Show Financial and Commercial BY THOMAS C C. SHOTWELL New York July 2 2 ln In spite of oC f tho time deadening effect of sun sun- shine leagues and faith euro cure meth is ds for Cor restoring prosperity there thero Is Isan Isan Isn an n actual Improvement In itt business busness con con- This his Improvement is Js not of ot great greot volume but Its char character is such that nat it i is an absolute certainty that b business mu must t continue to improve from Crom rom now on A careful aref Ui canvass nm made o today of or the tho big banking bank bank- ing Ing ng commercial Industrial and railroad authorities brings out tho thu fact that July uly is expected to be the absolute bottom bot- bot torn tom om of ot the tho depression Most Important of oc tho the factors now being considered is I the discovery Isco that ho tho labor unions are arc willing to accept a drastic reduction n In wa wages es For in in- tanco it was learned today that one ot of f the In industrial corporations has ass cut cut cut ho time wages of or SOOy men from 10 to 20 per cr c cent nt Tho The r men n accepted the tho re- re ducton quiet quietly This is only a sam sample pI S or of f what is bling done tone In iii all al directions Juh Will ill 11 Increase Railroads have havo been reducing oper- oper tiLing expenses largely by living on their heir surplus of oC supplies lal laid up In times Tile Thc They have now reached cached a a point where tIe they will wl bo be comp compelled Uel to purchase for Cor current con Tills will wil increase e the business business busi busl ness of ot the steel companies and increase In- In crease operating expenses vcr very sharply for tor or July Thousands of or freight cars ears have been tracked aide ed d by the roads and nd left ler Should the tho promise of oC f big bib crops be fulfilled the roads arc are liable loble to bo be found short hort of or off effi efficient erl i cent equipment t and amid this will force torce them hem to put many men mon to work in III their repair shops shopS at once In Ill rear regard to ho the quoted prices of ot the stocks locks there is sonie little difference of oC opinion yet et but the best authorities say the they expect Improvement The I first movement wH will h bo be upward but tho the surf of disaster Is till still stil running rough and no doubt some borne of oC the tho large boats will wil be thrown back backon bac on Oil the beach bench and several attempts may have to be made before they will wil finally nai get beyond tho time tho Ihie itne of breakers For this reason violent movements must be expected In a few specialties and in such uch stocks a as j Union Pacific which was pushed higher than thant It t should have ilave gone gona before conditions warranted such n a a movement movement S lul Coming However badly stocks may break renk In Inthe inthe the he n next month mouth or six lx weeks celes It I must be ba e remembered the time movements arc simply preliminary to a great bull un campaign The number of stockholders on on on the time bool books book of of the big lg corporations corporations' has been increased GO 60 per cent In the tile thelast lat last t year Tens ens of thousands of persons persons persons per per- sons now hold stocks who never held them before As As t these se people see prices advance they they will wi gradually become become be be- e. e come como less conservative and anti drift into the time class of oC speculators Tile Tho next bull ul market must necessarily S ily Iy bo be o very ery vcr violent because because It will willbe willbo wi be bo the tho first time tm In tho time his history tor of the the United States that has hos been an arm on unlimited supply of ot cash sti sh with wih which to operate The Thc new financial legislation legislation legisla legisla- tion Uon has made mad the he money stringency au an Impossibility t S 4 tuo 1 S The advance n Jn n Blocks In ill tho last I few fuw months hams liaa been fulleSt almost entirely 1 at It t tho the expense of ot dishonest brol brokers S who had sold out out- their customers customers' hl holdings Harriman was quick to see seethe I the tile technical situation thus produced and tool took advantage of f It I to float tho the Union Pacific bonds which he lie had no not Ilot Intended ed to sell until next autumn Prices Price's Just now arc higher than Justified just just- Justi justi- ned fled b by the thu conditions of ut business and somo attempt will wil undoubtedly be bo made I to readjust them In 11 preparation for Cor the Inal swing swIng but time the conservative bankers bankers bank bank- ers are advising the purchases of ot stock an n breaks rho Tho abundance of ot monc money ma may make malec It unwise to get et short of stocks though further reductions of f dividends s be made S In the time Street Number umber of shares sold 01 today 10 r- r same da day lust year car holda holiday Par value value of bonds banda sold tola today same da day last year holiday Following th the publication last week cek of r the tho earnings of the tho United States Cast Iron Pipe Foun Foundry ry company compan which showed shoved a n and antI the tile declaration declara tion ton toda today o of th the regular regul r. r dividend of ot otH 1 13 H per pcr cent on the te preferred stock there Is promise of oC suit being Instituted instituted to determine tho the l legal g l right Ight of ot rate Just de do- do the directors to pay tho th S dared FaluN of oC the Wheeling 8 Lake Erie Eric railroad company compan receiver to pay the Inter interest st duo due July Jul 1 on equipment equip equip- ment trust bonds Londs is causing undue excitement Unless this Interest Is paid holders of ot the tile equipment notes pall will seize seio tho the property wi As a a matter of course the receiver will wi In u afew few days get the tho courts court's per- per to pay the thc interest The Thc Southern railway and tho time Illi Illinois 11 no riots nois Is Central mal make o a j Int announcement announcement announce announce- ment that operation of the Tennessee Central was discontinued by them only Because it i did not pa pay e ot or Price Pollock Special Wire I ii H. I L. L I CIs I alos alosA A C Fd n 34 34 3 I 3 31 I 1100 A t 2100 10 Am- Am Loco IS 00 Am Wool 3 22 OO Ama Cop 65 65 Cop COl n 4 42 Atchison l S1 81 S1 sal Oo Brook n It P Hi HiS S 48 Cana 1591 I Cna Ches Ohio 1160 c M C-M St St. p. p 1334 13 1100 Erie Eric j I 19 Ct at Nor ul 1314 1300 Illinois Cant 0 h 9 rO it 1054 I Q Mex ex Cent nt C Hil Missouri Pac 48 s 48 18 Mo K E T 27 f. f I 27 t 1 New 10 York t C Cent nt 1 N Y V Out Ont West W 1 0 I Nat NaU Lead G OSh 6 North Pac 17 1 1500 Pennsylvania OO 1131 OO flock nocle Island 15 15 South Ry fly 16 1611 South nc 86 Union Pac 14 1146 1451 1 1800 U S 8 OO do Set 1034 2200 Utah Cop 1 I 33 Tenil Cop I 51 11 41 5 i GOO CoO Total sales MoTley Inc closed 1 per cent |