New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-31
TOPICS OF THE STREET.

.riman shares and sold the Hill stocks and Pea
ing In bondon the market was dominated bv
the money situation, and prices as a rule vSer
lower consOls touching $685. but rallied for r.
September account, large buying orders deveIonf1,
mand per cent being charged for call loans Tha
financial position in Paris and Berlin is not HEaS
ut London. especially as Paris again is in the mar
ket for gold.
Morgan representative in the stock market Is tan
ing bulIishIy over the market. but many houses
which not noted as especially conservative
make the point that while the underlying situation
affecting actual values is strong. there is enOuob
uncertainty In the money market to suggest ey
IRENE caution in operating; the bull side on ma.
gin at present particularly demand r1-
gold has arisen in Paris There was some zoos
buying at the early low prices yesterday and in
dications Of support from banking houses that are
tied w with underwriting stuff, but the blvinp
power not sufficiently strong to affect ma
terially quotations. There is not enough money!
available to create sustained active bIvin,
power. Houses likely to he well informed borgbs
United States Steel common. and Flower & On
and other houses with so-Called Standard oil con-
nections gave out supporting orders IN the morn
in. especially in Union Pacific First National
Bank interests quoted as being against any,
attempt 10 create bull market AT present. but
it Is known they are bullish over the future, be-
Heving that later on in the season money cond
tions will permit extended bull speculation
Pooper & Sternbach. who were heavy sellers ~
stocks around the room Monday, again were
active on the same side, and were responsible for
the forenoon weakness in Reading 70 a certain ex-
Wa4
caught In the break in NiPissinE, and this to a
slight degree caused the selling in American Smell
ing Bear rumors were particularly plentiful in
houses that recently have been large borrowers OF
stock Specialists were moderately active and A
Mestre one of the leaders. gave support 70 Read
~ II fs still maintained by good nnsrks,
observers that Reading Is not cheap az its presenr
rrice II is a per cent Issue. with no immediate
prosrect OF an advance in the rate. Yet :: outsels
stocks Just valuable intr1nsicaliy. and In many
cases more so. Reading is not worth a cent mora
than Atchison. Southern Pacific or AmalSamated
but it sells well above them, however Reading Is
becoming a speculative football
SOUTHERN RAILWAYS GOOD EARNINGS
Earnings of the Southern Railway are showing
marked improvements right along. and the big fan.
ing off in net returns recorded last winter grad
ualIy being made up For the month OF Juns,
figures Of which received yesterday. the road
showed an increase in gross of Sl1.2,7 and IL
crease in net Of S1OS.7ZS For the twelve mouth,
gross earnings amount TO $5665I-9e4, compared VIII
$50 sl 4S9 In the year before Net earnings for Ha
fiscal year were SII95s, 7l2, compared with S2sEsa
in the year before.
CANADIAN PACIFIC-S EARNINGS Earnings
Of the Canadian Pacific in tHe last month of the
fiscal year were large enough 20 bring the total
gross for the year 81, 2l7.521, which compares
with Sol 75s in the year before. so So in I5
and So 4S9 122 in 1874. Net earnings We're $2535GS
against So 97G 2l3 in 1896. Sl5475.SS in 1878 and 81.
213.105 in 1904
BUFFALO MINES REPORT.-The first repor.
of the Buffalo Mines Company shows uisrelianeous
income of S2s2S; gross ore returns. S2l39s4. less
$11S,0Sl for transportation and treatment ThsTa
r
expenses. leaving total net earnings $li2I5 After
dividends there was a surplus Of S52.lt5 The con-
densed balance sheet shows total assets IT SisI@
PIG IRON IN FIRST HALF of Ia17-Ths
American Iron and Steel Association has received
from the manufacturers complete statistics Of the
production OF pig iron in the United states IN ths
first half Of 1897 The production Of pig iron IN that
period was 13.41SG++ gross IONS. against l273tstL
in the last half Of 1906 and l2.5,-15o tons N
the first half Of 1870 The increase in production n
The first half OF 1871 as compared with the second
half of I9S amounted 20 75SIoS tons. and COM
pared with the first half OF 1919. % s95.9+ tons.
The production in the first half OF 1917 muca
the largest OF any half year in our history, and
IL was larger than Of any whole year prior 20 Ike
AS late as 1894 the worlds production OF pig ron
amounted 20 only - $4,000 tons. which We Will
certainly exceed 1871 and almost reached in 1-N.
YOSEMITE VALLEY BONDS.-N. W. Halsey &
co. Offering the unSO.d portion OF TIE &,s't"0
per cent first mortgage bonds OF the Yosemite
Valley Railroad at loI and interest. % yield +sS
per cent. The road on which these bonds are Sc
cured extends from junction with The main lines
Of The Southern Pacific and Santa Fe systems az
MERGED. Cal. TO FL Portal. on the boundary Of the
Yosemite National Park, total distance o. about
eighty miles 1t was placed in fun operation on
May Il, since which time hotn passenger anu
freight traffic reported To have c-,.y ne, me
engineers estimate The greater part ~ the bonds
nave been sold in California. where they are tax
exempt.
BUTTE AND NEW YORK COPPER PROC
r ESS-Of1CerS OF the Butte and New York copper
Company have received word from b-'-e t13t ms
great shaft being sunk up"n me ''-''V- >r--s.s
claim has reached the 5t'-foot l-v-, ara no "slee
has been struck. This shaft IS SAID On p ms
largest in the Butte camp. beluE eighteen ier- II
The clear in three compartments The Ulauageulent
pleased with the work being done as II Is cost
ing about half that the same kind ~ work is cost
ing other mines in the same C-'Slt1rhood- ny
sinking the shaft twenty feet beyond The FOOT Wal
instead Of down through the porous N-3 toly WAFER
has been avoided No pumping has been no. eSSsr!.
The shaft viii be sunk az least -'' '-e- = = -
cross cutting into the ore Will b begun BY tHs
method adopted in the sinking o. te.5 saaiL l-s
company has already saved az l'tS- >-'.'' -,
shifts are being worked each o. eight hours daIa-
ton.
DIRECTOR THOMPSON NOT OFT OF NIPls-
SING.-The report that W. r Thomson has re-
signed director OF The 'Nlp.sS7 E Mines Io11
pary is denied upon the highest authority Il -
said that neither NJ. Thompson nor any OF 'Hs
other directors has handed in his resignation ana
the company's mines have been flooded Is Sad !"
NipissiuE stock was again weak yesterday
psI.AwARE ~ HUDSON BUYS MORE COAL
LAND.-It is said the Delaware 4 Hudson K tH
road has completed negotiations for tar PorculS.
of coal lands at Pottsville. Penn. This IS the las,
important coal tract here not heretofore OWL
Ivy the big coal company. The company VI. !.
able mine coal directly under FottSv'-i'. "'A'
the vein lies thousand feet below the SURFACE
RI-FFAI.O. ROCHESTER, x PIrTSBU Ri-Ins
directors OF the Buffalo. Rochester u Pit'Soulsy
Railway Company have declared seIn'-aHl--+
dividend of per cent on t"e preferred s.IIN ar,-
a semi-auuual dividend Of 2i- pev cent cH the -,
mon. payable on August 10 This Is q - ssst nv
/. OF per cent on the common. but IS 'nSe' ~ =.
the declaration of per cent on the N'alol,Hs [n
veStment Company. which took over tHe G''l ~
critics OF the Buffalo. Rochester y PittSoufs' -
stockholders OF the latter holding company -
crivin . per cent OF their holdings in the NaaOH
ing Investment shares.
DIVIDENDS observation-disclosures have 80
declared as follows. Jefferson and Cl7drneId -
and Iron Company. regular g'2 per cent On r-y
preferred payable August Is; Citzeus Union fe ~,
and Mortgage Company. n. per cent. payaoe =
gust =: Mahoning Investment COMPANY per Gems
payable September 3.