New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-25
TOPICS OF THE STREET.

FOREIGN TRADING-Foreign houses bough,
upward of % 900 SHARES in the local market. large
part of the dealings being in Southern Pacific
Arbitrage houses were not prepared for the ad-
vance in Southern Pacific stock, and We're forced
to cover short contracts at advancing figures. All
the floating supply OF this stock abroad appears TO
have been cleared up. In London the general mar
ket was quiet, most issues showing fractional in
provemeat over the closing figures of the pre-
ceding day British COnsOls, however, were heavy
Money in London easy, while at the various
Continental CAPITALS rates were unchanged from
Tuesdays quotation
MARKET GOSSIP.-In yesterdays market soma
attention was directed TO Pennsylvania stock and
its speculative possibilities The buying in the
forenoon was more aggressive than it had besn
lately but the price gain was merely fractional
There is an extended short interest in the issue
and the stock still loans below the other active
shares. The Tumors OF an immediate increase in
the Southern Pacific dividends were. according to
foreign houses. current all over Europe There IA
not much OF the stock held abroad. and notceably
little in London. so that the bear account there
easily scared Good work the part OF The
Hartman interests reflected in all parts Of tha
list and reports that the Kuhn. Loeb & Co. peopls
backing the speculation We're easily believed
Floor traders thought the movement In Atchson
would run further. a. Upper & 90. who We're
conspicuous buyers of Union Pacific. also
active in advancing Atchison, while NJ c. Bouvier
and other traders had buying orders in the latter
stock. Underlying the movement in this issue
probably is the belief held in well informed quar-
tiers that the sale OF the bonds can be materially
helped by advance, while there IS noJiceabIy
little Of the stocI, in the Street. One the best
features Of the early advance was tae buying %
Southern Pacific by active commission houses. Hke
Halle & Stiegitz. Wolff Brothers Harris < Fuller
and HerzfeId & Stern. This was considered a good
surface indication of a broadening Of public in
terest in market. and caused covering OF shorts
by some OF the active floor traders. On the buying
which developed in Southern Pacific after the price
crossed 81 limited number of stop loss orders
were caught. but less than traders had expected
Professionals say the stock is not being advanced
on tho shorts. but is going up straightforward
buying, apparently based on a definite view OF
value and prospects. The old story that United
States Steel common was held back by the reaIz-
ing Of the W. E Corey holdings and that there
would be change in the presidency after the end
of the month was revived There was mora
authority for the story than there has ever been.
UNITED RAILWAYS INVESTMENT a
meeting of the stockholders of the United Railways
Investment Company the proposal Of the directors
10 issue s. f002o0 three-yetr per cent collateral
trust notes approved BY The stockholders with
out opposition. OF these notes N,S'0ee have been
sold The remaining Sl-7ooeto. II is understood will
not be sold for the present The proceeds of these
$4,000 notes will be used for the acquisition OF
outstanding securities Of the United Railroads Of
san Francisco and for other corporate purposes In
cludinE making provision for additional cars for
use in that city
SPECIAL BANK DIVIDEND--Dirscto-s Of the
New York County National Bank have declared
special equalzins dividend Of go per cent Il IS
stated tina, this dividend declared because of
the increase in the capital of toe bank from 500.
go 70 $4,000 authorized meeting q the stock
holders held on June Il The banks stockholders
will be permitted 70 subscribe for the new stock
AZ r,r Isfnr The proceeds OF the special dividend
is exclusive OF the regular aU-aunual dividend Of
. Per cent paid the old capital stock on July
IRON DEADLOCK STILL ON-since tae first OF
the month transactions in iron have amounted 10
Practically nothing The large producers are hold
ing future iron firm. but II the same time II can
b. said no future iron has been sold for the last
three weeks. and inquiries are lacking Besseuler
iron Pittsburg. is OF about 81 a ton, and conces-
sions are made in spot iron IN This territory No
buying movement Of prominence : expected IN Iron
for future delivery until September
NEW CURB STOCK-The stock OF the Hanson
Consolidated silver Mines. Limited " as dea-t IN
on the New York curb market yesterday Tor the
first time prices ranging from II u le- TINS COM
pany is incorporated under the ontario companies
act and has an authorized capital OF S5t-'i-' the
par value OF shares being s. eacI It's properties
are located al Silver Mountain, Port Arthur, Ian-
ada and consist OF 1850 acres The company IS
shipping ore in considerable quantities
REDEMPTION or BONDs.-RedenptioEs OF tho
rnatured ! per cent bonds AZ the Suo-fre5S1Ty
have now crossed the 100000 uaTR- since July
$40 2 0o0 has been paid out here for redemption OF
these bonds This is only $l94',A' less ti3n -
total amount Of redemptions made az washington
direct and at other subtreasuries since July OF,
IN other words, nearly half or the redemption
have been made az the New YORK Slo-4FetS-
DIVIDENDS. DECLARED Dividends have been
,lared as follows. Western Pennsylvania rail-
ways Company. regular quarterly - Per cent on
the preferred stock. payable august / Fourteenth
street Bank. regular quarterly = per c-al 49,
HE August ! Corn Exchange Bank, regular SEMI
annual = per cent. payable August /
MANCHURIAN RAILWAY LOAN.-Dispatches
from London are 70 tiie eIieCL S.4dL le $50 -
ohurian Railway loan OF 100000 per cent oonds.
guaranteed by the japanese government. has
proved a failure The issue price was 81 II -
stated that the underwriters Will be compelled 10
take about one-hah Of the loan
ADMITTED To oUOTATION-General Electric
Company warrants for subscription % . per ceat
ten-year gold debenture bonds. first nstanent paid
and fuu paid. have been admitted % quotation On
the New York Stock Exchange
CHESAPEAKE & OHIO NOTES SOLD.-K!sseL
Knnlcutt & 60. and Noffat & White have sold ths
Sl.I,NcN Chesapeake & Ohio three-yesr Per cenr
notes. due 1910. purchased last Friday
STOCK EXCHANGE SEATS LOWE1R.-A Stock
Exchange seat was sold yesterday FOR $7-.5,1 This