The Wall Street Journal from New York, New York • Page 8

8 THE MONETARY SITUATION. saaaaBBaaaBiBSaaaaiBaaBaBaWiaSBBa WoEJf EVIDENCE THAT TEE CROP CURRENCY MOVEMENT BEGINS THIS TEAS EARLIER THAN USUAL. New York exchange at New Orleans has been steady tfor seTeral days at 60 cents discount per $1,000 for com-Wercial and 85 cents discounts net for banks, which is Seell above the point at which currency would be shipped Vs an exchange operation. The transfers through the sub- wasry from New York to New Orleans of $150,000 on Tuesday and $100,000 on Wednesday were, therefore, evidently for the purpose of supplying cash in small denominations to move the cotton crop. i I Those are the earliest largo transfers of currency to (New Orleans for the cotton crop movement on record.

In 1904 the first transfer to New Orleans was on Aug. 23, $200,000. In 1903 the first -transfer was $100,000 on Aug. 14. In 1902 there was a transfer to New Orleans of in the week ending Aug.

7, and one of $100,000 in tho 'week ending Aug. 23. In 1901, the first transfers to New Orleans for the cotton crop were $300,000 in the week ending Aug. 22. The size of the cotton crop of 1905-6 is still in doubt kind will not be determined exactly until after Sept.

1, ,1906. There is still a large quantity of the crop of 1004-5 'in first hands which is likely to come upon tho market With the first of the new crop. Cotton calls for cash, no natter when it was raised. All that comes into sight af-)ter Sept. 1 will be credited to tho crop of 1905-6 and tho Ifost of moving it will be included in the shipments of eney from New York to New Orleans and otlicr southern icities.

Transfers of currency through tho sub-treasury ti Chicago may begin at any time. In 1904 the first transfer fo Chicago was $500,000 on Aug. 4. There were no transfers to Chicago during August, 1903. The secretary of the treasury was increasing deposits of United States tfunds in banks in that year.

The first transfers to Chicago 'in 1902 were $1,250,000 in the week ending Aug. 30. In 1901 the first transfers to Chicago were $500,000 in the week ending Aug. 17, The south always takes more currency from New York than the west, but when the west and south are call- ing for currency at the snme time New York bank reserves are depleted very rapidly. CALL AND TIME HATES.

Money on call loaned on the Stuck Exchange Thursday at 2 and 1, closing at The time money market is quiet at for six'y days, for ninety days, for four months, and 4 for five, six and even months. There is a fair demand for commercial paper at for the best names. London London discount, Paris discounts, 1. I Berlin discounts, 2. UNITED STATES TREASURY.

Fiscal year 1905-6: Aug. 10, This month. Fiscal year, IJoceipts $1,612,201 Expenditures. 1,070,000 1S.90O.OIH) 82.0-J6.79C Deficit Fiscal year 1901-5 Receipts. Ispendituree.

$17,718,013 $1,025,001 $14,552,173 Harks 85 lesa 1-83 05 1-16 less 1 83 do cloatd. lesi 1-32 SB M6 leis 1 83 Guilders open 40) plus 1-16 do closed 40y plus 1-16 Bank of B. X. A. 4.S5Vi and 4.7Vi.

Bank of Montreal 4.H5'? and 4.8712. BANK CLEARINGS. i 1905. Baltimore $3,376,84 Boston SH.ti45.882 Chioajro 30.015,113 Rmt York 296.973.M2 rhOadolphi. (18,850,005 r- SILVER.

83,054,115 Doficit M44.9M $4,307,827 $21,715,554 Aug. 10. '03. July 10, '05. Aug 10.

'04. Avail, cash bul. $130,110,530 $1 t.863,01O Of which in banks. 60,182,443 74.S52.014 114.157.051 National bank notes received for current redemption This day. this month.

fiscal year, nntional bank notes nwniting redemption 5 redemption fund, $18,507,481. Sm -TREASURY OPERATIONS. Paid to Received banks, 'from hanks. Banks. 'August 0 $3,404,000 Gained $10,000 Since IS.201,000 lS.0OS.fHK) Lost 707,000 The auh-troaury wn debtor at the clearing house on Thursday There werv no xtraordinnry items.

The banks have lost to the aub-treusury since Friday $707,000 and for the samn period the sub-treasury was debtor at th- clearing honso FOKE1GX EXCIIAXGa. flic foreign exchange market was steady at tlio fcpening, with demand sterling 4.nf4."a4.bGM), 5 points. Ofterings ff bills were not very liberal and thero was good inquiry for rcinittnm-o. Tlie market grew fimw oon after the opening upon covering of maturities and purchases for remittance, snid to lo for Japnncsc account, and was stendy at the close, with demand sterling il.8e35ai.PCr.O, advnnco for the day 1." points. (Compiled br Schumacher A Co.) Cables.

Demand. Sterling oin. 4 867ft is 8(18 1 4 8045ai 8650 do closed 4 86834 8005 francs 0 16 do closed 6 1(7 4 8fl0 5 16 less 110 6 less it 60-Daya. 4 8463a4 4 8475a4 84U5 ft 18Vj leas 118 18J, less 4 11-16 1-10 40 M6 a 401, 40 1-16 a 40), Baring, ilugoun Co. post rates 4.8j,i and 4.871 i.

Brown Bros, posted rate 4.851 and 4.87Vs. Enauth, Kachod Kuhne 4.85Vi and 4.87. Kountie Bros. 4.8cy2 and 4.8TVa- Merchants Bank of Canada 4.R5Vs and 4.871-i. Redmond Co.

posted rates 4.85 and 4.871a. London Closing: Taris exchange on London 25fr, jBVic; dv. c. i Berlin Exchange on London 20m. adlipf, rrv DOrusnc exchange.

All quotations are in cents per $1,000 premium or Bisceunt: Boston Money at clearing house loaned at 2 and Vrr. ew York funds sold at cents discount for cash. Chicago JTew York exchnngo 15c. discount. Montreal New York exchange par.

New Orloana New York exchange yery quiet, com' feierciAl about 60c. discount Bank 40c discount net. Moikv steady. Cull to 6. Franoisco New York exchange 30c.

premium. St Louis Now York exchange about 40c disoount; imsinees fair. St Paul New York exchange A3, 1904 Changes. $2,903,199 Inc. $473,649 $16,898,102 Inc.

$3,047,720 26,095,453 Inc. 8,919,568 164,100,887 lac. Tl.872.725 Inc. $5,44445 Zimsnermann 4 Forsliay quote silver 691 i. Mexican Jollars 45li.

Mexican exchange 202. London Bar silver, 27 B-16L, decline l-lfli DECLINE IN BAR GOLD. London Bar goi 77s. 9d decline lid. boston's raon tax rate.

Boston The asoori Thursday announced the ta fate for sbe city of Boston as $16 per $1,000, the highest st since 1864, when itss $17. THE WALL STREET JOURNAL, FRIDAY MORNING, AUGUST 11, PAGES. MONEY AT OTHER CENTERS featureless. BOSTON. Boston It is Yery difficult to see any decided change in the money market compared with a few weeks ago.

Possibly there is not the concession granted on the choicest paper that was then given, but conditions in the main dullness and an abundant supply, are etill the features Of course, as the season advances, banks are more inclined to husband their resources in anticipation of a demand from their interior correspondents. This increases the supply on call and lessens the disposition to make long time contracts. Boston, however, is a very narrow field for call money and the larger Boston banks -are therefore forced to the New York market. Call money 2. Time i for 90 uays and i for six months.

ST. LOUIS. St. Louis Counter transactions were only of fair volume toward the middle of the week, at the majority of the banks and trust companies, with business largely of a routine character. Discount rates steady at from 4 to Wi on time and call loans.

LONDON. London Bank of England rate remains at 2. Tlie proportion of reserve to liabilities, shown in the return, is 46.72 against 47.45 last week and 67.29 in the corresponding week of last year. The bank loiTin bullion on the week 586,000. OUR LONDON CABLES.

Rather Strong Demand for Honey in London Marlct. I London Money was in rather strong demand as calls on new issues to the amount of 500.000 had to be met. The Bank of England lent freely. Discounts were, firm. There was no demand for bar silver.

Gold was weak on the strength of Paris exchange. It is thought hero that we have seen the end of the Paris demand for tho metal. There was a confident tone in all markets. Gi't-edged issues were strong and the copper stocks while there was" considerable local buying in AtchNrn and Ontario Western. The Paris bourse closed firm.

Berlin was quiet and London Copper was stronjr throughout and flic metal seomcj decidedly scarce. Tin was firm and active. The stock market closed confident, with a bettor market for American stocks on the curb. SILVER DOLLARS FOR COTTON. Dittrihulion to he Made from St.

Lovii While ex Orlean it Quarantined. Washington In designating St. Louis. as the point from which to ship standard silver dollars and subsidiary silver coin to southern points during the prevalence of yellow fever at New Orleans. Secretary Shaw has tnken a step which will afford considerable monetary relief to the southern section, now there is a growing dcniiind for silver dollars to move the cotton crop.

ew Orleans in state of quarantine nnd cannot, therefore, soud money from the sub-treasury there, as is the utitai method of supplying the dmand from the states of Texas. ImiHiaua, Mississippi, Arkansas and as far up as Alabama. Such demands when now made at New Orleans will be trrnsforred by telegraph to the St. Louis sub-treasury. It will, of course.

vt the treasury more to ship from St. T.otiis than from New Orleans, but in the present sit uation the treasury will not take the question of cost into consideration, but continue the present shipment of money from St Louis until the yellow fever situation clears up Output for July il00o Ounces. The output of guld on the Band for July was S05 ounces, which is about ounces under the esti-mute made by tlie Kaffir houses in London about a week ago; but it is 7.1W ounces increase over the produc tion of Juno. This makes it the highest production dur in 3 any one mouth since August, 1110, when the output w.is 450,709 ounces. The production of gold iu the Trans-vail has uow increased very steadily from about 200,000 ounces in January, 1003.

Almost every month since that date shows an increase over tlie one preceding. There havo been temporary setbacks, but usually the general rule has one of uieroaso. An output of practically ounces brings tlie Kand within ruoasureable dis tance of its high In the last to years and svcn months the production of the Band has amounted to 0,523,642 ounces, a hugo total, and as conditions exist at present we can confidently look forward each month to a further output upon the part of the Band ofMjctwoen 400.000 end 450,000 ounces. The following table shows the output by months be fore the war and for the last two and a half years Ounces January February March April May une July August Septembor October November December TRANSVAAL GOLD OUTrUT 1809. 410.145 404.835 441.578 4S9.1U 444.933 415.763 450.474 439.709 411.763 26.904 53.040 68.520 19CX 199.279 196.513 217.463 227.871 234.123 238.320 231.643 271.918 276.197 284.544 279.813 286,061 1904.

2R8.824 289.602 308.242 305.916 314.480 30S.219 307.840 812.277 312.286 825.625 836.167 802.284 Total 4.065.180 2,063.746 3.TT9.121 Includes 7,449 ounces not declared in year. ST. LOUIS COUNTY DEPOSITS. 1901 869.258 363.811 399.823 809.166 416.305 412.317 419,505 fit Louis The St Louis County Bank at Clayton was the highest bidder to become the depository of the county funds, snd the County Court Aug. 7 awarded it the oontract ihe bid was 8.51 per annum ou daily balances, which means $20,000 for the county in interest for the next two years, during which time the contract ill run.

Tho average daily balance to the credit of the county is close to $300,000, snd the maximum has been about $600,000. Only three other banks placed bids." The Wellston Bank, Bank of Kirk wood, tYii Trust Orropany of fH. Louis County, 8V9o. Bids were received three months ago, but the eourt decided that all were too low and rejected them. During the past two years tlie county has been receiving over 8 on ita daily balances from the St Louis County Bank as a result of competition.

CHICAGO COMMERCIAL NATIONAL Chicago The Commercial National Batik announces thst to finance Ha new building $1,500,000 44 first mortgage bonds hove been Underwritten by Fsrson. Leach King. Ilodcnpyl A- Co. and RusscTL Brewster Co. The Commercial Natioual Safety De posit Co, in connection, will have $3,000,000 capital, half retained by the bank sod half going to bank stockholders psr.

NEW MISSOURI Ewing, Ma The Fsrmers' Bank of Ewing has been incorporated with a capital stock of $10,000, all paid. The ineorporatirs are: Ben Llllard, W. M. Glares, C. E.

Tlart inf. Joseph Adsma. h. B. Lay.

C. Brtacoe, B. IL Ton ROOSEVELT AT WTLKESBARRE. Bit Aidrett to the Temperance Gathering. President Roosevelt, who spoke in WilkeeJbarw Thursday afternoon, said: I am particularly glad to speak to this audience of miners and their wives and children, and especially ta speak under the auspices of this great temperance society.

In our country the happiness of all the rest of our people depends roost of all upon the welfare of the wage-worker and the welfare of the farmer. If we can secure the welfare of these two classes we can be reasonably cer tain that the community as a whole will prosper. And we must never forget that the chief factor in securing tho welfare alike of wage-worker and of farmer, as of everybody else, must be the man himself. Tho only effective way to help anybody is to help him help himself. There are exceptional times when any one of us needs outside help, and then it should be given freely; but normally each one of us must depend upon his own exertions for his own success.

Something can bo done by wise legislation and by wise and honest administration of the laws; that is, something can be dono by our action taken in our collective capacity through the state and the nation, Something more can be done by combination and organization among ourselves in our private capaciti6 as citizens, so long as this combination or organization is managed with wisdom and integrity, with insistence upon the rights of those benefited and yet with jus' regard for tho rights of others. But in the last annlvsis the factor most influential in determining any man's success must even' be the sum of thst man's own qualities, of his knowledge, foresight, thrift, and Whatever tends to increase his self-respect, whatever tends to help him overcome the temptations with which all of us are surrounded, is of benefi; not only to him. hut to the whole community. No one society can do nvre to help the wage-worker (hrn such a temperance society as that which I am now addressing. It is of inerlcuhihle consequence to the man himself that he should lie brr and temperate, and it is of more tn his wife and his children; for it is a hard and cruel f.ict in this life of ours the sirs of the man nre often visited most heavily upon thoc wlnse welfare should bo his one care.

For the drunkard, for ihc mnn whi lose hi job because he eon not control or will not control bis desire for liquor and for vicious pleasure, we have a feeling of anger and contempt mixed with our pity; but for hi unfortunate wife and little Ties we feel only pity, an.l that of the deepest and tetidercst kit'd. Everything possible should he done to enconra: the growth of that spirit of self respect, self-restraint, self- reliance, which if it only grows enough is certain to mike all those in whom it shows itself move steadily upward toward the highest standard of American citizen-tibip. It i a proud and responsible nriviloge to be citizens of thi great self-governing nation; and each of needs to kep steadily hi eyes the fact that he is wholly unfit to take pr.rt in the work of governing other unless he can first govern himself, lie must stand up manfully for his own rijlit; he must respect the rights of others; he mu-t o-m ihe law, and he must try to live up to thoxc rules of righteousness which are above and behind all laws. wjpe-worker. And as one practical point let me tint that in the event of any difficulty, (specially if it is what is as a labor trouble, both sides show themselves willing to meet, willing to cinult nnd anxious each to treat the other reasonably and fairly, each to look at the other's side of the ea- nnd to do the other justice.

If only this courv could lie generally th? chance of industrial di'n-vr would be minimized. Now. my friends, I wait to read you an extract from a letter I have just received from a Catholic priest whom I know well and wtvm 1 know to be as staunch a friend of the laboring man a- there is to be found in this coun try. Now and then not toi often it is a good thing for all of us to hear what i not perhaps altogether pals table, provided only that the person who tells the truth is our genuine friend, know whst he is talking about 'even though he may not see all sides of the case.) and tells us what he hu ssy, not with a desire to hurt our f( clings, but with the transparent purpose to do us good. With this foreword, here is a part of the letter: I would humbly recommend that you lend your entire weinht to the cause which the Catholic Total Ab stinence Union of America represents, and especially iu its relation to the working clashes of this country, for whom it is doing so much good.

You know that the temperance movement i a auxiliary to the insti tutions of our country in building up a better manhood and a truer christiauitv among our citizens. It played a very important purt in the two coal strikes of 1900 and reMHftivcly, by keeping the men sober, and thus removing th-j danger ol riotous and unbecoming eouduet There is one discouraging feature connected with th' upward tendency of the wage scale among the workmen this country. Ihe hiirher the wages, the more money they sjieiid in saloon. The shorter the hours, the more thev are inclined to absent thctnsclv.s from home. An spparent dinregard for family ties is growing among th? poorer elses which will rventiittl'y lead to a disregard for the blessings our country fffords them.

Hence, with an increase of wages eorrcpotiding movement for bet ter manhood, nobler citizenship, and truer Christianity should be set ou foot. The dignity of labor should bo maintained, which can be done only throuxa tbe love that a man should have for his work, and through the intelligence which he puts into it. A steady hand and sober mind are necessary for this. Hence the necessity of the temperance cause and of tho efforts which organised abstainers are putting into the move muni Now, in what is here written this priest does not Uiesn that the tendency is to grow worse; but he mean that with ahorter hours and increased wages there is tendency to go wrong which mut be tffet by movements such as this gre.at temperauci movement and similar ef forts for social and civic betterment, or else the increase in leisure and money will prove a curse instead of a bless inff I strivr never to tell anyone wnat I do not thorough always possible either by work, by wisdom, or by upright behavior to ward off disaster. Hut it is moat emphatical ly true that the chance for leading happy and prosper ous life is immensely improved if only the msn is decent, sober, industrious and exercises foresight and judgment.

Let him remember above all that tlie performance of duty ia the first essential to right living, and that good type of sverage fsmily life is the corner stone of nstion- happiness and greatness. No man can be a good cit izen, can deserve the respect of his fellows, unless first of all be ia a good man in his own family, unless he does Lis duty faithfully by his wife and children. GREAT NORTHERN. Earning of 18 on Stocl. The figures of Great Northern and ita subsidiary companies are now being made up for the annual report and the work has progressed far enough to indicate that the surplus after charges will be appftxitnately or fully 18 on the $125,000,000 stock.

This surplus is greater than that of St. Paul and Northwestern combined and such a remarkable result goes far toward explaining the great strength in the Hill stocks. Comparing with the results of the other systems named for the year ending June 30, 1904, the latest returns available, St Paul shows a surplus after charges of $10,718,401, while the surplus after charges in the case of Northwest was $5,399,742, but as this was after appropriation of $4,000,000 for construction the Northwest surplus is more correctly $9,399,742. The totsl for St. Paul and Northwest is, therefore, $20,118,143, against surplus earnings of by Great Northern last year.

With the $15,000,000 stock authorized this year Northwest has outstanding $88,073,430, while St. Paul has $106,500,000, including both classes of stock in each case, or a total for the two systems of $194,631,000 representing smaller surplus esrnings than is represented by tho $125,000,000 Great Northern. There are, of course, other points to be considered, nevertheless the above comparison is not uninteresting. LONG ISLAND. Receiving Benefit From Improvement Expenditure.

The statement of Long Island for the quarter ending June 30 shows the largest gross earnings for any corresponding three months in the history of the company and though net arc not as large a proportion of grs as in years prior to 1904, it is clear that the heavy expendi tures which have been made on the property in tins lat couple of years are showing results in increased capacity, although improvements have not yet been carried to tlie point where they produce the economics which were among the objects aimed at. The first three months of the fiscal year. July, August and September constitute Long Island's last quarter as the summer traffic which is such an imprrtant foctor with the road, is then at its height yet It is only necessary to go back to 1S101 to find the best quarter of that year surpassed in gross earnings by the three months period just reported in which tlie summer biisinesi fnv nred for only a few weeks at most. Coming to surplus after charges we find this item larger, both for the quarter and for twelve months, than in any year since 1902. Operoting expenses are still high as a result ff th? fact that a great deal of work is still uncompleted, leaving the management under the necessity of continuing temporary arrangements, implying trouble, and delay in the handling of traffic, while expenditures for in connection with the general scheme of betterment are -decidedly above the normal.

Betterments are Vcir.g made largely out of the proceeds of the sale of bonds. but coincident with this there is considerably more than the usual amount of repairs, renewals and actusl improvements charged to operating expense. In the next This applirs just as much to the man of great wealth year very material lwiefit should be derived from the as to the man of small to the capitalist as to the rwtrical operation of the suburban lines as the effect is expected to l-e seen both in increased gross and a lowtr proportion of these for operating expense. The cot of improvements so far met out of sales of bonds has been 112.500,000, while the balance of the 891.000 consolidated mortgage now listed on the 'To York stock exchange has Wn used for rrfnnding. Tie benefits from the solieme of improvements will be very largely iu cxces of the interest charges on the m-ney expended.

PENNSYLVANIA. Crote Etrningt of Lines Eatt of Fitttthurg May Rtaeh USOfiOOfm Thit Year. Philadelphia The gross earning in June Pennsylvania in late years ha been as follows: of the 1904. 190.1. 1902.

tll.4G7.759 19.732.020 9.503.10 During tlie first six months of this year the gross earning aggregated $712,34.000. The largest gro earn ings in any full year east of Pittsburg were tl22.2"??.4iC. in 19U3. Tlie actual gross figures for tlie firt half of 19U5 are ahead of the first six months of 1903, the esrn ings in that period having been er more than $2,000,000 less than in this year. The comparison with other nyent half year periods is as follows: 1904.

1902. iwil. 1900. 153.419.870 $4,451.471 $40,821,311 l'uring tins period expenses have very largely, but the net earnings for the half year, $10073.000 have never been exi-ept iu 1902 and 1903. In the first half of 1902 the remarkable result of $17,041,437 net on gros earnings of 53,4 19.000 was made.

The gross esniings rat of Pittsburg may run as high as $130,000,000 this year if the autumn traffic is as heavy as it is rxicctrd to be. riTTSBURG. BESSEMER LAKE ERIE. July Ore Movement Make Sew Record. establish a new record.

CHICAGO TRACTION. Loraf Serie of Conference at an End. ly believo, and I shall not ssy to you that to be honest, Representatives of the traction lines of Chicago who snd temm-rate, and hardworking, and thrifty will always haVo been conferring in this city have returned to Chi- bring success. cao. The first of a series of meetings between the trsc- Tlie hand of the Lord is sometimes lu-svy upon the.

tion representatives snd the transportation committee of jnst as well as upon the unjust, and the life of labor the city council of Chicago will be held next Monday and effort which we must lead on this earth it is not I wth the object of settling tlie street roilwsy muddle. A representative of the traction interests ssys Le be lieves that eventually the traction lines of Chicsgo will be under municipal control, but thst it is not a question of the near future as a solution of the problem will rs- quire time. GRAND TRUNK PACIFIC. Toronto The belief that Grand Trunk Pacific would be located so far north of Osuadian Pacific as not to bo serious competitor has been shattered by the plans filed for 275 miles from Portsge Is Prsirie. Tlie lino MISSISSIPPI VALLEY TRUST COMPANY! ST.

LOUIS, MO. Capital, Sarwlws aa traata, Transacts SaBcra! Flaaaelal aaa Trass Ca. Bstlaeaa DIRECTORS John I. Bens, PresMent tTnton Geo. H.

Ood4.nl BretrtcLlirtitPow.wCo.;anil BracklorMe Jonea. Loli Llgto Co. Vlce-hwklent and Couoss. Wilbur f. Boyle, of Wm.

T. Mnlker. Treasurw Boyle. Priest Lehman. 81.

Lou Brawlnr Ass'ai James E. Bnx-k. Secretary Blunders, N'nrnll. President Murray lark on, Norrell-ShsnMsh Hdw. Ca.

Pres. larletoo Dry Goods Co. Robert J. O'Reilly, M. D.

Charles Clark Vt'm. P. Orthweln, President Horatio N. Darts, Pmrident Wm. D.

Orthwem Grain Co. Smith DnvUi Mf. Co. H. Clajr Fierce, Chairman Board John I).

Pavta, Vlce-PnMcnt watera-Pierr oil Co, Harrison I. Dnimmond. Pmddent Joseph Ramsey, President Onimmond Realty Invest. Co. Wabash H.

Oo. i Auirume R. Rwlna- Moses Rumssy. Preaident David B. Kmm ts, President L.

M. Rummy MTg. Oo. i II. R.

KmikIh a Bm. ramU. Co. R. fltockton, Pmddent i August Gehner, Preaident Mnjratto Mff.

Co. Gvrnan American Rank Julius X. Wabh. President B. E.

Hoffman, Vioe-PreeMent Holla Wells, Mayor of Chts. H. Huttlv. Pretldcnt i City of Bt. touts I Third National Bank Lincoln Trust Company Madison Square, New York CAPITAL, SURPLUS and DEPOSITS, $20,000,000 Mercantile accounts afforded every facility and accommodation of a modern and well equipped bank, together with i a teres on balances.

EXPLANATORY BOOKLET ON RBQDKST. WESTERN TRUST SAVINGS BANK, CHICAGO, Domestic and Foreign Banking. Loiters of Credit, Travellers' Chocks. Chi ElecR.R.Co.,istMtge5M92a' a specialty. COKRESPOSErB INTTTID.

We Invito Your Deposit Account Hailf 5tstw IRortgase rest a. tt Oiar Street. Nrw York. 784 8L and Broadway. Capital aa4 Maralaa I6.OO0.00O.

UNITED STATES TITLE Guaranty Av Indemnity Company Irmsrai Titles tn Istats. MsnhstUD 11. IS1 1IH Rmadwar. Bmnkirn: W-tsn Montacue Street, llroni Id Are. snd lSln Street.

Jamaica US Fulton Street. AMERICAN WOOLEN. Large Gain in Net Earnings. The American Woolen Co. has shown a rcnurkably steady ineresse in the amount of its gwss sales, which have risen from $29,073,200 in the year 1900 to a rate of about $45,000,000 per annum this year.

It has been noted, however, that up to and inchiding 1904 the net profits have not increased in proportion to the increase in gross sales sales having decreased 1904. This has been, from 9.i in 1900 to 7.71CJ in from a in one senfC, an eiem-joi oi strength, because the company has been able to maintain its supremacy in the trade and at the same time earn more than double its preferred stock dividend require- ments by pursuing the policy of large sales at modcrau prices rather than the policy of buying up competing in terests. It is understood, however, that the large expenditures which the company has made out of surplus incoTe new plonts and improved nisehinery will be reflected this year in conidcr.ible economies in operation, so that the ratio of net ssles to gross ro-eipt will be about as high this year as in any full year of the company's history. It. is estimated that they will be upwards of 9 as against 7.71 last year.

When it is considered that this applies to a gross business of st least $45,000,000 as against $39,000,000 last year it will be seen thst the gain in net earnings tlis ye promises to le a notable one. GERMAN ENTERPRISE IN CHINA. JLaryr Inventmentt in Mine and Manufacture. Washington Germany's mercantile enterprise In China is shown by data furnisned by a newspaper oi Singapore, which have been copied by the Germsn papers and made tne sudjccv oi a --ii-r vj vuujurvitucwi Guenthcr who ssys: (icrmsn mercantile ability is demonstrated by ths great advancement ol tier trado ana enterprises Celestial Empiro within the last few years. Gorman trade grows more rapidly thero thsn that of any other couutrv.

Germany's imports into Hankau aggregated $952,000. She has invested in tho coal mines of 1 mg- Ssine- nesrlr $1,000,000: in Chinese cotton mills, at Pittsburg-The Pittsburg, Brsavmrr Lake Erie in silk factories, in grsm mills, Rsilroad esrried 651.207 tons of ore during tlie month Shanghai gas works, f.l,is; in wnaris, c-, of July, which is 8.287 tons larger than thj best previous lighters, $1,900,000. rvcord'for any month in the history of the road. Seven German steamers ply on tho lang'ze river. iiTii.t tin.

lonnaire ia avcrairlrnr SO OflO I The North Gorman Mojd TUIIS 2 Steamsiups in too tons a dsv so the probabilities are that this month ill coastiug trade between Shsnghai and Tientsin; every fortnight a steamship arrive at Misngliai coming irom Bremen direct. In 1903, 32S steamships carrying the Gorman flag visited tlie port of Slmnghai. Germany controls 60rJ of tlie import and 7b oi the export trade of Tientsin. Ihe number of Herman firms there is 29. Before tlie Boxnr riots there were only 12.

Germsn capital aggregating $1,522,000 is engaged in that place. Similar reports of German trade advance como from Chofoo and other points slong the coast of China. A loading German export journal urges upon the German government to strive to obtain ana plsce in the "administration of the Chinese maritime customs so as to promote uermsn irsue inieresis in China. It also recommends the establishment of German missionary schools, hospitals, for tlie same purpose. proposed will parallel Csnsdisn Pscifio for large part ind K-ldule of rates adopted are similar of cnpitsl 1st and wage-worker to try to seek one soother Philadilih; Successful bidders for building the out, to uiulerstsnd eseb the other's point of hw.

snd to nfvr Luke Shore line from Fraidslin, to Brookville, etiileavor to show broad and kindly human sympathy one have been selected snd eontrseta involving the ex- with tlie otlier. pendituro of $4,000,000 will be signed before tlie end of I believe in the work of these srest temperance the week. It is not expected the new line will be fiuUhod organizations, of all kindred movements like the Young before the end of JOOi. Men's snd Young Women's Chr'slian Arsocistion, in I .1 tn twin a man l. I ILLINOIS CENTRAL.

CANADIAN BANKERS' ASSOCIATION. Montreal The Canadian Bankers' Association whfoh includes ail ilie vansaian coanvrau twnas nave urcmci on a policy by which tliey hops to secure from tbs sx-press companiea and the government post offk department the money or'er business of Csnsds. Th Cans-, disn Association is following the lead of the American I strongly believe in trades unions wisely and justly 0 the disUnee. and fifteen miles west of Portage la tW RrtnlcJ by the express eompsnies. Tbs money handlud.

in which the rightful purpose to benofit those piries it will be only hslf a mile sway. business of Csnsda. during the past year showed connected with them is not accomptivel 4y a cVsire to siAorsio of close to $400,000. do injustice or wrong to others. I believe in the duty LAKE SHORE.

profits terching him how to help himself. But mort of all I Chicago-Illinois Central officials ssy that the yel- They will return to New York early in September. Vice- lV- .1,. lliuir at Um fMr tin-no wis the mam causa ol the Julv decrease, rresid iit Jonn u. ui iw juis i rusi -I I tinmillv to Increase own self-respect by tbs way in They also sdmit some decresse in suburiso Usflio but to, wita lui isiniiy sna mat oi mt.

iiamsey, ma ms whico bt does his duty to himself snd to lis svsiglibon not discuss causes. ysrty. TERSONAL Charles M. Schwab has returned from Atlantic City. President Alexis W.

Thompson, of tho Republic Iron ft Steel is in tlie city. St. Louis A eable to abash hers states thst Joseph Ramsey snd psrty srs in Copeuhagea..