Newspaper Page Text
THE WASHINGTON TIMES, SUNDAY, JULY 9,' 1911.
... Though Subjected to Tremendous Selling Pressure, Security List Shows Remarkable Strength and Recuperative Powers i iTHE STOCK MARKET OF THE WEEK 81V4 13 S2J4 24 67, ez 72v4 33U JJo sale tt 4,200 100 2,200 1.600 J.500 100 The following table shows the week's highest, lowest, and 'closing- prices, on the New York Stock Exchange last week. High and low prices are given Xor 1910 and 1911 to date: 57?'m TTT19 ' Week ending July S , TS if mEh Sjon' 8a,e- H1h- ! Cl- Che? S,? ? 34 Allta-Chalmers Co. pf. S00 29 28 2S 1 ti mi Amalgamated Copper 40,900 7H 67U C9VS 171 ?1 tlS K. -"c'""-tt' OW K 67V4 67 '- v7B iHJ74 A1U. OCQl DUKUI ........ 90 Am. Brake Shoe & Foundry. 8 American Can 77 American Can pf 60 American Car & Foundry American Coal 19V4 American Cotton Oil 3 100 3 American H. & L. 400 20 American H. & L. pfd 700 17 American Ice Securities -3,000 30 American Linseed pfd 500 31 American Malt pfd 650 i(m American Smelting w,si t& 10SH 103H American Smelting m ,XX7? S S S6 American Smeltlne nfH n "" 1 .r 36 American Steel Foundry . 750 jow 137 Am. Tel. & Tele... ?i$ .$u 93 American Tobacco pfd'... '.'.'."' 'fm 93 30 American Woollen .. eu 86 American Woollsn pfd lm v 36U TP;V""b "Per Pla . ?00 30 yu llKs 10054 Atchison 97 105 1001 Atchison nfrl 1 .! ... - " -- ...... 4 19 16 25 2S 61 66 S7 12 88 67 96 62 5 26 25 34 SH 8 47 SI. i 46 43 104 90 W 38 52 143 126 153 ,89 90 102 39 25 36 104 90 96 No sale. 34 64 33 41 az4 304 51 93 10 85 66 96 54 5 25 24 31 41 80 137 102 132 117 l19 100 109 102 94 87 3 2 34 21 65 49 82 68 w. o 50 93 10 84 55 96 B2 5 24 22 30 33 78 106 8S 36 137 94 32 91 29 1,300 40U 39 140 Z5.$"0 112 110 112 300 103 103 103 -f 51 - 93 66 96 15 53 2 5 24 -1 24 1 30- 40 80 106 SS 37 -4 138 94 -1 3-' 91 -1 SI -4- i FOREIGN AFFAIRS AND SPELL OF HOT WEATHER DISTURB WALL STREET 1 Crop News a Factor Throughout the Past Week's Transactions, Reports of Damage to Corn Causing Slump in Prices Surprisingly Favorable Government Re- port on Cotton Cheers the Traders and Upsets Pessimistic Predictions. BT JOHN GRANT DATHR, Sfirrlal Financial Representative the Munsey Publications. CLEARING HOUSE EXAMINATIONS A.lo.l A. . ,. JW n 7,"t. Au. "e J-200 12S 127 12S Baltimore & Ohio 1 inn inssi inrrJ ins iu "v3 Jjniuujure fli Ohio nr "vm 1 Batopllas ...... P Tm 29 Bethlehem steei...:::::.;;;-;:::: im vliL Bethlehem Stee-l Pr 200 74 Brooklyn Rapid Transit 14,000 if HiiirtQiif ). - im 16.CO0 so 1 33 62 82 9 240 300 30 90 1 32 91 2 34 ItiV. Q D..n. . '"SSfr Canada PaciflcV:;: 2 mQ ,3?" no .era gather --- rrfc w ;k74 teiiirai inthr n inn tmi 11 17 : .7 65 86 77 ChesanMfc; TnVf i '.'?? V "Y 5 ?QH ? Chicago Qt Western"::::::: Two a r& rESE u7.r ?" r 44 Ife 172ii 143 155VT 147 nMSX' f ?. gi" ". -s' J 123 is2 i37ii isnu uiu. o ,.;rsr- .-w. "Li- r- T . " ra so 9 236 30 92 S6 19 Pl'.i 40 49Vi i? 15S 113 133 117 J7 " -ii7S 1.1 90 1 1 33 62 - 82 9 - 239 -1 30 lei JSi js ,"2 Chicago & xorThwesr-..::::: ,.ss g ?S J2l ?. - M- St- P- M. & O. pr... . 140 157 &,.? 3, C., C. C St. Louis pr1! : JS 94. ,620 62 84 36t 34 34 52 42 490 23 62? 25 17 19 35 26 160 134 9 7 143 118 i 5 660 35 74 3S 30 3s 61V 49 1AA r. ,, iw w. 2.900 23 100 34 200 no 100 S2 4.0M 140 200 14 CX) S2 10) J535 coa 2S robale 25 21 Chlno Corf. rnr 60 22 36 28 Colorado Fuel & Iron 83 0 82 74 Col & So. 1st pfd ICO?. 122 14S 135 Consolidated Gas '." 33 11 15 13 Corn Product .... "' " 6 (01, Sj 74 Corn I'roducts nfi! 510 Del., Lack. & Western 27 Denver & Rio Grande "" ftt Denver & ri0 Giande pfd 32 Dlstllllnp Securities ...... 22 D a S. A. pfd 27V Erie 45 Erie 1st pr 35 V.rif. ?rt n,- 16S 145 General Electric Co. ".'.' " i -m uuiuueia v;on "fwvi 140 122 Great Northern nr....' onSK treat Northern O. Subs w) Homestake im Illinois Central ; 300 Inter-Metro " 1 joo Inter-Metro, pr " ' 3 International Harvester 'roo International Paper "'300 International Paper pr '. 300 international niran enn soo 1.250 100 61,300 26,900 2.(:rt S 147 25 62 123 16 61 54 mi, 30 44 116 J56 81 124 14 41 S3 129 63 85 142 20 B5i 9 41 36 78 15 23 93 1394 66 44 90 19 37 66 83 132 17 47 109 9', 44 3S 84 15 32 114 102 173 181 16S 159 131 153 S3 73 78 71 Ko sale Ifo sale 744 12 Ko sale 64 23 145 114 No sale. 155 144 2 86 51 27 73 41 119 ino l 115 118 14 84 46 17 59 105 149 3SH Jo sale AC CO, ,A, fi 60 76 40 35 50 '145 111 137 3 2 1 1 118 105 102 46 30 54 t 4-. 22 29 142 ao si 77 73 S7 70 113 112 19 15 22T4 1S 31 21 152 132 137 131 International Pumo Dr.. Iowa Central Kansas City & South Laclede Gas LehlRh Valley R. R. Louisville & Ncshville Mackay Companies Mackay Companies pr May Department Stores .... May Department Storess pr. Merchant Marm pr 5S 36 X 37N 61 19" 2.800 163 5 5U . 20,500 136 134' 61U 59 141 17 50 123 11 49 41i 200 89 300 18 3Ul 3o 81 - 22i 44- 125 - 153 14S 157 2 91 22- 34 110 2 82 145 - 14 Sl'i - 5T5 25 57 4 36 J- v4 26 1 36 -Hi 58 -2 48 -1 103 3 5 136 -1 M 1, 83 1 141 141 - i 17 49 50 121 122 11 11- 49 49 40 41 89 89- 18 IS MVi 34 146 157 91 22 34 110 82 144 14 Sl 1535 27 "7 35 X 36 58 47 159 NEW YORK. July 9. The Btock mar ket of the past week, all things consid ered, gave an excellent -account of it self. Activity, to be sure, was much curtailed, but that was to have been expected in an Interval broken midway by the holiday, and characterized by such oppressive weather that all per sons, who could leave the city, and had the means of doing so stock brok ers and customers alike dropped busi ness and tied from stilting offices. Deal ings were narrow; trading was sug gestive of professionalism; prices were irregular; but over and above all the characteristic features of the security list were strength and recuperative I power. !It was a severe test to which Wall Street was subjected. Advices from abroad were anything but reassuring In the early days. With the political side of the Moroccan controversy be tween Germany and France, and with affairs In the Balkan provinces, this country fortunately has no direct con cern, but there Is nothing ho sensitive as the financial markets; and foreign bankers took notice when British con sols fell suddenly to the lowest point of the year, and, when after the resump tion of business on Wednesday, Lon don, Paris, and Berlin all seemed vy ing with one another to sell on the local exchange such American shares as enjoy an International market. A Hot Weather Market. But the disturbing foreign situation proved to be a very short-lived Incident and affairs in that quarter cleared up quickly, leaving the local market free to consider what to us is a matter of far greater importance, namely, the to the fact that the Government fig ures, made up on June 25, do not reflect the excessive temperature of recent days, and as an instance, they cite the fact that while the report of the Agri cultural Department assigns a condition of 87 per cent for Oklahonra, the Okla homa State bureau made the condition on July 2 78 per cent, or 9 points lower than the Government figures. Despite features of this kind tne best Informed men are content to accept the Govern ment estimate, and bankers and mer chants generally regard the promise of a bumper cotton crop as the most Im portant development of the week. Quite naturally the first effect of a large predicted crop of cotton Is to re tard rather than to stimulate the tex tile industry, for both manufacturers and Jobbtrs look for some decline In the price of staple cotton as a result, nnd neither care to stock tp with raw material or manufacture goods until something Is determined as to price re vision. But this Is a temporary matter, and In the promise of a bounteous cot ton harvest there Is the basis for real encourag'.-ment. First, it assures a fur ther augmentation of the country's ex pandlnc credit balance, for the hulk of the cotton crop is exported, while the upm-uctm enecis on tne textile lnnim- iry are inestimable, for It Is well-known that much of the present Airtallment has arisen from the fact that manu- lacttirers nave been unable to obtain a price for their finished products com mensurate with the cost of the raw ma terial and the expenses of manufacture. Business Scraping Bottom. Aside from the crop and weather ad vices and the threatened foreign compli cations, there has bfcen very little in tho way of important news develop ments affecting the security market. According to trade authorities general Industry shows little or no change, and 83 harvest situation. Crop news was an lis naturally waiting upon the harvest 9.900 10S 106 10S A; 11.800 175 172 1,500 151 150 Miami Con. Copper 365 125 2S 96 89 22 95 12R ,15? 50 Minn. & St. Louis M.. S. P.. & S. Ste. M M.. S P. & S. S. Mr. 2nd Dd. i m., s. y. &. H. h. ji. pr... 87 M.. S. P. & S. S M. L. U... 31 Mo., Kan. & Texas 45 Missouri Pacific 117U National Biscuit 149 Nashville & Chattanooga .., 124 National Biscuit pr 16 National Enam. & stpd 85 Nat En. & Stam. pr 60 Nat. Lead , 17 Nevada Con. Copper 68 N. Y. Air Brakt 115 104 New York Central 151 139 N. Y., N. H. & H 46 40 New York. Ont. & Western... ou jNonolK & Southern 100 Norfolk & Western 64 North American 39 North. Ohio Tr & L. Co 110 Northern Pacific 1 Ontario Silver ' 99 Pacific Coast 2d pfd 44 Pacific Tel. & Tel zsv facitlu Mail 174W 151 S9 - 73 - 82 -2 113 17- 29 -1 31 157 90 3S 63 141 160 130 20 97 69 21 6 200 89 89 10) 74 73 1,700 83 81 100 113 113 W 17i 17 22 (Pi 1,300 31 31 2,600 142 140 142 l' Hi1 IK 1374 155 155 a 87 87 -1 35 a-, - 4S 4S -1 134 131 3V1 158 158 12S 12S IS 18 1 55 19 75 10S 100 155 100 87 4,200 36 8,700 49 200 134 110 159 100 128 900 20 500 96 800 55 1,900 20 100 75 5,000 109 400 140 140 1,925 45 45 100 47 47 4,500 109 108 100 72 72 1W WJ 50 95 -1 65 19- 75 109- 140 1 45- 47 -3 109 72 -1 00 5 25,300 133 J130 J132 2 1 99 49 1SS 122 130 120 Pennsylvania Raiiroad" .'.'.''. '1014 89 100 fl.iu T c r r. c. I' ' 1014 89 116 103 27 13 -3 63 No sale 51 25 JM 155 61 28 K7 90 No sale 100 109 23 88 106 37 163 39 103 1S 93 103 17 67 103 30 159 31 92 15 J' . C . C. & St. T. People's Gas & Coke Pittsburg Coal Pittsburg Coal pf j.ono i UlDLfUl OICCI pi JQQ 100 100 800 200 30,100 125 1,800 98 200 106 400 19 85 JlBii 372 130, 361 141V4 93 45 104 57 92 CO 390 "R 138 33 75 40S 36 144 4S 103 18 43 11 22 134 5 19 J1T 103 No rale No sale 13 6 88 29 38 136 49 113 25 61 32 25 89 91 27 35 82 99 22 34 54 68 34 47 150 192 56 123 32 72 41 136 115 19 5 14 8 W 19 24 19 R 42 53 45 111 111 63 113 103 9 6 190 169 95 90 108 100 99 107 102 14 19 15 64 79 G3 13 14 11 27 48 36 fl 116 1(0 69 79 72 61 82 71 125 110 120 116 00 39 62 42 Pressed Steel C.:,r onn !S' Pullman Palace Car "i. ":::.': 100 162 Railway Steel Spring 500 36 Railway Steel Spring pf. 100 10iy ay ton. topper m 17 Reading 1st pf inn Republic Iron & ?.! " 1 09IZ. rnn..un- t . r . - ."'" Jr.? i,"t'1uu",v n ateel pr. .... 300 2i Rock Island 10 cm Rock Island pf 300 St. L. & S. F. 2d pf 900 Sears Roebuck 500 Sloss. Sheff. Steel .fc Iron MXt Southern Pacific 53,600 Southern Railwav 9,;0 Southern Railway pr 1.300 Tennessee Copper 2,700 Texas Pacific 500 lexas Companv. Third Avenue R. R 36 162 35 101 17 159 157 ai .si 150 S8 96 Tol. St. L. & Western 1.320 22 Tol. St. L. & Western nr 1.900 4S 107 Twin City Rapid Transit 300 108 1 naerwood Typewriter -Co.... 5,600 103 Vnderwood Typewriter pr 700 112 Union Bag & Paper 350 7 Union Pacific 173,100 18S Union Pacific, pf 1,000 91 United Dry Goods 300 107 United Dry Goods pr 300 107 107 U S. Cast I. Pipe &- Fy 300 16 16 1 . &. neauy & imp 100 U. S. Reduc. & Ref pr 100 V. S. Rubber 4,700 U. S. Rubber 1st pr 1.100 U. S. Rubber 2d pr v. 200 U. S. Steel 169.500 79U 77 U. S. Steel pfd 1.800 118 118 im "7B u't 1- 7H L'tuu wci ..... ................ ju,iw Wi "o7l .tt i "7 "i va. uar unemicaj 13.900 57 55 129 117 1 122 Va.-Car. Chemical pf. 800 125 124 73 60 97 52 Va. Iron C. & C 5,100 97 87 o-aj i-.it isv. 1!ilt Wabash 520 16 1C 1 2S 40 32 Wabash nfd 2,200 35 34 64 45 66 18 Western Maryland 7,800 66 60 7J 66 84 71 Western Union Telegraph 1.200 80 78 82 48 78 64 Westlnghouso Mfg 2,000 76 74 10 2 6 3 Wheeling & Lake Erie 400 3 3 23 S 17 10 Wheeling & Lake Erie 1st pf.. 100 10 10 13 4 8 5 Wheeling & Lake Erie 2d pf... 600 4 4 65 44 72 57 Wisconsin Central 100 68 6S JEx-dlvldend. tEx-rights. Total sales for the week. 1,065.280. ,104 103 122 113 32 84 29 62 116 84 91 1 1 U 99 99 1 4S 49 27 27 123 125 -l- 16 97 1 " 106 106 19 19 84 84i 4- 103 103 1 36 1 162 36 1M 1 17 153- 91 30 - 93 31 -1 64 44 140 140 4S 18 2 121 -1 31 71 41 28 - 116 -6 10- 22 4S 1 107 1 9S 4 111 112 7 7 - 14 1S6-1 93 94 106 106 107 1 16 it5 ib. 76 14 14 14 2 42 41 41 ,, 115 114 115 1 774 77 30 93 32 64 44 141 49 122 31 71 41 28 800 120 200 10 29 93 30 64 43 120 30 71 40 28 110 10 21 46 1"7 94 78 "8 50 1 56 125 89 17 16 35 -1 C5 3 79 76 1 3 10 4- GS important factor throughout the entire week In Wall Street, and the real test of the security market came with the sensational reports of damage, owing to excessive heat In the corn, spring wheat and cotton belts, which reached tho market promptly on the resumption of business on Wednesday, when corn shot up nearly 6 cents a bushel. The psychology of a weather mar ket was never better Illustrated than when the brokers turned up on the Exchange after their July 4th out ings Three days of sweltering heat, under a temperature ranging any where from 95 to 100 degrees, had gotten everyone Into a frame of mind suitable to be impressed with a crop damage storv. A man who, over the holiday, had read of 100-degree temperature spreading over such a wide area of crop territory as Mis souri. Iowa, Michigan, Kentucky, j Ohio, Kansas, and Nebraska, with I many others not far behind, and who, ' In passing to his office found the street so hot that his feet left clearly defined impressions In the soft as phalt pavement, was very nearly pre pared to believe that no green thing could be left alive in the harvest country. No Real Liquidation. Naturally stocks broke with some severity on Wednesday when corn made its sensational advance in the Western commodity markets, and car ried up the price of' wheat and oats with ft. But It was speedily made apparent that no real liquidation In securities had been forced by the sell ing movement, and it was this fact rather than the sllghtlv better weath er advices of the succeeding day. t resulted in Thursdav a lecovery and the strength of the general list in the following days of the week. Doubtless the extent of crop damage was exaggerated, but the course of commodities to the end of the week clearly indicated that the harvests have suffered to some extent from the awful scorching to which they have been subjected. The Government crop report, due on Monday, naturally will not reflect any of the effect 'of the unusual spell of high temperature, for It gives the con ditions as of July 1. Still it is a very important report, particularly as to corn, of which it gives the first au thentic information of the present harvest year. Corn, of course, as the largest crop and in some respects most important or tne cereals, outcome. The reported slow improve ment in iron and steel continues and the ratio of production to capacity of the chief producer has advanced slight ly. Foreign trade Is the one particular bright spot in the business world, but domestic Industry, if bank clearances, surplus railway equipment, and gross railway earnings afford a proper basis of determining the question. Is not now retrograding It appears to be scraping bottom, and many changes seem to be In the nature of betterment, while the 1 basis of distinctive Improvement, If the crops are ravorable, assuredly exists in the low stocks of merchandise eery where. It was not to be expected, of course, that the week could pass without some development illustrative of the attitude of the Government toward "big busi ness " This has gotten to be a regu lar feature and Wall Street would feel lost If a week should pass without bringing some new suit or some new In vestigation against a railway corpora tion or an industrial concern. It is noted, however, that the financial dis trict Is paying less attention to these features now than in the past, but it Is thought not unlikely that the Gov ernment activities play an Important part In keeping the public out of Wall Street, as such features are disturbing! to business men, sentimentally if not otherwise. Anti-Trust Matters. As to the diminishing force of such matters in the financial district proper, howeverIt may be said that the report of the Bureau of Corporations on the Steel trust, concerning the effects of which Wall Street expressed some doubt a week ago, was round, arter tnorougn digestion, to be void of adverse In fluence. In fact, it was construed as a bullish document, and one on which it would be difficult to attack the Steel trust under the Sherman anti-trust act, except in the one particular of Its con trol of ore bodies. Whereas in the be ginning the amount of water on the corporation was 50 per cent, the report shows that it Is now reduced to about 20 per cent. Since the company's organi zation the earnings have averaged 12 per cent on the capital actually Invested In the corporation. The week's contribution to anti-trust matters, however, was not the report of the Steel Corporation, but a suit Insti tuted by the Government against the Lehigh Vallev Railrnad fommnv. As first announced, this action was regard ed as a feature of a general plan of the Government to disa&soclate the great coal-carrying roads from their control of mines, establishing a "test case," and thus give force to the com modity clause of the Interstate com merce law, and the charge ic directly made in the moving papers that the Lehigh Valley's manner of noldlng va rious coal properties Is a "device for evading the commodity clause," as the coal companies are mere dummies through which the railroad mines, transports, and sells coaL Not Considered Disturbing. Since the report of the action was first published, there has been a con siderable modification of opinion as to the full scope of the suit, and .corpora tion lawyers and bankers now believe that the case does not go beyond the company directly concerned ir. the ac tion. It Is pointed out that the Lehigh Valley road can, and doubtless will, comply with the literal provisions of tho statute, as was done In the case of the Delaware, Lackawanna and West ern railroad that is, by making the coal companies actual independent con cerns, instead of dummies. Of course. there Is another case against the hard coal roads which is on appeal to the Supreme Court, also Involving the com modity cjause. but the financial district does not consider It disturbing. The decided curtailment In bond trans-' actions on the exchange attracted some By J. CASTLE RIDGWAY. The scope of the clearing- house as sociation within the last, few years has greatly broaened, until now in every city of commercial Importance, it has become the pilot toward safe banking and a Safeguard in times of financial distress. Where the plan of clearing house examinations has been adopted. Is the clearing- house no longer merely 'a place for the exchange of checks only. The objection to supervision being exercised over a bank, except by its own officers. Is that it is an interfer ence with its business, and while ex pecting support and relief in time of trouble, the opponent to the clearing house plan of examinations, is un willing to co-operate in the unbuild ing bf a strong financial system and the advancement of right banking principles witnin tne community. association insists upon a prompt ad- 1 Justment of the affairs of the institu tion, under penalty or being denied tho privilege of the clearing house equlv- , alent to putting the delinquent out of business. Protest against wild-cat bank ing, the taking of undue risks and dan gerous practices Is usually heartily ac quiesced In by directors, and prompt steps are taken to correct the matters objected to by the examiner, particular ly when backed up by the clearing house committee. Chicago claims the distinction of being first to inaugurate the plan of examining uanKs witnin its jurisdic tion by Its clearing house examiner. This step was taken early in 1906. growing out of the failure in Decem ber, 1905, of the two banks in Chicago owned and controlled by John R Walsh. Standing high in the financial corld. and rated several times a mil lionaire. Walsh was the last banker who It was thought would misapply the funds entrusted to his care or conduct the business of his two Insti tutions in such a manner as to cause disaster. His previous record had warranted this theory. The deplorable effects resulting- from corrupt and Incompetent banking were in evidence and to ward off such an other calamity, the Clearing House Association of Chicago proceeded to employ James B. McDougal, a former national bank examiner, as its clear ing house examiner. SJnce then, St. Louis. Philadelphia, San Francisco. Los Angeles. Minneapolis, St. Paul, Cleveland, New York, St. Joseph, Nashville, and Oklahoma City have followed suit. Other cities, like Boston. Baltimore, and Kansas City, have examinations made by chartered public accountants, who mnke report directly to the bank under examination. This plan was followed in every city where the clearing house system of examinations has been adopted, is similar and Includes not only the clearing house banks, but all asso ciated banks coming within Its super vision. Examinations are made at irregular Intervals, not oftener than twice a year, exeppt where within the dis cretion of the examiner more frequent examinations are deemed desirable or The deliberations of the clearing house committee are always conducted In ex ecutive session, and every member of the committee, as well as the examiner, I3 pledged not to divulge any informa tion disclosed by an examination, or uy me uiscussion 01 any oanks af fairs. The position of examiner can hardly be called a pleasant one. and the duty of the committee Is certainly not with out its embarrassments. But wherever the practice of supervision over associ ated banks has been exercised by a clearing house committee, the cordial co-operation on the part of affiliated banks has contributed, to make the sys tem of clearing house examinations easy and effective. Opposition at first encountered has been eliminated by the success follow ing the results obtained In a close ad herence to Its recommendations. Objectionable features have been re moved, and the bank under criticism Placed on a more solid foundation, pre pared to withstand the rigors of a. panic or a period of disaster which it otherwise could not have done Every objector has become a convert and an ardent champion of the system of clearing house examinations. In addition to the plan of supervision and examinations performed by clear ing house associations, many cities have inaugurated a credit rating bu reau for the exchange of Information regarding excessive borrowers, and many a bank has been saved from loss by reason of being advised of an over extended credit already granted to a prospective borrower extended bevnnd conservative limits. attention durine the wwl; nrflcniarir-' necessary. in vifiv of the emphasis uhlch had 1 Wjihout notice as In the case of a been laid on the large amount of the State or National bank examinations. July disbursements, but It 3eems scarce- I the clearing house examiner proceeds ly necessary to say that money dlstrib- ', to examine the books of each of the uted on Julv l Is not llku- in flnH ita I banks within his Jurisdiction. way Into the Investment market on 1 When the examination Is completed July 2. and that continued easv rates Rives definite assurance of a developing investment demand. Monev conditions remain unchanged, and rates on col lateral ruled easy. Some of the com mercial banks, however, reported a bet ter demand from mercantile borrowers. The Bank Statement Changes. "Yesterday's bank statement was, of course, largely Influenced by the July Interest and dividend payments, and several changes have also been made In the manner of compiling the report. These were necessitated by the fact that ever since the trust companies, were admitted, it has been a difficult' matter to figure out what tne statement actually showed. Instead cf Including trust company deposits with members carrying a 25 per cent reserve, as part of the trust company reserve, as here tofore, this Item has been eliminated so that surplus Is now based entirely on actual cash holdings of both banks and trust companies. The extent of the change may be Illustrated by saying that, according to the present plan, the surplus reported a week ago ab $59,763,000 would under the method followed today have shown a surplus of $23,449,000. This must be taken Into account In considering today's statement, which discloses a decrease of surplus of $37, 588,900, and a surplus reserve of $10,924,- m. jiereaner ine statement win ar ford some Intelligent basis of compari' son. he makes duplicate reports showing the results or his investigation. The report sets forth In detail a descrip tion of the bank's loans and other assets: whether the institution has the required amount of cash on hand: the exact amount of Its past due paper: what. If any. bad debts; the amount of accommodation extended to directors as pavers. Indorsers, or as guarantors, and the amount due bv corporations In which thev are Interested; the amount of stocks, bonds, and other securities carried and whether held on the books In excess of the market value; whether the amount shown on the books as capi tal, surplus, and undivided profits is represented bv good assets; in other words describing generally conditions found In each department and with any suggestions or criticisms, which in his ludgment. sound banking re quires that an examiner should make. Fastest of Motorboats To Be Launched Soon Mrs. Sage Makes Trade For Old Family Pieces BOSTON. July 9. In exchange for two old communion cups, Mrs. Russell Sage has presented the First Congre gational Society, of Hanover, with a new solid silver communion service. In 172S Mrs. Sage's great-great-grandfather. Deacon Thomas Jossely, pre sented the society with the old, valu able cups and Mrs. Sage has Just learned of it. She made arrangement to obtain them and the toclety gladly accepted her offer. The new service which Mrs. Sage Is about to send the society is worth $700. Georgian Kills Self In Offices on Coast SAN FRANCISCO, July 9. Phillip Green Dodd, graduate of the University of Athens, Ga., and son of Green T. Dodd, a wholesale eroepr of Atlanta. committed suicide In his law offices inl Observation of Writer's Sanity to Be Continued Miss Jeannette Whyie, the woman who is alleged to have attempted to Jump from a second-story window at her boarding houre. 1907 G street north west. Frldav night, and who was ar tested on a charge of Insanity and taken to the Washington Asylum Hospital, is not improved. According to the phy sicians, she probably will have to re main In the Institution for observation a week or more. Miss Whyte. who is fifty years old. is a magazine writer of some note. She refused repeatedly to make anv fctate ment of the affair, although persons llvinir In the same house say she often has threatened to kill herself. Woman Hangs Herself. MECHANICSBURG. Pa., July 9.-Mrs Catharine Anderson, a widow, killed' herself today. Tying a rope about her neck, she secured the oppotlte end to ins himself through the head. 1 leaned over the ran. e the from now on, and until its outcome is definitely determined, will hold the center of the stage among the com modities. Though not as readily con vertible into cash as wheat, or as val uable as an exportable commod'ty, corn reaches the markets In the shape of live stock and meat products, and Its wonderful utility for feeding an fattening purposes is of such vast importance that it must always be an anxious time for this country an nually, until the outcome of this slow ly maturing crop Is determined. Brilliant Cotton Prospects. But the crop news of the week was not limited to the cereals, nor was it all of a character suggestive of uncer tainty or impairment. At the very out set of the interval, the financial and commodity markets received a surpris ingly favorable Government report on cotton. Persons concerned with the cereals may extract a great deal of comfort from the cotton report, for despite all the dire predictions made during the early part of June, that the drought, particularly In Texas, had destroyed all chances of a bumper cot ton crop and fhat a drastic reduction must be made In estimates, the Gov ernment exports report a higher con dition for the end of June than for the end of May. The June condition for cotton, S7.8 per cent, was the highest for the month since 1S98, and it is applicable to a planted area 1,500,000 acres above the highest previous record. The July con dition Riven in Mondav's rennrt Is S8 per cent, which is 7.5 per cent above tne conamon a year airo. and ; nn cent above the ten-year average. Ap plying this condition to the . planted area 01 uooui oo,mviw acres ana the Indicated yield of cotton for the pres ent year is estimated at 14,425,000 bales or far in excess of the bumper yield of J.90S& which was 13,850,000 bales. Of course, the final outcome of the cotton crop Is largely dependent on weather conditions In July, August, and Septem ber. A Basis For Encouragement. It ho been noted with much interest that despite the highly favorable crop report the price yesterday of staple cot ton has -yielded but moderately, but perhaps the break foreshadowed a change in this respect. Tho strength of the new crop options heretofore was explained by cotton speculators as due - The dalntv craft that Is heir-apparent to the qucenshlp among motorboats will leave the yards of the Dawson Mctorboat Company on Wednesday, spick and span and ready to receive her power equipment. She will be taken aboard a lighter to Alexandria, where a complement of four engines of 125-hvrsepower each will be Installed. The date for the launching of the boat, completely equipped and ready to try for her expected record of at least forty-five miles an hour. Is July IS, ac cording to present plans. Her owner and builder believe that bv August 1 she will have accomplished the purpose of her builders', to raise the world's motorboat from its present mark of forty-two and one-tenth miles, now held bv the Furlmigh. a craft constructed in tho same yard The new craft, now christened Vita II, will be turned over to her owner. Com modore J. Stewart Elackton. of the New York Yacht Club, as soon as she has been equipped and het motive power tested At the Dawson yards today woikmen are beginning to put Into place the last of the mahogany that forms the interior finish of the boat. Uncle Sam Has an Old Stamp "Sale" They are selling old stamps at the City Postofflce, and anybody but queer Uncle Sam would idvertlse a bargain sale even If the stamps do look bright and new and not shop-worn. But no bargains and no discounting at the ,real "Eagle Store!" The old goods they are shoving on you at the City I g, One of these reports is sealed and filed In a vault under the control of the clearing house examiner. The other report Is delivered to president of the bank examined, and each director of tnat institution notified by mall of such delivery, requesting the director to make acknowledgment of the receipt or such notice If at the end of two weeks, the exam Ineer has not received an acknowledg ment from each director, a second, or a third notice is sent to the dilatory director, the purpose being to establish the fact that even- director shall be ad vised of the condition of his bank as disclosed by the examiner's report. Only In aggravated cases Is the at tention of the clearing bouse commit tee called to Irregularities or condi tions demanding careful consideration and correction. If an examination dis closes undesirable assets or losses llke lv to Jeopardize the safety of depositors, the cdmmittee from the clearing house Curb Prices for Last Week Net High. Low. Last, ch'ge, Ameri Tobacco KB 39o 396 Braden Copper a British Copper 5 Boston Drummers Want Universal Mileage Book BOSTON, July 9. For some time the Commercial Travelers' Eastern Accident Association of Boston, with a member ship of more than 350,000, has been fight ing to make the New Haven road issue one mileage book for all lines controlled by it, according to Information received from the officials of the association to day. The object of the fight Is merely to make travel more convenient for the public. The object is to reduce the number of books travelers must carry to travel over the system. The change, If effected, would cover almost every rail In New England, as the Boston and Maine, Maine Central, and other subsidiaries are all controled by the New Haven, Postofflce have face value of 2 cents and 10 cents, respectively, and you have to pay 2 centa and 10 cents, respectively, for them. One Is for reg ular letter postage, the other for special delivery. The 2-cent stamp is of the variety made to aid in t"he Hudson-Fulton cele bration in 1909. It is pink, and bears a pretty picture of "The Half Moon," H. Hudson, master, as she lay nearly Idle under the listless touches of "cat's paws" on the Hudson, with Indians In canoes grouped gracefully near her. The special delivery Is a small light green stamp, with Hermes' winged hel met and some greenery on It. It is square, and was made In George von L. Meyer's administration of the Post office. It was not popular, the public preferring the long blue ones, with tho bicycle boy on them. When stamps are not readily sold they are returned to Washington, and the Postofflce Department puts them on sale In the Washington City Postofflce. That's why you can now get pictures or tne iair Moon ana Hermes cap. Greene-Cananea 6 7-- Inspiration Cop 8 Intercon. Rubber. Kerr Lake La Rose Cons.... Ray Central Standard Oil West. Paclhc 5s. Yukon Gold And interest. 7 . 53 ft .644 . 92 . 4 4 . 7 8 26 4tl 4 1 640 92 4 -r r 5 6-H 7 27 5 640 92 4 -A Other clearinsr house assnc!atlnn hnv installed a collection department for the Collection of OUt-of-tOWn chocka on points where the exchange charges are excessU-e. The cost of collccilne Items on remote points has been a source of constant complaint among bankers, and too often banks In reserve clUes refuse to carry country bank accounts because of the loss entailed In handling their The clearing house association has un dertaken in some cities to collect these Items in bulk or by express, prorating "3 iwi iiuuuK us memoers according to the volume of Items. collected. The plan has been found expeditious and economical, and is steadily spreading in Its operation and effectiveness. In some cities, where banks buy com mercial paper, clearing house associa tions have insisted upon the mercan tile houbc or corporation beeking to sell Its paper to its members, that it shall file full detailed statement of its con dition prepared by certified public ac countants. At present the general prac tice pursued oy every bank buying com mercial paper is to rely upon the In tegrity of the note-broker as to gen ulncss of the paper, and as to the cor rectness of the statements of the mak ers of the notes aidedJy rating of creditable agencies. Firms or corporations Issuing notes for discount through brokers, have been found not averse to the above require ments. It is not claimed that clearing house supervision will prevent failures, but It has been demonstrated where clear ing house examinations are in vogu''. that failures are lpss frpnnont ami that long-continued, irregular banking methods likely to endanger the rights pf depositors and stockholders, have been eliminated. The usefulness of the clearing house association has proven of paramount Importance in every communitv where active supervision over Its members is in force, and the results have demon strated its operation to be oi inestimable benefit to the banking fraternity enjoy ing its privileges. Great Eddy Memorial Planned by Scientists BOSTON, July 9. In response to many requests from followers of tho late Mrs. Mary Baker G. Eddy, the directors of the First Church of Christ Science have sent out a circular to the Christian Scientists all over the world. Inviting them to contribute to a fund with which to build a memorial to Mrs. Eddy over her grave in Mr, Auburn Cemetery. The plan Is to have a fine memorial, preferably a mausoleum, but one devoid of ostentation. Robber Fells Woman And Girl With a Club Maine Forest Fires Cost Many Thousands KINEO. Me., July 9. The big forest fire In the Frenchtown district was still burning fiercely today, and was beyond the control of the 250 men fighting it. It has climbed the side of Lilv Bay mountain, and already the flames have spread over 3,500 acres, the loss being estimated between $50,000 and $60,000. Three men almost lost thslr lives fight ing tne nre. xney were nearly sur rounded by flames, and were rescued with difficulty. HAWLEY, Pa., July 9. Wakened by the screams of fourteen-year-old Ger trude Decker last night. Mrs. Charles Orton. who, with the former, is spend ing the summer in a bungalow at Glen Eyre, two miles from here, rushed down stairs and encountered a masked man attempting to gag the girl. A furious battle ensued, but the in truder escaped after felling both women with a club. FINANCIAL Capital and Surplus. $2,300,000. American Is Awarded Red Cross of Italy NEWBORT, R. I., July 9. Whitney Collins, carpenter's mate0f the United States navy, now wears the red cross of Italy. It was pinned on him today by Commander P. Wt Hourlgan, U. S. N., commander of the naval .training sta tion where Collins is serving. Several yfaxB ago Collins rendered good service on the occasion of the earthquake in Sicily, and the decora tion is the Italian government's recogni tion of his work. - Cheese From Switzerland American consumption of Swiss cheese is on the increase, according to figures furnished the Department of Commerce and Labor by Consul General Robert E. Mansfield, at Zurich. The general exports from Switzerland to the States are declining. More than two and a half million dollars' worth- of cheese was consumed by Americans in 1910, as compared with a little over two million dollars' worth in 1909. The United States also consumed $149,949 worth of Swiss milk chocolate in 1910. Incidentally. Consul General Mans field mentions the fact that the prin cipal ingredient of Swiss milk choco late is cocoa. Milk chocolate importa tions from Switzerland were materially held down by the fact that several of the largest factories have established branches in the United States, import ing only the raw products. RICORDS VITAL RESTORATIVE Increases Men's Vitality. Pile 91. At all imgziatm. Always on baud at OIlOHHEWS Bnur Store, SCI r St. aw. Mailorders solicited. Men Who Don't I&lieve in Bargains WAKE UP IiOok on Last Page Today During Your Absence From Town have your mind free from worry concerning your silver ware and family plate. The storage vaults of this company afford absolute protection. UNION TRUST COMPANY 15th and H Sts. N. W. Edrrnrd J. StellTvagen, President. The Safest Investments Are tnosa that do not fluctuate during J!- turDi conditions oi iao mosey er eiocjc mar kets. Flnt deed of trust notes (flnt mort saces). well secured on real citato la tne District of Columbia, constitute gilt edge" Investments. They do not dependupoa tne financial responsibility of Individuals or coi poratlons for their stability and are' exempt from taxation as personal property. TVe can supply such; investments in amounts from 1530 upward.) Send for booUct. "Concernlaa Loans sad Investments." SWARTZELL, RHEEM & HENSjEY CO., , 127 16TH STREET N. W,