Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-06-10
Trading on Same Scale OF
Activity as Yesterday.
FOREIGN HOUSES SELLERS
Union Pacific Bond Issue Feature OF
the Day.
DEALT IN QUITE HEAVILY
Anal. Copper, American Smelling
and Allis-ChAmbers Shares
Notably Strong.
DEALT IN QUITE HEAVILY

Special Dispatch to The Star
NEW YORK. June 1O.-The most i'm
portant items in the news Of the morn
ing we're the formal announcement of the
terms Of the Union Pacific bond issue and
the definite statements with regard to the
reductions made In the selling prices OF
practically all OF finished steel products
with the exception OF steel rails. That
this latter action would be taken has been
generally understood for several days past
and none of the securities more or less
directly concerned suffered in consequence.
The new Union Pacific per cent bonds
we're quite heavily dealt in when issued
on the curb market. and they reacted
quite smartly from yesterdays closing
quotations Private advices from London
set forth that while the fotation there
would be a success there was little Of
the eager bidding which attended the Of
ferins of the Pennsylvania bonds.
AZ mentioned above the United states
Steel stocks and the other iron and steel
shares were but little affected by the
formal reduction in selling prices and in
terest in the matter is now shifted alto
gether to the chances whether the new
schedules will bring In enlarged buying
orders.
meeting OF the directors of the Re
public Iron and Steel Company had been
called for tomorrow to act upon the div
idend on the preferred stock. but 1t Is
understood that a quorum will be unob
tainable. Consequently. the meeting will
be postponed for another ten days or two
weeks, and at the moment the proba-
bilities are that action on the dividend
will be deferred
W. q. +. Dividend.
The Western Union directors today de-
clared cash dividend at the rate of
per cent a year in the place Of the scrip
dividends OF IL per cent declared at the
two preceding declaration periods. The
regular dividend was declared on all of
the Vanderbilt stocks including, Of
course. New York Central.
Discussion today with regard to the
political outlook shifted rather to the
character of the platform to be adopted at
Chicago than to the individuality of the
candidate to be nominated by that body.
The recent advance in Central Leather
stock has been ostensibly based upon pre-
dictions that the convention would recon-
mend The placing of all raw products upon
the tree list. but rather singularly that Is
the only stock that has given any reflec-
ton to this prospect.
The strongest features today OF the in
dustrial and miscellaneous issues were
Amaigamated Copper. American Smelling
and the Allis-Chalmers shares.
Copper Market Firm.
Distinctly better tone Is authoritatively
reported in the copper metal market. and
Copper stocks were exceptionally Arm
In London. despite quite a sharp reaction
in the closing quotations for the metal at
that point.
During the greater part of the business
session the trading was conducted upon
about the same small scale OF activity as
Of yesterday. Foreign houses were again
sellers in the local dealings and con-
siderably lower range of prices for Ameri-
can stocks was transmitted from London
Money market conditions were unalter-
ed and the course of the foreign ex-
changes suggested the early termination
OF the export movement of gold.
The grain market was strong with
further reports of undue precipitation of
moisture in the west.