New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-17
TOPICS OF THE STREET.

Z, M
heaviest selling was in AmaIgamated Copper 10
London the general market was inactive The Rr.
ish money market was firm, and. according !,
cable dispatches, bankers were disposed to 49,
with great caution in entering engagema,,
owing TO the large amount of undesirable Co.'S
merciaI paper ahoat The Egyptian ens1s-,
troubles are still a factor in the London r,s,ta!
and considerable anxiety is felt over the outcor,
of the maturity OF many obligations for Egynfiso
and it is understood that Egyptian requrer1en7S -
part have been responsible for the recent ST. 4
ments of the metal from the }s-ated States +,
Europe
MARKET GOSSIP-There was no selling ~
sure in the market. while the trading elems@-
showed an inclination 10 buy stocks on slight -
cessiOns Traders say the market takes seIing -
well to suggest much lower prices. CornrnSsioo
house brokers report that current speculatior -
nothing but a professional affair with no outsi5
interest. IN the last hour there was press1rs
of stocks whatever and prices advanced easily -
buying of any kind. even on professional buvin-
Union racine, at an advance Of liz per cent 80
Mondays closing, was the strongest and most -
pressive feature OF the market. IL has a certsin
chttrIn or leadership Anyhow, Spectators belt
that the Union Pacific interests have more IN 80
oy improving the market than any other gro,e !.
interests Bull tips on Union Pacific were v-f5sI
circulated through professional channels II il ~
derstood that the crowd whose selling OF a So.
line OF some 5000 shares Union Pacific So
common. Reading and one two other stocL
made the low prices last week and whose c[ As
ing of the same stocks was a feature ~ S.s So
day and Mondays trading. has now gone lone e..
q tuIu CdItIuI traders are not PARTICULARS A..
louS Tor the company OF this particular aia,oa-t
out II Is not making the market. even thoug5 a.
operations do occasionally govern auctuatioT- IS rs
day or two time RJInors of a s.~oaI Ils Ior
the Hll stocks continue circulate ana 1T "a
more robust with exercise Both Nortbs- - STOW
ana Great Northern objects Of bun ti,. C-Hc
there Is a considerable amount of professfo."tt
speculation in them.
NEW YORK METAL EXCHANGED -,A,,h.-
OF the organization who is interested IN lake co-
says OF the report that movement is on foottR.s
eStaoIIsh copper trading on the floor OF the NJ,
York Metal Exchange: 1T would be a most bs vs~
IuI JhluE Tor the trade ShOuld
trade In copper-the metal-be irzuglrateI A. 49,
Metal Exchange Surely no benefit coUld - 80
rived from public transactions. and q spacrIs,Jr,
interest larger than that now existing would en,s,
as a prominent factor which would eventuaIr
not take seriously. however. the report Of futurs
trading in the metal on the New York exchange
for l doubt very mUcn If any OF the large pr-
ducing or selling interests with possible exceD-
lions, would put their sales through that bodv
1t would prove incOnvenient for the consumer
100, who would be obliged TO follow closely ths
daily quotations OF the exchange The abolition 4.
the London Metal Exchange would prove a benent
TO the copper trade all over the world. but par
ticularly 70 the American copper trade No matter
which way the quotations there ductUate, senti-
mental effect is always noticeable here, even
though the transactions are in warrants issued
against very inferior grade Of copper which re-
fners only can put 70 use
AMERICAN LIGHT AND TRACTION CON-
PANY-Earnings Of the American Light and
Traction Company for the six months ended luna
30 amounted in gross 70 Tl+476i. an increase OF
2 Is per cent over the same period Cf 1906 Net
earnings showed increase Of @ 90 per cent Tia
surplus after dividends was S5)-52. compared with
sf45.66S IN the same period OF 1906 The surplus
balance was Ss7,259 increase OF 5123 per cent.
There deducted from the surplus OF S5f-.-59
$40 go for rec01strlcti00 The directors OF ths
company have declared a quarterly dividend %
Ia per cent on the common stock This is an in
| crease OF per cent year over the dividends
derd of - per cent on the preferred stock also
was declared, both dividends being payable
August /
DIVIDENDS Observation-Disclosures have been
declared Is follows Mexican Milling and Trans
pOrtation COMPANY. initial senl-annual per cent
on the preferred stock. payable July Is Automatic
Electric Company. regular quarterly ? per cent,
payable August ! GuanaJuato Development
Company. regular serni-annual per cent on ths
preferred stock, payable August / Peoria &
Bureau Valley regular seTnl-annual per cent
payable August u. American CiraphophOns
regular quarterly "a. per cent on the preferred
stock. payable August i. Twin City Rapid
Transit. regular quarterly - per cent on tAe
common stock. payable August 10 New York &
Honduras Rosario Mining Company. regular
monthly per cent. payable July 3
COPPER SITUATION.-Sales OF eIect-olytic COP
per have been made in Europe at price under ths
recently announced quotation OF the United Metals
Selling Company and Phelps. Dodge & Co. namely
211s cents n pound. business abroad. however. IS
by means active, and the amount taken thus
far for export 10 Europe since Tuesday OF last
week when copper prices were reduced. IS COM
paratively small. Lake copper is selling FOR e2l
cents pound. but transactions n this grade ars
also light An interesting side Is found II ths
statement Of lake man, who says that consumers
so far as he knows, viii not buy beyond August Il
DEADLOCK IN IRON-Transactions in i-oz over
the last two weeks have been smaller than N any
similar period in long time past. a practical
deadlock seems 70 exist between buyers and sellers
and II Is not believed buying movement - con-
sequence Will start in before the latter part OF next
month Prices for iron ars held az the high levels
and a result OF the reduction IN copper prices
many consumers are looking for similar move
ment IN pig iron In the case Of iron however, rhs
furnaces have sold almost their entire possible pro-
ductou for the third quarter and about 51 per cent
OF their possible production IN The fourth quarter
THE COFFEE SURPLUS.-A subject o1 live IN
terest IN the coffee market IS that Of the Gis2os-
ton OF the holdings OF the surplus withdrawn by
the coffee states OF Brazil under valo~-zation
With the beginning Of the year about eSa- million
bags held in reserve in sac Pau.o alone
been more active competition in The market
favored by the report that the Withdrawn St'cSS
viii not be sold except as the requirements o. tas
market make necessary
MISSOURI KANSAS & TENAS Earnings
EARNINGS OF the Missouri Kansas < Texas fer the
month OF May, just received. amount iC Gross %
$22r,SA compared with S-6S7,1L il the sain9
month year asO and A60',,6 IN ls,7 Net earn
ings were $d+.5SS compared with Si5S, ~ III Nay,
1906 For the eleven months of the u~ al year -.T-
earnings were s. S3I .6S2. against S1.lj3-i} n ms
corresponding period IN the preceding year.
NORTH CAROLINA RAILROAD CONPAN4'-
The North Carolina Railroad Company at IFS AZ
nuaI meeting elected Hugh c. Chatham president
y. II. Eller secretary and treasure. and John W.
Thompson assistant 10 the president
UNTITLED STEEL TONNAGE.--Au The steel
companies. with only few exceptions. snow an n
crease in untitled tonnage, as compared win tIs
time year ago. Specifications against existing
contracts continue heavy and business IN com
parisOn with this time last year is about the sans
METROPOLITAN SURETY COMPANIES
stockholders OF the Metropolitan surety COMPANY
have voted 10 reduce the capital stock from St'iVV
10 S25N,0o0.