New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-21
TOPICS OF THE STREET.

MARKET GOSSiP.-EOTceQ liquidation that a.
going on is due 10 private necessities rather
than to distress in business circles. The marka,
is feeling the effect of quiet selling that has been
underway for several weeks and low prices "a
corded are being utilized by people with availabs
funds to secure first class shares 70 hold for in
vestment and speculative account. The amount ~
money available. however, for operations Of thi.
character is not large. The entire Street appear,
to be bearish on Union Pacific and the Hill stock,
persistent selling of these issues naturaIIv
affects sentiment adversely, though there has been
no change in conditions governing the actual worth
Of the securities Wall Street is upset over III.
crop outlook over money over new issues by rail-
road companies and various other considerations
letting its imagination play tag with its ideas
with the result that it but side to the mar
ket and that is the bear side Winter wheat est
mates made yesterday place the yield at s25.Oo0ey
bushels us 600 bushels under last years croo
and 100000 under the poor record OF 1904 which
was the lowest in seven years. Such a yield would
of course mean something OF a loss TO the farm
ers but the chances are much Of the damage to
winter wheat will be Offset by the planting OF thu
lost acreage 10 other products A feature OF thu
market is the tendency Of a number Of stocks tow
ard lower levels They have been declining in a
slow sagging fashion. without any apparent as
sistance from the bear element. The inference IA
that such stocks have been dropping on the mar
ket" from a variety of sources This refers 10 no
particular class of stock For instance, Rock ISL
and common has gone unQeT -, anu southern KALI
way common has also declined through the level
OF 20 A much more conspicuous example is Union
Pacific On the announcement week before last OF
Mr.. Harr.man's financing Union Pacific broke
from above 80 145. and afterward recovered TO
the level OF AS. 1t went to 40 in the first hour
yesterday, and subsequently below that point
Speaking Of the market. prominent house said
Yesterday. 'sThe pressure OF new securities IN the
shape Of bonds, stocks and short term notes con-
tinues and IL IS proper to add that many issues
previously subscribed for have not yet been ah-
sorbed by the market. We refer 10 the Northwest
properties including ST. Paul 1t becomes every
day more apparent that the difficulty in market
ing even the best bond issues has been the main
cause Of lack of confidence in the general list and.
with poor crop prospects. labor exactions and the
promise Of harder money rates. a lower stock
market seems inevitable. though many stocks look
desirable for investment at present quotations.
TELEPHONE EARNINGS INCREASE--Ths
keystone Telephone Company, Of Philadelphia,
ports increased earnings both for the month and
for the ten months period In April the gross was
S7 e against SO SCI last year. Operating expenses
and taxes were sf2529 or only IS per cent. against
Ss99l7 or Sc per cent in 1895. For the ten months
the gross earnings Of sSl9.ss0 is an increase %
s14i 80 over last of which increase nearly
$50 coo is carried to net income During the period
a reserve fund for renewals amounting 70 S9SS1
has been set aside. compared with So3s9 IN the ten
months Of 1905.
LAKE SUPERIOR NOTE EXTENSION.-The
weakness in Lake Superior stock in Philadelphia Is
due to the fact that the Canadian Improvement
Company has asked for an extension OF the three
year notes due June l. which amount 20 aoour
q 100000 II is understood that all the holders q
the notes have agreed TO the extension except two
whose claims amount 20 about $4,000. and they ara
expected 10 fall in line within day or so The
Canadian government has extended the 100000
still due from the company until November next
NEW YORK COUNTY NATIONAL. BANK NEW
STOCK.-A special meeting OF stockholders OF ths
New York County National Bank has been called
for Tune IS 70 vote 70 increase the capital stock
from $4,000 TO $4,000 The stockholders will also
be asked to authorize the directors 70 declare an
equaizing dividend Of $50 per cent. or 100000 for ths
purpose OF subscribing % the additional stock.
which will be offered 10 the stockholders at par
The stock OF the New York County National Bank
IS quoted at 81 20 bid 1896 the bank paid 80 per
cent dividends and in 1895 dividends amounting 70
100 per cent were paid
BALTIMORE Sc OHIO'S GOOD EARNINGS-
The statement OF earnings OF the Balttmors & ONO
Railroad for the month of April, as compared with
the corresponding month of last year, shows an IN
crease Of SS02sST in gross and an increase in net
earnings of sol $50 For the ten months OF me
fiscal year ended April 50 gross earnings increased
S367i.T79 and net earnings decreased S5.2,246
/. STEEL MEETINGS.-The Eastern Iron Bar As
ISOLATION and the Nut and Bolt Association. al
their meetings in this city. made no changes in the
existing schedule OF prices. Iron bars are now
quoted at 81 70. Pittsburg. while steel bars are
quoted at 81 90 PittsbUrg. The demand for iron
and steel bars is brisk and the various companies
are far behind IN their deliveries.
NEW RAILROAD RESIDE\T-AugUst Mann.
superintendent Of the American Steel and Wire
Coupany's mills at Donorah Penn. has been made
president Of the louisiana Railway and Saviga-
ton Company. operating between New Orleans and
Shreveport. Ia. The road is about SO miles in
length and is known as the zone man road hav-
ing been built by William Edenborn director OF
the United States Steel Corporation. Mr. Mann is
q nephew of Mr., Edenborn.
APPLICATIONS TO LIST.-AppI.catious have
been made to the New York Stock Exchange 70
list 100000 additional per cent debeuture stock
of the Chicago Great Western Railroad Company
and $500 additional 5 per first mortgages
bonds. due 1857. Of the St Joseph Railway, Light,
Heat and Power Company.
PIG IRON CERTFICATFS-P iron certf-
Gates at the New York Produce Exchange wers
dun and unchanged. There were no sales. Prices
for standard foundry follow: Cash. So bid; May,
June and July. 81 80 bid; August 81 bid: SepteE1-
Der. S21G$25: October. $aoaS25.
MONEY FOR SAN FyRANCISCO.-LOcal banks
transferred through the Sub-Treasury yesterday
S0OGto to San Francisco. making 100000 since
Friday. The transfers represent payments due on
reconstruction account
AMERICAN SUGAR REGULAR DIVIDEND
The directors of the American Sugar Refining COM
Of 1S per cent on the preferred stock and ia per
cent on the common stock. payable on July :
ADMITTED To QUOTATION.-CentraI Trust
Company certificates OF deposit Of the preferred
and common stock OF the Chicago Union Traction
Company have been admitted TO quotation in the
unlisted department