New-York tribune., 1908-07-17
INVESTORS READ
The Wall Street Journal
TOPICS OF THE STREET.


FOREIGN TRADING-Foreizn houses deals. a..
10000 shares In the local market. mostly salsS
In London consols were heavy, but the geuar,i
market firm. though inactive. The Bank =
England made change IN its discount ra.s
while in the open market there no tnoo-
tant movements in money The weekly return \,
the Bank Of England showed a material Increase
in holdings. with percentage Of reserve TO la
biities Of 80 23. against 49. % week ago and "a
at this time last year. Paris continued its efort,
to secure gold in the London market The French
capital apparently is acCumuIating the precionT
metal in expectation Of a new Russian loan
BALTIMORE & OHIO--In view OF the unts
vorabIe criticism heard in many quarters on the
action Of the directors OF the Baltimore & Ohlo
in maintaining the dividend on a per cent basI.
the following analysis Of recent earnings NAV
prove Of interest: In the seven years, from 1907
to 1908 inclusive. the Baltimore & Ohio has
earned a total surplus above the annual payment
Of s2.4OO.00O on the preferred stock equal to ss
per cent on the common From this surplus thers
have been paid dividends In the seven years ot
81 per cent That is 10 say. the COMPANY has
earned average. including the deficit sor
1908. q As per cent its common stock each
year and paid out in dividends only 4 So per cent
each year Out OF average earnings per annum
for seven years of SO IS on every share OF COM
mon stock the directors have paid the stockhoI5-
ers 81 s5 and put 81 81 back into the property IN
Iy. out of every 81 earned for the common stock
II cents was used for dividends and 40 cents was
used for the corporate purposes Of the corpanv
In the last seven years the balance remaining
from the surplus after paying preferred and com
mon dividends has amounted TO nearly s4n0a0
600 (and this after deduCting 81 500. .G05 which
will be taken from the profit and loss account IN
pay this years partly unearned per cent divi-
dend), and all of these earnings for common
shares have been used for the general purposes
Of the company or carried to profit and loss
plus.
To DEVELOP WATER POWER-various
financial and mining interests. including Senator
Clark and H II Rogers. who represent the Mis-
souri, River Power Company. have arranged for
the development Of the water power resources IN
the canyons of the Upper Missouri River in Mon
tana ON a scale exceeding anything that has ret
been attempted there. The plans provide ultimate
Iy for the transformation of 10000 horsepower
into electrical energy by means Of two dams. and
the bulk Of this power Will be furnished the
mines in the Butte and Helena districts . II is
estimated that the construction work planned
will cost sS.OOO,O00. and it will be done IN two
stages The first is IN connection with 20,00e-
horsepower dam at HaUser Lake sixty miles
from Butte. This work will begin immediatsly
subsequently it is planned 10 build immense
new dam nearly one-half mile long and 10 feet
in height, together with a 3O.000-horsepowsr
hydro-electrfc plant at Wolf Creek few miles
above Hauser Lake From this plant high ten
sion transmission lines will deliver power to
Butte and Helena
DUN'S CROP REPORT-Dispatches 70 Dms
Review from branch offices OF r. G. Dun & Co.
situated in the principal farming sections, indcafs
better than normal crop progress during the last
week, despite injury spring wheat in parts
of North Dakota by drouth- Needed rain fell in
many districts, and few other adverse reports are
received Winter wheat is being thrashed with
better results than usual. some reports showing
thirty to thirty1ve bushels acre. and little re-
mains to be harvested Weather conditions have
been excellent for the leading states making
very encouraging reports A large yield of hay ts
being harvested under favorable conditions, little
damage occurring. Some cotton is ruined BY exces-
Efve rain, but most reports are satisfactory, and
the last week has brought this staple ma
turity in early districts while exceptional weather
at points has started picking well before the
usual date.
BONDS SET FREE-The banks are experiencing
no trouble in responding 10 Secretary Cortslyous
call for S+5,0to.000. OF this amount 1S.500G0 hss
been taken upon the books of the Treasury. ans
the securities pledged collateral returned TO the
banks. BY tomorrow the whole OF the S4S.Goo"
will have been returned. and the banks will have
received back the bonds which they put up as Sc
curity. In value these bonds represent over So
100000. as the bonds were not taken at par but as
rule at only 80 per cent OF their market value
Most Of these bonds are railroad bonds of Eastern
roads
AMERICAN CAR AND FOUNDRY.-Ths man
agement OF the American Car and Foundry Com
pany reports considerable improvement IN business
In the last few weeks At the present time the
company is employing 1000 more men than II dd
six weeks ago Three OF its largest plants are
been the case since last April The conpanys
fourteen less important plants still prscticaN
received an order from the Delaware. Lackawanns
& Western for 100 steel hopper coal cars. and one
from the Chicago & Northwestern Railroad FOR ="
freight cars These two the largest orders -
ceived in several months. Orders sOr repair vorS
are now coming in more freely than IN the past
DIVIDENDS Observation-Disclosures have been
declared as follows: Fulton Coal Company %
cents share, payable July q: Eastman KodsS
Company regular quarterly II per cent on ne
preferred and 2ls per cent on the common; also AZ
extra 2f5 per cent on the common. payable Octooer
l; Bond and Mortgage Guarantee Company reguss
quarterly per cent, payable August IS; New fols
and Queens Electric Light and Power Conpany
regular semi annual ~ per cent on the prsfsfrso
payable August 10: J. c. Brill Car Company rssa
lar quarterly f$i per cent on the preferred ana -
Of 1 per cent on the common
MISSOURI PACIFTC.-sons buying In Mssool,
Pacific of rather speculative character reSls'o
Of change OF control. One story We
that No. Is Broadway was accommodating A soSs
many we'll informed people have supposed tnat -
Rockefellers and their friends have had al t1s
TO want. The story Is funny, but not 9ul'e -
funny as that of E FL Hartman buying i0f '''
troll.
NEW CONSOLIDATED EXCHANGE MEM s
BERS.-Lloyd f. Brown, Walter ". RusSeu So
James NJ Cilassman. the last named a menoer %
the Boston Curb. have just been elected 70 His
bership in the Consolidated Stock Exchanse -
nficatiOns from local curb brokers FOR seats Ou
Consolidated Stock Exchange continue 70 conae i
NICKEL. PLATE SELLS BONDS.-Ths Ses
York Chicago & St Louis Railroad mas SUI -
local and Boston bankers SL500Ooo per e.
bonds due May I. 1881 These bonds are Is s.ocx
naming norton Of the So 600 600 listed on ths o'
Exchange few weeks ago -
ELECTRIC PROPERTIES OFFICER REslSSs,
p = Thompson, OF the vice-presidens
the Electric Properties Company. has resasH
The resignation will take effect september
EINrF,R Z BLACK GOING ABROAD.-Elner -
Rlack Of y w Harris & Co. sails on the MAUI -
tania next Wednesday for two months ~
abroad ,,or-
DELAWARE & HUDSON BOND ALI..r.I
ME,NTS So far as can be learned. thS er,ssssa
rrrn Of subscribers 10 the Delaware hhlS -.
Company SIS. .309 900 per cent bond ISSUE ,t
received aAotnents Of 10 per cent OF the .@.r ans
~ their srpIlcation II is understood. ho~ess.
fs1z Vyer