New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-10
TOPICS OF THE STREET

ward of 1900 shares. with heavy sales az O.
dian Pacific. Missouri. Kansas & Texas and uYnffs.
States Steel The passing Of the dividend on -
third preferred stock of the Grand Trunk OF 60
ada shares important influence in afs~aos-
ing foreign selling. while the position Of the rnoT
market also was an influence affecting sentfr1ass
in arbitrage circles part Of the foreign seIIi--
represented straight investment liquidation -
London the general market was Irregular ana =.
one time cOnsOls touched S1A. The uncertain r1r-
market outlook in all parts of the world is -
ating UneasineSs in London and Paris. The Pa-S.
BOurse closed heavy.
MARKET GOSSIP.-Western houses We're aNsr.
ed by the Western Union strike in Chicago -
business the local exchange for Chicago acconr.
amounted to small figures One active Westa-,s
house received the following notice from its CO.
cagO correspondent: NO tickers Of any kfnsl
Please shut off all CUFF and quote prices OnIv Ts
ticker service is at the mercy OF the striking Was+
ern Union operators" The wheat market sufrerss
more than the stock market result Of tbs
strike. and nothing was heard from Chicago excen-
over private wires. The fact that the Union Ps
ciic underwriting syndicate had raise SIS C,a "a,
in the day to meet the second instalrnent on ma
convertible bonds was an influence in inducipys
liquidation. as il was thought there might be difH-
Guilty in raising the money, but the operation vas,
successfully financed. though accommodation -
to be secured from the banks high interest ratS
Wolf Brothers. WaSserrnann Brothers and ofbo,J
houses which supported the market in Wednesiavs.i
decline were sellers yesterday. but did not ness.
the market where sales appeared TO be well .aks,,
There good buying Of Union Pacific on rs y
decline. and, in fact, throughout the list the char-l
acter of buying much better than recently ~
ported, especially IN the hartman and Hill Sha-as
Amalgamated Copper and United States Steel CON-
mon r. H. BisseII had the heaviest selling or5s-i
in Reading. the chief buying Of the issue comina
from the shorts J. r. WillistOn & Co. who e
credited with active bear following were col
spicuouS in the forenoon selling OF Union pacis.i
also in Amalgamated Copper. Canadian Parisa
was taken on the decline by interests fdertieassl
with property. and though the pool position ~
the stock was weakened by the local and fora-,i
selling there was no evidence Of distress on 49,
part OF the insiders Heavy selling London
market of Canadian Pacific was based on the paSs-i
ing of the dividend on Grand Trunk Of Canadsi
third preferred stock PrObst, Werzlar & Co
Knauth NachOd & Kuhne and other irnpor+an,l
arbitrage houses were sellers Of Canadian PacifoV
their sales accounting for the point decline in -
first hour of business HOLSTER & Babcock snai
Halle & Stieglitz good buyers OF ATnalgamaref
and other issues, and their operations natlraIU,i
suggested the idea that there still a few peo
pie left who were willing TO buy American sec1rf-a
ties as investments The Street believes the t7-f
vestigatiOn Of the Observation-Disclosures conf
pany by the Public Service Commission r1eanxs
business and that reforms Will Be suggested thas4
will compel the suspension Of the preferred div.s
dends.
BANKS LOSE MONEY-In the current week +bx
local banks have lost in cash holdings s2271sOO on
the known movement OF money They received
from the interior 1852 sent 10 the interiors;
IS 100. Receipts Of gold were S17s2Oo9 and
gold exports were 10000. On Sub-Treasury Opera-J
tons the banks lost S25O10 The movement Of cur
rency has begun this year the usual time despt
the lateness Of the crops and moreover. it has3
begun in heavier volume than IL the two preceding
years.
GRAIN EXPORTS FOR WEEK" Bradstreets,f
reports the exports Of grain FOR the week, with
comparisons Figures in bushels, f0llOws-l
Wheat. -four included $3S2ss3, against 29S35 Iast3
week. 2262 SOL last year and sS3l199 in 1901 From
July l. 15.9S360. compared with 121oo.21 in 1seSOT
and So 247S4 in 1gO1G2- Corn, 110 521 cOntrasJed
with 160s 121 last week 2g26SS 1906 For ths
fiscal year to date. $927o.252 against 457SSS7 ts
1906 o..
GENERAL ELECTRICAL statement issued byri
the General Electric Company shows that the corn-
pany IN the first six months Of the current fscas
year received orders aggregating a valuation o-i
H. as compared with S2 $50 S22 IN the cores
spending period OF last year Sales billed in th5
first half Of the current fiscal year aggregated Ss
406 SIS. as compared with S25sl5'762 in the corrs-
spending period Of last year
| steel. AND IRON PRICES-Since the first OF
the year foundry iron No. .. Cincinnati. has de-
clined about s. Ton; Bessemer iron, F1tts0urs.
81 90 a ton; forging billets, Pittsau-g. $ tons
open hearth biIets. Philadelphia. S25 a ton, wirs
rods, 81 a ton and iron bars. s. a ton Finished
steel prices, such sheets. TIN plate STRUCTURAL
steel and rails unchanged From the 1oregors{
it would that the advance IN pig ron an1
semi finished steel has been out Of proportion tn
the cost of finished steel. as there has been ~
change in prices fer the latter
VALLEY RAILROAD OF WEST VIRGINIA.
The Valley Railroad OF West Virginia has BEEN
! organized by number of Tyrone and huntingdon
Penn, interests. TO operate IN West virginia L
will extend hundred miles, from Piedmont INTO;
Pocahontas County 20 supply the West Virginia.
| Pulp and Paper Company with lumber and for5
| general deveIopulent purposes. The Tyrone Papers
II
West Virginia company, the so-called Paper Irus1
| OF West Virginia
UNION PACIFIC.-Aunouucene IS made 5T-l
the Stock Exchange that all transactions IN CnIo1
Pacific subscription receipts for twenty-year c0l
vertbIe bonds due 1877. until further notice VIII hs
second instalment. paid and fun paid
| SHORT TERM SECURITIES.-Svartwout -:
AppenzeIIar. Of No. ~ Pine street. have issues
an interesting and comprehensive tabular ae-.
scriptiOu of short term securities which recentYt
have been placed IN the market Seyenty-nlh5
companies are Included in the list. with note IS,
sues running from S1.00O0OG 70 SottSeeo az prlcSs
| that yield more than , per cent
| QUAKER OATS REGULAR DIVIDENDS,
/ Directors OF the Quaker Oats Company have ds',
clared the regular quarterly dividends or II pshs
cent on the preferred stock. payable August -,
| and Ia per cent the common STOCK pay
August 20. and Il Of 1 Per cent extra paS@''>s'
October 10
| meeting OF the board OF directors OF the Ilu'S
! Insurance Company, OF New York REID yeslli
| day Morgan ]. O'Brfen elected a diree'oE-
| OFFER ON CITY BONDS.-Zimmerrnan g
| Forshay announce that they will attend 20 slO-
| scriptiOns the 100000 New 1OrA OiE :,
cent bonds TO be issued next Monday IoI SLccoN-'
| OF subscribers without charge OF commission
BTTTERICK COMPANY REGULAR -
IDEND-DirectOrs of the Butrerlck CuIhg'-s
! hays declared the regular quarterly diV-te-lo -
| I per cent on the capital stock ptyaoie Sep'1
| Der 70 stock of record August 10 .
| GRAND TRUNK OF CANADA-The - 49,.
Trunk RAILWAY OF Canada has passed the divas.
\ on the third preferred stock The company So -
| dividends on this stock IN 1907 In thaI 80 -
| maid / per cent in 1903 2 per cent. nothing Il %
| . per cent IN 1875 and per cent IN 100
| EXPORTS OF COPPER-The New YORK AsI 80
EXCHANGE reports exports OF copper Tor tle 49, *
| ended August 2Ss2 tons. and since AU'-'-@