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The Washington times. (Washington [D.C.]) 1901-1902, July 20, 1901, Image 8

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn87062245/1901-07-20/ed-1/seq-8/

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IRREULAEITY IN STOCKS
iaknps in Early Dealing but
Firmer at the Close
TlcrliiieN Due to Gloomy Crop lie
jmrtN V Ieerlxli Ilnllv In Meel
Ovvlnir to llciiortu of Strike iK
tintioiiH StreiiK In Itnllnnj
SEW YORK Julv 19 Price mocments
In todajs market avntinued somenhat
Irregular but In the main a cr lirm
lone prevailed Weakness na pronounced
In the Initial dealings because of
the sharp declines that were -shown in the
Londcn markit for American stocks and
of the quite subsequent selling
here for foreign account
AVestorn houses alo sold heavily and
In connection with their stock market
operations furnished exceedlngls gloomy
reports bearing Jion the tuatlon of the
corn crop the latter were to rome eMent
re enforced by the sustained strength of
that staple and It m i be conceded that
the davs advices regarding the weather
conditions in the corn growing States
were to say the least cxtremtlj con
flicting Verj little change appeared in
the other of the main features of the
present situation
A eri sharp rie In the United States
Steel stocks at tne time was accompanied
by rumors of prellminar negotiations
for a settlement of the labor difficulties
These rumors were wanting in any con
firmation save that furnished by the
stock tape Itself The strength rf the
anthracite coal rtocks also naturally In
cited reports that the labor situation in
oat tern Pennritni i was also clearing
but these two were unsubstantiated by
trustworthy informttion
in fact It was not possible to account
directly for an of the mere pronounced
chinges in prices which develop with the
course of the business session through
any definite occurrences Thus both St
Taul and Union Pacific which hae been
the conspicuous leaders of the market
for some daF were quite reactionary
but no news or gossip whatever explana
torj of their tendencj was forthcoming
and in fact the discussion on the im
proved status of these stocks continued
upon the same lines as heretofore1
A very spirited movement in all of the
so called Gould securities was another in
teresting feature of the davs dealings
Missouri Pacihc Denver and Rio Grande
Texas and Pacific the Wabash stocks
and Western Union all shot up tapidly
but except In the instance of the Wa
bashes the movements were unexplained
In the instance of the advance In the
Wabash securities it was said however
that a tentative agreement had been ar
rived at with the Pennlvanld Railroad
l which the last named companj would
withdraw Its opposition to the entrance
ef the Wabash into Pittsburg
The pressure evident esterdayin the
Atchison stocks was again apparent to
uay and superficial was baseel upon the
fame reason namely the anxiety as to the
Kansas crop situation Quite a noteworthy
rise in Southern Pacific was attended by
reports that the stock would soon be es
tablished on a regular dividend pajlng
basis but these too could not be au
thoritatively confirmed The local trac
tion Issues were not conspicuous in the
da s market and underwent irregular
and comparativcl small movements
The so called speiialties were licarlj all
firm pcrticularlx for Tennessee foal and
iron General iMecirie nd Amalgamated t
Corper Sugar Refining and the United
States Steel issues furnished the bulk of j
the deall gs in the InJustrial qutrter A
particularly rapid advance in Sjgar
ing was aitenaed b the rumors that an
advance in the rate of divideml on the
block was probable but the reports would
sum to be altogether premature inasmuch
as the next diviJend -will not be acted upon
until September j
Koutine features of Interest were the
strength of sterling exchange which was
described as eirs to the heavy selling
of securities here by Ixindon during the j
week the continuea ease of money and
the da s returns of railway trafiic i
1 he laier were- pracucail all excellent
EhDViigs As rcgaidcd the da fa I
tar situation It might be noted that the
piellniiiftrv estimates of the movements J
of money during the week indicated a
gain in cash by the banks of about 7000
l0 the accessions having been made
about equall from the Interior and from j
the sub Treasury I
The market became weak in the last
hour and sold off sharpl led by Union t
Pacific Southern Pacific and the Steels 1
he llng was generally and pal tlj due to
the nun contirmatrtn of a rumor of a
steel strike settlement in the Immediate
future
Vevv lurk htock HxeliRiiKe
Amalpaniaied Copier 116
Am tVr if 4
Am C F pid Ss
American CottwrOil 30
American Iee 33
Amene an Maltimc C
Am 3IaiinK Id 26i
Am smeitmrf 56
Am Smell pM 1W
American nuff pld S4T4
Am Susrar Jtef 145H
Am Sujrar Kef pfd 130
American Tobjero tr 131
Hm Tobacco lSOS
Anat onda 40
Atchison 76
Atchison pfd 9
Ilal i Ohio
Brooklyn Rapid TraiEit 794
Can Pacific 103
Che Ohio 4
Oacapo L Alton 40
Chle ago Sltoil pfd 77
Chi Great Western 25
Chi G W pfd H 50
Chi Ind 35
Chi M A bt P 107
CW It I 4 P IjO
Ui R L i V rt DVi
Chi Ttr Tran 21
Chi Ter Tran pfd 414
O C C St 1 KM
Col Furl A Iron 90
Col South 14
Col South 2d pfd 22
Col A II C A 1 224
Con Ga JIS4
Con Tobacco tr 65
IJelanare A Hud ion 161
I L A Vlt 229
1 A Rio C 4S
II A Hio G pfd 94
Diamond Match 142
Ilk of Amex 6
Dm ol Amir pf 28
D S S A A pfd IS
Erie S9
Jrie 1st pfd B7
Erie 2d pfd 51
F It A D C sta 2S
Guieral Electric Co 2fi0
Glucw sugar Ittf Co 50V4
Great Northern pfd 17S
Hockinit Galley 52
Ilhcohi Central 151
Inter Paper Co 11
Inter Taper Co pfd 7C4
International Tower 95
Inter SIhe r Co 6
Iowa Central 3S
lovra Central pfd 76
Kan C A So 20
Kan a A So rid 41
Lclrde Gt 95
Long Inland 73
liuis A NaJi J0S
Manhattan Con 121
Jlet Hreet 11 171
Mexican Central 25
Mr Nat tr 9
Minn A ft h 111
Jl A St L pfd 115
M h P A S S M 24
m s t ass h pfd a
If K A T 27
JI K A T pfd 57
Missouri Tacifte 109
National Iliscuit Co 42
National bait 44
National Salt pfd 77
New orlt Central 154
X Y a A St h 39
N Y C A fct I 2 ffd 77
N Y O A W 33
Norfolk A ttesteni 46
Nor Vmtr Co 103
Tacfic Mail 40
Tentujlvanfa 147
Teo O of Oil 115
T C C A ht L 75
P C C A bt L pfd 102
Tr Stl Car 85
Reading 41
Reading 1st pfd 77
Readme 2d pfd 52
Hrp bteel 20
Rep Stee I pfd 74
M Ik A S F ru
Et J i J 1 13
St J A G I 2d pfd 32
St Latr A Ml 1
St U A ban F 43
Jul 1
Lou- Net
frst Inir i oem
115 115
29 29
65 83 1
29 25
32 32 -1
6 C
26 ib 1
55 55
101 101 I
61 61
142 143
130 130 5
130 131 J l
130 m
45 45
74 75 3
9fl 90 1
6f 97 1
77 77 -1
103 103
45 45 -1
89 29
76 76
23 23
48 50 3
34 34
102 162 4
147 147 2
S 6
20 2fi
40 41
81 91 1
9S 99
13 13
21 22 1
20 20
21S 2 1
65 5
159 U9
22 225
43 43
92 93
142 142
S 8
26 26 1
13 18
37 37
t fc
50 51
26 26
253 253 -4
53 50
178 17b
51 51 43
146 149 1
21 21
75 76
94 o
C 6
37 37
75 75
20 20
41 41
95 95
73 73
10a 105
119 119 -1
170 170
24 25 1
9 9
109 111 2
114 115 2
21 24
72 73 1
27 27
55 55
105 105 2
42 42
41 44
77 77
152 152 1
39 39
77 77
32 32
46 4- -
100 100 -3
39 39
141 144 -1
114 114 1
75 75 4
102 102 1
65 83
39 40
75 70
50 51 1
19 19
73 73 t
V -
13 13
St 32
91 94 S
42 42
Bt
St L A S F 2d pfd TO
st L Southwestern T
it L Southwestern lit
South Pacific sni
Southern H Sl
c n jjxi
itand It A T 1J
Tcnn C I
Texas Pacific 43
Tci P Land T SsH
T St L i V rl 37
Tw C Hap Tr 93
Inlon Hac P 15
Unlcn Pacific I1
Pnion Iacfic pfd Wi
I is Leather Wi
V s Inllur pM 7S4
I s C 1 Jl4
I s Med fd
a Oaro h
j V Ch ifl
aliah
Nalo Ji pfl
I nien Tel
A Lake l rie
W A U I- lt pfd
i conin Centra
V iMonMn Central pM
Vdvanee lreline
Total sales ol stocks
U S
u s
U S-
u s
u s
0 s
u s
u s
u s
u s
re
3s
3 s
4s
4s
48
4X
5s
5s
0
U
21
41
84
l7s
51
Low
est
69H
31
ei
SO
M
STa
M4
15
l rJ
Sl5
12K
7rH
s39i
6t4
a
iw
JOj
39
SI
is
51i
44 41U 4
xi t ilividcntl
l07tlJ shares
Go erniiiciit UoiiiIh
R inOO 30 Q J
J lM SO Q J
II llOS Q t
n 11103 11 c i
0G ei J
107 Q J
li 1905
C litti
li 1904
C 104 J
Nel
inz chs
taUt
31
C2H
sy
64
7i
rn
4J
3SJ
344
1414
J5
cat
Mi
13
TSk
40
iO
12i
JoH
40
K
18
51 4
Hid
lu7
107 s
IQS4
109
II J
113
ID7
11 tsl
107i
109
-1-4
-A
V4
u
2a
Ii
H
li
li
t
i
-
u
Asked
103
1C8
109
109K
1US
IUH
133
139
10SM
10JK
The stock market vestcrdiy was some
what erratic exhibiting at different
periods of the session great strength and
weakness quite as pronounced Business
became more professional In its tenor
and conservative people many of them
drew the inference that the Immediate
market Is likely to be le ss positive in its
movements than It has been In recent
da s The supposition is that the in
siders who supported the market on the
break and began the boom a da or two
ago on the announcement of the Northern
Pacific adjustment are now taking
profits and are willing 10 leave specula
tion and prices to the professionals for a
time at least Dullness and 11 traders
market quite likel will be the result
For the present perhaps some further
recession than tint at the close ester
day should hi expected Later many
look for a resumption of the upward
movement They advise purchases of
good securities on the breaks Much will
depend on the crop and strike news how
ever Developments of an Important
nature either good or bad would be
likely to have a quick and sharp effect on
prices The news esterday was not de
cisive regarding either matter but on the
whole perhaps good rather than poor-
Monctarj conditions are distinctly re
assuring Jloney has been easy this week
retlectlng the expectation of a good
bank statement toda It is estimated by
the experts that the banks have gained
at least 7O00OUO in cash since last Friday
the big liquidation of last week and of
Honda of this week will figure in the
statement for all that it is worth and a
little more owing to the sstm of
norrip ps under which the figures of the
statement are compiled The banks have
gained from the Government this week
for the first time recently It is said and
they have also drawn large suns irom
the interior The loan item in the state
ment Is uncertain but it will probably
show a decrease lhe reserves snouid
show a considerable Increase
Railway earnings statements jesterday
were allgood a number of sstems re
porting gross earnings for the second
week of July Ehowlng good increases The
Louisville and Nashville and the Chesa
peake and Ohio were among these
The gossip jesterday was interesting
though for the most iiart not confirmed
b nnv official utterance Chief among
the stories were tnose regiraing pruoauie
InrTcases In dividends As stated in this
column vesterda there Is a rumor that
the big interests now In Joint control of
the Western railways will make It an
early policy to increase dividends and de
clare new dividends vherever possible
for the purpose of getting up prices
How much the various recent dividend
rumors arc traceable to this story and
how much to actual dividend prospects
It Is Impossible to sav Possibly the in
siders will accomplish or expect to ac
compiish the advance in the price of
securities on such rumors simp and
have no Intention of making any In
creases except where they are strictly
warranted by conditions
One of the stories yesterday was that
the Southern Pacific is to be put on a
dividend bisis immediately This story
lias been put out frequently of Ictte but
It was fathered jesterdav by a good
authority and is worthy of more consid
eration for this reason perhaps The
suggestion Is that the Union Pacific
needs the dividend from its holdings of
auuillKlll X rftlili ill iin ubiih s tiiu mil i
therefore vote itself the disbursement
The Union Pacific people of course have
the matter In their hands entirely with
a good working control of the stock
The first Interest pajment on the Union
Pacific convertible bonds will be due
shortly and the mone to pay it could
be provided easily from the Southern
Pacific if the management should see fit
to take this course
The arguments against any dividend on
Southern Pacific at this time how ev er
have been rather convincing aril careful
people have leaned to the opinion that
none would be paid The company made
a fine record of earnings for the jear Just
completed but an immense amount of
money is being expenled on betterments
and it has been thought that improve
ments would be continued on a large
scale The report for the entire year has
not yet been issued bit in the figures for
eleven months recentlv given out the
statement was made that J1000000 had
been earned above fixed charges and
that half this amount had been set aside
for betterments The figures for the en
tire year wll not be greatly In excess
of these and it would not seem probable
that a dividend would be likely with a
surplus of only about 5000000 for the
vear This would be onlv 2 per cent on
the stock However Southern Pacific
stock has been very strong of late and on
reactions many careful people consider
It a fairly good purchase
Nothing new regarding the alleged In
tention of the Union Pacific to Increase
the dividend on the Common has been
heard Neither has there been any con
firmation of the story that the St Paul
Is to receive 7 per cent dividends here
after The best argument in favor of 7
per cent for this stock Is the alleged
promise made to large holders of the
slock a few months ago that they would
get quite as much by holding their stock
as by selling it to the Northern Pacific
people This promise Is said to have
prevented the deal for the acquirement
of the bt Paul and resulted In diverting
the attention of Mr Morgan and Mr
Hill to the Burlington The Burlington
stock It will be remembered was sold at
200 and some people expect to see St
Paul at that level too some day
It Is announced on good authority that
there will be no Increase In the Biltlmore
and Ohio common dividend No surprise
was caused bv this announcement as no
Increase had been expected In conserva
tive quarters despite the excellent record
of the company during the past year The
story is told that the Chesapeake and
Ohio is to be put on a 3 per cent dividend
basis
Tennessee Coal and Iron was one of the
fairly active securities yesterday It ad
vanced to G4 at one time but later sold
off The story heard regarding the com
pany In the street was that President
Schwab of the United States Steel Cor
poration Ins made a tour of inspection
of the plints and mines of the company
with a view to purchasing for the trust
The storv could not be confirmed It has
been bellevetl by conservative people for
some months that the Tennessee Coal and
Iron Company would ultimately go into
the trust
Chicago Great Western made a good ad
vance at one time getting to 23 It sold
off toward the close of the day The ru
mor was beard in good quarters that the
community of Intel eats Is bidding for the
line and this seems not in the ieast Im
probable Mr Stickneys line is In a po
sition to do a community of Interests In
the West much harm If he should choose
to make himself disagreeable and on the
other hand It Is a prosperous line at pres
ent and a price considerably above the
market level could be paid for Its
ties without doing near so much as was
done for Burlington
The Gould securities generally were
fairly strong yesterday on rumors of
Greater Missouri Pacific developments
Sugar was advanced well at one time
selling above HI The stock has been
one of the strongest on the lint during
the post week showing a guln yesterday
THE TIMER WASHINGTON SATURDAY JULY 20 1901
of eleven points from the low price of
Honda
The Steel securities were traded in
heavily as usual but dld not show much
buoyancy at any time As Mr Shaffer
fays it seems probnble that Mr ICeeno
ha s exepended a considerable block of
his J300ooowO fund In Tjeeplrlg up the
price of the stocks recentl Mr Keencs
advantage is that he will be likely to get
it all back by selling out all the stock
he has bought at a higher price whenever
the market becomes strong and the pub
lic begin to buy
The new Consolld ited Tobacco bonds
are selling around 06 It will be remem
bered tint the Tobacco stocks were sell
ing not long ago as if it were supposed
that these bonds would reach par
of ltnilvvn H
NEW YORIC July 19 The following
reports of railway earnings were sub
mitted today
IMF KM GROss HOCKING VIIIY
l M r oo
Second eck Julr JlllPO 102154
From Jul 1 207947 190401
MINNKATOUs A iT lUIS
Second week Jul 72705 56704
Iron 1 132153 111215
CIWDIIV PvCIUO
Second neck Juli 63500 ValPKi
From Jan 1 15711is3 1525103
CIILStTEahE A OHIO
sV cond week July 24Sr2S
From Jul 1 52Oi0
sOLTHIRN RUUVU
Division
13
275116
513267
including St
second Julr 631 ISO 624 671
Jul 1 Jul 14 119228 1171753
UMIUU GRr IT SOlTIlr UN
s k July 39V9 34319
J 1 Jul 14 72616 67052
tENTUlL OF GFORGIt
second week Jul 1187b5 120495
July 1 Jul 14 236270 231190
i ao
76721
14333
51661
1741
567000
7670 1
246630
450059
400 855
039507
36659
6911
06167
183313
THE MARKETS OF EUROPE
Consols Ilinler AVIfli MrniKtli In
American Securities
LONDON July 19 Consols and the
market generally were hirder todiy on
the publication of the captured Boer war
documenis showing that the burghers
were disheartened London utterly neg
lected American stocks but New York
support advanced Southern Pacific and
Union Piciflc at the same time hoisting
the whole list
Four insignificant failures were an
nounced Several other unimportant mem
bers helped bring about the result The
American shake out is now over
Money rates rule stead
Paris echange is 23 16
Following were the London prices
X Y London N Y
2 F M equn close equiv
Consols money 92 93
Consols account 92 S3
Anaconda 9 9
Atchison 79 77 79 77
Atchl on pfd 100 97 100 97
Bait A Ohio 100 98 101 99
Bait A Ohio I fd 95 03 95 93
Can Pacific 10c 103 106 103
CliesL A Ohio 47 46 47 46
Den A Rio G 43 42 44 43
Den A Rio O pfd 94 82 65 92
Fnc S7 36 38 37
Erie 1st pfd 66 CS 66
Trie 2d pfd 52 50 52 50
Illinon Central 154 1V 154 150
Kansas A Texas 27 27 27 26
hail A Texas pfd 57 65 57 55
Louis A Nash 103 102 105 102
N Y Central 157 153 157 153
North Pac pfd 93 93 98 95
NorA West 49 4S 49 46
Nor A West pfd 91 81 91 88
Ontario A He st S2 32 ai 32
Tenmylvania 74 146 74 146
Readme 20 39 20 39
Headin It pfd SO 76 39 76
Reading 2d pfd 25 50 25 50
t Taul 171 162 171 167
southern Tacifc 57 56 56 57
southern R 30 SO 30 30
southern Ry pfd 86 64 86 84
Union Tacific 119 107 110 107
Cnion Tacific pfd fl 89 91 89
U S Steel 40 39 41 40
U S steel pfd 90 86 60 8S
Wabash pfd 40 39 40 39
AVnuninRton Mock Rxclinnfre
Sales Merganthaler Linotype BS165 10
165 Lanston Monotype 15014 140f
14 150fil4 After call American Graph
ophone Company common lfXrrJS 100g9
Lanston Monotype 50fill
DISTRICT OF COLUMBIA BONDS
Bid Asked
Funding currency 3 659 I2t
MISCELLANEOUS BONDS
Capital Traction R R 4s
Wash Trac A Elcc CoIL 4s
Jlet R R 5 s 1925
Met It R Cert Indebtedness A
Met R R Cert Indebtedness B
Columbia R B 6s 1914
Columbia R R 2d mort 5s
107K 105
68
118
103 107
105 107
117 122
110
Citv A Suburban R R
Anacostia A Potomac 5s
Wash Gas Co ser A 6s 1002 27 107
Wash Gas Co ser B 6s 1901 29 107
U S Llec Light Deb Imp 1907 103
U S Llec Light Cert Indept 103
Ches A Tot TeL Con 5s 101
106
I0j
American Security A Trust 5s 1903 Id
Wash Market Co 1st 6s 1692-
191 7000 retired anpually 110
Wash Mkt Co lp 6s 1912 27 110
Wash Mkt Co lt 6s 191t 27 110
Masonic Hall tsb 5s C 1iOS 105
American Graphophone Deb 5s 97
StFE DFTOSIT AND TRUST COMPANIES
National Safe Deposit 145 155
wash Loan ami trust eg
American Security and Trut 215
Washington Safe Deposit 62
Union Trust and Storage 1083
NVTIOVt L BANK STOCKS
Bank of Washington 375
Metropolitan 723
Central 223
Farmers and Mechanics 215
Second 165
Citizens 17U
Columbia 170
Capital 155
West End 122
Tracers 13
Lincoln 120
RAILROAD STOCKS
Capital Traction 102
City A Suburban
lNSUltt NCE STOCKS
Firemen 25
Franklin 43
Metropolitan 75
Corcoran 60
Totomac
Arlington 27
German American 210
National Union bi
Columbia 10
Riggs 7H
Tcoples 6
Commercial r i
Colonial
TITLE INSURANCE STOCKS
Real Fstate Title 66
Columbia Title 4t
W ashnjton Title 3
District Title 5
TELETHONS STOCKS
Chesapeake A Totomac
CAS STOCKS
Washington Gas iOS
Georgetown Gas 65
MISCtLIt NLOUS STOCKS
Mergenthaler Ltnolpe 165
Lanston Monotype 14
tmerican Graphophone bit
American Graphophorc pfd JQS
Tneumatic Gun Carrage 05
Washington Market 14
Norfolk A Washington 160
El divdend
230
103
1M
170
17
125
102 I
U
27
50
60
9
12
6
6
115
Ik
C9
59 H
70
107
I41
9
10
10
I7
1W
THE CHICAGO GRAIN MARKET
Wlient Somewhat IIlLrlu r AVith Corn
fetrontc mill Active
CHICAGO July 19 Wheat opened
higher with coarse grains on an advance
of el in Liverpool Ihu local sentiment
was bearish however and under traders
selling u moderate reaction followed
When corn and o its started up wheat
sympathized and rallied quickly on shorts
covering Commission houses were good
sellers on the advance High tempera
tures In the West were factors late In the
day Cash sales here 1C30uO bushels and
as high as seventy loads reported at the
seaboard
Corn was strong and active There was
liberal professional profit taking early
which caused a slight set back but the
sentiment was bullish and under good
general demand prlcess advanced steadily
nil day The conditions In Iowa and Ne
braska are rapidly assuming a d inge r
ous character and are the Incentive now
There is nothing doing in the cash line
The export dem ind has fallen off sharply
as is evidenced by the weekly clearances
Oats opened firm but were subject to
liberal local profit taking which cased
prices for a time Tin offerings were
rendily absorbed on general commission
house and local buying and prices ad
vanced sharply making a new record for
September 34 Near the close there
whs again an easy spell on reallxing sales
Provisions were comparatively steady
lard receiving tbe fmerst attention with
packers buying both the nearby and de
ferred deliveries The Ira de in pork and
ribs was rather HghtL The closing wns
firm most of the list showing small ad
vances The cash tpide keeps good
Chicago Grain ana Provision Market
Corrected dallv l W fl Hibhs A Co roea
bera of the New ork Stocn Cxcuauge 1110 V
Street
W HEAT Open
Julr 67
September fiSS
CORN
Jul 5m
September 52
OATS
July S2
September 3Jsi
TORE
July
September
LARD
Juh
September
RIBS
Jul
September
14 10
14 27
8 CO
867
762
710
nigh
67V
b
50
54
3I
84
1410
14 AI
600
b 67
Low 215
C6ii 67tf
b7U S3
514 52
32 34
XZ 31
14 10 14 10
1417 1430
6 57 8 57
6G2 8 07
7 82 762
7 67 7 W
New Yorl Cotton llnrkct
August
September
October
December
Open High Lo Clos
777 777 771 771
765 7 70 761 7d
7 67 773 7 G3 763
7 66 773 7 64 7 17
BALTIMORE PRICE CURRENT
Wholennlc Irovlalon one Grain
llnrUet Quotations In Fall
BALTIMORE July 13 Following are
today s quotations In the local wholesale
provision and grain markets
Wheat Stock In elevators 625826 bus
Receipts of Southern were lighter and
with a good demand all of the offerings
were readily disposed of The market
ruled firm at unchanged prices Sales on
grade at 73c for No 2 red 63c for steamer
2 red and 6Cc for rejected Sample lots
as to eitiality and condition sold at 62c
67c 70c 70c and 72c
Western wheat opcr ed firm August
70 I71c Foreign markets were all high
er while speculative on this side were in
clined to be firm with quick recover the
feature Cash early was 7272c July
being 71i71c and August 70c July
sold at 71c and 71c and August at
70fe70c September was quiet Trade
war very- eiulet with moderate offerings
Private cables few in number and as a
rule pricejh out of line Market closed
strong Spot 72c bid 73c asked July
72c bid August 71c bid 71c asked
September 71c bid Sales 5000 August
70e 20000 August 70c 10000 July 71c
1000 July 71c 3000 July 72c Settling
price contract 72c No 3 red C6c
steamer No 2 red 68c
Corn Stock In elevators 44C120 bus
The market for Southern continued nom
inal In the absence of receipts or offer
inssThe feeling was about steady prime
lots or both white and yellow being emoted
nominally 51ft52c Cob quiet at 121012 45
per bbl for carload lots prime yellow on
bpot
Vt estern corn was strong and higher
ltalns did not influence trade In corn the
trend of which has ben steadily higher
Nothing is being done in this cereal here
puichases in the interior being trivial and
loreign demand Is nt within reach Pri
vate cables dull rates too low to permit
trade Market closed firm Spot July
53c bid August 51c bid September 54c
bid Sal s 1000 July 71c Settling price
mixed 5nc steamer mixed 52c
Flour Market was quiet Western Su
per 2 20UU30 Western Extra J225Q2S0
Western Family 13 li3 30 Winter Pat
ents 3 5eft3 80 Spring Patents 13 754 00
Spring Straights t3 6370 Spring Bak
ers JisOiiJoO Baltimore Best Patents
4a Baltimore HIgh Grade Family Jl 33
Baltimore HIgh Grade Extra 3 95 Bal
timore Choice Family J370 Maryland
Virginia and Pennsylvania Super TLIMb
230 Maryland and Pennsyl
vania Extra J225B2S Maryland Virgin
ia and Pennsylvania Family jSKWiiSO
City Mills Super J223G223 Rio Extra
t3Wfi3a Bye flour medium to choice
2W3 25
Oats The- market was firm Stock In
f levators 341703 bus White No 2
37c do No 3 36ft36c do No 4 35ft
Zc do ungraded 35fi37c mixed No
2 3tc do No 3 34L35c do No 4 33i
S4c ungraded 33i3Cc
Rye The market was firm Stock In
elevators 8363 bus No 2 nearby In car
lots 51c No Srje 49c No 4 rye ISc No
2 Western rye 52c in export elevator
Butter The market is firm Creamery
teparator extra 2122c extra nrst Z021c
creamery first 19GISc creamery imita
tion extra 17c Iowa and Northwestern
ladle extra IGc do extra nrst iicidc
Western store packed 13314c Ohio rolls
first liS16c second 12i14c West Vir
ginia rolls first 14Sil3c second 13gllc
Elgin creamery prints -lb 2526c do
Mb 2423c do 2 lb 2JS24c Maryland and
Pennsylvania creamery prints -lb 24f
ISc do 1 lb 23g24c do 2 lbs 22623c
Eggs The market Is steady Strictly
fresh- iZATtlic Western 13THc
Poultry Market is steady Old fowls He
Der lb spring chickens llWlGc roosters
25W30C apiece ducks SfiSc per lb
Green conee itarKct quiet o 1 wo
grade 5c
Roasted coffee Market steady Bulk
roasted coffee Pure Java31cMaracalbo
21Wc pure Laguayra i4c pure hantos
18c African Java 16c Rio blend 17c
Peaberry mixture 17c pure Mocha 29c
Java Mocha bend 27c These ceiffees
are In fancy bags paper lined If packed
In cans or tubs c higher
Package brands E L C 100 lb cases
lie 60 ib cases U 1 lOc 36 lb cases
112 10c Lion coffee In 100 lb lots lOCSc
In CO Ib lots 10 78c
Cotton Market steady middling 8c
strictly low middling 8c low middling
SUc Stock in Baltimore 3 071 bales
LOCAL BUSINESS GOSSIP
Clly 11ml uliurlinii Sleick Offered nt
n Low Price
A few days ago attention was called in
this column to the fact that the interest
on the City and Suburban bonds will be
due on August 1 and it was mentioned
that there was some Interest In the street
In the question whether the payment will
be made on time as usual or allowed to
go by default as the interest op the
Washington Traciion bonds was Later
the statement was made on good author
ity apparently in answer to this ques
tion that the interest will be paid as
usual The street took the announcement
as semi official and ceased to speculate
over the matter In view of these facts
the extreme weakness of City and Sub
urban stock this week Is most Interesting
The stock was offered yesterday at 12
and found no takers The hint is under
stood to have beni thrown out by the
broker who made the offer that the price
will be lower still before it is higher
This is the lowest price ever attained by
the stock it is believed or at least the
lowest by many dollars a share since the
syndicate bought out the line and as
sumed control
The syndicate paid 30 a share or par
for more than 0000 shares of tho stock
only two years or less ago The total Is
sue of the stock is 330u0 shares so that
It obtained much more than control The
minority City and Suburban stock how
ever sm ill as It is1 is practically the only
one among the companies controlled by
the syndicate In the case of the Metro
politan and Columbia and otbi r lines and
companies the syndicate has absorbed the
entire issues After City and Suburban
advanced to par t dropped slowly to 10
and then 30 and not long ago to 20 It
was held around 30 for a long time and
finally offered down sharply to 20 two
months ago by the s ime broker that of
fer d It down to 12 yestcrdiy On Thurs
day this broker offered tin stock at 23 and
made a bid of 12 for it Yesterday he of
fered to sell it at 12 and found no takers
Naturally such a violent break in the
stock to less than a quarter what the
syndicate paid for It caused much com
ment In the street yesterday There were
a number of theories offered to account
for the circumstance none of vvhlcli of
course was confirmed by the compa 1 It
self One of these was that if e 1 1 th
Washington Traction does not irt nd to
piy the interest on the City and Sub
urban bonds and tbat some minority
stockholder lias found this out and w ishes
to sell his stock at any price rather til in
talvu chances on a forced miction s lie
This theory would be reasonable enough
perhaps except that the offer of the
stock yestcrdiy seemed to be mad with
the Idea of getting the price down as
far as possible Brokers who wltnesed
the offer said that it did not lock In the
least ke an attempt to sell stock nt the
best possible price
Another theory which fits better with
the circumstances but which of course
may bo quite as far from the truth was
that the syndicate itself was offering tho
price down for some purpese It is sug
gested that in reorganizing tho various
companies into one under the law of
June 1900 the syndicate Is empowered to
purchase the minority- stocks of all con
stituent companies at an equitable prlcex
The people who advance this theory say
that if the syndicate intends now to re
organize under this law as has been
suggested it is quite possible that it will
endeavor to buy in the City- and Suburban
minority stock at as low a price as it
can If the market price at tho time of
the reorganization is at 12 or lower the
syndicate of course vlll have a better
dunce of forcing the minority stockhold
ers to sell low than it would have If the
mantel price was at 20 or 30
One suggestion made In this connection
is that when the matter should be brought
up In court the decision would be likely
to follow the price paid by the syndicate
itself for a large block of the stock
rather than the price made on small
sales in the open market now when the
monetary affairs of the syndicate are
under somewhat of a cloud On the other
hand it Is argued that the syndicate
paid a fictitious price for the stock to
obtain control and should not now two
yeJirs after be forced to pay more than
the stock is worth because of this It
may even be suggested that the syndicate
really wishes to ascertain what the pub
lic estimate of the value of the stock is
with a view to making an equitable offer
to the minority stockholders
The local stock market yesterday
showed a very good strength Both Mer
genthaler and Lanston made advances in
price the latter on heavy transactions
amounting to nearly 500 shares Mergen
thaler which has been selling recently
between 161 and 162 went yesterday to
163 Lanston advanced to 14 The
street continues to whisper the rumor
that there Is to be some combination be
tween these two companies In the bear
future but no more foundation can be
found for the story than was discovered
when it was first given publicity severil
months ago
Graphophone common stock sold at 9
another new low level Some Interest
seems to be feeding the stock out stead
Ilv and Ks downward movement has been
persistent
BRADSTREETS ON THE WEEK
llronfrht nml Lnlior TrnnbleH AtTect
Iiig the Trade Situation
NEW YORK July 13 Bradstreets to
morrow will say
Heat drought and strikes have fur
nished their quota of disturbing in
fluences this week but despite these
a fair volume of business goes for
ward and nearly all markets have
taken the developments of the week all
of which by the way have not been un
favorable calmly- and even cheerfully
Whilo only scattered rains are reported
in the afflicted sections of the corn belt
and much more rain Is needed if the
damage Is to be repaired the Vest of tho
country reports a fair amount of mois
ture and tbe South Atlantic the Central
West and the Northwestern States re
turn more favorable advices than a week
ago both as regards the crop outlook
and the business doing
The great steel strike closely followed
by the tie up of hard coal mines by a few
mine firemen has resulted In the greatest
suspension of labor reported for some
years past but it is to be borne in mind
thrt this season Is the natural one for
vacations and nothing like the maximum
number of men actually on strike arc
thought to be out Fair estimates plate
the number of men actually striking ire
the steel Irnila nl tna ih in -Aim olVi
the number of idle coal miners will not
eefual this amount
On the other hand the machinists
strike has shown signs of disintegration
and is generally conceded to have been a
failure
General busmes3 the country over lias
been of a midsummer character Rains
have helped the crop situation in the
South Atlantic and Eastern Gulf States
New Orleans reports an improvement in
crops and In the tone of trade and At
lanta Montgomery and Nashville return
similar advices Memphis reports corn a
total failure and Little Rock says that
upland cotton has been damaged while
that on the bottom lands can stand the
heat for a while longer
At New York the dry goods trade Is
not active but deliveries of fall goods are
of fair volume Textile manufacturing
is on a better footing than a month ago
Cottoi goods are firmer and many mills
have booked so large a proportion of their
output that they- will take additional or
ders only at value
Raw cottton has been quiet but on the
whole rather firmer owing to the reports
of dry- weather damage particularly In
the western half of the cotton belt The
advices indicate a distinct improvement in
the eastern portion of the belt
Failures for the United States were
20S as against 199 last week and 202 this
week a year ago
DUNS REVIEW OF TRADE
Fear ot Future Trouble Cause
Caiieellutloii of OrilerM
NEW YORK July 19 Duns review to
morrow will say
Anxiety regarding unfavorable possi
bilities in the future rather than any
actual present misfortune depressed se
curities and caused cancellation of some
orueis for merchandise by Western deal
ers Retail distribution of goods wii not
be curtailed by the labor controversy un
less It is of long duration as the men
have saved money during the recent pe
riod of full emploment at high wages
Similarly in some agricultural districts
where there is fear that little corn will be
harvested preceding bumper crops at good
prices have put farmers in such a pros
perous condition that their purchases will
not fall off materiall while the greatest
crop of wheat on record has not brought
a return to the low prices of previous
heavy yields
The actual volume of business Is shown
by bank exchanges outside New York
26 3 per cent larger than last year and
23 6 above li9 while at this city specula
tion helped to cause a rise of 9o5 per
cent over last year and 00 S over 1S99
Railway earnings continue to show good
gains over previous years for July thus
far exceeding 1900 by 101 per cent and
1V99 by 19 4C per cent
Beyond advancing prices of steel
sheets and depressing the mfrket for tin
quotations have not been affected by the
strike of the Amalgamated Association
Pig iron furnaces are not disturbed al
thuugh record breaking production will
bring an accumulation of stocks if the
rolling mills are kept idle for any length
of time
Woolen mills are more generally- ac
tive than at any time this year orders
for heavyweight goods arriving in large
numbers Some uncertainty is seen in
the vvool market sellers making futile
efforts to secure better terms and ulti
mately accepting bids at former figures
1 he tone is distinctly firmer and atccka
at mills and in warehouses decrease In
cotton goods the situation is unchanged
There was a decline in cotton below b
cents followed by slight recovery as news
from plantations failed to show the de
sired imj Tenement
Stability of prices seems assured in
the footwear industry The firm tone is
sustained by the steadiness of leather
and buyers are not seeking concessions
Factories running full time with orders
on hand for months ahead Hides are
fairly steady some grades at Chicago
tending downward on account of In
creased receipts of cattle because of the
drought
Calmer counsel prevailed In ilie grain
markets Exaggerated despatches were
discounted and variations In quotations
were less extensive After a severe break
from the best price last Friday wheat
advanced as the feeling became
general that foreign requirements would
bring a new record for exports possibly
exceeding 250000000 bushels
Failures for the week numbered 193 In
the United States against 231 last year
and 32 In Canada against 27 last year
FIJfASCIAf
PI5AKCIAI
The Forward Reduction CogTpany
27 William Street New York
Williamson Building Cleveland Ohio
Beaumont Texas
Lake Charles Louisiana
CAPITAL STOCK 5000000
POOOOO Par Value 10 a Share
200000 ot Hie Capital Ik In the Treasury for Trrannry Pnrpoaci
Organized Under the Laws ol West Virginia
Owner of iili flio stoclc of the ForvinrA OH ProilnclnR Company the For
wnnl Iteflnliie Coiupiiny anil the Fomnrd Pipe Line Company
rrenlilenl CIIlCiV II FOIVWAIIIJ Cleveland Ohio
lcc Prexlilent EnWlltD L BldrWlLTKR SprlnKlleld Ohio
Secrelnrj nnel Treasurer L VJuilMS Cleveland Ohio
DlllFCTOItSI
DR CH 1CI7Y II FORWARD
President CleTcland Ohio
WATTER h LDC1V
Lawyer Xew York
BI1WARII I IirCIIWAITER
President Citizens- National Bank and Presi
dent Superior Drill Company Springfield
Ohio
COL L J FOLIC
fJencral Manager Santa Fe Railroad Cot
veMcn lexas
M IWTOV C DOLGIIEUTY
rresldetit Korla National bank Feorla III
W II WARNER
Coal lllncr and Dealer in Coal and Coke
CIcYeland Ohio
IA11ES S WATERS
General Manager Texan Loan and Inrestmcrt
Company Galveston Texaa
iolis v ims
Sec and Tre a Forward Reduction Company
Cleveland Ohio
General Counsel
WALTER S LOGAN 27 William St New York
The FORWARD REDUCTION COMPANY Is in its own name and through its
subsidiary companies above named the owner of
1 Dr Chauncry B Forward s process for refinfriff cruJ petroleum and ihe patents relating to
and covering- the same
This svsiem is particularly applicable to the refining of the heavy oil recently discovered of
Louisiana Texas and California Dr forward i a chemist and his process is chemical liwtead
of the mechanical proces heretofore employed Thee heavy oils do not jield readily to any
mechanical treatment and Dr Forwards procc ii the only one which reduces them readily enough
and cheaply enough to answer commercial conditions
A refinery to be etabluJid on tide water near the Texaa and Loimiana oil field
and capable of treating Renty lm hundred barrels of crude oil a day is in process of construc
tion and will be in operation some time during the prent year
2 The oil righta on about 100X0 acres ot land in Southwestern Louisiana and Southeastern
Texas
Several thousand acres of thee lands we own in fee simple but on most of them we haTe
the usual oil Ieae which gives us the right to the oil and minerals on the property subject
to a pavmeit to the ouner of one eighth or one tenth royalty
In Jefferon County Teas and Calcasieu Parish Louisiana which include the leading oil
distruU of their repe tive State we have larger holdings than any other oil com pan r The
lands were selected by Dr Forward or under hU immediate supervision Those who know the
man will believe they are well selected
The stock of the FORWARD REDUCTION COMPANY is a parciiarly conserr
ative investment for the following reasons
1 The actual propertr rights of the company arc of greater cash value than its total cap
italization five million dollars
At the price at which oil lands have been gelling in the oil regions of Texas and LouUIaia
ours would bring very much more than the amount of our capitalization On the most cvn
scnative eslimfte they are well worth that sum
2 More toan half of the stock is still in the Treasury for Treasury purposes after all thes
I ind 4 have been acquired
The process of selecting and acquiring Iamb is still going on and with the -experience ie
has gained and the superior knowledge he now has we may well expect Dr Forward to do at
least as well with the last half of the capitalization as he has with the first
3 Ve expect that the profits of the refining part of the company business alone leaving
out of account altogether the companys investment in oil lands will pay substantial dividends
upon the capital ttock
A The reasonable possibilities before tbe company are almost boundless We are equipped with
talent experience and mone and readj to take advantage of the manifold opportunities that
are now offering
If liquid fuel Is to be the fuel of the future as many far seeing men believe we frhall be
among the oremofit to share in the manifold profits of its introduction
The company is especially fortunate in its leader Dr Forward is a man of thorough scien
ti6c knowledge rare busmcis judgment unquestioned personal integrity and with a xeal for
this enterpn and a loyalty to those who support hinr in it such- as are seldom found in men
The company beLeve that the hae in him t combination of those elements which ensure
success
The names of the men aoeiated with him in the enterprie are the names of successful men
who have merited and received the confidence of the community
A llmltefl nmount of the tocV of the FORWARD REDCCTTOV COH
PAY 1m offered for snle nt iinr 10 n share A hen thN in exhitoMted no
more enn h hml except nt nn advanced price Ao option enn he Ktven
and luhncrfptloiiM vtUl be filled In the order of their receipt
Checks h iH be made to the order of AValter S Logan Attorney
warded to him 3 his office No SI William Street New York
Forward Reduction Company
27 William Street New York
FISASCIAL
Money to Loan
At 4 and 5 Per Cent
OS HEAL ESTATE VS D 0
HO DELAY BEYOND EXAMINATION OF TITLE
WALTEB II ACIvEH
7iM Kth St NW
W B HIBBS CO
DANKER3 AND BROKERS
Members New York Stock Exchange
141 F Street
Correspondents of
LAUCNULIU TIIAL5IAN A CO-
fcew York
UOKEY AT
4i and 5 Per Cent
Loaned on Real Estate in District of Columbia
Lowest Commission
HEISKELL McLERAN
1009 P Street
The Washington
Loan Trust Go
OFFICE COR STH AST F ST3
PAID UP CAPITAL ONE MILLION
Loans in any amount made on approved
- real estate or collateral at reasonable rates
Interest paid upon deposits on monthly
balances subject to check
This company acts as executor admin-
Istrator trustee agent treasurer registrar
and in all other fiduciary capacities
Boxes for rent in burglar and fire proof
vaults for safe deposit and storage of
able packages
JOHV JOY EDSON President
JOHN A SttOPE ice President
ELLIS SPEAIt Second icc President
ANDREW PRKER Treasurer
BKICE J MObES Assistant Treasurer
THOMAS BRADLEY Real Estate Officer
REAL ESTATE DEPARTMENT
Is prepired to assume the management of your
real citate Careful attention given to all de
tails
THE RIGGS NATIONAL BANK
OF WASHINGTON D O
Capital S500000
SURPLUS 230000
LN DIVIDED riiOFITS 100009
EXCIUIiGE OV
ENGLAND IUiLAND FRWCE nd GERMANI
Letters of Credit
AVAILABLE IN ALL FOREIGN PARia
BANK COLLECTIONa
ORDERS FOR IMESTMEXTS
STOCKS AND BONDS
MOMIY AVATKH AMI TO LO
WHAT IS FAIRER
Than a straight business proposition to lend you
money to help you out of difficulties If you
have Furniture Piano or other good security
we can help you out and the terms will be made
to suit your convenience in paying Call to see
us and get at the bottom of our business methods
EVANS COMPANY
707 G ST N W
ROOM 3 First Floor Rear Opp Patent Office
WANTLD 10O for twelve months secured sal
ary 20 per tent ddress BO to this office
mlO 3
WANTr 1 Loan of for six montlis will
give 25 for use of same Address IiO 71 tht
ofhec nilO 3
WANTED To Wrow 1 from private party
good wcunt and interest Address BOY fiC
this office mlS 3
MONEl TO LOAN ON APPROVED COLLAT
ERAL No delay CIHRLES A BAKhR Rooms
0 and ii UeUeiott Buildinz Ilia r St
and for-
MONEY WATEI AJJP TO LOAX
SALARY
Loans to honest employes Think of It I We
loan moneys upon notes without security of
any kird
It Will Cost You Nothing
To call and allow us to quietly explain why
we can save you money If you want money
quick see us today So delay Money
waiting Courteous treatment always Vt e
want your trade You want our money
Thats enouch to make the deal Me loan
money on Furniture Pianos etc also at
reasonable rates
CAPITAL LOAN GUARANTEE CO
6Q2 F Street N W
We Will Lend You Money
On your furniture pianos organs etc sad yon
can paj it back in small weekly or monthly pay
ments
Absolutely No Delay
Our business is strictly confidential no cm
barrassimr Questions to ask you Lowest rates fa
the city Private office
COLUMBIA GUARANTEE CO
613 F Street NW
LOANS OF 10
AND UPWARD OV FURNITURE ASD TIANOS
At lowest rates nd on the day jon apply TT
ire loamne on the Buildln and Loan Association
plan tuch raaitts the cost of carrying Ioana
much less than you pay elsewhere and allows you
to pay it off In any sized rotes you desire run
ning from one to twelre months If yon hare s
loan with some other company we will pay it
off apd adrance you more money ii desired Rates
cheerfully gisen snd no cost to you unless loan
is made Call and get rates Front room Srst
floor
National Mortgage Loan Co
625 F St n w
FURNITURE PIANOS c
MONEY If JOU need money give us a
lYlUuXl call jou can make your onn
terms as to repayment of loan
UflWFY nnd tne Roods nil b left In
InUllLl your undisturbed possession
Our rates will please you as
MflMCY they are the lowest and our
niUIILI method of loaning Is the best
and easiest No publicity Pri
vate offices
Washington Mortgage Loan Co
610 F 610
CASH TO LOAN
OS FUKMTUUE PIANOS ETC
without rriMwal from jour possession and In any
amount from 10 to 100 Cur rates are th
cheapest and you can make your own terms
Loans mado within threo ncus from the tim
ou apply e loan for the Interest only and
do not want you gootn so you need hare no
tear of losing them Our offices are up on tho
fifth floor away from ihe street and are so ar
ranged that f can ensure strictest privacy Drop
in and get our rates
lOTOMAC GUAIlAM nE LOM CO
KS030 F ST NER 0TK NW
Room 74 Atlantic Building
Take Elerator to Fifth Floor
Money- to 1h on furniture nna
Iilaniin losreat rule 31 11 UHh t
CO Iloum 21 Warder bulldinir
H0NE TO LOW at 3H to 5 per cent in suras
of J1C00 to 510 W on D a real estate pay o
5 and 6 per cent mortgages and begin anew all
transactions conducted ith economical
I lion for borrowers TvMIL SAUNDERS 4 CO
1107 F st nw
HERE IS your opportunity to procure a lean
on your furniture or piano from a private party
at a low rate Address BOX 320 this office
MONEV LOANED salaried people and retail mei
chants upon their own names without security
easy paynenta TOLMAN Room 48 fcGd BH O
at
i

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