New-York tribune., 1908-07-23
TOPICS OF THE STREET.

FOREIGN TRADING-Foreign houses dealt In
10000 shares in the local market trading both
ways. with some selling in the Hartman and steel
shares. The advance in United States Steel N ths
last few weeks has been responsible for a consid-
cradle ransferrence OF the issue held abroad the
United States. In London the general market was
unsettled. except home rails. the political out
look in the Far East Consols were affected by
the report that the II1ian government was selling
securities held IN London in connection with its
measures to adjust the currency IN India Money
rates and discounts were steady. The six months
treasury bills allotted at average discount
of pa per cent Continental markets were Inactive
ERIE'S EARNINGS-The deficit which the Erie
will show for the last fiscal year probably will
be in excess of 100000. which. in view OF the
traordinary handicaps against the road. will not
be a particularly poor showing In the last fiscal
year the gross receipts Of the Erie declined ap-
proximately .OO0 or about per cent. Wills
net earnings decreased approximately S,00000 or
3S per AS regards these net earnings it must
be borne in mind that the Erie last year had go
through a machinists' strike which cost the road
about s1s00.0O0 regards net. and there is. ot
course, no way of measuring the loss II sustained
in turning away business This latter item itself
must nave been very large Furthermore. accord
ing to figures reported by the Erie to the Inter-
state Commerce Commission. the road expended
approximately s1.SOo.Go0 more account Of main
tenance than in the fiscal year ended June 80. 1907.
which Is unusual situation when IL is recalled
that the gross business of the company showed a
heavy decline, gross receipts having fallen OF ap
proximately s4115.OOO- OF the decline in net
ings Of ,99IO0 more than 100000 IS directly ac-
counted for by the machnists' strike last fall and
the large increase in maintenance expenditures
ELECTION OF vIRGINIA-CAROLINA CHEsr-
CAI.-At the annual meeting of the stockholders
OF the Virginia. Carolina Chemical Company held n
Jersey City yesterday. the retiring directors
reelected The old officers also will be reelected
subsequently by the board director Of the CON-
pany said that nothing Will be done at the present.
time with regard to floating issue OF bonds tn
asmuch as it believed that satisfactory price
could not be obtained.
DIVIDENDS DECsARED.-Dividend have been
declared as follows: Greenwich Bank regular quar-
tery 219 per cent payable August l; Bangor q
ArOOstook regular semi-annual per cent. payabls
August I. Rubber Goods Manufacturing Company
regular quarterly I per cent the common. pay
able July %; Keystone Watch Company regular
seni-annual 3Ia per cent. payable August I; New
England Telephone Company regular quarterly Ia
per cent, payable August 10
STREET RAILWAY INVESTMENTS. -"Ameri-
can Street Railway investments" published BY
The Street Railway Journal, Just received, con-
tains a large amount of information on street and
interurban railway properties that will prove OK
value 10 bankers. railway officers trust companies
manufacturers and investors lt is made up OK
more than 450 pages. devoted 10 reports or moIe
than 1900 operating and controlled companies n
the United Stairs and Canada
AMERICAN SUGAR REFINING-The earnings
of the American Sugar Refining Company for tns
first half of the current yeas were about equal 70
those of the same time in the preceding year Ihs
company is in strong financial position. anu
sugar brokers report the trade in satisfactory
condition. Rehners expecting an increase ~
the demand for consumption as a result OF a proH-
isng fruit canning season
APPLICATION TO LIST-The Baltimore .
Ohio Railroad Company has applied 70 the Ne"
York Stock Exchange 70 list the following seeDr s.]
ties: $l.4tS000 additional Southwestern divisloh -
per cent bonds. due in 1926; 2.lSloo0 adai'iOna s
prior lien S1s PEI cent bonds due in ". a..
s4G25.0Go additional first mortgage hfry-year OoA'
due in 1913.
PIG IRON SITUATION-The local Office ~
Rogers. Brown & Co. says; There IS eo @ "a
able buying Of pig iron for prompt delivery - -
much ofsthe business is OF considerable SIZE, -
ming from carload lots 10 five hundred tors. -
are UNCHANGED Some Of the buyers have co.. -
their requirements for the third quarter 0l -
year. Not little of the buying looks 0eyonl 0ey-ss
mediate requirements. il is generally rseo--.
that prices will hardly decline below the 49,.
level. and that il is Just well TO cover 81 - !.
figures. Business is better now than II ~
week ago
Exchange announces the listing OF the ,1~,rv 1o
securities: Union Bag and Paper Ceusss
sl6.O00l0SJ common stock and Sll.W1Vt" ~ LII
stock. and s2SS13o0 guaranteed special styTH .s q
tonal securities Of the PittsburS. Fort "sS"
Chicago Railway Company -,
CONVERSION OF AMERICAN LIGHT IN,
TRACTION NOTES.-It Is learned that WIli'rs 'rgsssrsl
last week or ten DAYS there has been ra'ls % Te-r-
conversion of American Light and Irat .,eE ot
pany's per cent notes into the common 4. ma
the company and that the recent decline ssou.
latter issue Is attributed 10 these operd1V .ar-
a fortnight ago American Light and Iras',. ths
mon stock was quoted around i05. but We"
dividend rate was increased from 20 - - polf-
basis the stock advanced 70 around 10 os ai-
ers or considerable portion OF ne -, and con-
vantage Of the sharp advance in the issue So
verte6 their notes into stock f,oy-
NEW MEMBER OF TRUST CONPANi - tns
NITTEE.-Charles a Peabody. preslasn- sIeeted
Mutual Life Insurance Company has Sse Franx-
a member of the executive committee OF tA'
lin Trust Company.