New-York tribune., 1908-09-02
TOPICS OF THE STREET.

FOREIGN TRADING.-Foreign houses sold
about $4,000 shares in the local market mostly
United States Steel common. The market in
London unsatisfactory for arbitrage bust
ness. The general London market was dull and
irregular, closing firm Call money was quoted
at Y to q of l per cent, and discounts were
tri1e weaker. The German treasury 3 Y per cent
notes are to be renewed in the shape of three
year bonds. paying per cent
FAILURES IN AUGUST-CommerciaI failures
in the month of August according to statistics
compiled by r. G. Dun Co. were 1.199 in num-
ber and s237S2.37S in amount of liabilities. This
compares with $50 failures in tne same month
last wear when the defaulted Indebtedness
amounted 10 S15.197749. While there con-
siderable increase in number OF bank failures,
the total liabilities would have compared most
favorably with those of the same month last year.
but for three large failures. involving s125000 600,
one of which wholly due to speculation in
the security market. while the large flour milling
default did affect the production of the mills;
in fact. the output has increa ed under the
management of receiver. manufacturing fail
ures 253 in number AGAINST 217 last year.
while liabilities of S15152.SS0 compared with
s11 o47 $40 in 1ao7 1hara Is no -trking increa 50
in number in this department and if the two
large failures for about $4,000 600 eliminated
the remaining suspensions involved only s5,152,-
$50 less than half the total manufacturing
losses last year The increase in number was
chiefly in the trading failures where S07 COM
pared with 621- whilo I2hilities We're S5.867.597.
again-t SO. 20 >-' n -"5r- In the third diyis-
ion which incl, Ces brokerage. real estate. insur-
ance and similar Gef4uts there were 80 failures.
against , last year While liabilities of $2.761.901
of the single large brokerage failure. Two small
banks suspended for 100000. whereas last year
three similar in stitution, closed, involving 81
So 69G. and in August 1905. there were eight
banking failures for SG6'".16S
IRON pIFE ANTH FOU E0ET PREFERRED
STOCK NOT EX-DIVIDE @D.-ljcCretary Ely. OF
the stock Exchange gives notice that the transfer
books of the preferred stock Of the United States
Cast Iron Pipe and Tcu~dry Company will remain
closed for the p-c~art The present stock will not
sell ~ dividend u1tl further no-:ce This Is the
leaat O. the Injunction Iest cinng the payment of
the dividend until a friendly suit has been decided
involving the right of the company draw on
its reserve capital for dividend payments
BUYING ERIE SEPTEMBER l COUPONS-J.
P Morgan 6 Co. announce that they will purc,,se
at per until further notice coupons due to-day on
the following bond, New York e T-rie Pliroad
aecond 1lortgage- - md third -,orteace ;i,s E.ia
Railway Companv first consolidated IS. New York
Lake Erie & Western Ri road Company first con
solidated Is and New York Pennsylvania & Ohio
Railroad prior lien 4l2s.
STEEL IMPROVEMENT manufacturers
report slight Improvement in business each week
TIE United States Steel CORPORATION, is under
stood is operating close so cent OF capacity
Another furnace -Yted the CORPORATION
this week. Orders received in the month Of August
showed up well as In the preceding month Large
contracts scarce. but the volume OF business
made up of small contracts is large. Manufactur-
confident that the present percentage OF
operations he maintained
BANKS GAIN FROM SUB-TREASURY-Irre-
spective Of debit Of s555 26 by the Sub-Treasrrv
at the Clearing House tho banks ON Monday lost
S3i5000. but since Friday nave gained Ss54GoO In
the same time last week the banks gained sSss 600
The extraordinary ease OF the money market. in