New-York tribune., 1907-07-28
TOPICS OF THE STREET.

market was heavy particularly for CODsOls foreign
bonds and the copper stocks The money market
at the british capital was unchanged. Gold the
amount OF q CO9,C00 will be offered in the open
market tomorrow, and IT is likely the Bank OF
ENGLAND will get the greater part OF II. as
change rates at Paris London are not favorable
10 shipments OF gold the French capital Cabls
dispatches reported New York buying orders in
the Hartman stocks and United states steel
MARKET oPINIONs-Opinions on the market
by some Of the leading houses follow; Henry
CIevs & Co say: For the time being the pros
poets are for quiet but firm market until vaca-
tion absentees return and the crops nave passed
the danger point. Wheat. corn and cotton have
shown much Improvement during the last few
weeks it should not be forgotten that the two
latter important crops are late and more exposed
TO danger from frost tnan usual. The Southern
Pscia, dividend Increase has probably been fully
discounted and the temptation 10 take profits was
Increased by the that the Interstate Commerce
Commissions suit viii come up IN the autumn
New security issues have temporarily ceased and
the market is certainly feeling the benefit OF the
rest cure. % Gra1Eis < Lawrence say we are
still bearish the Southern Railway and Sea0oaTd
Air Line securities. aad also-tO a less desree-on
New York Central Big Four. Baltimore * Ohio
and ST Paul These stocks will doubtless move
with the market but they will probably be heavy
compared with other stocks. and more likely "a
break We recommend changing these FOR other
stocks that yield as much and are earning verJ
much more
Marshall. spader & Co SAYS. The stock market
continues TO reflect the right kind of support. and
the upward movement has so far been confined to
stocks Of admitted high earning power which con-
investing than a speculative affair, and is less
likely. therefore. 10 have a serious setback"
Chandler Bros & Co say: We believe sdvar-
tage should be taken Of any setbacks 70 pick NJ
stocks. II looks particularly safe 10 buy United
State Steel and Reading the raids
n l. Horton & Co. saw; We are daily getting
evidences OF bull market and look upon the re-
actions favorable places 20 make purchases on.
There many traders who are looking for the
drive IN prices FOR their opportunity 10 see
into the market
ARBITRAGE BUSINESS sLAC'K-"Ths Wall
big brokers' Offices still a deserted look. and
the better feeling engendeTed this week in most
quarters as 10 the position market has
apparently brought little. II any, grist 70 their
mills on the contrary, tour Of some OF the lead
ing houses in the Street leads 20 the conclusion
upon those existing a week or ago, despite the
futter OF activity prevailing during the last few
days In fact. II possible the situation is regarded
even more pessimistically than ever Especially IS
this noticeable In the Offices OF the big arbttrags
houses, which unable TO report better conditions
than those existing three or four months ago
about the time Wassermann Brothers closed their
London Offices Inquiries few OF the big ar
bitrage houses as 70 whether the advanced level
OF prices established the last few days has resulted
In increased business elected fairly consistent
views OF the market generally from the arbitrass
standpoint. but showed differences Cf opinion 10
exist in one or two directions
MOVEMENT OF COTTON-''The Financial
Chronicle" gives the total pert receipts OF cotton
for the week ended July 25. $3.50 bales. against
lO55S bales in the preceding week. making The total
receipts since September !. 1870. 96+5,2eS bales,
against 76SSSsI bales for the period OF 1eo5-
showing increase since Septenber :. LsS, ot
L95SS57 bales. Weather reports by -elesrapn
from the South the whole OF 4 "a
vorabIe character Rain has been fairly general.
but in the main the precipitation has been mod
crate light, and in some sections dry weatner
has prevailed our advices denote that the crop
is doing well. but it is claimed from number OF
districts that more moisture IS needed
DIVIDENDS Observation-Disclosures have been
declared as follows; Pittsburg 4 Lake krie Kan
| II : "A
gust !. La Belle Iron Works. regular quarterly q
per cent payable August !; Washington Gas Lisht
Company, regular quarterly 2l3 per cent payaois
August 1; Harrisburg Traction COMPANY resuIAI
seni-annual per cent payable August !; Corn,
| wall x Lebanon Railway. regular seIni-annuaI .
per cent. payable July !.
TENNESSEE COAL. AND IRON-The earnings
| OF the Tennessee Coal and Iron Company over me
last three months have been establishing new hisa
records. The income OF the company is larger thaa
II has been at any time in It's history Kan y.
ders already the books viii keep the plant run
ming for the next year and a half. The conlpany
has awarded contracts for the installation OF tW0
additional open-hearth furnaces. which will be sim
liar in type TO the four recently constructed 81
Ensley.
BROOKLYN FERRY COMPANY STOCK De
POSITS--Far more than a majority ot the out
standing capital stock OF the Brooklyn Ferry Com
pany having been deposited with the NihoSor
Trust Company under the call OF the proteSusSs
committee further extension OF time VIII %
granted y week yesterday extension Ior
one week was allowed by the committee. 1t IS pos
Il a
nittee will be held to decide what further action
should be taken in behalf of the stockholders VINO
have deposited their shares.
| RAILROAD GROSS EARNINGS the SEQ
ond week OF July the total gross earnings Of forH
| three roads aggregated S0.4S214S. compared Wlun
s9.42lss6 in the same week year an tncredS'
OF Sl0So.247. 1898 per cent. For the third NeeH
| OF July the total gross earnings OF twenty.iou.
roads aggregated sSsS6.4u. against $Slo+loo ll
the same week last year. an increase Of SS-<R' VI
| 1880 per cent.
| d~St
BANQUE FRANC'O-ANIERICAINE- NJ
| annual financial statement OF the Banqus FRAME
Americana ia published and shows net earu'Hs
OF 6S9.SlST4 francs. This is the first fOreisn o'N
I'm which Americans have largely identified them.
| selves as shareholders and directors. The CUISINES
| OF the bank has doubled within the last lV-
months. and IL is expected that the bank VIII So
| pay dividend of per cent out OF the pr0hts -
/ the first year.
| STOCK EXCHANGE Membership Trans
| ferred-Melvllle D. Martin TO Joseph G Rogers -
| Rogers & Rutherford. Columbus. Ohio. MeihpeI
! ship Posted for Transfer-W. :. Alley 20 Edsa ,t
| Mayer; sponsors. c. g. MinEeshemer ana VI. -
sternberger. New Partnership Rogers RutheIr
| ford. Columbus, Ohio; Joseph c. Rogers FRANK =
/ Rutherford.
| BANK CLEARINGS-The total bank cieair'ss o.
| OF tho United States for the week ended july "a
| zone day estmated) We're S,690.TS asalisS -
| B555,696 in the preceding week and SSO6.0l's'0 -
| the corresponding week of 1906
| SUSQUEHANNA IRON CONPANY.-The mrs nIs'
| board of directors Of the SuSquehanna Iron Iotu
| pany has been elected follows; Michael hls ~
| w. Hepburn.
| UNITED BOX BOARD,-United Box Boards ~
| earnings for the half year ended on June 50 WIZ
s3l7Ooo. an increase 1905 of about sleo.oN