New-York tribune., 1907-01-29
TOPICS OF THE STREET.

FOREIGN TRADlNCf.-Forefgn houses dealt IN
10 OO0 shares IN the local market. selling balance.
In London the general market firm and duh.
There was an active demand for money and the
loans due tho Bank OF England were renewed IN
part BY bills. The London banks expect 70 charge
per cent for stock Exchange loans az the settle
ment. but advances on Americans likely 70 bs
stn The contango probably will not be less than
per cent
WANT BIGGER 800" DTvIDENDS.-There IS
definite talk IN certain quarters that a movement
is being considered by the larger minority holders
OF 800" common stock for the purpose OF agi-
tating the question OF n larger distribution oe
earnings the stock For the last fiscal year
16Il per cent earned the total capital stock
both common and preferred That this result has
been achieved after proper expenditures for main
tenRncs OF ways. equipment etc, is shown by the
fact that the percentage OF gross earnings devoted
TO operating. and including both above items COM
pares favOrably with that OF roads operating in
like territory. In 1901 the average miles operated
were l.3i2. compared with 2135 in 1906 an in
crease Of about SS per cent in mileage with in
crease whatever IN capital stock and decrease in
bonded Indebtedness for the period OF nearly 10
per cent a mile. Gross earnings during this
period have increased 15S Per cent and net earn
ings 1876 per cent. In 1904 the common stock was
placed on a per cent basis. which Is the present
rate II Is interesting 70 that the earnings
for 1904 were about g 240OO0 while for 1908 they
were about S.SOOOo. The minority holders highly
appreciate the ability OF the management which
has made such results possible, but they feel ie
per cent rate was conservative in 19Os that a
substantially higher rate would now bo as con-
servative. in view OF the above facts.
WABASH NEW STOCK READY.-The United
States Mortgage and Trust Company gives notics
10 the holders OF its deposit receipts issued for d
benture mortgage bonds. Series ''A' and Series
B. OF the Wabash Railroad Company that th.
new preferred and common stock OF the company
issued in exchange for debenturs mortgages bonds
has been listed upon the New York Stock Exchange
and that holders OF deposit receipts may receive
IAaaN F.u al,
upon presentation OF their receipts at the office OF
the trust company. No 50 Cedar street for the
purpose Of having the delivery OF the stock noted
and stamped The engraved bonds probably viii
be ready for delivery prior 70 April next
IRON AND STEEL CONDITToNs-Hogers
Brown & Co. say:
New York is probably the quietest market for
BIZ Iron In the country. and Yet there 10 a very
are moving off promptly. and inquiry Tor domestic
there is consideTabie acfivt fo ~ fb I PATS
the year In fact, January will show a tonnage OF
very fyoraby with the same month OF % any rsesRs
year Buyers are laying stress on the fact that the
Immediate and pressing needs but this is without
shipments The supplies OF foresn Brands pIIr- r.
sass sRased TO date vii soon have been deysred Os
mands It. '' N'
STATE BANKERS ANNUAL sDINNER-Th.
annual dinner OF Group VIII OF tho Bankers OF
the City OF New York New York State Banksrs
Association. will be held tomorrow evening az th,
Waldorr-Astoria The principal speaker will be
Lieutenant Pcary. the Arctic explorer Tho other
speakers will be Alexander Gilpin, president OF
the Market and Fulton Bank: Charles H Keep
the new bank examiner; the Rev. Howard @. Rob-
bins. OF Englewood. NJ J.. and DR. wiIfred p
Grenfen. c. NJ. c.. the explorer and lecturer OF
Labrador.
UNITED STATES STEEL DIvIDEND.-The d.
rectors OF the United States Steel Corporation will
meet to-day 10 take action on the preferred ana
common dividends. Wall Street does not look for
any change IN the rate on the common stock.
PIG IRON PRICES-Ths United States Steel
Corporation. IT Is said, does not approve Of the
high prices that prevail for pig iron. and IS doing
all IL can TO influence lower level. The steel
corporation has bought iron from the valley
furnaces for several months. end is not likely to
do So unless 1t can secure more reasonable rates
PIG IRON CERTIFTCATES.-Pis iron certia-
cafes At tia New Iork Produce Exchange were