New-York tribune., 1907-06-25
TOPICS OF THE STREET.

Sales There
American issues. and as soon as the regular ex-
change closed the arbitrage rail on the local
exchange was deserted London dlspatcnes indi-
Gated Improvement in the London financial situa-
ton while better position was reported IN Paris.
except in the Rio Tinto issues London discounts
were trife easier, and the Egyptian outlook was
clearer. Consols stronger. There was some
pressure in Kaf1rs for Paris account Owing TO the
approach of the fortnighty settlement dealers We're
not inclined to do much in the London marAet-
STOCK MARKET GOSSIP-There moro
than one thousand members Of the New York Stock
Exchange. Only small proportion OF this num-
Der attends the daily sessions IN normal times.
while at present but handful OF brokers are at
tempting DO any business There IS no money
TO be made in commissions. and little II any profit
in chasing fractional changes in prices. On the
basis of yesterdays transactions commissions
amounted TO about $4,000. As there are more than
500 banking and brokerage houses in the Street the
average gross receipts $50 for each concern.
What it all foreshadows brokers want TO know.
The chances are it foreshadows an enhancement IN
trading at no remote period All dull markets nave
been succeeded by quick action. and there Is no
reason to suppose that the current oulhesS VIII
last for any extended length Of time. There IS no
buying power at the moment. but buyers VIII re-
the market and they may arrive sooner
than any expaCtS. There is nothing portentocs
in the present situation the Stock Exchange
To be sure continued dulneSS may force some or
the small firms to draw down their blinds. but
that event would not upset the countryS equiiib-
rium Most Wall Street men know how 10 drive
automobiles. Chaufeurs receive living salaries and
a good deal on the side in the way Of commissions
on purchases and tips. This suggests an occupa-
tion for Wall Street men who can make no money
specialists the floor one Of the weakest features
of the market is the entire absence of any tndica-
tion Of position being taken for some Iuture
move Markets often are kept dulI IN oFueE 10
facilitate the accumulation of stocks or their dis
trbution. but IN the present case there IS no sign
OF either. Manipulation attracts no attention ana
the operators who have been working on these
lines in Reading appear 10 be tired out. and ara
transferring their attention Amalgamated Prob
ably their success in the latter will be greater
than in Reading One firm In It's market letter
said Yesterday: I'VE assume that conservatism
ff- ir1r0+ FS he hes at We
again point the fact that the market Is dis
playing remarkably good tone under distressing
conditions Conditions outside Wall Street are
not distressing.
DISCUSSING BONUS FOR 500 STOCK
HOLDERS-Inttrests associated with the Min
neapolis. ST. Paul SaUlt Ste Marie Railway Com
pany deny that the company is considering any
question of financing. some reports have tnti-
mated The bonds of the company. II is stated.
IN good demand in London and there will be
difficulty in floating new bond issue But no Such
issue il is declared Is contemplated. The COM
panys managers have been discussing, however, tho
question of a issue of stock, which IL would
he fully entitled 10 make because OF the additional
construction of the company The zeal question az
issue, IL is stated. is to what extent this stock
should be offered bonus 10 present Stockhold-
ers to make up for their acceptance for a long
time of dividends of only per cent when the COM
pany earning five times that rate. but
expending the money for Improvement OF the prop
erty.
NOTIFICATIONS IN CHICAGO TRACTION
PLAN.-The Western representatives OF the Chi
cago traction companies who in this city last
week conferring with the Eastern interests have
returned 10 the West. and it is understood that
they will present 10 the minority holders Of the
Chicago West Division and the North Chicago CITY
Railway companies a plan with some further
modification under the terms Of v-birh II is be
ieved that those interests will deposit stock.
II they do accept the agreement. It win then b
possible TO proceed with the plan already agreed
upon in general way for reorganiztns the Chicago
Union Traction Company In the mean time II VIII
be necessary to take certain preliminary steps, al
OF which have been frequently outlined
JULY'S BIG DISBURSEMENTS Journal
OF Commerce estimates that the July dividend
and interest payments in the United States will
to SS2Ssl S49 This is SIS SIS greater than
last year and exceeds the total OF any previous
July in history. due TO number OF dividend in
creases the placing the dividend list various
concerns and payments on enlarged capitalization
as we'll 70 the fact that the list is more complete
than that OF July last year
HOW To INVEST MONEY-The Guaranty
Trust Company OF New York has prepared a book
let entitled How Invest Money 1t contains
valuable information relative the various classes
OF investments which should enable the reader TO
determine what particular form OF security best
adapted TO his individual needs. The comparative
advantages or railroad boncs. real estate mort
cages. street railroad and public utility bonds and
other forms OF Investments are presented in clear
and concise manner. = copy Of the booklet may be-
obtained upon request.
| AN ENGLISH VIEW OF OUR POSITION
The London Statist' says: 'InasulUCh there
many persons in Europe who imagine that America
has nearly reached the maximum OF her agricuIt-
Ural and mineral capacity. would point out that
the country still has vast tracts OF fertile land only
needing population 70 make them productive and
immense quantities of minerals awaiting the miner
I Even the idea somewhat commonly held that the
United states are reachlng the nlI OF their wheat
producing capacity is mistaken one The calcula-
tions of experts show that the country nearly
double the amount OF its existing contribution 10
the worlds wheat supplies. There IS nothing un-
sound in the existing state Of affairs The progress
Of the country has simply been a rate greater
than the supply OF capital permits, and al that IS
needed IS period Of relative rest IL which the out
lays upon non-essentiaIs will be somewhat curtaad
| in order that adequate supply OF capital may
| be provided for the essential Industries
COPPER PRICES DOWN.-The local Metal Ex-
change quotes lake copper Off i-c in the bid price
25c 2lc electrolytic off t.c the bid c
the asking &C 22Isc: casting OF I,c bid
change prices do represent actual transactions.
there is copper 10 be had there. In the trade
business is not being done under 25-Cent level.
One OF the prOpiennt copper producers says ha
cred at this time Consumers are in a posi-
ton dictate the sellers. and the chances ara
that if concessions made they will be OF short
duration. II was said near the close OF business
that the outside price for copper had been low
cred 70 23Q24c for lake. II not stated. how
ever. that the United Metals Selling Company had
reduced its price below 2S cents. and no sales
reported under that figure
ANACONDA COPPER.-The directors OF the
Anaconda Copper Company will meet this after
noon for the purpose of acting the quarterly
dividend. II II. Rogers. who is in Europe.
will not be present the meeting. but sufficient
change in the rate from 81 20 for the quarter IS
expected Anaconda stock yields the IN
vestor about u per Its earnings IN first
six months OF this year will be something like
S25O0O00 In Of dividend requirements for tha
first half OF the year.
DROP IN FOREIGN IRON-NIiddlesboro war
rants were quoted 55s Sd yesterday the lowest
level that has been reached in soma time past.
Lower prices abroad are due 70 reports from this
side Of lower quotations for iron. Stocks OF Mid
dlaShOrO iron now aggregate 232 tons shrink