New-York tribune., 1907-06-20
TOPICS OF THE STREET.


The market on the other side was too narrow 10
admit of profitable arbitrage operations. In Lon
don the stock market was as dull as the local
market, there being movements of Importance
in any part of the list Money was IN fair demand
at the British capital, call rates averaging So per
cent. Discounts a trife easier. The Cont-
nent was a buyer of bills In quantity Tnora
were no changes in Continental money rates. and
exchange on London showed no variation from tho
level of the preceding day It is expected that hs
French demand for gold will not last beyond the
end of the fiscal year.
MARKET GOSSIP--It Is said that the Kuhn
Loeb & Co. interests have taken in recent weeks
upward Of 10000 shares OF Union Pacific. and ths
Street believes that this operation was more in ths
nature of a forced transaction than any desire 70
buy the stock. In other words the stock was
bought to prevent collapse In the issue-a
ment which would have a disastrous effect on all
the Hartman shares. well as upon the general
market. Morgan interests have increased their
holdings of Union Pacific to material extent. but
not for love of the Hartman people Wall Street
figures the lineup for and against Hartman
follows: For Hartman. E. H Hartman, H H
Rogers. William Rockefeller, jacob H SchiR and
James Sttllman; against Hartman, Theodore
Roosevelt, ]. p. Morgan, James J. Hill, Thomas F.
Ryan. George j. Gould. W. II. Moore. James
Speyer, B. F. Yoakum. D. G. Reid, stuyvesaas
Fish, Edwin Hawley and James r. Keene- Thoss
who against Mr.. Hartman would like his scalp,
and while of their tomahawks have landed no
damage has been done, according TO the braves
who are dancing about Big Chief Hartman Mr.
Hartman refuses TO get down and out, and the
Wall Street inteTnecine war promises 10 run on in
definitely. though the chances are the country viii
survive II. The New Street bear crowd put on.
new lines on the rally in Reading yesterday; also
in Union Pacific. Traders attached no impOrtancs
to the reactiOnary tendency in American Loco
motive. the selling in the issue probably represen
ing the throwing on the market Of tired long stock
Pennsylvania took a more prominent place IN the
trading. and word was passed around that there
would be heavy selling in the issue and IN view o
the general stagnatiOD its dealings Of 1000 shares
were considered q big market and its decline OF
one-fOurth Of point enormous loss. Announce
ment that the Reading directors had taken no
action the dividend at their meeting took tina
h n NOT bOur fv4ao
any life into the trading. II first announced
that the dividend had been declared usual and
then that action had been postponed Evidently
there was a difference Of opinion over the rate
Some people believe 1t would be extremely ,lnwtss
to increase Readings dividend this time. despite
ti1s HSaVy earnings or the company III the dividend
is not increased Reading viii be dear in cOmpar1s0n
with other issues OF the same class. Soma ons
tried to create buying movement in the express
company shares, but there no stock TO be had
DIVIDENDS Observation-Disclosures have been
declared as follows: Title Guarantee and Truss
company regular quarterly per cent. payabls
June %. Mutual Alliance Trust Company regular
semi-annual per cent, payable July I. Bank %
America serni-annual 13 per cent. increase OF
per cent for the half year, payable July I. Firs-
National Bank OF Brooklyn regular seni-annuaI 8
per cent payable July I. Northern Bank OF New
York regular semi-annuaI per cent payable july
1. Empire Steel and Iron Company regular semi
annual per cent on the preferred. payable July I
National Bank Of COnerce regular quarterly 2 per
cent. payable July l. American ShipbuildIng reg
uIar quarterly IA per cent on The preferred. payable
June %. Tri-City Railway and Light Company
regular quarterly IL cent the preferred pay
aoIe July l. Merchants Exchange National Sank
regular seni-annual per cent payable July /
National Butchers and Drovers' Bank regular semi
annual per cent. payable July I. Lehigh Valley
regular seni-annual per cent and extra per
cent on the common, and the regular seuli-annuai
per cent on the preferred. Electric Storage Bat
terry regular Il. per cent the common and ths
same the preferred. payable July !. New York
Air Brake regular quarterly per cent. payable
July p Italan-American Trust Company regular
semi-annual per cent. payable July s. Westing-
house Electric Manufacturing Company regular
quarterly 2Iz per the preferred and assent
ing and non-assenting stocks Fifth Avenue Bank
regular quarterly . per cent; payable July :
Columbia Bank regular semt-annuaI per cent, pay
able July 1. New York Trust Company regular
quarterly per cent. payable July l. United states
Trust Company regular semi-aRnual 25 per cent.
Garfield National Bank regular quarterly PER
cent, payable June % Manning, Maxwell & Moore
regular quarterly Ia per cent, payable July L Nor
ton Trust Company regular quarterly per cent,
payable June %. Washington Trust Company reg
uar quarterly per cent, payable July l. United
States Mortgage and security regular Quarterly 2I5
per cen, payable July .
TELEPHONE SYNDICATES CALIS.-Another
call will be made the syndicate which under
wrote the Sloooco0eo American Telephone and Tele-
graph Company per cent convertible bonds in
about two weeks for 10 per cent of their sUoscrp-
ttOns. Ten per cent more viii be called IN October
and the final instalment OF 10 per cent on January
next, when the bonds will become fun paid AT
the present time tnstalments TO the extent OF %
per cent have been paid in. though owing the
fact that the syndicate managers had disposed OF
a portion OF the issue 10 per cent OF the amount
syndicate members about month ago
COPPER COMPANIES STRONG POSITION
Interests identified with the Amalgamated Copper
Company say that never before in the history ot
the copper trade have the large producers been
so we'll fortified against possible decline in the
price OF the metal The abnOTmally high quotations
that have prevailed for many months have brough.
about large expansion IN earnings. only sInali
percentage OF which has been distributed in divt-
dends. The AmalgaInated companies paying
less than onehalf of their earnings to stockholders
This means the accumulation of enormous sur
plus
BUYING STEEL RAILS-The Grand Trunk
Pacific In the market for u eco of steel rails
and the order probably VIII be placed with Cana-
dian mills. Several Eastern railroads are in ths
market for rails which Will develop into heavy
orders IN the near future. The Tennessee Coal ard
Iron Company practically has sold It's possible pro
ductiOn for the year OF 1905.
ROCK ISLANDS HEAVY TRAFFIC-An officer
OF the Rock Island that all kinds of traffic on
the Rock Island system IS keeping up remarkably
commodities is heavier than at this time In past
seasons Rock Island crop reports from al sections
are much mo=e encouraging than they a few
weeks ago.
CHICAGO GREAT WESTERN.-AuseI Open
helm, president Of the Chicago Great Western
who has recently returned from a trip West, says:
Trade conditions very good, Business houses
are unable to obtain all the merchandise they de-
sire The wheat crop is somewhat backward, oaI
is In fine condition. The gross earnings OF tns
Great Western Will show an Increase over Iass
year Of something in excess OF sS0O0; Y adequase
equipment were in use. the increase would De mum
greater. The stock market will not show improve
ment till the bond market improves.
STEEL RAIL PROBLEM-The Society for Test
ing OF Materials will hold a series OF meetings ~
Atlantic City beginning Friday ot the cuFFen.
week when the steel rail problem Will be taken ~
for discussion. An announcement bearing on stse.
rails Is expected to be made shortly after tA'
adjournment of the association.
FRISCO EXCHANGE TO CLOSE-Ths san
francisco Mining Exchange has voted 70 renasgI
closed from the close OF the market June y uls.