New-York tribune., 1907-05-23
TOPICS OF THE STREET.

5000 shares in the local market mostly purchase.
The heaviest operations were in Union Psci.s
Atchison and United States Steel The arht-,.
houses got their stock at the cheapest prices OF ~
day. London prices heavy. COnsos w.
weak the strong discount rate. Money was rnor
active. and as much as per cent was paid for can
loans a fairly large business was done in Ioa,
by the Bank of England, which lent to the omar
market. Cable dispatches reported considerable un
easiness in London and Paris over the break in tha
local market Tuesday. owing the large amou,r
of railroad notes and capital issues being car
ried at those points
MARKET GOSSIP.-HOuses that generally oner
ate for substantial financial interests were ac,,vs
buyers at the low prices of the day. and these pur
chases, with heavy buying in the afternoon by
such firms as Provost Brothers. were powerful fac.
tors i'm advancing prices Provost Brothers wera
heavy buyers of American Smelling. There vers
many regarding the recent selling OF
United States Steel, and it was said Charles NJ
Schwab had been compelled to throw largs
blocks Of the issue. while IL also reported thar
loans against which Steel figured largely in the co
lateral had been called on John W. Gates. Fur
thermore, II said the Tennessee Coal & Iron
holdings of Mr.. Gates had been taken over by J.
p. Morgan & Co. and eventually control OF the
company would pass TO the United States Steel
Corporation. Excellent support given TO Balti-
moro & Ohio and Missouri Pacific. Traders found
most of the leading stocks sold out in the early
afternoon, and their operations Immediately veerei
to the buying side. On the advance II. Content
who covered shorts in the days market, put out
new lines IN Union Pacific. while against this grain
houses which have been heavy short sellers in
recent weeks were active buyers 1t is said Pitts
burg sold 5O000 shares OF United States Steel on
Tuesday and it was probably the borrowing Of this
stock which accounted for the abnOrmally strong
demand that developed IN the loan crowd after
Tuesdays close A Z. Eckstein. the specialist
had buying orders in Smelters and rallied that
1t is not denied. however. that the most intimate
portion OF the GUggeEheim following has been COM
PEELED 20 unload both Shelters and National Lead
during the present decline. Marshall Spad-r &
Co. said yesterday. in speaking OF the market:
After so important decline has taken place
during the last few weeks time viii be required TO
estimate the effect of influences at work. ad-
mitting that the full effect of crop damage and
capital issues has been felt. In view OF the ex-
pressed attitude OF the administration, and again
supplemented by Mr. Prouty's statements to-day
further legislation and government influence win
undoubtedly be exercised in the direction Of a
scrutiny Of capital demanded by railways.
rather than an effort abuses Of the past
NORTH AMERICAN COMPANY--The Nortn
American Company has furnished 20 Lee. Hggn-
& Co. and Redmond & Co. the purchasers OF
the 100000 per cent notes. which It is understood
will be offered on about 6is per cent basis. a
statement of the company's income for the fiscal
and calendar year 1907 In 1896 the surplus earn
ings OF the principal companies IN which the North
American Company IS interested amounted 20
1IsS es Had these earnings been distributed, the
cash income OF the North American Company for
that year would have been Increased by the sum Of
$SSS SIS The cash income for 1871 Is estimated
at 81 S50OOO 81 10000 in excess OF the amount
required pay interest upon the entire authorized
issue of notes The company has no bonded or
other indebtedness except that created provided
for by the present note issue the purpose Of which
is TO provide funds for the completion OF plans
heretofore undertaken
MISSOURI PACIFIC REGULAR DIVIDEND
The directors OF the Missouri Pacific Railroad have
declared the regular serni-annuaI dividend OF "a
per cent. payable July % Owing 70 the low price
at which the stock is selling there has been some
apprehension IN the Street the ability OF the
company TO maintain the issue a per cent
basis but interests identified with the property say
road is in excellent financial and physical con-
dition and there is no danger OF a lower dividend
basis as long the situation remains favoraols
as IT is at present. Missouri Pacific has made
good record. and il Is interesting recall that Il
was among the few companies west OF the Slisz.s-
sippi that did not go into receivers hands in me
hard times that began in 1SOS
NO GOLD EXPORTS AT PRESENT Steering
exchange dropped 20 points yesterday. and Paris
exchange on London advanced The expectation OF
the withdrawal Of government deposits was fac
tor in the exchange market. and the general i'm
preston was there would be shipments OF the
precious metal 10 Europe. II - not expected that
material change Will take place in the call money
market until the data for the withdrawal OF de-
posits has been announced by Secretary Cortelyou-
DIVIDENDS DECLARED.-Directors OF the Cal
umet and Arizona Mining Company have declared
the regular quarterly dividend of $ share. This
compares with Sc a year ago. The ChiIds Company
has declared the regular quarterly dividends OF Is
per cent the preferred stock and II per cent on
the common The American Chicle Company has
declared the usual monthly dividend of l per cent
payable June 20.
MACKAY STOCK LISTED IN LONDON.-Pre-
ferred stock 70 the amount OF s50"o000o and COM
mon stock TO the amount OF s41SSi0 Of the AIackay
Company were listed on the London Exchange yes
terday
APPLICATION To LIST.-Appucatlon has been
made 10 the Stock Erchange to list Slo01o.ao first
mortgage S]s per cent forty year bonds y l25 OF
the Washington Terminal Company.
PIG IRON CERTIFICATEs.-Pi iron csruh-
Gates at the New York Produce Exchange were
duh and unchanged There were no sales Prices
for standard foundry follow: Cash, SIS bid; May
June and July, so2 so bid; August So bid; sspts'
Der. s21QS25; October. $2eGS25.
SECURITIES LISTED.-The following securities
have been added TO the Stock Exchanss list; 81
Louis Southwestern. Sl,S26.O0O additional consoL
dated mortgage per cent coupon bonds OF lsS-.
making total listed S1S122 000; $500 additionS
per cent first mortgage coupon bonds. making to's'
listed S4.O21 600 OF the St. Joseph Railway. Light
Heat and Power Company; 100000 additional
rer cent dehenture stock Of the Chicago Gre-'
Western, making total listed SIS.
ADMITTED TO QUOTATION.-Ths stock EH.
change has admitted to quotation in the unns.su
department SAT- 40 capital stock Of the BaaAAA
Copper Company The present property OF 20
Balaklala Consolidated Copper Company Is sI
uated approximately 20 miles north OF san fia
cisco Bay. the Creek mining district SHASTA
Al and Y1iIa from