New-York tribune., 1908-07-02
TOPICS OF THE STREET.

SIX MONTHS FAILURES S-Comuercial fail
ures in the United States in the first half 190s
according TO statistics compiled by "Duns Re
view from reports OF branch offices Of R. G. Dun
d Co., are S,7Os in number and $124, 4,S74S33 in
favorable comparison with the 5,6oT insolvencies
Tor sbs5oS.662 IN the corresponding months OF the
preceding year, there is much encouragement in
Ihe pronounced improvement of the latest re-
turns Defaults in June compare favorably
win last years figures than any previous month
Oh 1SVe, while the record for the second quarter
shows only $500 failures. with an indebtedness
or s4s.66S,642 against 4,9O9 bankruptcies in the
first three months, when the amount involved
was s75,706,191-a decrease of about one-third.
AS the latest figures are more representative of
current conditions 1t is evident that the rner-
camille death rate is diminishing and the outlook
for the future brightenS business conditions
become more healthful. A detailed comparison
for the half year shows 2,142 manufacturing
pensions involving S53442,3O4, against 1926 fail
ures last year for s366S4,64S; trading failures
numbered 6,2S5, with liabilities of S4s,010,022,
against APO for s26,744,7S6; other commercial
failures. such insurance, real estate broker
age, etc, not properly included in the two prin-
cipal classes were 339 in number and s2l, ,9225O7
in amount against 1872 last year involving So
1929. In addition to these commercial de-
faults. 120 banks and other fduciary institutions
suspended with liabilities of s79,SS0.245 against
only % in the first half of 1907, when the amount
involved was only s7.904,O2S.
EXPECT GREAT PROsPERITY.-Fisk & Rob
inson in their monthly bulletin, say 1T is inter-
estlng at this time TO recall some Of the features
Of the depression which began in 1893. That crisis
complicated with the silver question, which
prolonged stagnation for than three years,
but the settlement of that problem scoincidently
with the election of President Mckinley quick
ly followed by business revival and the absorp-
ton Of investment securities with rapidity and
to an extent previously unknown We face now,
a then a Presidential election, but, unlike that
campaign. the result seems foregone con-
cluson, and in the election of Mr.. Taft we shall
have a President whose calm and judicial turn of
mind and wide experience with international af-
fairs command confidence abroad, as well as at
home. AS already indicated there are no complica-
tons in sight likely TO cause continuance of de-
preston, while the industrial conditions are far
better than in 1867 There accumulations
of commodities the various stages on the road to
recovery rapidly being reached. and it seems
to that the conclusion is justiable that We are
on the edge Of period of the greatest prosperity
the country has yet enjoyed-the greatest chiefly
because 1t will be marked by greater sanity and
wisdom, well as by higher standards and sound
business methods. 1t is likely to be period IN
which VIII look back present investment
values a being extremely low.
DIVIDENDS Observation-Disclosures have been
declared follows National Light Heat ana
Power Company regular quarterly IA per cent on
the preferred payable July 1: Cowen Lead Com
pany regular semi-annual 312 per cent on the pre-
ferred, payable July l; Associated Merchahts Cohl-
pany regular quarterly IA per cent on the nrst
preferred and ~ cent on the second pfeierFe"
navable Julv Is: Anglo-Amercan Incandescent
Light Company annual per cent; Rock Run Fuel
Company regular quarterly 194 per cent on the pre-
ferred: Second United Cities Realty Company reg
ular semi-annual 2Ia per cent and an extra one
quarter of per cent the preferred payable
August l: Monongahela River Coal Company reg
ular semi-annual 3l2 per cent payaole july %
SECURITIES IISTED.-The following securities
have been listed on the New YeTk Stock Exchange:
Eleven million seven hundred and twelve thousand
dollars Manhattan Railway Company consohdated
mortgage per cent bonds 1890: S., 600 Guar
anty Trust Company certificates or deposlt lol
Metropolitan Railway general mortgage o ana col
lateral trust per cent bonds; S5,0ooOoo State OF
New York 4 per cent highway improvement bonds,
due 1855 s229 900 additional Chicago Western lndl-
ana consolidated mortgage 4 per cent 0ohus' uue
1862.
STOCK. DIVIDEND DECLARED.-The directors
of the La Belle Iron Works, of Wheeling, w va,
have declared dividend Of per cent quarterly
and ala ner cent stock dividend out of surplus
earnings. The directors have passed resolution
to apply to have the stock hsted on tne Ne" ioiA
Stock Exchange.
UNITED STATES STEEL COMMON.-Many
houses are calling attention TO the persistent
strength in United States Steel common. "hloh
appears to require no organized support Inc peti
traders admit that liquidation in the market
can be stimulated long the holders Of Steel
are Indifferent to minor fluctuations.
MUNICIPAL BOND oFFERING-W n. coer
e. Co of No 43 Cedar street. offer number OF
attractive municipal bonds, yielding from 90 TO
4 30 per cent, including issues of Camden \. ),
Schenectady, n. Y; Asbury Park, n j., ana al
River, Mass The bonds offered are set lofth Al
the advertising columns.
SOUTHERN RAILWAY BONDS-The Southern
Railway development syndicate, which was formed
TO take $50 900 GJ0 per cent bonds undeF ue ue-
velopment and general mortgage OF tsO, ,t@S Tho
pred by limitation and will not be EXTENDED @ me
bonds were underwrtten at s., but have been sell
ing at from 7314 to 74lz.
NORTH AMERICAN COMPANY.-W j. Gurus,
of the law firm Of Sullivan & Cromwell, ana Heflry
r Mallory president of the Mallory Steaflship
Coro,,any have been elected directors of the North
American Company. Mr.. Curtis nils vacancy OH
the hoard and Mr. Mallory succeeds T. u. FRAY
ANNUAL, CURB BOOKLET PUBliSHED.-Ih
animal hooket of the New York curb market mas
been issued by Z. s. Mendels, agent 1t contains
complete list of names of members OF the culp
market and press representatives OF that pooS' aS
we'll as the general rules of the curo market
NORTHERN PACIFIC.-The Stock Exchange
snrounces that transactions in Northern Paclnc
railway subscriptions receipts for new stock un'h
further notice are seventh instalment paid
COPPER ACKNOWLEDGEMENTS OF copper IN me
r,ontb Of June were larger than expected ana
within few million pounds of the h1sh monthy
record The total amounted TO 65,5oOooO pouluS-
pRODI-CE EXCHANGE TO CLOSE.-The board
of managers Of the Produce Exchange mas oe-
rided 20 close the exchange on Friday July ).
JOHN w GRIGGS IN AMERICAN LOCoSo-
TTIF.-Ex- Governor John W. Grlggs OF Ne" ser
sew has been elected a director OF the american
Locomotive Company. succeeding 5. L. Schooh-
maker, resigned.
500 FURNACEMEN RETURN TO WORK.