New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-06
TOPICS OF THE STREET.

1900 shares in the local market selling on balance
In London the general market was firm and ger,
eraIlv higher the movement being helped by mr.
chases for the sinking fund through governmen,
brokers. Continental buying reported in ~,
South African issues. Money was relatively easv
the market being influenced to great extent by ths
release of dividends paid on government securities
The Bank of England made a poor exhibit in itz
weekly return and the minimum rate Of discount.
was maintained at per cent
MARKET GOSSIP.-Wan Street believes Their,
are strong interests behind Nj. Iawsons
carpaisn for higher prices. and II hinte5
yesterday that he had been engaged by No %
Broadway to engineer a movement for better
quotations. The story goes that the Standard OIL
crowd have forgotten for the time all the hard
things Mr.. Lawson said of the system in his
''Frenzied Finance" and ara willing 70 give him
the lob Of boosting prices. believing he deliver
the goods The movement, of course is supposed
to be in the interests of the public but the fact
that the Kuhn-LOeb- Hartman Rockefeller inter-
ests are tied I'D with securities for which they ara
anxious 10 make market especially the new
Union Pacific conveTtihles. suggests % many minds
that the prime movers in the advance the
interests mentioned story from Boston saws
Mir. Lawson will be compensated for his adver-
Using campaign from S30.E0OGO smelling and
mining proposition ultimately to be launched upon
the public So far the public has not responded to
any noteworthy extent. and II does not appear
likely that the outsiders Will be important factors
I'm the market, except investment buyers.
Money market conditions are against bull mar
ket AZ present and many Wall Street believe
Tho fraug11raton of a bull speculation this time
IS III advised and certain TO end in disaster. More
note issues were announced yesterday. the Bank
movement Of money and though call funds here
were easier sterling exchange pointed 70 further
exports Of gold The crop seasons demands on
the money market Will he heavy, and yet II Is
asserted the time has ,Ome WREN 4 hull market
can he safely brought into existence and carried
to success 70 the ture or a ." OF % IuIht rise
Watson & Co. say that 'nvastnent confidence is
returning and IL would be very WVlse 20 spoil
the progress of its ultimate restoration by 100
hastily dscountinS desirable an outcome by
premature bull campaign. Marshall Spader & 90.
advise against extended long commitments except
hn-
Ifaya there is no serious obstacle IN The way 81
further advance Opinion IS divided, but sentiment
agrees on point, and II Is th7t II IS mighty
dangerous proceeding 20 carry 49, - q
stocks on margins in times Of small 1ank reserves
COPPER MARKET CONDITIONS-Walzers
Corper Letter says:
ducers did not make any revision Of their quota
tons previous 10 the holiday lake being norflnally
2I 10 2S cents eleCtroIytiC > TO Z7 cents VITA
no transactions OF any Importance recorded Nego-
tiations have bsen under way for purchases that
would be made IL is understood. In fair volume Il
concessions in price could be secured Froducers'
however are not putting forth any efforts 70 e1ecr
sales Production IS not gaining on the consuming
demand. and conditions during tne last week nave
had a strengthening rather than weakening ten
dency in all markets There may possibly be soma
shading from the present level OF prices FOR nearly
deliveries when consumers and producers get to-
gether for business, but until that comes about the
producers would gain nothing by Offering copper
AZ lower prices when there is no occasion for IT,
The producers are in the strongest position that
they have known for long time both statis-cally
and financially. and well afford wait untI
consumers are ready and eager 10 do business.
Some consumers sought more copper than they
really needed IN the rush Of buying last March.
and are using il W before making new contracts
one % the largest consumers in the world says:
w i"'-e IIe producers 20 make concessions n tnS
price Of copper are false and entirely without
aoI-ra,.o r AILi'n OF mat sort on the part or
such reports are palpably absurd
FRIEDE GLOBE TOWER STOCK WITH
DRAWN.-The Friefe Globe Tower Company an
lrav from Ia lfssl
preferred stock Cne-half Of the original tssua
Less than S250 40 o: the issue rsrrars ., h. s7Ts
ana the company believes that profits OF its arrusa-
Inent enterprise at Coney Island will be so large
,ndI II VIII De unnecessary 70 sell any Of the re-
tred stock When the tower reaches the heis3t
~ s' feet It viii be opened for business tholIcn
the work OF construction viii continue and n IS
esunated oy the n1aHas cement that the income
-'.-l VII oe derived from the tower, even in an
CHc'mPiete1 state. only will b. s1,f4frJar- >,
q u''a-hd the frst season. but also provide
work without additional financing Nor $50
r m preferred stock has been sold under It's par
UNITED STATES RUBBER PREFE9RFD
- - pS-Ihe United States Rubber Coupany-
mas declared the regular quarterly liyt5a75s ~ a
Per cent on the first preferred stock tTrlTjin 81
.H1 9iH preferred stock outstanding ana t5s
regular quarterly dividend Of II. nar oa0r On - 60
ond preferred stock pavahle IriIt 81 70 s+CCt,toS
o. record July * The s-ararnaD- - .,~-{7,~,
issued yesterday for the quarter eT5a,t nv. az
June partly estimated-showed net receIDts aTrA-
the PAYMENT OF all charges OF appr6viroarsIy,
MS amount includes dividends anlourt-
=,
treasury OF the United States Rubber COMPANY
AMERICAN TELEPHONE AND TELEGRAPH
~ Is understood that Of the total OF over S90-
"r~e American Telephone and TELEGRAPH COM
Iany stock which was subscribed fer ont Of tho
tNuIe $----e.FP offered, practically all was raker,
~ 'he OLD stockholders The previous estimate OF
an Increase in the list Of stockholders OF 5.6
names Is considerably too high As n matter ~
iac the new issue OF stock will no- add more than
bringing II IN oa- 10 an 60 me, ,ne s,ocShol1eys list
E'iieFS who took advantage % an opportunity 20
make q ProHt by selling the stock on a decline
from ll' 10 lo+ and buying in the rights
BANKS GAIN CASH-AcCordfne - -hA L,Ov-,
have gained S5,slS.9 in cash They received fr7~7
the interior SSt3s,i0 and sent 20 the interior
thsr operations with the SUb-rreasury the banks
gained A9Sl,e'N The gain from the outside v-9s
CAie1y from nearby points. The gain from tho
SCb-TreaSUry due 10 the rede7nprioo ~ GOV
eminent per cent bonds OF 1907
APPLICATIONS To LIST-The following COM
panleS nave applied 70 the New York stock Ex-
cERnSe 10 list securities; Chicago, Milwaukee &
81 Paul Railway Company. SII4 cn0 a1dirinnar 49,
ferred stock and $4,000 additional con,r,o~ s-3c,
Third Avenue Railroad Company s617 O0O additional
hrst consolidated mortgage guaranteed per cent
4"-year bonds, due in =CD0, CHICAGO. Rock Island
y Pacific. Sl2S@.oH additional refundir- mortgage
/ per cent bonds due in 1884.
FINANCING OF UNITED RAILWAY INVEST
MENT CONIPANY.-A special meeting OF The pre-
TERED ana common stock holders Of the United
railway investment company will he held in Jsr-
sey City on July 3 take action on the PROPOSE
tn OF the directors 10 authorize the issue OF S.
V'ooo thr"e-year per cent notes and also TO con-
slider proposition OF the directors for the aCQui-
sitton 90 the tCu-year notes Of the United Rail-
roads OF san Francisco. made 20 the holders there
OF. Books close July Is and reopen July -
DIVIDENDS DECLARED Dividends have been
declared as follows: Great Northern Railway, regu-
lar quarterly Ia per cent payable August I; New
house Mines and Smelters. initial quarterly 80