New-York tribune., 1907-06-21
TOPICS OF THE STREET.

was moderately active call funds being put out at
81 per cent Discounts quiet and firm at S7s-
/ The Bank Of England made no change In its dis
/ count rate at it's weekly meeting. The return
showed increase in the proportion OF reserve TO
| liability.
! MARKET GOSSIP-wau strect-that IS. specu-
Iative Wall Street-wants TO know from what
source the New York Central will secure funds to
| exercise its option on New York Ontario & West
ern If it decides TO take over the property. and
| from what II will get money 10 buy the
Kuhn Loeb s. Co. holdings of Chesapeake & Ohio
If it believes should increase It's interest in
that railroad. Speculative Wall Street need not
worry about the ability of the Central to raise
money. One of the largest bankers In the street
said yesterday, when some one ventured the opn-
Ion that the company could not find the necessary
funds for it's expansion policy, that New YORK
Central can all the money II wants There -
an abundance of funds available for any project
the cOnlrany takes up Its credit Is Al. and when
its physica growth has reached its limit the road
1,i be second only TO the Pennsylvania money
maker Don't worry about the Central ror judge
It's future by its current stock market vaIn2Iioh
Though Wall Street talks par TOr New YORK Cen
trail the interests identified with the property are
satisfied to hold their stock and are willing 10 buy
more on the way down. Reading Is per cent
stock. and it is going TO remain per cens stoeA
for another year. according to the best inrorna-
ton obtainabe. Some Of the dlrecIors want tns
rate raised to a per cent basis out II IS UNDER
stood the majority favor change from the per
cent basis. As per cent stock Readihs Is mug
pi1p par too closely and the fact that IL doeS not
Ireok away from It's present level IS the only en-
coura cement that is to be had Tor the people VINO
believe that the dividend will be advanced SeIhhS
on ne ror1 ~ s25 0oO Oe0 bond issue by the CON-
pany but the fact that these bonds are not TO hs
put out in a lump sum apparently was overiooAed-
ThAv will be held IN the treasury OF the company
and issued as needed for the development or the
property. Traders who covered stor'S yesteIudy ~
said they got their stock back eaSiiy me uptown
bear crowd sold stocks wherever the market would
take them. particularly Reading and Union "a
cifC and they made no effort 10 cohceai tileT oe-
lief that the market is still much better SAFE tnan
a Durchase Mr. Vanderlip. OF the National City
Ranlz will talk to-day at Jamestown, and some
fH.a idea
that will interest the Street Generally his
speeches have had beartsh influence upon stocks
DIVIDENDS DECLARED-Dvidends have been
declared as follows: Chase National Bank semi
annual 9 per cent. payable July l; Metropolitan
Bank regular quarterly per cent. payable July !;
Massachusetts Gas Company per cent on TIE
common stock payable August l: Boston ConsoL-
dated Gas regular quarterly 1S4 per cent; American
WooIea Company regular quarterly IA per cent
on the preferred payable July 15 Mechanics Bank.
of Brooklyn regular semi annual dividend per
80 ,sI,Lla I,If,- !. Colonial Bank semi-annuaI
dividend 70 per cent payable July 1; Borough Bank
OF Brooklyn regular seni-annual per cent, pay
able July J. Nassau Bank OF Brooklyn regular
quarterly 8 per cent, payable July !; NorkvNle
Bank regular seuli-anngal per cent p2yaole July
!, an increase OF per cent, American Sewer Pipe
able July l; NOrthside Bank OF Brooklyn seIni-aA-
nual per cent, an increase Of per cent; Cleve-
land Cincinnati. Chicago & St Louis regular quar-
terly Il. the preferred, payable July ~ Union
Switch and Signal regular quarterly per cent
on both the common and preferred, Peoples Bank
regular ssmi-aunUaI per cent, payable July !:
Manufacturers National Bank OF Brooklyn reSu-
lar quarterly Sla per cent payable July |; Brook
lyn Trust Company regular quarterly per cent.
payable July l; Fulton Trust Company regular
sem-aunual per cent. payable July /; SeabOard
National regular serni-annUal per cent. payable
July l; United Metals Selling Company quarterly
s. so payable June so; Long Island Loan and Trust
Company regular quarterly per cent. payable
July :; West Side Bank regular senli-annu2l per
cent, payable July l; Liberty National Bank resu-
lar quarterly per cent. payable July :; MeChan-
les National Bank regular quarterly per cent;
Lawyers Mortgage Company regular quarterly q.
per cent. payable July /: Louisville & Nashville
regular serni-aAnual per cent. payable August u
BETHLEHEM STEEL NOTE ISSU-E-Ths Beth
Iehem Steel Company has sold S25s0.G00 per cent
HVe year notes, the proceeds 20 be used n c0nnec-
tion with the completion OF the extension work by
the company. The company already has issued
Sl2tpD bonds fCr this purpose. and II Is supposed
that either there has been difficulty in selling them
else the concern finds that il needs more money
than the original plans called for The new plant
give the company additional capacity o. 900
tons a year and practically Gouo!e the earring
power. II is estimated that II the first six months
OF the current year gross earnings have been
SllS3.ovo q pronounced Improvement over the
turns of the same time last year.
COPPER PRICES-Posted prices for copper at
the Metal Exchange were lower yesterday. There
evidently is a disposition the part Of the larger
producers and selling agents 10 make concessions
to consumers IN the price OF copper II il is done
It will be ~ the urgent demand of the consuming
interests which are indisposed to pay 25c a pound
for the metal as that price is acknowledged by all
interests TO be abnormal and largely prohi6tive.
At tho time conditions are such that the
producers 90 not 1eel that they VIII be warranted
IN making any great reduction, as further aG-
vance Will be almost sure to follow because OF the
desire of consumers TO i'll their requirements
the next three to six months.
ROCK ISLAND AND ALTON-Forrlal not.cs
has been given by the Rock Island interests in
the Chicago & Alton Railroad Company 10 tia
Central Trust Company, trustee. of the abroga-
ton or the agreement entered into in 1904 for
joint control and alternate cement Of the Al
ton Under the terms of that agreement voting
trust certificates issued for the 2,0G0 shares
OF Alton stock deposited with the trustee II is ua-
derstoOd that the actual certificates have been re-
turned 10 the Rock Island and Hartman interests
or are In process OF being so returned. No fur
ther developments OF Importance in the situation
so far as the Rock Island interests are concerned
are looked for in the future.
NIPIssING INTERESTS IN TRLBULLION-
r. = Earle. president of the Nipissns Mines Com
pany. and others who are connected with the Co.
bait mines have become interested in the Trf-
Bullion smelling and Development Company The
Kelly mine OF the latter company 5 in New Mex
leo, state which abounds in all kinds of metals
and the company's immense ore bodies OF zinc
lead and copper and Its low capitalization have at
traCted the attention of men who were me frst
10 appreciate the richness of the Cobalt region
GOLDFIELD DAISY SYNDICATE.-Tba Cold
field Daisy Syndicate has adopted The Dolfr- oe
issuing to stockholders monthly reports showing
the progress of the property. The company's work
Is going on rapidly and the main shaft Is down 240
Feet Assays so far obtained show high grade
OF ore. in some places running S423 a ton.
RANKS LOSE CASH--The local banks have lost
on their operations with the Sub Treasury Tar
exports. As result OF this movement mOnsy
rates are appreciably hrmer.
SUEZ CANAL REPORT.-The Suez Canal Com
pany reports that for the year 1906 the receipts
have been 1sS9 l2S francs. compared with I1S0SisI
francs in 1895. There credited re-
turns of operation S5I40 294 francs against & Ss
francs in 1905
NEW WASHINGTON TRUST DIRECTOR