New-York tribune., 1907-06-15
TOPICS OF THE STREET.

shares the local market representing arbitrags
transactions. while they also sold TO moderate
extent representing foreign liquidation. These
houses admit nervousness abroad with the ap-
proach of maturing option commitments and other
obligations the end of the fiscal year. particularly
in Paris. at which point the market was weak yes
terday. The London market also was heavy under
the influence of selling for Paris account. Rio
Tinto issues lost more than one point. The close
was steadier. Discounts were firmer.
MARKET GOSSIP.-Notwithstanding tho cs-
cnes in stocks and the pessimism that Is cur.
rent In commission house circles of the IarE-
est interests in the Street are buying stocks On
the belief that they are cheap at present prices
and will go a better level The First National
Bank interests are bulIish and the leading inter.
national houses taking stocks. though they
are making no efforts to support prices. There !.
a good deal Of buying for the account Of small
investors in good preferred industrials. such as
United States Steel preferred Traders put out
shorts all rallies yesterday and especially
bearish Reading and Union Pacific. which SUD-
piled 90 per OF the trading in the forenoon
One house which does a good deal OF investment
and other business for wholesale drygoods houses
says that some banks have been obiecting to ths
constant renewal of commercial paper. and thar
this is the real influence In the money market. a.
there substantial maturities IN the next fort
night Talk about the alleged financial troublsa
OF retail drygoods house and fear that there may
be failures among concerns that have been ex.
panding fast important factors in encour.
4es
tention is given to Mr.. HiIrs predictions Trsa.
ers get their shorts back easily at present ana
they believe further drives against values VIII b.
successful their attitude being responsible FOR ,o.s
cautious advices by commission houses TO thai,
customers regarding the buying for long account
C. /. Hudson of the conspicuous sellers of
Reading which again went under par, CATCHING
stop loss orders in considerable quantity. All ths
active bear cliques down this issue and ss.
forts apparently are being made TO send 4. 20 an
Western houses teSO r1a da~rF-.
wheat, talking higher money the end OF IA.
fiscal year and further liquidation as a conss.
quence- A leading commission house says: 'Is gs
to Judge by the ease with which the rnarke.
lost IN price valuation and tone to-day aIrnos,
the entire gain Of the recent past there would n.
very little 10 say IN favor OF the character Of re-
cent support and. except for the admitted strength
Of the technical condition Of the list. further de-
cline would appear inevitable. II would bs super.
fuous TO enumerate the existing and we'll known
causes for lack OF public interest In the raarke,
and we can only point the fact that trsds
conditions, earnings. business activities and ero,s
at this writing appear 20 be sufficiently favorable
TO sustain confidence, though IL is equally mani
fest that the Views Of those operators and investors
which go TO make markets now impressed
with present opportunities
GRAIN EXPORTS, FOR wEEK-'Bradstrest.s
reports the exports OF grain for the week bo+,
coasts. with comparisons figures in bushaIs q.
follows: Wheat. -four included. 1876 sS2 sgs,ns.
526313S last week 1929 242 in this week Issr YEA
oeelVf IN 1905 and 3400.S14 in 1902 for the fiscal
year TO date 154 $50. compared with 100 s5sss5
in 1s05-06 So 267 in Ie0i-O5 and 242 sss -s1 IN
1s01-'O2. Corn, 7sS. ass contrasted with 11s5os5
last week. 2204s6 in this week a year ago and
5o5o9s in 1905. For the fiscal year 20 date. ss5s-
4sl against 10ss2732S in 1sO5-'oS and 7S4s2 80 IN
1sOi-'O5.
DIVIDENDS Observation-Disclosures have bss,
declared as follows: Van Norden Trust COMPANY
regular quarterly per cent. payable Juns o.
Mechanics and Traders Bank. regular se-i-anuuaI
< rerC ant Vr,r,-
Company. regular semi-annuaI per cent pavabl.
July I. Jefferson Bank. regular semi-annuaI per
cent payable July l. German Exchange Bank
seni-annual 10 per cent. payable July I Metro
Poitan Trust Company. regular quarterly per
cent. payable July l. Standard Gas Light. regular
semi annual per cent, payable June %.
BANKS LOSE AIONEY-The reported move
ment Of money in the week shows loss IN cash
held by the local banks OF sl6O95OO- They received
from the interior sssS1soo sent 70 the interior
s5,o45.SOO- Receipts Of new gold were s1oe2 500
The loss by gold exports was sS.6OS6OO and on Sub
Treasury operations proper Ss7s.7OO. Receipts o:
currency from the interior were the largest sjnes
the second week in May
FOREIGN IRON--There was further drop in
foreign pig iron to-day. Middlesboro warrants ara
quoted at 55s. 3d. compared With SIS 3d. Thurs
day According TO cables from abroad the dsclins
was due 10 rUmoTS OF pending failures OF speclla-
tive interests Last week Niddlesboro warrants
sold above Sis The local iron market is quiet /:
is interesting 10 note however. that many con-
sumers who contracted for iron delivery in July
are not asking that il be shipped in June.
SEEKING WELLS FARGO & co. PROxrEs-
\ San Francisco dispatch SAYS two New York men
are in that city trying 10 bUy scattered Wells
Fargo Express stock 70 obtain proxies 70 vote
at the forthcoming annual meeting in the East
Henry s McGinnis. OF the New York men.
says; Wells Fargo s. Co. has been earning for
several years more than 50 per cent annually. IN
1876 the company earned ~ per cent There a
great many stockholders who an accounting
OF that large and demand 10 know why large.
dividends paid
UNITED SHOE STOCK DIvIDEND-The United
Shoe Machinery Corporation has declared 4 stock
dividend of . per cent to distributed among the
common stock holders. This dividend calls for ths
issue of about 1900 new common shares. The
corporation also has declared the regular quarterly
dividends of Ia per the preferred and y
per cent the common
CARNEGIE SAFE DEPOSIT CONPANY.-Ths
following have been elected directors OF the car
negie Safe Deposit Company; Leslie NJ Shaw,
Charles c. Dickinson. w a Keeuer, Lister L
Lewis. Frank 3. Harm. stanton L. Dickinson and
Robert NJ. Morehead. officers were elected as fol-
lows; President. Charles G. Dickinson; honorary
vice-p president Leslie NJ. Shaw: secretary and
treasurer. ]. c. Vtegler; assistant secretary ana
assistant treasurer, stanton G. Dickenson
GENERAL DEMAND FOR STEEI4-A well n
formed steel man says that the mills have re-
ceived few cancellations Of orders. but are being
asked constantly to rush shipments as consumers
supplies faster than the mills are able 70
make shipments, The sale of steel rails by the
Illinois Steel Company for delivery next year st'
already about % per cent of its capacity anu VI
ders coming right along
NEW PRESIDENT FOR CENTRAL FOUNDRY
COMPANY.-At a meeting OF the directors OF 'H'
Central Foundry Company August Heekscher was