New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-08-04
TOPICS OF THE STREET.

FOREIGN TRADIN Mt OTSiSH
dealt In less than 10000 shares IN the local
stock market, trading both ways
FAILURES IN JULY:-The record OF
commercial failures in July, as reported O.
r. G.. Dun & Co. makes larger t0tai5 3oa ~
both number and liabilities than in 1873
although somewhat less than In 19l8; tneT re
were LA failures, compared Win Win LIug
in July, 1909: 2a2 in 1908 and - IN dge an ailu
700 753 comparing with s., 527 ,S93 In 1903 anc
81, 222,1 26 in 1908. The number OF FAILURES
in July was much larger than IN June
when there were S16 defaults. ana the ma
bilities nearly s, 100000 greater than In June,
and in this respect the record for the iast
month differs from that in 1909 an 1a 5'g =;
the preceding month. This somewhat I'M
favorable showing is largely due 70 me
fact that there were % defaults last flon Idi
for more than 100000 of liabilities. the totdl
being s5,475761. while in 1903 there were
only 10 large failures. having aggregaLe
liabilities of g. ,O99. and in 1905 there were
II. with a total of 81, 761, 2S3 liabilities.
steel, PRICES-It is intimated In the
steel trade that there will be no further
cuts in steel prices on the part OF tne I Ia
companies AS a matter of fact: Iarse
amount of business has been refused De
low prevailing quotations. Steel nanuIdct
urers have arrived at the conclusion thal
the decline since the frst OF the So So
running from 81 to s. ton, is ABOUT 2uI.
fcient and It is because OF this that they
are determined that no further reduclIoHs
will be made Underwriting IN steei pIIce -
four months and a continuation OF thIs
policy would mean still lower quotdIoIlS,
Steel manufacturers are OF tIle . El,,li,9 81
that conditions do not warrant furIheI re-
caeSions In prices Good crops are eN-
pected to stimulate the industry and an m
crease in orders is expected after the cloSe
in August
ST LOUIS SOUTHW WESTERNS Louis
southwestern for the year ended June 81
last showed a surplus of S3s,oDO AFTER eA-
nenses, taxes and rentals This compares
for en0e0
1000 an increase of S214.010 or 2S5 per cent
After deducting income bond interest,"; IN
balance availa5Ie oo for preretrees a m last
Tear an increase of $4,000. or 36.6 per
cent This balance IS equivalent 10 rs
per cent on the 500 200 preferred stock,
as against 2e9 per cent earned in 1909. The
company is now paying dividends az Lh9
rate of 3 per cent year on us pTeIeIIeu
and will therefore have to dra~ S SSS ooa TO
9roJ-;de for these dividends which require
a disbursement of 100000 a year
BANKNOTE CIRCULAT1ON...The Con
Statement on national bank note circulation
shows that on August the aggregate sup
ply Of notes in the country was S4Z'VzS's
that amount representing a decline OF ST.
4i11 900 from July and of $4,000 from
April l. when the countrys high record OF
banknote circulation was seen Inc oe-
cline shown for the month of July was
principally in circulation secured Dy gov
eminent bonds. but part was also IN CIR
culation secured by deposits or idWIui
money. The April L total was the hlsl1 Iao5
on record Previous to the records of lsoS
the high record of circulation was $50,
956 go. on October 1882 The low record
OF circulation since the Civil war was
s161, ST. PA on July I, 1Sl-
COPPER SALES-Sales of copper in the
current buying movement are heavier tndn
they have been in months: The UntSd
Metals Selling Company alone has sold
more than seventy million pounds of cop
per and as result stocks are said 10 De
down 10 a low level. It is claimed that
stocks which were estimated to be more
than one hundred million pounds month
ago do not exceed a months supply at
the present time. Electrolytic copper Is
strong at 123sc, with several producers asa
ing 1880 a pound
DIVIDENDS DECLARED. = Dividends
have been declared as follows: The Amer
lean Tobacco Company, regular quarterly
90 per cent and ~ per cent extra on the
common payable September L Cripple
Creek Central Railway, regular qQarterIy
/ per cent on the preferred. payable Sep
TENDER l. Tbs american Shelters Secur1-
ties Company, regular quarterly l12 per
cent on the preferred \ and IA per cent
on the preferred B. payable September l.
The United Verde Copper Company reg
ular monthly IS cents. The Butterlck com.
pany, regular quarterly uhree-quarters OF
l per cent. payable September !.
PENNSYLVANIA EARNINGS.-In six
months of the present calendar year the
PENNSYLVANIA Railroad has earned at the
rate of about II per cent upon its increased
stock capital of S4l20oe,O00- Its gross earn
ings expanded at the rate of II per cent;
while operating expenses were relatively
high toward the end of the period men
toned net earnings nevertheless gained Il
per cent, or approximately s.ooo,0c0 a year