New-York tribune., 1907-06-19
TOPICS OF THE STREET.

confined to United States Steel and Union and
Southern Pacific. The market on the other side
vas too inactive make arbitrage trading prohta-
BILE In London the stock market was idle. Con-
soils weak as a result or dearer money ana
the prospects of liquidation in connection with sub
scriptions to the impending Transvaal loan Kaflr
stocks were down. but the Rio Tinto shares rallied
on what looked like Paris buying Money was in
fair demand throughout the day.
MARKET GOSSIP.-WaH Street recently has had
the idea that the Reading would increase Its dlvi-
dend rate at the forthcoming meeting of directors
but this theory received material setback yester
day when the Jersey Central which is controlled
by the Reading, failed to make any change In its
rate The failure of the latter TO raise the dfv-
dend does not necessarily mean that the Reading
will not increase its rate but there are other good
reasons why the company ought not 10 advance the
dividend, and the chances are the next clsiIoutoh
to the stockholders will be on the same basis as
the last This is not good tune Ior 9lFiuend d
raises and IL is useless for Wall street 10 nope tur
a bull market talk of bigger distributions. me
most conservative companies which could aIlord %
paw out more to stockholders believe that IL would
he extremely foolish 10 increase dividends at the
beginning of the crop year and at time When
there is more or less uncertainty over the couTss
of business in the next two years In the case OF
most companies stockholders are receiving all tney
entitled Commission houses tnat 90 an
investment business report some buying OF tIIs
sort and they expect increase in volume after
the July interest and dividend disbursements
house with foreign connections bought some 500
preferred yesterday, ana rev lIilhoIs t -
for investment account. but rule foreign houses
were sellers. The Adams melon falIed 70 excite
the Street Perhaps this was due IN part 70 the
fact that the company known to be a large
owner Of accumulated surplus. and that under tls
bill its finances would become puDHc property
and would afford stockholders chance To demand
of the profits The company douotIesS us-
cded 10 ger busy in advance of the time when il
must opensup it's books. Pepper & Sternbaeh Were
again fairly active buyers OF Union Paelhc. Ihe1e
appears be a good deal Of Union Paclac gong
into strong hands, while the same thing may o8
said of United States Steel II IS said that certain
interests not far from Broadway are quietly buy
ing International Paper common at private sais
and on the Stock Exchange though transactions
on the exchange are extremely limited II y
known the company IS In splendid shape ITe @ 2l
account IN the present market IS so sIldiI I.a-
higher rates for call funds will not be much OF
market factor.
DIVIDENDS Observation-Disclosures have been
declared as follows Bank of New York. regular
seIni-aunuaI per cent. payable July /; New AM
sterdam National Bank regular quarterly 8 per
cent, payable July I; Market and Fulton BanA,
regular quarterly - per cent. pdydoie 80 e.
Empire Trust Company. regular semi-annuai "a
per cent. payable July 1; Trust company OF amer
lea. regular quarterly per cent ana : per c1AI
extra payable June %: Allegheny & western
semi-annual per cent, payable July l. jersey
Central regular quarterly per cent payaole +44-
gust !. Bankers Trust Company. regular quar-
terIy per cent. payable July !; National BANK OF
North America. regular quarterly per cent and
an extra per cent, payable July l. Corn Prod
ucts regular quarterly per cent on the preferred
and Central Trust. regular quarterly IA per cent.
pa yable July .
| AMERICAN STEEL AND wIRE.-With one ex-
eeption May was the largest month in the history
of the American Steel and Wire Company q SUD
sdiarv the United States Steel Corpofattoh IIo-4
| the standpoint Of shipments Orders Of the COM
panv since first of the year have also been rar
i'm excess Of the corresponding period Of last year.
| The fact that the American Steel and NlTe tohs-
panv is doing the largest business IN its history -
taken as indication thar the agricultural classes
are not worried about the outlook for the crops
The greatest source OF outlet for the company ts
I the farming districts. The production OF wire oy
the United States Steel Corporation last year was
| approximately I4Hpp tons 1He output tHls year
| will in all probability exceed 100000 tons
BETHLEHEM STEEL EAREINGS-It Is eX-
rerted mat the net earnings OF the Bethlehem
for Y1A Sly
81 will be between SSooc1eGt0 and S1oonoa a hgufe
/ in excess Of the total income for the year 800
! when S76o7i9 reported. The net income To-
the current year will likely reach S2o9oC0o. which
= equivalent about 1872 per cent on the Sl+Sue-
J CO preferred stock outstanding The net current
OF the company are IN excess OF net ct-t
liabilities by more than 100000 The working
capital Of the company. in fact, IS several nun
dred thousand dollars IN excess OF tAe pIeSetiI
market valuation the capital stock based on ths
| bid price As is generally known the income or
the bethlehem Steel Corporation VIII be praetca!y
doubled when its new extensions are in operation
NEW YORK COUNTY BANK INCREASES
! NEUTRALITY-SUSPICIOUS. of the New YORK County
/ National Bank have voted 10 increase the capital
/ stock from $29ttoo 10 NVV't' Inc 'l'Vcto'S -
be asked ar subsequent date 20 declare an equal-
zins dividend of 10 per cent or SDoo0 tor the @ put
pose of subscribing 70 the additional STOCK WIcI'
| viii be offered 70 the stockholders at par This
special dividend viii probably not be declared unit!
after july !. when the regular dividend on the old
/ stock shall have been declared
| KANAWHA & MICHIGAN-Ths Sa.5O0.n0 OF
| bonds Of the kanawha & Michigan which have
| pected 10 bs sold by July I. These bonds are 70
| fund the floating Indebtedness OF the company
and the directors anticipate difficulty in dis
| posing Of them as soon they can be issued 10
/ is the intention OF the directors TO put the stock
/ of the company a per cent basis by the dec
laraton OF a l per semi annual dividend as
/ soon as the bonds disposed Of. and probably
/ later than August !.
| HEAVY RAILROAD EARNINGS Seven rail-
roads reporting earnings yesterday for the second
week IN June show total gain OF S512.212. COM
| parisOn being made with the period year
ago The largest increase made by the Cana
dian Pacific, and the second best by the Missouri
| Kansas & Texas.
| BATOPILAS AINING-The Camuchin mine "a
| the BatOpias Mining Company yielding
| tremely rich The official report of operation
for the week ending May -, 1901. shows 1873 pounds
/ of taken from that mine during the week 20
! have produced : 40 of fine silver. over
1 1000 ounces ton. Assistant General Manager
| Alex X. Shepherd. jr., further reports that ths
! San Manuel pit. in the mine is sending
| down ore which will over So a pound. about
| 450O ounces OF fine silver
| CASUALTY COMPANY OF ASIERICA.-Lyuan
A. SpauIding has been elected president OF the Cas-
| ualty Company of America TO take the place ot
| Robert r. Armstrong, who recently resigned on
I account OF i'll health
| GOLD FROM NOME.-The steamship Victoria
| sailed from Nome for Seattle June y bringing
son. amounting to $l,e60o00. II Will arrive about
! June %
HARAHAN IN THE ERIE.-W. j. Harahau.
| tral and OF the president OF that road, has
hoe do SSfsr 10 he NJ ba