New-York tribune., 1907-06-26
TOPICS OF THE STREET.

~ Csnadian Pacific. Amalgamated, Rock island
and the Hartman stocks. Arbitrage houses re-
ported a distinctly better tone in London. where
consols recovered and the general market was
strong. 4 large business was done with the Bank
of England In July bills and short time loans.
Money va firm at the British capital and in good
supply IL the settlement the contangO rates
American shares were 4tI TO 4S4 per cent Banks
charged per cent as a rule for stock EXCHANGE
loans. Only light bull account was shown in the
adjustment.
MARKET GOSSIP.-ExceIent support was
ported In Yesterdays market. and buying in con-
siderable volume was noticed by the best firms IN
the Street Generally in the week before the July in
terest payments active buying is recorded the move
nlent representing purchases made on the theory
that the beginning of the fiscal year payments Will
be followed by a retnvestment OF funds IN securi-
ties higher prices, ana in view OF this yester-
DAYS upward movement should not be taken as
the development of a sustained advance. Nevertie-
less il is worth noting that much better feeling
exists in the financial community The crops have
made such good progress that Indications point
toward a normal yield. and. realizing the tm2or-
tance OF good harvests, Wall Street naturally Is
encouraged over the outlook for stocks Il bull
point was out Rock Island, and the Moore fol-
lowing appeared 10 be behind the movement
There are good reasons for better prices Tor this
stock, and in any fair sized bUll market the issues
OF the Rock Island company ought to enjoy I'M
provement. Rock Island is N a vastly stronger
position to-day than it a few years ago. and
the growth of the country through which It's lines
and the policy of the corlpany's management
in spending money the property are making its
securities attractive purchases. II was reported
that Lawson of Boston. was back of the advance,
Sldered tnc only UnfaVoEaole feature or the Gay
owing Wall Streets dislike OF the operations os
the Boston man. Good buying was reported in the
dlL stocks and IN Reading ana Union Pacific. ths
last named two supplying about 90 per cent OF thu
entire business. The usual bear cliques withdrew
their selling orders upon the appearance of sup
port from prominent houses while the floor trad
ers covered, much of the advance being due to the
transactions of the latter element One house
which covered its shorts and put It's customers long
OF the market said the Street generally expected
rally in July. and they getting in early in
general anticipation was not fulfilled Another
house said that. while the strength might prove
but temporary, with the passing OF the July finan-
cIaI cieaianceS II expected 10 find sentiment
security values improved. IL notes "A letter feeling
abroad regarding American economic conditions,
ana u Is prepared to see a strong market the re-
rainder OF the week There was some talk that at
the July meeting Of the United States Steel Gi-
rectors the dividend on the common stock would
be advanced TO a per cent basis
DIVIDENDS DECLARE.D.-Dividends have been
declared as follows: Seaboard COMPANY regular
sem se-nlIhnuaI -'2 per cent on the first preferred.
payable August l; Buffalo s Susquehanna regular
quarterly IL per -On the common uavahIa .
July american Chtcle regular III per on the
PieIeIIed payable July l; also per cent on the
common and an extra per cent payable july 90:
American Locomotive regular quarterly 10 Per
cent on the preferred and IL per cent or +ha corr,
mon; Chicago Pneumatic Tool Company regular
quarterly per cent. payable July %: Second Ma
tional Bank regular seuni-arpuaI Dsr csnt ~.
able July l; PittsbUrg Lead and Zinc Company
initial per cent, payable July Is: Tennessee CoaI
and Iron regular quarterly Per cent on the COM
o.. L.
srSI - aIuson MortSage sen1l-annusl per cent.
HEAVY RAILROAD EARNINCS-Eight ral-
roads roads reporting earnings yesterday for the third
WeeA III June snow total increase of S623.lSS and
one road decrease of $500 Comparison is made
with this time year ago. when receipts we're
heaVy ana the Improvement this year Is there
fore. the more significant OF the great Industrial
activity that prevails IN all parts OF the country
The Missouri. Kansas & Texas OF the roads in rha
United states. made the best exhibit its gross in
creasinE S-fs.17S The Canadian Pacific shows a
gain of ss51. coo. making for the fiscal wear. one
ain oFSf 2 Il
gross earnings OF this company have Increased
more than S20ooo.e0o
MISSOURI KANSAS & TExAs-H w. Poor &
60 say; The Missouri, Kansas & Texas is not IN
tiie market Tor money. nor has it need for any
mas no Indebtedness and is RAPIDLY accommodating
cash by the marked increase In its surplus over
fixed charges-this surplus for the last ten months
showing gain at the rate Of $50 per cent.
What has happened is merely that an unsod
portion Of the outstanding a. per cent bonds os
tae company which sold a year ago 10
MessTs. Speyer & Co. are ofsessd for resale 20
the public by a combination OF bankers in New
York and ST. Louis on their own account and nor
Tor account OF the company. which has nothing to
GETTING LA DICHA & PACIFIC R0>Ds
READI-The Mitchell Mining Company has issued
u ~ ~notlce 20 SUBSCRIBERS TO the la Dicha 6 Pacific
NalIroad company bonds stating that the bonds
have been signed and placed with the Guardian
trust Company and the trust deed forwarded TO
Mexico, where the registration formaIit!es will con-
some time. When the deed bas baar r.
turned. which should be in about three weeks the
bonds will be issued 20 subscribers who hsya naf4
IN tulL The interest Will be adjusted and paid to
March l. 1897. the March coupon being detached
NEW YORK AND FRISCO CURB TRADING
Owing 70 the activity OF Nevada sold mining
mining brokers in New York keep up trading be-
tween the New York Curb and san Francisco I'd
10 O'Clock every night and sometimes S
O'Clock. Quarters have been engaged for this late
session in room at No. "A Broad street. short
interest Of surprising proportions has been Uncov-
cred in the Godaed stocks particularly in ConsolI-
dated, Daisy and Combination Fraction
UNITED RAILWAYS OF ST LoCIs-Ths
United Railways Company Of ST. Louis Will issus
S&0.00 two-year 5l.s. dated July I. 1907. The OBJ
ject of the issue is provide for the taking uo
July l. $4,000 OF which Will be taken by treas
ury funds. The security underlying the Il
sL500Oo0 The United Railways general Is ara
quoted at about S0Nand $4,000 United Railways
preferred stock is quoted ssh.
STEEL RAIL INQU1RIES-The Hartman lines
IN the market for about 1900 tons OF steel rails
which Will be used in the construction Of the Salt
Lake extension The Great Northern and North
ern Pacific railroads have asked for bids for about
1900 tons OF structural material for bridges
FOURTH OF JULY HOLIDAYS.-Nenbers OF
Managers to close the exchange on Friday and
Saturday. July 3 ard 5. II IS understood that the
sugar trade will observe those days as holidays in
addition 10 July The drygoOds trade and
other wholesale businesses are also expected 10
take the above days as holidays
NEW NATIONAL BANKS BEING ORGAN
IZED HERE--It is reported that two new ma
tOnal banks are in the process OF formation. to
do business in this city These are 10 be known
as the Sherman National Bank. which IL is said
will be located In the Astor Court Building. n q,
saith street. and the Bryant Park National Sank.
which will be located in the 42d street district.
REGULAR ANACONDA DIvIDEND-The d.
rectors of the Anaconda company have declared
the regular quarterly dividend Of 81 I5 a share.
payable July II The Street expected change
in the rate
NEW COTTON EXCHANGE MEMBERS
Amory S. Dunbar OF New York and Charles II.
Cothran. OF Montgomery, Ala. have been elected
members of the local Cotton ExchanEe