New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-04
TOPICS OF THE STREET.

FOREIGN TRADING--Foreign houses vera ~
active factors in the local market selling a ~ ~
shares of the Steels and Union Pacific In Io,So
the general market sluggish and duh thro,,e.A
out. but there was no selling pressure. On the
Paris Bourse prices were steady, with Rio Tintas
in some demand, strength in the metal helping ~
market The effect of the return OF dividerS
money shown in further large repayments %
loans 10 the Bank OF England There no
change in discount rates, and Paris exchange an
London remained at Tuesdays level
STOCK MARKET GOSSIP.-It is no secret q,
Wall Street that the powerful interests in ~
Union Pacific convertible bond syndicate are bach
of the present bull movement in the stock r,arkar
vet Thomas W Lawson asserts that he is the real
influence in advancing quotations Mr. Lawson ap-
preciates the strength of underlying conditions and
knows that stocks are cheap az current prices and
he is not afraid 70 say So but the Improvement in
prices must go to No % William street There ava
reasons the belief that prices will be carried "a
much higher levels in the near future, in spite ..
money market conditions, and If this proves to be
the there viii be considerable rejoicing amons
the people who have been carrying other PEOPLES
burdens as a heritage OF the March panic The
bull interest IN Union Paclnc appeared willing TO
take all the stock traders had TO sell and the
Street had the Tip that the stock would be pushed
10 the ffties. There was an excellent market for
all the active shares on the selling movement IN
the morning, and the with which prices re-
covered losses and the aggressive spirit OF the op-
e-ations in the last hour convinced the ordinary
observer that the present bull party was in the
market for something more than temporary rav
Though money is stiff, the big men appear to have
all the funds they wish, and the nnanc12l prOnli-
nence Of the people who bUling the market
creates the impression that low bank reserves will
not interfere with their movement. Tips 70 buy
Anlalganated Copper and ST Paul were freely cir
cuIated. and both stocks made good while the
same thing may be said of all issues On which ad-
vices 10 buy put out Strength IN Steel COM
mon and good buying revived the report that the
dividend viii be increased There is basis for
this idea at present than az any time in the past
The directors meet the end OF this month for dvi
dend action. and it would not surprise well in
formed II the rate should be advanced, per-
haps not more than one-fourth OF per cent quar-
n 10 arors
are working for substantial banking houses, and
this fact in itself encourages the small trader 20
align himself the bull side. Traders made their
holiday expenses out OF Brooklyn Rapid Transit
yesterday in the same old manner by advancing
the stock on the expected big earnings a result
or holiday travel TO the Coney Island and other
resorts reached by the company Tho long interest
in the market has been largely increased in the
last eight days but there has no- been much pub
lie response 10 the movement.
MONEY MARKET -CONDITIONS-The local
Sub-TreasUry transferred for banks yesterday
10000 70 New Orleans The money paid out By
the SUo-TrsasUry in connection with the resurnp-
ton OF the government 5 DOUBTLESS viii be re-
fected 70 q material extent in Saturdays bank
statement, as already the banks have gained nearly
100000. Sterling exchange was firm and can
money ruled above per cent. but the genera.
monetary situation was thoIeht 70 be better
though some uneasiness was expressed over the
possibility OF further gold exports. II is said that
the gold coin sent 10 Holland yesterday was really
Tor Egyptian account and would go 70 Vienna,
where there are heavy commitments in Egyptian
securities which recently have gone TO pieces
DENVER TRAMWAY COMPANY SALE-In-
terest5 in this city who have been familiar with
the affairs and plans OF D H Motfat OF Denver
understand that he sold q controlling interest n
the Denver City Tran1vay COMPANY for the 7ur-
pose of raising money for carrying the con-
structiOn OF the Denver. Northwestern & Pacific
Railroad Nj NIo1ar has encountered no Hrrls
ever since he undertook II, and il is understood
that so far he has invested approximately S. do =
Goo OF his own money in TIE enterprise According
70 the latest ofnclal records he has 20 miles e
road completed and in operation. from which I'll
revenue is very satisfactory The balance OF re-
celpts atter paving the cost o. operation and nXet
obligations is being reinvest5d in the road Mars
den J. Perry one OF The reported purchasers OF an
interest in the Denver City Traulway Company. IS
one OF the weaIthiesr men in Providence. R 7.
and with Oaklaigh Thorne. holds controlling in
terest IN the Central OF Georgia Railroad. under
the terms OF the deal thar was carried through
last week
NORTHERN WESTCHESTER SECURITIES
CO1FA-[ liver & % are oIrerlnS Sc"tt" per
cent bonds O. the Northern Westminster Securities
Company ct SI1ec and accrued interest 10 yield
about s. .. The bonds are secured by the stocks
OF the PeeksklH Lighting and Railroad Company.
the Northern Westches,er Lighting Company and
the Hudson River and Eastern Traction Company.
PRODUCE EXCHANGE RULING-The Produce
Exchange rules that on all transactions the
Produce Exchange Tor no1-rne1be-s commissions
shall be charged and paid under al circumstances
on both purchases and sales Such commissions
shall be absolutely free from any rebaternenC or
bonus Members may act the foor for other
members receiving ore-tou-th or the regular com
mission rate
failure or the recent New York bond Offering. sales
Of municipal bonds II June reported by The
Daily Bond Buyer were larger than in any juno
since 1871, with the exception OF 1902 and 1876
There were sales yesterday ar auction OF S4000
New York City 81 Per cent bonds az SSI5 in
come basis Of 8 $50
DIVIDENDS Observation-Disclosures have been
declared follows: Hamilton Woollsn Mills regu-
lar serli-annUaI per cent, payable July 10 United
States Glass Company regular quarterly per cent
payable July So; NonOnSahsla Consolidated Coal
Company So per cent on the preferred, payable
July Is.
NEW COTTON EXCHANGE MEMBERSHIP
following have been elected members OF the New
York Cotton Exchange: Samuel . Brown, OF A. O.
Brown s Co. Allan y. Clement. OF Clement Cur
It's & Co, New Orleans, Henry I. Edwards. OF
=. L. Edwards * Co, Dallas. Tex