New-York tribune., 1907-06-18
TOPICS OF THE STREET.


selling on balance The London market was too
narrow TO make arbitTagiIIg profitable In London.
consols made a low record on the current
movement. the Rio Tinto issues were weak and
the general market was heavy weakness being due
in part dearer money and the dissolution OF the
Russian Douma- Discounts were nrrn. especially
for paper of long maturity. Call money advanced
TO per cent. Paris exchange on London was
stronger. Paris did not compete actively in the
open market for the gold Offering the greater part
of the consignment going to the Bank of England.
MARKET GOSSIP-It was talked around the
Street Yesterday and it talk only, that foreign
interests selling Rock Island, owing 10 the
pass4 of absolute control Of the Chicago & Alton
to the Rock Island. Just why foreign holders OF
Rock Island should object to this favorable de-
velopment the Alton not made known Az
matter of fact foreign owners OF ROCK Island are
not selling the stock. They nave great conndenca
TN the property. especially since the SpeyerS be-
actively identified with it. Speyer & Co. are
held IN high regard abroad, well as here. and
the fact that James Speyer Is on the Rock Island
directorate. while his firm is doing the financing
for the company has improved the credit of ths
Rock Island road to Il material extent IN the last
year 1t such dull day on the Exchange
that brokers had ample time to bring forth not
weather stories. which messenger boys on the hoor
varously called hot air and dope and their valna,
ton OutpOuTings appeared To satisfy general
sentiment. Experienced traders say they detect
signs of an organized attempt 10 uepresS ]AilAi.
gamated Copper. but the stock does not respond
with any degree of promise. The copper shares
pretty well punched in strong hands, ana IN
trade conditions there is nothing upon which a bear
campaign be legitimately based Blo Ilhtos
were weak in London the home of the bears on
the copper market. 1t Is estimated that there is a
large short interest in the metal abroad BrOoklyn
Rapid Transit bought to some extent on the
big traffic handled yesterday. and ruaoTs OF divl-
dend this summer put out The Brooklyn
Rapid Transit would not be justified in paying
dividends at present. u has the biggest traHic
proposition it's hands of any surface road IN the
country, and II must spend millions OF dollars on
its property before it can legitimately thlnk OF
dividends Its facilities not equal TO the pres
placed upon them. as any one can see Wno
takes the trouble 10 travel over the road. yet N
of it's relatively limited rolling stock track
age etc. il is doing Well and deserves the credit
for trying It's best IL viii be great property
some day and stockholders ought 10 be willing to
wait for a return their money especially as they
knew when they made the Investment tnat the
company a long time investment, rather than
an immediate yield4r OF profits for the owners OF
its securities. II. Content & co. were the largest
buyers Of Reading. taking about 1500 shares Ihe
general rally in the day lid not impress any one
anything more than the result OF tecIilic4I CoI
ditiOns
MORE GOLD TO GO OUT-It Is likely more
gold will be shipped abroad Thursday Sterl-ns
exchange at this centre was strong yesterday, ana
money rates were up In London. advices from the
British capital Indicating the possibility OF exports
of the metal that point. Paris exchange on Lon
don higher. but the advance did not onset the
rise In sterling here so that with inducenent by
the Bank of France gold could be shipped pront-
ably. Money at this centre, however. IS aPpTecl-
ably frmer and it looks if the outward move
ment OF gold would be automatically checked
through our money market The nahks haVe toSS
on their operations with the Sub-Ireasury slncs
last Friday upward of S2000.0'e
AMERICAN CAR AND FOUNDRY--The dis
patch Pittsburg TO the effect that the Cnited
Steel Corporation ordering oSlV cars from
the American Car and Foundry company ana olher
car building concerns had made good promise 70
take all cars cancelled by the railroads IS rd1cued
by the corporations interested The United states
Steel Corporation took the cars because IL needed
them. Moreover, there has been no cdncalaulon
of orders for by the railroads Contracts for
cars are binding and cannot be cancelled. but, as
a matter Of fact. the railroads are not anxious 10
cancel their orders The American Car and Foun-
dry Company has its books orders calling for
about rocco cars representing valuation close 10
S75.O00OGO.
DIVIDENDS DECI4ARED-The Garvin Machine
Company has declared the usual seni-annual diyt-
dend Of 3f per It's preferred stock. paya5lS
July l. The Union Exchange Bank has declared
the regular semi-annual dividend OF per ceh'.
payable July l. The Consolidated Car Heating
Company has declared the regular serni-annual DIV
dend OF Ia per cent. pay able August : Inc 1u1-
son River Telephone Company has declared the
I customary quarterly dividend OF 1 per cent pay
able July 10. The Aurora. Elgn & Chicago Rail-
road Company has declared the usual quarterly
dividend OF Il. per cent. payable July l. The DU-
I,t,b Eiiso, F-actr{c company has declared tha
reglfnar quarterly dividend OF 1I2 per cent on It's
preferred stock. payable July TO holders OF rec
ord June q. The directors of the lowell Beachery
: and Dye Works have declared semi-annual diyl-
dend Of 8 per cent. payable July : The Rochester
Railway Company has declared the usual quar-
terry dividend Of Il. per cent on us PseIerred StH
Heat and Power Company has declared the regular
quarterly u,'IueIu oI IA - - ~ ~ = =. - -.
stock, payable July Inc truclole steer COIn-
pany OF America has declared the usual quarterly
dividend OF IL per cent on the preferred STOCK
payable June ~ The American cities railway anu
Light Company has declared quarterly dividend
OF IL per cent ON its preferred stock. payable
CRCC.IBLE STEEL CONIPANY's EARNINGS
The CTucbIe Steel Company OF America reports for
the nine months ended May 81 as follows: Net
earnings SeO 6N; reserve for contingencies. S2+i4;
balance dividends. SsSl.136; dividends declared
81 Ose 612 surplus Tor nine months. SSS2o9+ During
the month las, March the principal works OF the
company at Pittsburg were shut down for ten days
on account OF floods. The above given statement
of earnings is based on inventory values. as of
August 81 1895. for all finished material Raw ma
terial and material in process of manufacture ara
valued at cost to the company, as OF May 81, lsJi
PROMINENT BANKER RETIRES--CharleS D.
Barney who has been the senior partner Of the
firm of Charles d. Barney * Co. for thirty-four
years. will retire from the firm and from active
business on July l. The firm VIII be COutnued
under the same name by the remaining partners,
Sho are J. Horace Harding Jay Cooke. 81, Charles
5. Phillips and Henry Z. Butler
COFFEE. I.OA%.-C'abIS adViCes from Brazil say
that the President of Brazil has sent TO the Con-
gress the petition OF the government OF Sac PauIo,
asking that the general government guarantees
loan OF $l5,O00000 IL will be necessary 10 carry
the stock Of coffee held by the government
This request is in line with the original valortza-
tiOn plans, which contemplated guarantee by ths
general government when 1t became necessary 70
do Thus IL IS looked upon simply as another
step in valorizatiOn affairs.
MONEY IN CHICAGO-Western banks are in
comparatively easy condition. but look for lower
rates this summer Next fall they expect adj
vance all round TO about per cent basis They
have for the most part prepared for considerable
pressure by having fuUdS short term periods
Commercial paper at Chicago averages 5ls per
per cent. over the year end discounts are close
10 9 per cent. The demand is not pressing Just
now but IL IS being stimulated by the better crop
outlook.
FOREIGN IRON-There was a further decline
IN foreign iron yesterday. AIiddlesbcrO warrants
are quoted at 56s-. compared with about SIS. a
week ago However. stocks of MddlesbOrO iron
continue on the decrease. amounting TO Sl,0o0 tons
on June s. decrease of about uGOO tons as COM