New-York tribune., 1908-07-03
INVESTORS READ
The Wall Street Journal
TOPICS OF THE STREET.

1 l.
FOREIGN TRADING-Foreign houses deaItin
5000 shares in the local market. chiefly sales. In
! London the general market was dull and some
] what heavy. though there no change in cor
| soils. The mining shares rule were lower
Open market discounts at the British capital vers
lower. but the Bank Of England made no change
in it's minimum rate The weekly return OF the
bank showed a reduction Of $50 per cent in tbs
proportion of liabilities. though the
reserve of 44.47 reported above the average
for the week In the last eight years. Paris
discounts nrmer, while at Berlin the rats
declined u.
BANK CLEARINGS FOR JUNE.-More gains
in bank exchanges at scattered points. whers
losses have almost constantly appeared in earlier
months. is the encouraging feature of the Juns
statement, reported by r. G. Dun & Co. total
bank exchanges for the month at all cities re-
porting in the United States embracing 10 leading
centres. being $9,s159i511s Ill per cent less than
a year ago and 20 per cent under June. 1906
Losses still quite widely distributed compared
with June, 1901, but at many minor points larger
payments through the banks denote some renewal
of activity. while at many additional places oUtsido
New York City gains appear In the comparison
with June. 1906. d month of exceptional activity
in almost all departments of trade The loss at
New York City is less than in earlier months this
year. except May because stock market operations
in June this year were again little larger in vol
ume than year ago: but in the comparison with
June 1906. large decrease appears in both New
York city bank exchanges and IN the volume OF
stock sales. In the comparison with last year the
fact should be lost sight of that there five
SUNDAYS in June 1907, and four Sundays this year.
This disparity eliminated in the average daily
figures. which for June show loss of 15-4 per
cent compared with a year ago. but the average
for June this year. with unusual activity IN
the stock market. is well up 70 the earlier months
where normally a considerable decrease might De
expected Outside Of New York City the loss -
still quite large in the East and at the South IN
comparison with both years.
YEARS GROWTH OF GUARANTY TRUST
CO4IPANY-The report of the Guaranty Trust
Company of New York showing its condition on
June 80 as compared with June %. 1907, shows
that deposits have risen more than s6O0O.Oo0 IN
the year to s54.079.36S. Among the resources OF
the company are public and other securities 10 an
amount exceeding s2I.O00.000. compared with
about s14.000.0O0 year ago Foreign exchange
is held the amount Of Sf259-519. as compared
with s2,597,964 in 1907. and cash on hand and in
hank amounts 20 s16.02S.155. against s6,36O.543
last wear The surplus of the institution has in
creased 100000 to S. 100000 and in addition tho
undivided profits amount TO SI6O.960-
BANKS GAIN CAsH-The reported movements
of currency for the five DAYS ended "Wednesday
indicate a gain in cash held by the banks OF
So 3S3 800. The banks received from the interior
81 $4,000 and sent to the interior s5I39.6O0. in
Guiding s2.19O.OO0 national bank notes sent 10
Washington for redemption The gain from the
interior was S1921.3 300 Receipts OF new gold wers
s701 800. namely. on New York assay Office checks
1855. 400. Seattle assay Office checks s34.S0o-
Gold exports were s301,OOO IN bars TO Berlin Ths
gain on Sub-Treasury operations proper was ST.
O61,7OO. The total gain from the interior. ST.
921 800. gold sG01.3OO and Sub-TreaSury op-
erations 81 061 200. s3.6S4.300 Deducting the
loss by gold exports of 1901 900 the net gain was
s33s3 300 Receipts from the interior ths
smallest for any week OF this year. This
foreshadowed in the decline Of New York ex-
change at interior points. Shipments were not
large; the most important were to Boston and
Philadelphia.
UNITED CAST IRON PIPE DIVIDEND-Ths
directors Of the United States Cast Iron Pips
Company have declared the regular quarterly
dividend of q per cent the preferred stock
This action was taken in accordance with the plan
10 pay the dividend providing the holds
that the company has the right 70 divert from the
account carried by IT its balance sheet as re
serve for working capital" sufficient funds with
which 70 meet the dividend The report Of ths
company for the year ended Nav 81 showed
earnings equal TO 5-S per cent for the preferred
stock The reserve for working capital amounts
10 s245ss97. \ friendly suit will be brought in
the New Jersey courts 70 determine whether or
not the com7anys charter viii permit the pay
ment Of the dividend out OF this reserve
KEOKUK & DIES MONIES PREFERRED DIV
IDEND.-The Keokuk & Des Moines Railway
Company has declared a dividend I. per cent
its preferred stock. PAYABLE August !. This
Is the first dividend since MAY ,. 1904. when I ,
per paid on the issue. which is entitled
TO per cent year. The dividend Just declared
represents surplus earnings which have acc,.rnu-
lated since the payment OF the last dividend.
DIVIDENDS observation-disclosures aavs
been declared as follows: Arkwright Mills. OF Fail
River. quarterly ~ per cent Cerr Nanufactur-
ing Company quarterly IA per cent. Guanaiuato
Development Company. regular semi-aunual 5 per
cent: Standard Underground Gable Company. reg
ular quarterly per cent payable July 10; ths
Securities Corporation, regular semi-annual Sl3
per cent.
FOREIGN LISTINGS-Quite a number q cor
securities abroad IL is said that efforts under
way To make an active market FOR the securities
Of the International Harvester Company. N Lon
don. The securities cf the Utah Copper Company
II Is understood. be listed the Paris
Bourse. A market is also 70 be made for ths
securities OF the United states Rubber Company a
Europe
NEW CONSOLIDATED STOCK EXCHANGE
MEMBERS. following have been elected 20
membership in the Consolidated Stock EXchaTSe'
Alexander c. Brach. f f Ostwalt and Leonard j.
Field The last named Is Of Jacob Fie.d.
Of the best known traders on the floor OF 90
New York Stock Exchange.
HEAVY LIST OF COUPONS PAYABLE-N W:
Harris & Co. a. fiscal agents. advertise a ,otsI
of over t20 coupons payable at their oanNns
office this being the largest list advertised p
any banking house institution in New lorA
city.
WILL CONTINUE A pIRECTOR-Fan..
Schwarz who has retired from the presidency eI
the Mutual Alliance Trust Company 20 engage -
mercantile pursuits viii remain the board o.
directors of the trust company.
STOCK EXCHANGE ANNOUNCEMENT
the New York Stock Exchange will be closed ~
morrow Clearing House sheets must be deilSss~
to-day. There will be q loan market to-day.