, and several firms are reported to have been assisted. The new issues, while continuing to operate against increased business in the standard securities, are not finding as much favor as before, agd the under writers have been landed with a large proportion of the new script which is being held on borrow money and is likely to keep the market dull. Another Cana dian loan of about $50,000,000 at 3% per cent is being discussed. American securities have been sub jected to sharp, wide and Irregular move ments. The t umors of the serious illness of K. II. Harriman caused depression early in the week, especially in the Pa cific Issues while the bulls used the re ports of increasing trade to advance their specialties. Atchison, Topeka and Santa Fe bene fited on rumors of Increased dividends, and Union Pacific preferred spurted sharply on reports of a retirement scheme, but liquidation in other directions unsettled the market and prevented mark ed improvement. Prices today moved Irregularly and the market was dull, unchanged to one point higher than fast Saturday. Union Pacific ^T**ferred was an exception, being six Points dearer. BERLIN. June 30.?Prices on the bourse today opened quiet, but became firm at the close. Iron shares turned strongly upward on the report that a large Amer ican contract had been placed in Ger many. PARIS. June 20.?Prices on the bourse today were steady. NEW YORK LIVE STOCK. NEW YORK, June 26.?Beeves?Re ceipts. 1.824. Feeling firm for best grades; steady for others; dressed beef slow. Ex port--, 039 cattle and 4.056 quarters of beef. Calves?Receipts, 180 head; about steady. Veals, 7.U0 to 8.50; culls, 4.50 to 5.50. Dressed calves, quiet and unchanged; city dressed veals, 9*4 to 13c; country dre sed, 8>>fc to 11H Sheep and lambs?Receipts, 1,001 head; shet-p slow: heavy and common sheep, lower; lunihs, Arm; one deck sheep, un sold; common to prime sheep. o.OO to 5.00; iambs. 7.S0a!).25. Hogs?Receipts, 076 head; would sell h'gher If here. i Vacillating Prices Mark the Week's Transactions. REGULAR READING FLURRY Stock Market Game Played With Bold Skill. STEEL OUTLOOK IS ROSEATE Railways Felicitous Over the Crop Outlook?Third Avenue Stock a Sore Spot. Special CorrenpondriiT of The Star. NEW YORK. June 'M. 1000 Professional Wall street throughout the week has suffered from several mild at tacks of midsummer madness. Slumps and rallies have followed one another with bewildering speed. At the very opening of the week the bears indulged In one of their periodical assassinations of E. H. Harriman?but that perverse individual just refuses to die and goes right on with the financial operations the same as if he was the most robust giant extant. At the week end the Harriman stocks took commanding upward leadership. A startling rise of a dozen points or more in Union Pacific preferred rudely shocked the bears. A 4 per cent dividend payer cannot enjoy such an advance merely on its' dividend basis. The assumption is that the long-expect ed plan of segregation of Union Pacific assets approaches fruition. Of course it is a matter of common knowledge that the present dividends on all the Harri man properties but faintly reflect earn ings and accumulated surplus^ and when ever the final settlement is reached there can be nothing but benefit to Union Pacific shareholders. Meantime, the bear party, whenever it gets short of Harri man stocks, finds itself brought up with a round turn. As a machine for milking the short interest there has never been anything comparable to the Harriman outfit. There have been the customary antics In Reading. An early drop during tha week of about ten points was followed by recovery of more than half the de cline. For neither movement was there any vestige of rational reason. It was, a.<? usual in Reading, a mere stock market game played with boM skill. Actual holders of Reading have all sorts of f^in, or otherwise, in following Reading's will o'-the-wisp movements. The whole ques tion In Reading depends upon the value of its assets, and it is commonly believed that they represent today a'value con siderably higher than any quotation yet established for the stock. Steel a Star Performer. Another star performer is United States Steel. Early in the week It whs sold down about six points from its recent high quotation on reiterated stories that the much-advertised Paris listing had fallen through. From the low point es tablished it lias sharply rallied, indi cating that these stories are not au thentic. Certainly it does not seem credible that a house of the world-wide reputation of J. P. Morgan & Co. would announce so Important a matter as the Paris listing of Steel is simply due to the unwinding of red tape, which in France is more generously used than anywhere else In tl;e world. French of ficialism is a fearful and wonderful mys tery, but even that has its limits. As for the steel business proper, it develops" ab solutely astonishing recuperation. Re sults for the month of June show much greater progress than was anticipated by the most optimistic forecast. Orders for steel rails are being received In large volume, and orders for all other products show that consumptive needs have been held back until the last mo ment in the hope of a break in the prices of steel products. No break comes. It seems certain that the steel business is entering upon a new boom period?one that bids fair to surpass in extent and duration any previous record. And it must be home in mind in any candid consideration of the market position of Ste'fl common that this stock is the ulti mate heir of all the increased profits that will inure by reason of the building of the Clary plant and the extension of the Dulutii and Pittsburg plants, because the records prove that plants in existence prior to these- later. extensions earned revenues more than sufficient to provide for all fixed charges, interest on bonds, preferred dividends and ample betterment allowances. Hence any new Increase of revenue must at some time be distributed to common stockholders. There Is general and well founded ex pectation that the dividend on Steel com mon will be restored to a 4 per cent basis before the end of the year. It would be really a conservative rate, and It is certain that Morgan companies re ceive proper treatment from Morgan man agement. Amalgamation of Iron Interests. Bearing to some extent on Cnited States Steel Corporation matters is the informa tion which I am enabled, upon authority, exclusively to announce that plans for the amalgamation of outside iron com panies?those controlling ore lands par ticularly?are well , under way, although consummation will be delayed for some months yet. The amalgamation will in clude all the important independent con cerns. with the exception of Jones & Lauglilin, the Cambria and the Pennsyl vania companies. In the new combina tion there will be represented ownership or control of ore land? containing u00, 000,000 tons of ore. ? The new concern will probably represent a valid capitaliza tion of 1*230.000,000. It will not be in any way hostile to the United States Steel Corporation. It may even be said that realtions with the corporation will be established on the friendliest footing. The existence of such a new company will be additional guarantee of continuing stability in the steel and iron business, and will thus continue the good work in that direction already accomplished by the Steel Cor poration. Marketwlse and otherwise the Importance of this news cannot be over estimated. Weather conditions have been almost ideal for the crops. Ample rains are followed by hot, forcing temperatures, guaranteeing sturdy growth to that most important of all crops, corn, and equally favorable to the great southern staple, cotton. Winter wheat is being harvested and returns from the fields show that a much larger crop has been raised than was generally estimated. This is par ticularly true of Kansas, and herein Is explanation of the great strength shown by Atchison stocks. Atchison derivee large revenues from the carriage of Kan sas wheat. It would seem to be more than probable that the Atchison dividend will soon be restored to the old 8 per cent basis. There is also talk of its be ing distributed quarterly henceforth, in stead of semi-annually. Allowing for the value of the rights whicJi recently came off the stock. Atchi son is selling very close to its recent highest level, and it is noticeable that when the market turns weak Atchison does not yield much. Third Avenue Leads Slumpers. Third Avenue stock continues to be a very sore spot, It slumps pretty nearly all the time. The most ready explanation ,is that stockholders are getting out rather than face the payment of a stiff assessment, which, of course, has got to be made. Nevertheless, those who are willing to pay an assessment of $20 or $?"> a share would find it to their advantage so to do. As an actual operating busi ness property the Third Avenue railway touched bottom some time ago. and is now steadily on the up grade. But many shareholders will run away from assess ments. Moreover, it is a fact that very often stocks assessed have sold down ma terially after the assessment has been paid In. This was notably true of Union Pacific some ten or twelve years ago, but those who paid their Union Pacific as sessment and kept their stock have reaped rich reward. This is an illustru tio:i which Third Avenue shareholders | might do well to think over. Nothing apparently can convert the Wall street professional element from the gospel of pessimism. To listen to the gossip In Wall street circles there is real ly no such thing as American prosperity it is all hollow, phantom-like. The crops are fictitious, industries are all plunging to the demnltion bow-wows, securities are nothing but engraved falsehoods. Actual ly, however ridiculous this may sound. such are 'the doctrines preached among Wall street traders. Any one who ven tures to suggest that there Is such a thing as actual American business is looked upon with pity. How Wall street has got into this state of mind Is difficult to understand, but there It is. And Just so long as these hallucinations endure. Just so long shall we have ragged specu lative markets, because every time an ad vance takes place the bear contingent cries out: "Ha! the top at last!" and thereupon floods of short selling foam out. For quite a time now each and every speculative bear campaign has come to disaster, but hope springs eternal in the ursine breast, and there Is confident ex pectation on the part of Wall street spec ulators that they will all get rich in the near future by means of some .tremen dous smash. Just how this smash is to come about is not indicated, but that It must come is a tenet of bear faith. Such bear tactics would lie of little avail if the public were taking a hand in specu lative operations. But the public per sistently holds aloof. There is ampl* evidence of investment buying, but of speculative buying there is next to none. This, of course, permits the violent fluc tuations to which we have grown accus tomed. Market's Steady Rise. But it is to be observed that the market looked at in perspective steadily moves up?has been doing so since bottom was reached in th#> panic of 1907-08. The end of each convulsion finds the average of prices something higher?and this is due more tban to anything else to the con stant absorption of securities bv the small individual investor. Commission houses, while complaining of dearth of speculation, all report continued shipment of transferred stocks to points outside of *>ew York, a process which has been go ing 011 for a long time. Curious explanation of the slump of last Monday is afforded by a story which sounds true. As not?d In this review last week, Gov. Hughes' investigating com mittee recommended doing speculative business on not less than 20 per cent mar gins. It seems the stock exchange authori ties welcomed the idea, and nosing around found a prominent commission house not quite so tight?wadded in their financial ideas?actually doing business on a more liberal margin scale. The house was promptly notified that they must be good ? real good?must make their customers put up more margin or cut down their business. The house took fright and sold out about half the line it was carrying. Such is the story. Just what the customers of the house think of it Is not related. But Just why a stock broker should not extend credit as he sees fit in the same way as any other business man does is difficult of comprehension. Well, there is a heap of humbug In this world, of which com modity even our Hughes- white-washed stock exchange keeps a fair supply on hand. Broadly speaking, the immediate future of the security market depends more upon crop news than upon anything else. If, as now seems assured, average favor able crop results obtains then nothing can stop a big bull movement in stocks, ?f course, we have yet to pass through some two months of more or less crop uncer tainty, during which time the security market may be expected to stay feverish. Byt on the other hand, if the big capi talists of the country become convinced of good crop outcome they will not wait until harvest time to take advantage of the situation. They like to buy as near bottom prices as possible, with an eye to selling as near top as they conveniently can. W. G. NICHOLAS. NEW~Y0RK PRODUCE. NEW YORK, June 20.?Flour? Receipts, 15.7K4 barrels; exports, 178 barrels; dull, but firm. Minnesota patent, &25a8.ti0; winter straights, 0.50a0.G5; Minnesota bakers', ft.35a5.05; winter extras, 4.86a 5.70; winter patents, 0.75a7.00; winter low grades, 4.75a5.t>0; Kansas straights, 5.85a 0.00. Rye flour?Firm; fair to good, 4.50a4.70; choice to fAncy, 4.80a5.00. Cornmeal?Steady; fine white and yel low, 1.05al.70; coarse, 1.55al.tf0; kiln dried, 3.90. Rye?Dull; No. 2 western, 97 nominal f. 0. b. New York. Barley?Quiet; malting, 85aS7 c. 1. f. New York. Wheat?Receipts, 117.800. Spot firm; No. 2 red old, 1.17 nominal elevator; new, 1.2174. and August f. o. b. afloat; No. 1 northern Duluth, 1.38% nominal f. o. b. afloat; No. 2 hard winter, 1.35% nominal f. o. b. afloat. After a slightly easier opening, due to poor cables, wheat devel oped further strength this morning, and at one time was %e net higher. Realiz ng near the close caused a setback, and final prices were % to He net higher. July, 1.243ial.25%. closed 1.2474; September, 1.17Vsal.lH 0-10, closed l.ls%; December, 1.15%al.lti%, closed 1.10%; May, 1.13%a 1.18%, closed 1.18V*. Butter?Steady, unciianged; receipts, 4,510. Cheese?Heavy. unchanged; receipts, 2,1X5. Weekly exports, 1,091 boxes. Eggs?High grades, firm; others easy; receipts, 9,005. State Pennsylvania and nearby, brown and mixed fancy, 24%a25; State, Pennsylvania, fair to choice, 22a24, western, extra firsts. 22a22%; firsts, 20%a?l; seconds, 19%a20; southern, 10a20. Corn?Receipts, 14,025 bushels; exports, 4<i0 bushels. Spot firm; No. 2 old, 80H elevator and 79 f.o.b. afloat nominai; No. '? new, OlRi nominal winter ship ment. Option market was without trans actions, closing % to %c net higher. July closed, 70V4; September closed, TGVs; De cember closed 08%. Oats?Receipts, 41,175 bushels; exports, 1,HU0 bushels. Spot dull. Mixed, 20 i32 lbs., 00 I. 'tninal; natural white, ?0a32 Ihs., 50a02; clipped white, 34a42 lbs,, 00<*a05%. Hay?Steady; No. 3, 7oay>; good to choice, 90a95. Hops?Quiet; state common to choice, 190*, 12a 17; 1907, nominal; Pacific coast, 11*18, 10al4; 1907, Oalo. Hides ?Firm; Bogota, 2o%a2l>/4; Central America, 21 Mi Leather?Steady. Acid, 23a29. Wool?Steady; domestic fleece. 35a37. Beef?Steady; family, 14.OOal4.SO; mess, ll.00all.50; beef hums, 24.O0a20.00; packet, 12.50al3.00; city extra India mess, 20..?i 21.00. Cut meats?Steady; pickled bellies, 12'Aa 12%. Pickled shoulders, ; pickleJ hams, 12'/j Lard?Easy; western, ll.D5al2.05. Re fined barely steady, continent, 12.40; South America, 13.25; compound, .Sah^. Pork?Dull; family, 21.00a22 00; short clear, 21.00a23.00; mess, 21.00a21.50. Tallow?Dull; city, 5%; country, 5%a5%. Cottonseed oil?Steady; prime crude, 4.53a4.0O nominal; do. yellow, 5.60a5.00; July, 5.04a5.00. Petroleum?Steady; refined New York. 8.4o; Philadelphia and Baltimore. 8.35; do., in bulk, 4.85. Rosin?Quiet; strained, common to good. 3.ir,a3.a). Turpentine?Steady. 40. Rice?Finn; domestic, fair to extra, 3aG%; Japan, nominal. Molasses?Steady; New Orleans, open kettle, good to choice, 2Sa42. Si elter?Dull; domestic 5.40a5.45. Sugar?Raw. steady; fair refining, 3 42; centrifugal. 90 test. 3%; molasses sugar, 3.17. Refined steady; No. 0, 4.45; No 7, 4.40; No. 8. 4.35; No. ?, 4.30; No. 10, 4.25; No. 11, 4.20; No. 12. 4 15; No. 1.3, 4.10; No. 14. 4.10. Confectioners' A. 4.75; mold A. 5.30; cut loaf, 5.75; crushed, 5.65; pow dered, 5.05: granulated, 4.S!5; cubes, 5.20. The market for cofTee futures opened steady at unchanged prices, which was in line with featureless European markets. Trading was very quiet, but the market improved slightly on bull support of the near positions with the close quiet, net unchanged to 10 points higher. Sales were reported of 3.500 bags including June at 6.15a<|.20, July at 6 20 and Sep tember at 5.7.i. Spot quiet; Rio No 7 7\; Santos No. 4, 00a91??; mild quiet Cordova, !)%al2%. L. A N. Buys Short Line. LEXINGTON, Ky? June 20.?It is re ported here that the Loulsvile and At lantic railroad, running from Louisville to Beattyville Junction, in Lee county, a distance of 104 miles, has been sold by Judge A. T. Richards of Loulsvile. pres ident, to the Louisville and Nashvile road, and that the latter will begin op erating the line July X. FINANCIAL. FINANCIAL. Store Your Silverware ?Where Safety Is Absolute HI! HIGHEST ATTAIXABI.K degree of pro tection is insured by the thoroughly modern storage vaults of this company, in which the United States government deposited FOUR HUNDRED AND TWENTY MILLIONS OF DOL LARS ($420,000.000.00) for safe keeping. YOUR SILVERWARE and other valuables will be ABSOLUTELY SAFE from every form of danger during your absence from town if placed here. Rates are very reasonable. Wagons call upon request. 25^Universally available Travelers' Checks issued in various denominations. UNION TRUST COMPANY, OFFICERS: Edward J. Stellwagen President James G. Payne 1st Vice President Oeo. E. Hamilton. .tid Vice President Attorney and Trust Officer. Geo. E. Fleming. 3d Vice President and Assistant Trust Officer. Edward L. Hillyer Secretary Erison 13. Olds Treasurer Harry O. Wilson... .Asst. Treasurer W. Frank D. Herron Auditor First National Copper Why is the market price of this issue sagging and what hopes may stockholders entertain of getting out with a whole skin? Our Weekly Market Letter, published yesterday, circulation 34,000, devotes 3^00 words to an answer to the above interroga tion. It is up-to-the-minute in its news, analysis and deductions about the mine and company conditions and market position of this issue. Copy on request. B. H. SCHEFTELS & CO., ESTABLISHED 1903. 42-44 Broad St., New York. 122 Monroe St., Chicago. ?I"!":"!' ?I-M-H-'M"!1 ?!"! "!? -I "H-M"!1 ?!? i MfHIH lllM'Hll HI 4* <2fc Under U. S. Treasury Supervision. Ji j i Home Savin; ms9 7th St. amid Mass. Ave. N.W. BRANCHES: I i 7th and H St?. N.E. 436 7th St. S.W. ?!? jl'2fi-tf -i: k i h-i-h-h-h -h-k-i-m-hmm;m-i i n m 11 + LA ROSE Why does the market price of this Cobalt mining issue continue to seek new high levels, and at what point should holders take profits? Our Weekly Market Letter, circulation 34,000, published yesterday, devotes 2.500 wards to a review of mine and ccmpaiiy conditions and tlie market position of La' Eose. Copy on request. B. H. Scheftels & Co. ESTABLISHED 1902. 42-44 Broad St., New York. 122 Monroe St., Chicago. Will Buy and ?*ll J SITE R \.% TIO N AI. 1,1 MIIKH DiSVKLOPHEXT STOCK. C. \\. s\ VKHl, 714 Mutual Life Hid*., Philadelphia, !??, AND IMPORTS AND EXPORTS. NEW YORK. June 26.?Imports of merchandise and dry goods at the port of New York for the week ending June ID were valued at Imports of specie for tha port of New York for the week ending today were $108,362 silver and $100,961 gold. Exports of specie from the port of New York for. the week ending today were $806,335 silver and $1,090,500 gold. Harriman & Co.1 NEW YORK Bankers Members New York Stock Exchange Colorado Building Phones Main 1603-1604-1605. G. B. CHIPMAN, Manager. E. F. CAVERLY, Assistant Manager. mrlS-OOt Msmammj Certify to Increase of Stock. SPRINGFIELD,^ 111., June 26.?The Chi cago. Lake Shore and Eastern Railroad Company certified to the secretary of state today to an Increase of capital stock from $2,700,000 to $0,000,000, and the Elgin. Joliet and Eastern to an in crease from $6,000,000 to $10,000,000. Miming Stocks Bought and SoSd. If intrroatrd in tin- purrliaw of any unlisted ?itook write in ?; I van <ifl?*n hh??- you money. I.istpil (ioliilli'lil stiM-Vx liu n<llt*<l (iu coinnilesion. If you haie nur stock* list them for prlth uip. I ran ftiul Imytrs. Informant n given on any sto.-k fn<? ?f i-linnfc. lM*iid for Hat at bursal in>; many of tiieiu un iiuiij tut Imme diate de.irery. A. R. GREVE1R, THK MIXING STOCK HUuKKK, 2211 Buxtoii I'Klif., iH-iivi-r. Ooi. KkIsIiImuihI 6 V'?ur?. J?-i:i-Mi-.'it.ai Money at 5%. LOANED OX L). C. 11 HA I. K8TATK. Heiskell & McLeran, ?o30 t( 1403 U sx,