New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-03
TOPICS OF THE STREET.

A0A AOo Or ldE S1REEI. 4
FOREIGN TRADING-Foreign houses wsr. ~
acuVe FACTORS IN the local market. dealing in onIy
Few Thousand shares. mostly purchases the onIT
sales being in Union Pacific and I-ni,aa So
Steel In London the general market was duu
Inc brltlsh money market quiet at unchanre,i
quotations. but there a good demand for I1r.l
bills at 21s per cent. The uncert .ir,,, 1890, Il
the french gold requirements was responsible fo-i
the absence of demand for bills of lone ,,a,,-4.
AT the Continental centres there were No n,ovAI
ments of Importance in stocks and money
MARKET GOSSIP.-Interests identified with - 4
Amalgamated and Anaconda copper eompants. -
buying the stocks. and traders whose informa,io,t
comes from inside sources are buIlish on the ,ss.
The consumption OF copper proceeds on an aror
nous scale, and according to D. Houston q 80
the well known copper firm, consumers ara taki,r
the metal with a regularity that indicates a bsaI,nf
full trade situation at the various fndustr,aI $50.
where the melting down operations are .o--,a. -
The foreign shorts In the metal are r,aL,t. -
progress In their campaign against prices ara -
of Rio Tinto shares in London and Part. a. al
is believed digging pit for themselves rather ,b,t
for the interests which buying copper shar.s
trade conditions. There appears be somethinr ~,
a stale bull account in the local market for stocks
and it's liquidation prevents the maintenance 81
rallies for any length OF time Nevertheless mosss
houses advise purchases weak spots. Crop con-
ditions not favorable recently indicated
by government reports. and the percentage state
ment of condition which will be issued on the 10Th
of the current month undoubtedly will show a ma
teriai decline, as compared with a month ago. for
winter wheat. and in view OF this probability tbs
stock market hardly will run into a bull affair at
present. Grain houses believe there will be an
enormous speculation In wheat this year and that
the course OF the grain market will be impor-i
tant factor in shaping the movements the Stoclsl
Exchange New York Central stock is moving
in a manner acceptable the bulls the ISSUE
but Its intrinsic value Is not decreasing. reecton
OF which is presented IN fits steady but quiet alb
sorptiOn by investors The Vanderbilt and Rookie
Teller interests doing nothing make the stock
a speculative leader, and it is a noteworthy facet
that in the last weeks the weekly averages
dealings In II have amounted to only triie more
than 5000 shares. The New York Central has
100000 Of stock authorized. but yet unissued IL
circumstances should allow, there is doubt butt
that the management would use this stock for the
financing that cannot be postponed beyond the end
Of the year The preparation OF plan for the
issuance OF equipment trust securities provides thu
management with alternative course. but proba-
bly, the one would have more favorable effect
upon the market position of the stock than the
other. Union Pacifc's activity foreshadows im-i
portant financial operations by the company which
discussed in another column OF The Tribune.
AMERICAN ICE COMPANY'S SPECIAL MEET
special meeting of the stockholders of thu
American Ice Company is called for May 10 to
authorize change In the articles OF Incorporation
so TO permit the company TO engage IN other
lines Of business aside from the wholesale deal
ings In ice. A special meeting for this purpose
was called for Monday last. but a quorum not
present and 1t had to be deferred At that tims
the stockholders OF the American Ice Securities
Company approved the proposed amendments 20
the charter of that company
NEW MEMBERS OF WHEELING & LAKE,
ERIE BOARD.-At the annual meeting of the
stockholders of the Wheeling & Lake Erie Railroad
Company s c. Reynolds was elected director. To
succeed Robert Blckensderfer resigned. His term
of office did expire for years yet. The d.
whose term OF Office expired at the annual
meeting Wednesday George J. Gould D. p
Hanna. ". G. Mather. Z W. Oglebay and G. NJ
Splitter. OF whom the three last named re-
elected. and Z T. Jeffrey and W. n. Duncan were
elected directors to succeed George j. Gould and
d. r. Hanna
MORE CAPITAL. FOR OLD DOMINION.-At a
special meeting of the stockholders OF the Old Do
nnion Company, of Maine, held here yesterday.
the proposition 70 increase the cOmpanys capital
stock by issue OF 1900 shares was adopted
The shares will be allotted to stockholders their
par value of $50 a share pro rata. The issue has
been underwritten by some of the largest stock
holders in the company at $50 a share. without
The proceeds OF the sale will b
Used for working capital and 10 enable the company
to make earlier distribution Of it's earnings than
heretofore. and also for the constructions and i'm
provements during the year in the way OF in
creased furnace capacity and additional equipment
and acquisition OF new properties.
VULCAN DETINNING.-At the annual meeting
oany. held in Jersey City yesterday. the retiring
BOARD of directors reelected. At a subsequent
meeting the newly elected board organized by re-
,ecting the retiring officers. The annual report oe
he company shows net earnings of s455 293. and a
surplus after dividends OF $50. 7SS The capacity
VI the plants increased 20 per cent in ths
-ear
VAN ETTEN ELECTED PRESIDENT.-Edga-.
Van Etten long identified with Vanderbilt inter.
ests and formerly general manager OF the New
York Central, has resigned his vice-presidency OF
the Boston Albany Railroad 10 assume the presi-t
iency of the Long Acre Electric Light and Power,
Company. which is controlled by the Manhattan
Transit Company
prices decidedly upward. and the Tennessee Coal
and Iron Company has advanced the price of No
foundry from SIS 90 S1S Birmingham for
delivery in the last half of the year. How
ever the Tennessee company has sold practically
Is entire capacity for the remainder OF the year
and can take little iron for delivery any price
BANK CLEARINGS.-The total bank ciearings
or April of all cities in the United States outside
New York. according 10 r G. Dun & Co.
a. $50 2ss $50 ap OF 1873 per over last
rear and D. per April 1895 New York
,learngs were $40 52S.6l4 decrease OF 1913 per
ent from last year and of III per cent from April.
1905.
AMERICAN RADIATOR DIvIDENDS.-The d.
ectors OF the American Radiator Company have
declared the regular quarterly dividend on the pre-
erred stock and the regular dividend on the conf
non stock the preferred payable May IS and
he common May Is
ST. LOUIS SOUTHWESTERN-At meeting
II the board of directors OF the ST Louis South
western Railway Company. held yesterday William
H. Taylor was elected a vice-president and Arthur