The World of Finance and Trade.
Washington; New York; London.
Activity of Reading Is Only
Feature of Market.
U. S. STEEL HOLDS FIRM
^ Earnings for Second Quarter Ex
pected to Bo large.
?.j ' ? ?
BANK STATEMENT ENCOURAGES
-Actual Loans Expanded by $23,
644.000 and Cash Gain Is
* ' SFT \V YORK. June 13.-F)xcept for
' '^further weakness In Reading shares,
"<irhlch was not without its effect on other
active Issues, today's stock market was
t full to the point of stagnation. The
> activity in reading was accelerated by
bear pressure, and there Is also the gen
f eral idea that nothing of especial benefit
to the road's shareholders is to be ex
pected for some months, now that the
i I'nlted States Supreme Court has in
definitely postponed action In the coal
* cases before It.
Trading in the first hour aggregated
about TO.OOO shares, and three-fourths of
8 that ?as in five of the active issues.
* Including the anthracites. In the second
t,or final hour the ticker failed for long
*' Intervals to record any transactions.
?. The board room manifested some inter
. est !n political developments at Chicago.
V but other news of the day had little
J bearing upon securities* values.
Increase in Business.
jj* There was another large decrease in
*' Idle coa! cars, due to the resumption of
", operations at the mines after the pro
- longed strike, and other freight equip
i ment also decreased throughout the
*** country, suggesting an increase in gen
*? eral lines of business.
**?'; (H the better known Issues, United
J? States Stee held firm and estimates of
>the corporation's earnings for the quarter
soon to end were Issued from unofficial
"" quarters. Some of these forecasts were
?' a- high as $26^000.000, or something like
* $N.?*KU>00 in excess of returns for the first
quarter of this year. In any event. It is
expected that the result will fully cover
dividend requirements of common stock.
Bullion amount.ng to $500,000 was with
drawn from the Bank of England for
shipment to Turkey, thus confirming re
cent reports of an urgent demand from
that quarter of the orient. Engagement
of $3*0,000 gold coin by a local banking
house for shipment to Buenos Ayres next
week, presumably for British account,
Average Loans Increase.
A striking feature of the bank state
ment was the wide difference shown in
average and actual loans, the former
increasing by practically $41,000,000.
while actual loans expended by $23,844,-1
000. The actual cash gain of $4,988,000
was in line with general estimates. Actu
al reserves decreased by a little over
$1,300,000. -Non-member Institutions which
last week threw the burden of loans
upon the clearing house, this week ef
fected another contraction of that Item.
Today's bond market was steady, with
moderate sales, the aggregate amount,
par value, beinsj $476,000.
I'nlted States 2s coupon and the 3s
and 4s coupon and registered declined
on call during the week.
New Tork Mining Stocks.
NKW YORK. June 15.
Alice , ...
Comatock Tunnel Stock ... . I!! ! J o
Coma lock Tunnel Uonda, offered ...ij
coo. cai. ii?i v? : ;;;;; -J?
Iron Silver /V
I^eadvllle Con., offered M
Little Chief offervd A"
Opbir . ,o
T?lk> v Jacket !!.!!"! .45
NEW YORK BANKS.
NEW YORK, June 15.?The statement
of clearing house banks for the week
?hows that the banks hold $27,780,900 re
serve In excess of legal requirements.
This is an increase of $324,450 In the pro
portionate cash reserve as compared with
The statement follows:
Loans, $2,1*13,082,000; increase. $4o,893,
8pecie, $379,886,000; increase. $8,710,000.
Legal tenders, $84,830,000; increase,
Net deposits, $1,939,010,000; increase.
Circulation. $46,878,000; increase. $SS.OOO.
Banks' cash reserve in vault, $390,927,
Trust companies' cash reserve in vault.
Aggregate cash reserve, $464,721,000.
Excess lawful reserve, $27,780,900; in
Trust companies' reserve with clearing
house members carrying 25 per cent cash
? eserve, $66,241,000.
^Loans. $2.066,415.000; increase. $23,644,
Specie, $381,325,000; Increase, S3.444.000
Legal tenders. 185.603.000; increase.
^*?L^posi,s- 633,000; increase.
Circulation, $46,898,000; decrease. $66.
Banks' cash reserve in vault, $394,415,
.Trust companies' cash reserve in vault
Aggregate cash reserve, $466,938,000.
Kxcess lawful reserve, $29,235,050 de
' rease. $1.:U8KV>.
Trust companies' reserve with clearing
louse m?m!?r? carrying 25 per cent re
Summary of state banks and trust com
panies in <.renter New York not report
ing to the New York clearing house:
Loans. $?ll<?. 4.r#>?;?io; decrease. $2,011,700.
Specie, $tt:.HO,5uu; decrease, $1 319(400
l*W*l tenders. *11.115.500; increase. $320.
Total deposits. $???. 572.900: increase
The Financier will say:
The statement of the New York clearing
l'Ouse banks this week revealed an un
expectedly large expansion of *.i3.ti44,od0
in the loan account, according to the ac
tual figures of condition, and the corre
sponding increase of $23.81?.OUO In depos
its raised reserve requirements to an ex
tent that more than wiped out the cash
gain of $4.1*44 000. The result of these
operations was to reduce the exceag re
serve by the moderate sum of $1,318,860
the totai standing now at $29,235,050. In
the statement of averages the loan ac
<ount presented an even greater Increase
amounting to $4?XM?.0U0. but this can be
accounted for as the reflection of last
week ? admission of the Knickerbocker
Trust Company's figures through its mer
ger with the Columbia Trust, this ac
cession to the clearing house resources
i.ot appearing In last week's average
ttatement. The weekly statement of trust
? >mpanies made to the state banking de
i art ment showed a loan increase of $3 -
50.900 and only nominal changes in the
o her items
DRY, GOODS MARKET,
*E%\ YORK. June 15.-The cotton!
goods markets rule steady, with print
cioths active and advancing. Lnens rule
strong. Burlaps are uneven. There is a
fair advance business being placed on
spring hosiery and underwear.
Closing Stock Lift.
WRW YORK, June IB. _ ,
( SalM , CI* t
High. Low. M4.
Amalgamated Copper .........
American Agricultural ? ??; ?7 "
American Bwt Sugar 74* 74% 74%
American C*n 33% 32%
American Oar A Foundry ?*%
American Cotton Oil
American Hide A Leather pfd.. .? r ? .?.?
American Ice Securities
American Smelting A Refining..
Amer. Smelting A Refining pfd.
American Steel Foundries .... __ ..
American Sugar Refining 130% 1301^ .SOU
American Tel. * Tel 145% 145% 1?5%
American Tobacco 202 29~ 29
American Tobacco pfd ??o
American Woolen ~Z,,
Anaconda Mining Co 43% 43% 43 *
Atchison 106% 106% ???%
Atlantic Coast Line ? ? ?
Baltimore A Ohio 10T% 107% 107 %
Bethlehem Steel ????
Brooklyn Rapid Transit 88% 87% 8;%
Canadian Pacific 264% 264
Central Leather pfd ,-V1
Central of New Jersey ? ??? *>"'
Chesapeake ft Ohio 77 <6%
Chicago ft Alton
Chicago Great Western 17% 1<% }'*>
Chicago Gr*at Western pfd. .. 33% :l;'% ,' ' 4
Chicago A North Western J-"*
Chicago. Mil. ft St. Paul 102P* 102% lO..
Chlno Copper 34 34 .'J
C.. C.. C. ft St. I .onto ? ??
Colorado Fuel ft Iron 32% 31% 31%
Colorado ft Southern
Consolidated Gas 141 140%
Delaware ft Hudson iV?f4
Denver ft Rio Grande
Denver ft Rio Grande pfd ? ? ?
Distillers' jWurltles 32% 32% 3*4
Erie 34% 34 -Vj?
Erie 1st pfd 51% 31% ??]?
Erie 2J pfd ?????
General F.lectric 169% 12L J??
Great Northern pfd 133 132% 1?M
Great Northern Ore CtfS. , ~',7?
Illinois Central TitV
Intertioroueb-Met. pfd 57fc ?>?%
Inter-Marine pfd. !,,i?
International Paper 16% 1?
International Pump 25% 25 *
Iowa Central ? ??; J,1...
Kansas City Southern 24% -*%
Kansas City Southern pfd
Lehigh Valley 171 1.0 1.0*
Louisville & Nashville 15?>% 150% 156 4
Minneapolis ft St. I.?uie
Minn., St. P. ft Sault Ste. M lw%
Missouri, Kansas & Texas
Missouri. Kan. ft Tex. pfd. ???? "J;!?*
Missouri Pacific 37% 37
National Biscuit ???
National Lead 57% 57 5?
Nat'l Rys. of Mexico 2d pfd
New York, Ontario ft West'n... 34% 34 34%
Norfolk ft Western 111% 111% 111%
North American *2
Northern Pacific 110
Pacific Mall . 32%
Pennsylvania 123% 123% 123
People's Gas 114 113% 114
Pittsburgh. C. C. ft St. Louts 108
Pittsburgh Coal 21 20% 20%
Pressed Steel Car 34%
Pullman Palace Car 160 15874 159%
Railway Steel Spring 35% 35% 35%
Kay Consol 21 20% 20%
Heading 165% 1.3% 104%
Republic Steel 23% 2:1% 2:1%
Republic Steel pfd 79
Rock Island Co 24% 24% 24%
Rock Island Co. pfd 40%
Seaboard Air Line 24%
Seaboard Air Line pfd 54% 54% 54%
St. Lonls ft San Fran, fcl pfd... 36 30. 3?
St. Ixiula Southwestern 32%
St. Louis Southwestern pfd 75%
Kloss-Shetfleld Steel and Iron 50
Southern Pacific 100% 109% 100%
Southern Railway 28% 27% 2S
Southern Railway pfd 74 74 74
Tennessee Copper 44% 44% 44%
Texas ft Pacific 23%
Toledo, St. Louis ft West 14
Toledo. St. L. ft West, pfd 30
I'nion Pacific 168% 16?% 167%
Pnion Pacific pfd WO
I'nlted States Realty 75%
Cnited States RoMier 63% 63li 63%
I'nlted States Steel 08% 68 08%
I'nlted States Steel pfd 110% 110% 110%
I'tah Copper 63% 63% 63%
Virginia-Carolina Chemical ... 48 48 47%
Wabash pfd 16% 16% 16%
Western Maryland 57%
Westlnghonse Electric 73 73 72%
Western Union 82
Wheeling A Lake Erie 7
Total sales for the day, 114,000 shares.
New York Bonds.
NEW YORK. Jnne> 15.
P. S. ref. 2s. /egistered 100%
t*. S. ref. 2s. coupons 100%
t". S. 3s. Tvglstered 102
L". S. 3s, coupons ,.... 102
l'. S. 4s. registered 114
t". S. 4s. coupon 114
Allts-Chalmers 1st Ss ,.... 62_
American Agricultural 5s 101%
American Tel. ft Tel. ev. 4s 114
American Tobacco 4s *95%
American Tobacco 6s *120
Armour ft Co. 4%s ? 91%
Atchison gen. 4s 98%
Atchison cv. 4s 10?>%
Atchison cv. 5s *106%
Atlantic Coast Line 1st 4s 94%
Baltimore ft Ohio 4s 98
Baltimore ft Ohio 3%s 91%
Baltimore ft Ohio S. W. 3%s 91%
Brooklyn Transit cv. 4s 89%
C.-ntral of Georgia 5s *109%
Central Leather 5s 95%
Central R. R. of N. J. gen. 5s 120
Chesapeake ft Ohio 4%s *10O_
Chesapeake & Ohio cv. 4%s
Chicago ft Alton 3%s
Chicago, B. A Qulncy joint 4s
Chicago. B. A Qulncy gen. 4s
Chicago. Mil. A St. P. deb. 4s
Chlcajro. R. 1. A Pac. R. R. col. 4s ... *
Chicago, R. I. A Pac. Ry. rfg. 4s
Colorado Industrial 5s 82
Colorado Midland 4s 46%
Colorado A Southern ref. A ext. 4%s . *.. ? ? 96
Delaware ft Hudson cv. 4s 68
Denver A Rio Grande 4s *84%
Denver A Rio Grande ref. 5s 85%
Erie prior lien 4s 89%
Erie gen. 4s 78%
Erie cv. 4s, series "A" 88
Erie cv. 4s. series "B" 78%
Illinois Central 1st ref. 4s *95%
Interhorough-Met. 4%s 81%
Inter-Merchant Marine 4%s 6T?%
Japan 4s *85
Japan 4%s .... *9a'i
Kansas City Southern ist 3? "f73
Lake Shore d. h. U GD13> 93%
Louisville A Nash. I n. 4s 98%
Missouri, Kan ft Texas 1st 4s 95%
Mo., Kan. ft Texas gen. 4%s *87%
Missouri Pacific 4s 70%
Missouri Pacific cv. 5? 84%
National Rys. of Mexico 4%* 89%
New York Central een. 3%i 87
New York Central deb. 4s &2%
N. Y.. N. H. ft Hartford cv. *'? *129
Norfolk A Western 1st con. 4s 9S%
Norfolk A Western cv. 4s 111%
Northern Pacific 4s 90%
Northern Pacific Ss 69%
Oregon Short Line rfdg. 4s 93%
Panama 3s *101%
Penn. cv. 3%s (1915) 97%
Penn. con. 4s 104
Reading gen. 4s 98%
Kt. Louis A Ssn Fran, fg 4s 78
St. I.ouls A San Fran. gen. 5s 87
St. Louis Southwestern con. 4s *81%
St. Lotti* Southwestern 1st gold 4* 91
Seaboard Air Line adj. 5s 80%
Southern Pacific ool. 4? 90*5
Southern Pacific cv. 4s 94%
Southern Pacific R. R. 1st ref. 4a ......... 94%
Southern Railway 5s 107%
Southern Railway gen. 4s 78%
I'nion Pacific 4a 100%
I'nion Pacific cv. 4s .. . 101%
I'nion Pacific 1st and ref. 4s 90%
I'. S. Rubber 6s llM%
T'. S Steel 2d 5s 102%
Virginia-Carolina Chemical Ss 99%
Wsbash 1st 5s 105%
Wabash 1st snd ext. 4s ?8%
Western Maryland 4s 86%
Wentlnghouso Electric cv. 5s 94%
Wisconsin Central 4s *91*?i
Boston Closing Mining.
BOSTON. June 15.
Allouex .... 46
Amalgamated Copper ?... 83%
American Zinc Lead A Sm 31%
Arizona Commercial 5%
Boe. A Corb. Cop. A SU. Mg 7%
Calumet ft Arisona 74%
Calumet A Hecla 511
Copper Range Con. Co 57%
East Btitte Cop. Mine 13%
Giroux Consolidated 5%
Granby Consolidated 54
Greene Cananea 9%
Isle Royale (Copper) 31%
Kerr I^ike 2%
Lake Copper 3*%
La Kalle Coppet 7
Miami Copper 28
Nevada Consolidated 21%
Nlplaeing Mines 7%
North Butte SO
North Lake 6
Old Dominion 57
Superior A Boston Mln 2%
I*. 8. Sm., Ref. and Mln :t9
V. S. Sm.. Ref. and Mln. pfd 48%
I'tah Consolidated 11
L tah Copper Co <1.1*
It matters little what it ia that you
want ?whether a situation or a servant
?a want ad in The Star will reach tile
person who will till your need.
LONDON STOCK If
Dull in Fore Part of Week, But
Cheerful Tone Prevails
the Last Days.
LONDON, June 15.?The stock market |
was dull and hesitating most of the week,
but after the elimination of an overloaded
bull account in the midweek settlement
operations freshened up and the week
end found a quietly cheerful tone pervad
ing most departments. The settlement
Is thought to have left the technical posi
tion of most sections sound, and If the j
carry-over In American Marconi shares
is wifely engineered next Tuesday an Im
provement Is looked for.
The threat of the leaders of the trans- |
port workers to call out the railway men
lost force and the gains In home rails
were maintained right up to the closing.
The feature in foreign securities was the
decline In German threes, but the deal
ings In this section were light and the
market was almost Idle yesterday and
American Securities Dull.
With the presidential campaign domi-!
nating Wall street little activity or Initia
tive was shown here in American se
curities, which moved irregularly and
mostly downward, particularly In the lat
ter part of the week. The market closed
with prices ranging from unchanged to
3%i points lower.
There is a good supply of money avail
able at present, but discount rates are
firm on expectations of tightening money
in the near future.
Plentiful Supply of Money.
There was a plentiful supply of money
available today. Discount rates were
rirm and slightiy higher. The stock mar
ket closed with the usual week-end quiet
ness, although more cheerfulness was ex
hibited generally. Home rails and Kaffirs
improved, the latter on further satis
lac tor y dividend announcements. Gilt
edged securities fairly steady and Rio
rintos ciosed higher.
American securities opened steady and
quiet. Transactions were light, but most |
of the list ruled a fraction above parity.
The closing was steady, with vaiues
i tinging from ** above to % below Fri
uay's .New York closing.
BERLIN, June 10.?Trading was duil
and prices were unchanged on the bourse J
PARIS, June 13.?Prices were generally
mm on the bourse today.
NEW YORK. June iu.?Alter making
new high records for tne movement dur
ing today's early trading, the cotton mar
Ket reacted as a result of heavy realis
ing, and tiie close was steady, but net
unchanged to 0 points lower, generally a
to 6 points tower.
Tne market opened steady at an ad
vance of o to 9 points, and during tne
early trading sold aoout 8 to lO points net
nlgher in response to strong Liverpool
caoies, reports of further rains in tne
eastern oelt, complaints of dry weather
in ukiahoma and talk of hoi winds in
lexas. This advance carried Octooer
contracts up to 11.80, about ti'J points
above the low level of June 3, and within
?5 points of the high record of the sea
son, made last May. Ine eastern belt
lorecast for continued snowers tonlgnt
and Sunday and tne prospect of con
tinued dry weather in the west prompted
ouying, but some of the local weather
experts were predicting better conditions
in the belt by early next week, owing to
me progress of a hign barometer trom
the Facinc coast, and realizing became
very active and heavy before tne end ot
tne first nour.
Prices gradually eased off under pres
sure, ana the close was at practically
the lowest of the day on the oid crop po
sitions, although the new crop showed a
closing bulge ot 4 or points on covering.
Private cables attributed the advance
abroad to heavy covering, and a good
trade demand in the absence of important
selling. W eekly reviews of the drygoods
j situation indicated rather more active
ousiness, and Fail River sales of print
cloths for the week showed a consider
able increase, which probably helped to
encourage the early advances.
Spot cotton closed quiet; middling up
lands, 11.90; middling gulf, 12.15. No
sales. Futures ciosed steady.
Open, lllgh. Low. Closing.
January 11.SI 11.86 11.71 11.74*75
February, ofd. 11.8* 11.7&a80
March 11.U4 11.US 11.80 U.87a88
april ........ ..... ..... ..... ........
May 12.02 12.03 12.01 ll.?8a85
June 11.40 U.32a37
July 11.05 11-50 11.41 11.42a43
August 11.05 11.08 11.52 11.63a&4
September .... 11.07 11.78 11.04 11.55a57
October 11.77 11.7? U.tiO ll.OOaOO
November, ofd. 11-?S? 11.70 11.70 11.08a70
December 11.W 11.8U 11.71 11.70a77
July, 11.56 to 11.41; August. 11,67 to
11..">2, September, 11.6s to 11.64; October,
11.79 to 11.60; November, 11.70 to 11.70;
December. 11.80 to 11.71; January, 11.86
to 11.71; March, 11.1)6 to 1165; May. 12.03
NEW ORLEANS, June 15.?Reports of ,
; continued rains in the eastern belt and ;
i Kood cables gave the cotton market an i
j upward tendency at the opening today, ;
? and prices rose steadily on buying, but
j late in the morning realizing brought
, about a reaction, the closing prices show
' ing a net advance of 2 to 6 points.
Futures opened steady at an advance of
S to lo points, on an unfavorable weather
map and encouraging cables. Under
short covering and commission house
buying prices rose sharply, July touching
a new high level for the season at 12.45.
The new crop months were held down
somewhat by straddle selling against pur
chases of July. On the rise longs took
< profits and the volume of selling became
heavy enough to check the advance and
bring about a reaction. Bull support was
lacking, and at the lowest of the morn
ing the most active months were 3 to 7
points under the final quotations.
Spot cotton, qui^t, unchanged; middling,
liiV*; sales on the spot twenty-eight bales;
to arrive 30o.
Futures ciosed steady. January, 11.93;
March, 12.U0; June, 12.34 nominal; July,
12.37; August, 12 06; September, 11.95;
October, 11.85; December, 11.88.
This was a bull week in th<e cotton
market and prices of the most active
months In the future department closed
at a net advance of 35 to 51 points. The
market practically closed at the highest
fand opened at the lowest; at the highest,
trading months were 44 to 59 points over
last week's close, at the lowest they
were still 8 to 10 points over. Huge
operations by leading bull interests were
^ responsible for the rise. Bulls claimed
J a widespread improvement in the spot
demand was the real foundation for
their trading. Their claims of a better
spot inquiry were practically borne out
by the rise in spot prices in the local
market, and by trading in the Liverpool
market, where spot sales this week
amounted to 70,000 bales, against only
26.000 th'.s week last year.
The weather of the week played a com
paratively small part In the week's
trading. The western belt could have used
more rain and the eastern belt could
have ifotten along with less. Buying by
the Mills absorbed all offerings from the
short side based on the conviction that
new Crop prospects warranted sales. In
the sjpot department prices rose Vi of a
cent, middling closing at 12*4 against 12
cents' last week and 15 7-16 this week last
year. Sales on the spot amounted to
1.61ft! bales, against 1.670 a week ago and
l,176(thls week last year; sales to arrive
amounted to 833 bales, against 863 laat
week and 1,405 this week last year.
STREET IS CAUTIOUS
Professionals Await Outcome
of Political Conventions.
WEEK OF LITTLE TRADING
Speculative Talent Ready to Accept
Whatever Comet, However.
BUSINESS OK THE INCREASE
Metal Trade Shows Betterment in
Practically Every Branch.
Other Lines Active.
BY H. ALLOWAY.
rCoprrlcht, 1912. by It. G. Hopper. N>w Tort.)
NEW YORK, June 15.?Another week
of shrunken trading?professional "Wall
treet becomes exceedingly cautious as the
presidential conventions draw closer and
political noisiness gets louder. Actually
there is little feeling upon the stock ox
change as to what may or may not be
convention results, the speculative talent
of Wall street being ready to accept
philosophically whatever comes. It is
obvious, as hitherto pointed out in this
review, that leaders in the financial
world are generally dispot^ed to belittle
politics as an important influence in mar
ket making for the present?it being olear
that in many consequential quarters there
are larger volumes of securities now
owned or being carried than for a con
siderable time past has been the average.
It is their market position that induces
the affectation that there is nothing in
politics to be regarded as worrisome.
Were these same strong men out of their
stocks, were they not required by their
own committments to display cheerful
faces, we would be hearing very different
The congressional bank investigation so
far falls flat. Strenuous efforts to spring
sensations come to nought. Even flam
boyant advertisements taking up whole
newspaper pages failed of their purpose.
It has been much prophesied for months
past that from the moment Mr. Pujo and
has associates started upon their in
quiries there would be nervousness on
every side, with stock market demoraliza
tion. Some operators are credited with
having sold stocks short on a lar^re
scale in the hope that quick profits would
be made through the much predicted de
clines. Yet so far the disclosures do not
get much beyond the fact that the big
banks of JCew York are doing business
stupendously beyond former maximums,
that some bankers think the clearing
house should be incorporated, while oth
ers are of different opinion.
There isn't very much in an exhibit lite
this to startle the public or worry any
body except those stock market specula
tors who have been counting upon sensa
tions and a stampede. It is diriicult for a
normal observer to comprehend any such
state of mind as in some quarters has
recently been hippodromed. They who
will most be pleased now by adjourn
ment of this investigation till after elec
tion are the selfsame speculators whose
first guesses have proved expensively
Await Political Settlement.
It is become clear enough that in so far
as present plans propose there is going
to be scant show of interest in the
market upon the part of the stronger
operators?till election uncertainties are
apparently settled, at least. There is no
evidence that Mr. Morgan will return to
the country this summer; and at least
three of the most important representa
tives of Standard Oil interest and power
will also summer abroad, while a score
of lesser market-makers are getting
ready to sail. This does not necessarily
mean that the market will be left un
protected, that bear speculators will have
any easy time in trying to upset quota
tions; what is manifest is that for the
immediate present there is not likely to
be anything approaching aggressive
action upon the bull side. From the
standpoint of banking houses interested
in current emissions of new securities
this program iB not disagreeable?as it
provides, in the absence of stock trad
ing activity, a better opportunity to ex
ecute plans for the placing of substan
tial volumes of new bonds.
It isn't only here that big fresh batch
es of securities are being produced,
making tremendous extra demand upon
the resources of Investors, for statistics
from abroad show that in England and
Germany at least there is still greater
excess?while, continually, the very high
est type of foreign securities (Including
British consuls) keep sagging and sag
ging. And, meantime, foreign labor trou
bles make, by comparison, any complica
tions we have had here seem relatively
trifling. But this European unrest, and
the disturbance of European markets,
with natural consequent nervousness
among European investors, cannot at this
Juncture provide any such influence here
as formerly, and not very long ago,
must have been the case?for Europe
does not today hold American securities
in large volume for speculation and can
not throw back upon us, as used to be
the custom, volumes of our stocks and
bonds every time they were in trouble.
Truth is, the American investment mar
ket was never to any such extent as at
present so independent of the rest of the
world. And this fact is of large conse
quence in our favor.
Business in Country Good.
Canvasses made (unprejudiced by spec
ulative Interests) ^iow that business gen
erally throughout the country is good
and that the tendency is toward improve
ment. And as to the agricultural sit
uation the record is, in any fair survey,
found to be very different from what the
grain speculators are proclaiming. Crops
are going to be good, condition and vol
ume both better now than reported at
any time since the start of open growth.
Reverting, as one has to continually,
to the metal trade as criterion, it is
found that betterment appears in prac
tically every branch. This is accentuat
ed by the fact that every one of the big
ger iron and steel manufacturing com
panies is planning considerable expansion
in plants and productive capacity. Hard
headed business managers do not do this
thing when there is prospect of recession,
much less when hard times are threaten
ing In other branches than the metal
trades the same factor appears, notably
in cotton manufacturing at the south.
In copper the improvement registered
has become simply phenomenal Avail
able supplies show vast reduction. The
price of the metal is advanced to figures
unapproached in recent years, and they
who are quoted as trade authorities are
forecasting a still further substantial
rise. One element contributing to this
evolution of the copper trade out of
actual mining poverty, is attributable in
no slight extent to the expansion in
electrical development?incidentally giv
ing new consequence from the investment
viewpoint to the securities of manu
facturing corporations like Westing
house and General Electric. In one phase
of vhis particular improvement there may
even be discovered revival for the for
tunes of the Allis-Chalmers Company,
which Btumbled into insolvency at the
start of the year, though under the
patronage of Judge Gary and other con
trollers of the steel trust.
No Dividend Beductions.
One notable fact to be considered in
estimating current conditions has to do
with the dividend policies of the bigger
corporations. This is the first of June
for years past that has not been marked
by forecasts of widespread dividend re
ductions. There are almost no Instances
of that sort this year. Upon the con
trary there are expectations?based prac
tically upon financial assurances?that
current dividends in a number of con
spicuous instances are to be increased.
Some substantial increases may be count
ed upon. In fact, though so far there has
been no public prediction of them.
Upon basis of facts there is no warrant
Corrected to the Close of Business June 15 at the
New York Stock Exchange.
Thfr following: table shows the week's highest. lowest and closing: prices, indi
vidual sales and net chants of securities sold on the New York Stock Exchange
last week. High and low prices are also given for the v*ar 1911 and the year
1912 to date.
Railway and Miscellaneous Shares.
Amal. Copper 1
Am. Beet Sugar
Am. Can pfd
Am. Car & Fdry
Am. Cotton Oil
Am. Ice Sees
Am. Malt pfd
A in. Sniolti ng
Am. Steel Fdry
Am. Tel. & Tel
Am. Tobacco pfd. new....
Am. Writing Paper pfd...
Baldwin Locomotive pfd..
Baltimore &- Ohio
Brooklyn Rap. Trans
Chesapeake & Ohio
Chi.. Mil. & St. P
Chi. & Northwest
Chino Con. Copper
Col. Fuel & Iron
Gen. Electric Co
Great Northern pfd
Great North. Ore subs....
Inter. Metro, pfd
Lehigh Valley R.R
Liggett & Myers Tob. Co.
Liggett-Myers Tob.Co. pfd
Louisville & Nash
Mercantile Marine pfd....
Miami Con. Copper
Mo.. Kan. & Tex
Nat. R. R. of Mex. 2d pfd.
Nevada Con. Copper
N. Y. Air Brake
N. Y. Central
N. Y.. Ont. & West
Norfolk & West
Pacific Tel. & Tel
Penna. R. R
Ray Con. Copper
Rep. Iron & Steel pfd....
Rock Island pfd
St. L. Southwest pfd...
Seaboard Air Line
Seaboard Air Line pfd....
South. Rwy. pfd
Standard Milling pfd
Underwood Typewriter Co.
Union Bag & Paper
Union Pacific pfd
US. Cast Iron Pip** & Fry.
U.S. C. I. Pipe &- Fry. pfd..
U. S. Industrial Alcohol...
IT. S. Indus. Alcohol pfd..
IT. S. Rubber
U. & Steel 2
U. S. Steel pfd
Va. Car. Chem
West. Union Tel
-Wrpk rndiTtg Juno IS
1 o5 ? h
for gloom. Hosts of reasons there are
for anticipating what will bring larger
business and larger business profits?and
natural and corresponding gain in finan
What may be equally true, however,
is that we are to have a summer of dull
ness?and that such improvement as may
appear will have to bide a while before
it is translated into anything like a
buoyant stock market. It is a time to
KANSAS CITY CATTLE.
KANSAS CITY. June 15.?Cattle?Re
ceipts, 800 head, including 200 southerns;
market steady; dressed beef and export
steers, 8.25a9.25; fair to good, 6.75a8.l5;
western steers, 5.75a8.75; stockers and
feeders, 4.25a6.75; southern steers, 5.50a
8.25; southern cows, 3.50a5.50; native
cows, 3.00a7.00; native heifers. 4.75a8.50;
bulls, 4.00a6.50; calves, 4.50a8.25.
Hogs?Receipts, 2,000 head; market
steady to 5c lower; bulk of sales, 7.25a
7.45; heavy, 7.45a7.50; packers and butch
ers, 7.25a7.45; lights, 7.00a7.35; pigs, 5.75a
Sheep?Receipts, none; market steady;
lambs, (J.00a8.75; yearlings, 5.00a6.25;
wethers, 4.00a5.00; ewes, 3.75a4.25; stock
ers and feeders. 2.75a4.00; Texas goats,
CHICAGO. June 15.?Cattle?Receipts,
200; market steady to strong. Beeves,
G.20a9.40; Texas steers. 6.60a8.25; western
steers. 6.60a8.30; stockers and feeders.
4.."50a6.80; cows and heifers, 2.90a8.30;
calves, 5 50a8.50.
Hogs?Receipts, 11,000; market weak,
5al0c lower. Light. 6.95a7.37^4; mixed,
7.C5a7.45: heavy, 7.00a7.45; rough, 7.00a
7.15; pigs, 5.10a6.80; bulk of sales, 7.30a
Sheep?Receipts. 7,000; market steady.
Native, 3.25a5.10; western. 3.50a5.15;
yearlngs, 4.75a7.00; lambs, native, 4.25a
8.00; western, 4.50a8.00; spring lambs,
CONDITION OF TREASURY.
At the beginning of business yesterday
the condition of the United States
Treasury was: Working balance in
Treasury offices, $03,762,653; in banks
and Philippine treasury, $35,280,626; the
total balance in general fund was, $12!?,
183,678; ordinary receipts yesterday
were, $2,694,306; ordinary disbursements
were, $2,850,754; the deficit to date this
fiscal year ia $2,665,666, as against a
surplus of $9,977,761 at this time last
These figures exclude Panama canal
and public debt transactions.
NEW YORK, June 15.?Coffee futures
opened steady at a decline of 2a4 points
under scattered realizing. The European
cables were steady and the Brazilian news
suggested continued firmness in the pri
mary markets, but offerings here were
comparatively heavy following the ad
vances earlier in the week, and tjie close
was steady at a net decline of 4a" points.
Sales, 34.000 bags. June, 13.5H; July,
13.62; August, 13.71; September, 13.81; Oc
tober, 13.84; November, 13-88; December
and January, 13.92; February, 13.88;
March, 13.94; April. 13.95; May. 13.96.
Havre, % franc higher; Hamburg, un
changed to Vu pfennig higher. Rio un
changed; Santos firm. 4s 150 reis higher at
$8,700; 7s 50 reis higher at $7,850. Bra
zilian port receipts. 15,000 bags, against
2l>,000. Jundlahy, 9,000, against 9,?XX>.
Warehouse deliveries 8,073, against 10,608
Spot coffee steady. Rio, 7s 14%; Santos,
4s 16. Mild coffee quiet; Cordova, l?a
NEW YORK METAL MARKET.
NEW YORK, June 15.?The metal mar
kets were dull and practically nominal.
Lake copper, 17Vjal7^; electrolytic, 17Vi;
casting, 16%al7%. Iron steady and un
JOINTLY TAKE STEPS
TO BREAK WINANS WILL
Son and Son-in-Law Say Bal
timore Millionaire Was
Special Cablegram to The Star.
PARIS, June IB.?Thomas Ross Winans,
son, and Prince H. Galard de Pearn,
son-in-law of the late Ross P. Winans of
Baltimore, have joined in a legal effort
to break the Winans will.
The son had offended Mr. Winans by
marrying a beautiful Spanish dancer, and
was cut off with the income from $200,000
out of an estate estimated at more than '
$4,<?00,000. Prince de Pearn married Miss
Beatrice Winans, who died in 1907. Their
two children were left practically nothing
by their grandfather's will. But recently
the American courts have sustained the
Drlnce's preliminary steps to contest the
Son and son-in-law jointly allege that
Ross Winans was mentally incompetent.
They assert that the elder and younger
Winans put up at the Hotel du Rhim on
the Place Vendome, here. The father
demanded that his son render a daily ac
count of his expenditures. One item read:
"Six cents for newspapers." On which
Winans senior sent by special messenger
to his son's room across the hall a writ
ten denunciation of this "extravagance."
Paid for Vacant Booms.
But, about the same time, some rooms
in the hotel were being renovated and
the workmen made a terrible din. The
father. Infuriated, made the hotel man
ager stop It, and when the manager ex
plained that the repairs must be mad?
Ross Winans retorted:
"Close the rooms and < .large them to
That, says young Winans, meant an
expenditure of $9,000, $100 a day for
three months, a^ compared with the "ex
travagance" of six cents for newspapers.
Young Winans asserts as other proof
that his father's mind was unstable,
that even in the dog days he wore Rus
sian furs fit for an arctic expedition.
Young Mrs. Winans and her children
are living at 42 Rue Pachet, near the
Polies Bergere. They have so little
money that her sister, the Maharanee of
Kapurthla, does most to support them.
NEW YORK, June 15.?Evaporated ap
ples quiet and steady; on the spot fancy
are quoted at 9*4al(H4; choice, 8a9; prime,
Prunes^Steady on further talk of a
better export demand; quotations range
from S^iaOVa for Californias up to 30-40s
and 6%a2>% for Orefions.
Apricots?Firm with evidences that
stocks have been much reduced; choice,
11^4al2; extra choice, 12al2%; fancy, 13
Peaches?Quiet and unchanged; choice,
7\aK?4; extra choice, 8aS%; fancy, S^alO.
Raisins?Dull and barely steady; loose
muscatels, Ra(%; choice to fancy seeded,
f??ia6V*: seedless, .V/fcaG^; London layers,
Fail to Steal Motor Vehicles.
Mackall Bros., druggists at Oth and
H streets northeast, told the police last
night of an attempt having been made to [
steal their automobile delivery wagon and
touring car Friday night. The lock was
forced from the door of their garage, the
i police were told, but the robbers made a I
I failure of their attempt to steal the ve
An Equal Chance
In spite of all campaign orators may
say for political purposes, every man in
this country has practically an equal
chance to get rich. The great majority
of men who are today possessed of big
fortunes started with little or nothing;
they simply took advantage of the op
portunities that are offered to every man.
There is no mystery about making
money. It is simply a case of saving
money and making that money earn more
for you. You can do it just as well as
anybody else. The accommodation and
help of the savings bank are offered to
you just as freely as to the millionaire,
and, though you may not be able to save
a great deal each week out of your earn
ings, you can surely save something. If
you persistently add a small sum to your
account each week it will soon grow to
goodly proportions. The bigger it
grows the faster it will grow through the
3% Compound Interest
We pay and in a few years you can be in
the capitalist class yourself. This is the
way others are getting rich and is the way
you can get rich.
Home Savings Bank,
7th St. and Mass. Ave. N.W.
7th and H Sts. N.E. 436 7th St. S.W.
Under U. S. Treasury Supervision.
NEW YORK PRODUCE
NEW YORK. June 15?Flour?Quiet
and nominally lower. Spring patents, 5.00
a5.90; winter straights. 5.15&5.25; winter
patents. 5.40a5.60; spring clears. 400a
4.90; winter extras. No. 1. 4.30a4.50;
winter extras. No. II, 4.10a4.20. Kansas
straights, 5.l0a5.25. Receipts, 29,300 bar
rels; shipments, 3,511 barrels. Rye flour
?Quiet; fair to good, 4.80a5.00; choice
to fancy, 5.10a<5.25.
Cornmeal?Steady: fine white and yel
low, LTOal.75; coarse, Ii55aiy70; kiln
Barley?Quiet; malting, 1.15al.25 e.l.f.
Wheat?Spot, easy: No. 2 red, 1.17 do
mestic basis, and export 1.17 f.o.b. afloat
to arrive; No. 1 northern Duluth 1.22
f.o.b. afloat. Futures market was easy
under further heavy selling on continued
good rains over the west, and reports of
improved crop conditions, but prices ral
lied late on covering, closing unchanged
to % net lower. July 1.12%al.l2 15-10;
closed, 1.12*fe. September closed, 1.09*4;
December closed, 1.09%. Receipts, 146.400
bushels: shipments, 4,503 bushels.
Corn?Spot, easy; export, 81*4 f.o.b.
afloat to arrive. Receipts, 1,125 bushels;
shipments, 834 bushels.
Oats?Spot, barely steady; standard
white, 60?? in elevator; No. 2, 01; No.
3. GO; No. 4, 59^; natural white and
white clipped. 60a64 on track. Re
ceipts, 35.075 bushels; shipments, 1,652.
Hay?Barely steady; prime, 1.55; No.
1. 1.50; No. 2, 1.40al.45; No. 3, 1.20a
Hops?Steady; state common to
choice, 1911, 30a45; old, 14a22; Pacific
coast, 1911, 40a43; old olds, 15a25.
Hides?Steady; Central America, 24^4;
Leather?Firm; hemlock firsts, 25a
27; seconds, 24a26; thirds, 21a22. Re
Pork?Qniet; mess. 20.50a21.00; fam
ily, 20.00a21.00; short clear, 19.25a21.00.
Beef?Steady; mess, 15.00al5.50; fam
ily, 18.00al8.50; beef ham%. 28.00a31.00.
Cut meats?Quiet; pickled bellies, 10
to 14 pounds, 11 all*4: pickled hams,
Lard?Easy; middle west prime, 10.50
al0.60; refined easy: continent, 11.25;
South America, 12.10; compound. 8% a
Tallow?Quiet: prime city hogsheads,
61*; special, tf?i; country,
Cottonseed oil?Barely steady: prime
summer yellow, spot. 6.80.a7.15; June.
6.80a&9&; July, 6.89a0.91; August. 6ft"a
7.00; September, 7.07a7.10; October, 7.07a
Petroleum?Steady; refined, New York,
barrels, 8.00; refined. New York, bulk,
5.00; Philadelphia, barrels, 8.00; Phila
delphia, bulk, 5.00.
Wool?Quiet; domestic fleece, 28.
Rosin?Quiet; strained, common to good,
Turpentine?Steady; machine, barrels,
Rice?Firm; domestic, 33ta6; patna, 6'ia
Molasses?Steady; New Orleans, open
Raw sugar?Barely steady; muscovado,
80 test. 3.36a3.42; centrifugal, 96 test,
386a3.92: molasses sugar, SO test, 3.11a
3.17. Refined, quiet; cut loaf, 6.00; crush
ed. 5.W0; mold A, 5.55; cubes, 5.45;
XXXX powdered, 5.35; powdered, 5.30;
granulated, fine, 5 20; diamond A, 5.20;
confectioners' A. 5.05; No. 1, 5.05; No. 2,
5.00; No. 3. 4.95; No. 4. 490; No. 5. 4.85;
No. 6. 4.80; No. 7. 4.75; No. 8. 4.70; No.
9. 4No. 10. 4.00; No. It, 4 55; No. 12,
4.50; No. 13. 4.45; No. 14, 4.45.
Potatoes?Steady; European, old, per
lt?> pounds, 1.00a75.
Cabbages?Weak; southern, new, crate,
50a 1.75. .
Freights ? Barely steady; grain by
steam to Liverpool, 2d.
NEW YORK CATTLE.
NEW YORK. June 15?Beeves?Re
ceipts, 95 head; feeling unchanged;
dressed beef firm at 12 to 13H
Calves?Receipts. 213 head; feeling
steady; city dressed veals, 12 to 15;
country dressed from 11 to 13V4
Sheep and hambs?Receipts. 4,981 head;
sheep and prime lambs steady; others
weak; sheep sold 3.O0a4.50; lambs, 8.50a
Hogs?Receipts. 2.0O5 head; feeling
Some Logical Reasons
For opening an account in
Opposite U. S. Treasury.
Oldest National Bank in
In the arrangement of our bank
ing room liberal provision has been
made for the comfort and conven
ience of our patrons. We invite an
inspection. The vault alone is
worth a visit.
(More to follow.)
*U'l 0 >
to loan od approve.I ri'r
teal estate ?emrltv
1. HKIVK^'' ? -
Money to Loan.
Secured by First Deed of Trust on Real KlUI*.
Prevailing Interest and commission.
Joseph I. Weller, 602 F St. N.W.
CHICAGO, June 15. ? Soaking rains
throughout the northwest, including the
spring crop country beyond the Canadian
line, made a lower market today l"r
wheat. Despite week-end covering. the
close was easy, % to "VaVs down. Corn
finished at a net loss of V* to %.
1 >4 to %. and provisions at a decline of
:,a7V.. to 25.
A lit>eral volume of business was done
in the wheat pit. as compared with re
cent totals. Liquidating sales formed the
order of the day as to ail futures, but
there seemed to be an especial disposition
to run away from the Juiv delivery. On
the other hand, brokers commented on
the fact that buying orders which wcr?
given late yesterday for several million
bushels of September wheat at 1.04, anil
which for the most part could not be
tilled, were not in the market today.
Cutting of wheat was reported ?? hav
ing begun in southern ansas. Ir was
stated that a good deal of the new crop
might be expected to move north vei \
soon and be hedged In Chicago, making
a much heavier load for the speculative
trade. September ranged from 1.03% io
1.04V*. with close 1.03%, drop of % from
'Corn weakened on account of well p?o
portioned moisture and warmth. Later .t
falling off in country offerings helped to
steady the market September fluctuated
between 71V* and 72, closing V* net low. r
at 71%. No. 2 yellow was quoted at 75
Bearish action of other grain affr-<u?<l
oats The crop was reported as almost
at the heading stage in parts of Indi na
and Illinois. September ranged from 4<*Si
to 40%, with last sales V* under last night
An expected larger run of hogs n^M.
week had considerable effect in pulling
down provisions. At the end of the <ia*
pork was less costly by 22Vi to 25, and
the rest of the list off ."VaTVt to 12Vs.
NEW YOfRJC. Jt/ne 15?The cottonseed
oil market was easy in the absence of de
mand and In sympathy with lard and cot
ton. The weakness In grain also influ
enced prices, but moderate <-overing
checked the decline. Closing prices were
1 to ? points net lower, rune. 6.*?aH.lV?;
July, 6.??att.Jn; August, ?.Wa7.<m; Septem
ber, 7.m?a7.10: October, 7.07a7.?JK; Novem
ber. fl.63a6.05; prime crude nominal;
prime summer yellow, 6.80a7.15; prime
?winter yellow, 7.00a7.80; do., summer
To Build Life-Saving Stations.
The contract for the construction of tli<?
Poyners Hill ?nd Nags Head life-sa.vlnK
stations in North Carolina was awarded
by the Treasury Department today to
R. J. B. Newcombe, Manistee Mich., at
$16,777, lowest of five bid*.
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