New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-12
TOPICS OF THE STREET.

United States Steel Union Pacific Southern pa
Gifts and Amalgamated Copper. In London m.
general market heavy. with somewhat frmer
close The Egyptian financial disturbance has az
fected various firms with commercial interests in
Eastern Europe. and is responsible for the TWIN.
up of considerable capital Indian stocks wers
weak in London, owing in part to the unrest in
India and to the expectation of a large railway
loan with a government guarantee. Money was
relatively easy Exchange at the Continental cap
itals on London remained at Wednesdays level
MARKET GOSSIP.-The frmer tendency re-
ported in stocks in the midday dealings due IN
great part to buying by Hooley, Learned & Smith.
and by number of other houses which apparently
came in merely in order to prevent the continu-
ance OF the early weakness. operators who COW
cred their shorts In the morning got their stocks
easily that they subsequently became sellers
again. and I'm the final trading a greater number OF
professional dealers putting out stocks in all
the leading issues. ". B. Oliver being one Of thu
exceptions. as his transactions were on the buy
Ing side with heavy purchases In Amalgamated
Copper. II. Content bought five thousand shares OF
Reading in the forenoon trading. and increased
his line In this stock before the close The feature
of the loan crowd the borrowing OF abOu.
eighty thousand shares of various stocks by
houses that had been committed to the bear side
but which recently covered at the highest prices
reached in the upward movement OF last week
Market letters of the leading Wall Street houses
while generally bullish the situation affecting
the intrinsic value Of securities. were not all
optimistic the prospects for a sustained ad-
vance in prices the Stock Exchange Marshall
Spader Co. say that intrinsically securities
admittedly cheap. and that without an important
exception the investment return to-day on bonds
and stocks is larger and the margin Of safety
greater than in score OF years. and they put
forth the theory that the continued apathy on the
part Of investors is due TO causes other than any
that can be found in fundamental conditions In
terests who in close touch with Mr.. Lawson
state that the latter has intention OF abandon
ing his bull campaign. and that he did not sell his
holdings the movement that carried quotations
from to 10 points above the low points OF two
weeks ago. In most Wall Street circles, however.
II is believed that the Lawson boom IS punctured
beyond repair Wall Street gossip is much
OvAr - pOSitlOQ EaCllO
underwriting syndicate. II is pointed out that the
men who have made themselves responsive for
the money that must be paid into the Union Pa
cifc treasury will be in tied up financial condi-
stion for many months TO come. and that their en-
forced absence from active operations in stocks
will be important factor in checking bull move
ments In securities There are many other syndi-
that suffering from the cougesJed condi-
ton Of the securities market, ana the big pTodts
which such syndcates formerly made in the pres
ent instance extremely unpromising-
HEAVY RAILROAD EARNINGS. For the
fourth week of June the gross earnings OF thirty
two railroads reported were S3529.48. an Increase
OF 932 per cent, compared with the same time
year ago For the month of June the gross
earnings OF fortv-four railroads aggregate S4657-
1ss an Increase of 81 sO942s. or ls5 per cent For
the fiscal year the gross earnings Of forty-four
railroads $3.50 iS7,o22 increase OF ssossSs.
earnings Of severltyOne railroads show an increase
Of s. .4ls 1913 per cent. and from July 1866.
TO May 81. the same roads show an increase In net
OF 1918. 40. or S2S Per cent
DIVIDENDS Observation-Disclosures have been
declared follows: Electric Bond and Share
Company, regular quarterly IL per cent on the
preferred stock. Pacific Coast Company. regular
quarterly IL per cent on the first preferred, n
per the second preferred and H. Per cent
the common. payable August l. Federal sugar
Refining Company, regular quarterly l'2 Per cent
on the preferred stock. payable August L Rail-
way Equipment Corporation, monthly IL per cent
and an extra Der cent. Macon Safe Deposit Com
pany regular seni-annual 3la per cent. payable
August ! Baltimore & Ohio. regular semi-annual
2 per cent on the preferred and per cent on the
common.
TRI-BULLION NOT sELLING.-The sale OF
Starlight group Of mines IN Arizona must not Be
COMPOUNDED with group OF the same name owned
by the Tri-Bullion Smelling and Development Com
pany as has been done by the misinformed Ths
group sold is located In weaver county ana -
gold producing. The Starlight group, owned by
the Tri-Bulon Company. Is located IN CirahaIn
County, In the famous Globe copper dslf'Ct anu
as a result OF the successful development OF large
bodies of high grade copper ORE carrying values In
lead. gold and silver the<cornpaLly could not De IN
duced 10 part with the property. II consists or 20
acres and tunnel LOO feet long has been driven
10 cut the veins to a depth Of about 200 feet. At
the 7O-fOot level a vein cut - feet in width
At the 1400-foOt level large body of vein matter
was encountered. which extends practically To the
l60O-foot level The company has made quite eX-
tensfve shipments from the mine. the ore having
a net value OF about $50 q ton
BATOPILAS NINE PROGRESS.-Alexander r.
Shepherd II. OF the Batopilas Mining Company.
reports that since connection was made between
the shafts the san Antonio vein, on the Sd
foot level the bottoms of both shafts being
ton points TO the presence Of 2 large deposit or
silver below Encouraging signs OF ruby and black
silver also announced IN the south front Neta
Grande OF the San Miguel mine. main tunnel level
NEW YORK METAL. EXCHANGE move
ment Is foot TO strengthen the prestige OF TIE
New York Metal Exchange by reorsanizng the
committee which regulates the exchanges copper
prices Though the Metal Exchange issues a daily
list of copper quotations, few actual transactions
ever are reported and is the object OF the inter-
ests back OF the movement to bring about active
trading in TIE metal on the floor OF the exchange
GOVERNMENT DEPOSITS RETURNED-Ths
total government deposits returned by the local
banks to the Treasury amounted 20 about S20s'ttV
OF the sSOOO.Oo0 called for New York originally
by the city institutions include payments tor his
account OF out-of-town correspondents.
HANDBOOK OF SECURITIES-'"The Handbook
OF Securities has been issued by the publishers %
The Commercial and Financial Chronicle The
statistics for a series of years. and include
earnings. dividends and a monthly range OF prices
to July I The present interest charge is given and
also net income for the last fiscal year applicable
20 the payment OF interest and dividends. The
book covers railroads and many OF the leading IN
dustrials.
BEAVER NATIONAL, BANK.-The Beaver Ma
tOnal Bank. which opened for business April 3,
1906 has S233.OO0 OF It's capital and surplus
paid in. The authorised capital IS $4,000. and
surplus 10000 Deposits OF individuals and banks
now amount to S4o0.OOO
WESTINGHOUSE ELECTRICITY a circular TO
stockholders accompanying dividend checks. George
Westinghouse. president OF the Westinghouse Elec-
trio and Manufacturing Company. announces that
offered 20 stockholders between $500 and SVS
| shares subscribed and paid for.
| STOCK EXCHANGE SEATS LOWER-Ths
/ Stock Exchange seat OF NJ d. Martin has Been
sold for $4,000 This is reduction OF goo rom
| the last preceding sale
COPPER BANKS NEW DIRECTOR-A h
Hewitt, president OF the Magnus Metal Company.
has been elected director OF the National Coppss