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Show TOPICS IN WALL STREET What Speculators are Constantly Con-stantly Discussing. OVER-CAPITALIZATION IS ONE Insufficient Provision for Working Cipltal Another Others Are Exorbitant Ex-orbitant Allowances to Merger Syndicates Syn-dicates nml Continually Developing Necessity for Bond Issues by the Industrial Combinations These Subjects Are Under Constant Discussion Dis-cussion and Retard Speculation. B!L rn Vew York S2Hc Ran I ranclsco iVPtc London . ... , Sl'id I! vn New York Exchange II 12H CO PIT tt Xow York Exchange . J11SO312 00 Silver and Drafts New lork. June so-Ilnr silver. MHe finer rerllilrnies for 4"i ounces sold at Wo Mexican dollars 4eO Sin J rnnclsco, Juno f Silver bars 82Hc Mexican dollar., n mln il Drutis. slsht, 18c, tel uriph, 17Hc Money and Exchange ..New "inrk June Ju M ney on call firm, 1'f.. i ler cent last I an ut 4 per cent, closing nffeied nt : liline mercnntile pnter 4tj!6 per cent Sterling ixihnnce l rm 4 "V for de. mand aid at II NH foi ut days posted rules, Il SMI vhia und II v iul S5, commercial commer-cial bills, JISVVulW'. New Yo:k Metali New lork June Ji c nsldernblo local business uus trnnsn t .1 In tin lodns sales iimnuntlni to il it thirty tons for litis dellicry ut lr , to U Tho ( l market cloeci lovv.r i:i io lo m) Ihe liiiil.ui mnrkd vv i 1 lower with spct nl 1121 K-s anl lutur s nt X1Z1 c otner was easier nni liwer here with stindail spot to Ai uuit lit rvwiii 7i Ilk., llftil2Ti el ilr Ivllc 111 .. il.ch nnd casting nt 111 hi 1 1, nl It Ijind m copier was :. 6d low r with rpot nt fo2 is nn I future, st (it lrfad was iinrhiim, 1 nt New lork nt ts nn I Londor was i!o imilnnged at III 3a Cl Siielter ruled dull hut tlrm at Be, while Irfilidon closed nt 1. 12s e-1 While locnlls Ircn wis trndy an! tin-chinged tin-chinged torelgn mark. Is were higher Here warrants close 1 nnmlnnl Nn 1 foiindrs nt J2 1 Y B oi So : roun Irs northern .i iee(22lin So l f, tmclrv south ern HirKFi22r,n iso l founlry southern soft 121 .0(1.12 iW UHsk w closed at B5s ancl Id llesti.ru at 4s Tijd Foreign Market New lork June m The Commercial dert.,.r s I ondon Iln uiclnl cablegram 'he prouress In Ihe mndltlon of King I dvvard caused a general Urmncss hut brokers still bewail put He apithv Con sols spurted to Hi 11 If. on precaution nrs bear covering Americans were neglected neg-lected although linn throughout closing clos-ing at the best on New orks molernlo lepunhascs of st J aut Atchison anl Cinndlin Pacllle Grand Trunk was slmm. on ILiv stalrinents lllo Tint is sold at 4t'i and Anaconda at 6!( In sym-pnlhs sym-pnlhs with the WHaKius In Ihe metal The Hank of 1 nilnnd bought fimv) gel! In I nlted Still s coin nn I rondo has arrived rrnm Vu.tralla an I 3in rrom Hong Kong hllver touched 211 nn ounce on American sales Sin Frrnclsco Mining Stocks Hin l ranclsco Junn 30 -Tho official closing quotations (or mining stocks to-las to-las were ns follows Alia I OeiKentuclt Con I 01 n Irs , On Mexican 41 Helcher HOc Con 11 llest A U 21 Ophlr 1 ) Hilllon o; Overman V Caledonia I'otosl 11 Cluil Con II Savage 07 Cholhr bag Helcher 13 Cnnlllince 62 sterr-i Sev a, ( on C A Vn 1 J Silver Hill II c-nwn Point 01 Union Con . 21 (loiil I A ( uirln ( I tnh Cnn n., llnle 1 nt , asilellow Jacket 13 Justice W NEW 10HK MI.MSn STOCKS m t & 11 117 no lnd Con I or, trcferrel 3S () I It Chief II Vd mis Con jo Ontario 7 8"ij Vllee 41 Ophlr 1 20 llreece Bft Phoenix m Hrtins Con 00 l'otosl p, Coin run 0oH Savage . (V, c O vt v 1 sr surra Sev 22 Dead Tern 1 0) --mall HngM II Horn S'lver 1 2o stnndard 3 0) Iron bllver ;i ItOSTOS Ml SI SO STOCKS Vdienliinv 12.100 .Osceola I 6D M Allouez 2 " Parrot 7! nl Viunlgtm 63 uijlouincs tin m llllighnm 31 71 jS 1 e Coi I 87H N " . . 2! 'Tamarack P6 (.. Centennial lion il rlmn t n ' no fop Itnnge ft 0 rrlnlts II 7o Dom Coal II I '4 ii in I ranklln 101 ni I tnh so (.) Isla llosale 12 en Winona R 12u Mohawk t is) VVolvcrlne Mm Old Dom 111 ni IDil) Wist . ISM Butter and Eggs ,A"XW 'i",'k J'"V ''-Hutter-ltecelpts 10.00 pirkuges liwir St ito dnlr) if( S'tjc eieinierv Smie I'VjIIHe., creamery Iniliotlon IteiiWHc fnetor) lUciilvHc ggs Iter. Ils 1-11 packai.es weaker weak-er Slate and lennsslvmdn l9ee.MHc weslern rin.ilel 1vCt)P)c fit Louis 'Wool Mnrket. it 1 mils June m-Wool-t n.hangel Jerrllorx and vv st. rn mediums li .w I Hue, Iftl 'j co use ll,,i,c Stocks nnd Bonds S w lork Ju hi - The slick mnrket reectnl Ihe; I. nl previilllng lend ms of spriulailve ei itlment I. ley greatest acre... upon ie iiriHliig .lev. lot ni nts nil let ibllllle Ml, .1 !i tears III le ml luv.iiabli Willi a invlmlbli ehe. rfiiliuss Tin men) i.nrkii bi.arne quite unite lodns anl c id I u. rates ran ur to 7 per cent tinclet the Inlliience nf the in null end demand for tun Is I his ha I Ihe er. feet .f iiirlalllnii ip unions In slinks tn TiTi'i...!","" m" ' "'' "" apiiecluble llqlll tatleill i spi til sliks thleli have been choren lis linders n the market bs the sneculallte purlv which hns mill llself Ihe guinllau u( v ilu-s shovve I poluls of strength in tnrluis llinea illlrlluv, the da) the course e i the grain markets showed a feeling or e slelernhle anxlcts na to tha effect of th Icnty atmnia upon the gleln irois but aside from Hi 1 mil id railroad stoik wns much uffecteu by lids deteliiuinent On III nlhei hind th fnvni tl le effect of the rain on the mtton imp round i response In th. upward miteniint In some or the c uinu carrvlmr roads no tnhli leixas s. Pn Itic nn I S Httnrru Hill way Tlie coalers also reiponde.) to the ex presslnn f eoi II l r(-o on the part ihe operntors that Hie coal strike is - arailtig Thn Is i heller In ihe dlslrlct thai th c nl operators hr deferring nctlte steps toward a Hon or mining u nil nfter the h holiday In the I idle f thgt Ihe ix lerlnl might ikki ivnte n len len ) to etlsnrdi r bun tu re i v.rv from recent depres sle n In ( olora lo I uel was ni Hutted tn ninnlpuliitlon oi m u sirug liau trnl amongst illsiiffecio I Insllirs HuiTir rilsn made an in m 1 lined rise bit n,r In Imtrlnls genirniiv were hentv Pun i Slates Steel el k dropsd Inck n frac Hon Over enpltnllnil n Insufficient prntlslnn ror working cm li it n d exirbltnnt nlliw uti rs I i niorg r cm II ntis und the eon llliunll livolopliiii neressltv ror I n I Is sues by tho ietu.trli eonibliintiona nre suhli ets under iiKtnnl discussion In Wull Street Th Immunity or slock Millies frrm li rm in ncrnunt nt Ihe Hurries In Ihe in mei market Is iillrlhil led In Ihe tact Hint the Inrge fpeculallve Interest, hat pr v I le I iheniselve. with lime loans over tils e rlo I or lulv settlements set-tlements The rise In innnet rates In Iindn) tn!n cms, l 1n alvance In sler lint ixchnni.o nt Paris and thus rellevel the pressure m m S vv lork The nn kei eloe i ani i ininlmntn nn I sten !v Thrro was an a live market for llur llnnton lolnt 4 In nnc lion with n c Inrt up of th nvndl ate rhe unl r standi! e thit the s mil de hoi llnss were duet d or In c nn etion with i s t tkment m ide ihe bonds strony Oth wie the market was quiet and tlrm Torn To-rn sals l4M0fi Lnlted States hondj wore all unchanged on the last call SEW 10HK MOSD LIST, I t ret 2s reg I(l7, V S 8s coil 1 I s ref 2s cou KcVi Colo & So 4s 5. I S Is reg 107 13 & 11 O 4s lOI'i I s 3s coi 107 So Pacific 4s 1 i I 8 new 4. reg 131', No Paclllo 3s 7U I S new 4s CO l 13li Ho 1 acltlc 4s WIS I S cll 4 ng UAit, U P 4s . Itfjij II 8 ol I 4s cou U0' U 1' conv ts lOV". U S ta reg Uf. CLOSLSO STOCKS Salee High Low Close Ateldson 10 "00 ?2H S2 H' preferred . M"l 91's 1 14 Halt & Ohio . . lot) I'd j lt6 1IW referred Ciiii.iiiiin Pao . leo 13.. 131 131 Canada South .. W t hes A Ohio . 100 4i 4i"i 4H ChleiKO Alton . 1 r. 37H 3"'n preferred . SIC 75 714 71 Chicago lnd & St L. ( 75 7lij ". preferred 4J 7 Sti'i SiPj Chlinso .tr E 111 . SCO lii 191 ll Chi A Ot West 8 CIO 30'4 30 ) A preferre 1 Si1? 11 preferred 4$ Chi A ?orlhwcet . . . 2li ( hi It I A Pac 300 172 171H 17M4 (.hi Term Al Trans . . . 20' j preferred .. I'd 3"H 3-'i 3"H ccctaii. . 2i) loavj ibvj loau Colo Southern .. .. lfo 9t ) Vlj 1st preferred . . 71 2nd preferred . . 200 41V4 43 43 Del A Hudson . 100 17JH 175', IT Del L vi West . . 210 II ( 11 G 30.) 421, W, 42H preferred 1 10e) O-IN SH. Dl Lrie 2 2l) 38t, 301, :,. 1st r referred . IV) rU M rs 2n I i referred .... 52 Ot North pref . .. 200 OT, 11"i, 187 Hocking Valley .. . 100 Kt Rl'i Sl' preferred im i on wc Illinois Central . 13f") 16P4 lSlwt HioK, low i Central . . Too 4is 4v4 4S, preferre I . 87U ljike 1 rle & W raVj preferred . . 122 I ouls tc Nash 2 "on 131 in 117' Manhattan L no 13H, 13D, 1311, Metroiolitnn st liy 2ni Hv14 111 111 M A 4t I. (ex ellv) 100 112 II.' llltfi Missouri 110 33101 lll, lit, U0' Missouri K A. T l 6.H 271i 37lt 2"it referre I . 1 loo MM 6x' W S J ( entrnl . . . im SI (en (ex dlv) 0 IM IS.", 1 ilK Norfolk Ac West . 4 0 te tsil, b I re ferred , d Out t Western 100 32, 12 T2i l.nnslsvunla IHw la.', mi, int Hi ullng . mum r-ij n.1, M", 1st i teferred 1 410 R4K, Rl HI 2n I preferred 1 SO 7iU "a Tl St 1. A Sin 1 ran . 1 mm m (.11, iMi 1st referred . S 2n I prefrrrrd . f 101 Tl'd 7P . J St L Smthwest 1 do 31s, W. Hiic, prefene.1 . BO.) CH r"ij n bt Paul 11 mo 17Si 174'i 17P irefeireel 11) Southern Pio sjo.) ri, op, in, Southern Its li "no 17'i TBH U prerened 1 VOe) M 1,li j,ia Texas Pnc is OOu 4IH 43I 4P, Tnl St I, t West H 20 2.II1 20), ll.rerred 2 0 T. I"1, T', I'nlill lao II VO HHile, nn, 11)11, I referre 1 H, m . W'nbash . ISO) lot, TS W. t referred .110 46, 4 V, 4c), W'heellng A L E . WW SI -Jij 2J 2n 1 I re rerred im 37 17 T. W Isconsln Cent 1 300 rH 2s, JB, prcrirred teOO 40, 451, 44H f xprcss Companies Uinu . . . lii merlcnn i'S Pnltrd States 111 Wills Pirgo (ex dlv) . . . IW Mlscillamous- Amil Copper 18 300 ran ji, 131, mer Cir Af round 1 Mo 32 11, 32 preferred . TOO Oil, jllt ml, Amer Llnseeel Oil . . 23H preferred , sou Amer 8 At It 3.1 41, 47 47 prererretl . . 4 ) H ."i J1 Anaconda M Co 200 leu 111 1 1 Hronklvn II T 7i , i"4 r7H " Colo P eS. I . liro) a 1, s-i. ip. Con O is . 1800 2J2 2M'., 221W Cont.Trbprot 21W ii! m lipj (iin I leclric T 1 Hocking Coil in, Internat Paper 1 300 2P4 2111, 211, I rercrre.1 . . 4 0 7I 7i,a 741, Inttrtiut Power . . "1 I acledo Gas . ivr Nat Ulscult 471, National Lead ifl 2IH 2P, :iie, North Amer . lj um 121$, 121' Pac Cont . 1.1 Pac Mnll 2l 42 41', 411, People a c.as .. 2(o 10P, is. Ion, 1 rossed Steel Car It) 41 .1 41K preferre 1 1(0 is n (.5 Pullman Pnl Car . 232 llcpublle steel . IX) 17( 171, I7, prefc ried 1 tVO 73 72, IPl S ll,ar . , 13 kill) J1 IB", 127I Tenii C A. I ,. ljro 081, 02V, ijl? Union II A- P Co ... 15 lrefeired . , sou U 8 I enthcr . . i"s)J preferred , y V H Ituhber n) HH 1, lii prererre.1 SI rl M U 8 Steel IOio 1,1, S7H 1714 preferril r,20o !; iic,: m. Western I'nlon 2 in HL 11 s-'c, Amer Iirn 3JIO 32 31 -i? preferred il 0, 1i, 1 K c Southern 1 1) SP, 32', 11, preferred 011) bt, gti niit Totnl siics for the dt 311 m) shares Live Stock. CIIICAOO Chlcifo June 30 -Cattle Itecelpts 16. 00.1 Inclullnr loin Texnns anl Hi west-erns west-erns lest 10c higher olheis stead) goo I lo 1 rime steers l4 7IVfii pool to me. Hum l4 7Ml7rn sloe kers un I feeders 12 M 8 .oivs 11 Vni2'il. helfi rs. I2snii l eannera II VXJ2 78 hulls 12 .iih -, lives i;S'l Toms fed steers, l(iifl7W western steirs II "S HcgB-lteceiti tela) tiri tomorrow, 21 no left over rm Wilftc higher mlxiii and butchers, I, 207 7l giol tj eh il h heavy 17 1171.1 rough lienvv T 3..11 J 0.1 light 1-eimVw bulk If Biles 17 Jiff Sheep-ltecelpts 0 Oft) sheep dull lambs sieaclv , good to choice wethers ii" H 4 On r llr t choice mixed 13 11 I 7f wi st ern sheep 2 7j'i3 7j native lambs, 13 .Ait 8T JOSEPH St Joseph June Cattle lleceh Is, 21 11, stendv, nntlves IK.uBkiil envvs in heifers. 11 -Sew, SO touts. IlKHlClS stock- III and feeder, 2 20SiVl lloks-lteeelpls 4l steid) light in I light mixed IS COOS 71 medium and heuvy. rJmriu pigs fi2Mf-s Sheep lit celpts V1 stead) ni svrn Denver June 30 Citlle necelpt, 23en tlrm beef steers II nrfi m cows tliifilno Blockers nn I f. ..Irs frilkht lull to river I.JMiiisl lulls staas eti I2OKI10U Hogs It cdrts Iftl mnrket Se Hgh.r light Pa.sers, ITtOehfM, mixed 17 ! ("ul henv) I7CSIH7 78 So sheep K VSS CITY Kansas cily June I) Cull -UerelMn 11 Including Uim Texun. nlr.i. bull or nctlie vieiiB IjIijum, r. x it 11 I In dlan .teers 12 -MID Texas 1 . 1. 1 ", 4 25 unlive 1 iws 11 helf. r. I. . , 0 slickers mil feeders I. s. 1 i hulls Wrtslillj .nlvcs I27iVIHi I logs- II. . Ipts :il innik t SfltOe hlah er hulk nf snlea I lWi" " ,r. v - ,, 7t-o nickers. 7Sdt "I un-Hum I ml 7 70 flglit ' Tuf- IB , ,r, rs o-dc ij pll-s f 'OH V ' bin il- Hee.lpts. 4AW rmrket si.ndi mutliiis llefrt)4W isinhs lir,v,e;c riir lie wclhcrs W 917170 .wis l2Miii) OM VII H111II1 Otnaln Jinn 71 c ntile He. c.. Is llftix) inarkit u llv. high, r unlive un-live sieers ISittUMi .,w hiiT helfirs .1 lec-KH 00 western .tecrf 11 safii "o li. is stieis IMOSfiHl canners liDHn-s stockcis anl feelers 12 7111 evt riilves 12 rmfi (il hulls stags it I .'jUiMi llngs-Itecelnls ex) mark I MulOo high- er benvy 7 iJ1Hf7 0 mlxei 3-st,? i nX I7W07I pics tOlH,? I ilk of sal s r iVi7 70 fiheeii Itecelpls iroo market slow and weak felmiitniis I3.si3-1 Western, WlMU7ti evvea iSVfflcii 1 unmnii an Blinkers Jl 75C. 00, lands (iwisitiijij |