Show I F r ir F I and 1 1 Commercial al alBY BY THOMAS S c. c SHOTWELL N New Nett Declaration of ot ofa ota r York Jul July 27 on a n three pI petS per cent cont dividend on step common common com com- mon loon was stas generally expected today bythe by bv bythe the the- street and the thc action of or th tho 1 hoard board In the tIre late afternoon wa was therefore therefore there there- therl- therl fore no surprise rho action of tire the thE stock foreshadowed tins this dividend and nd the tire real strength of or steel shares Is due dime to 10 the tho rapidly Increased pd rut rate of earnings The Tho official statement shows shown that thal each of the tire months In the tire last laet quarter r made a avery avery er very material gain sain aln ov over 11 0 r the previous pr t that hR t tru quarter Orders booked n are 11 proof ru future t 1 mOi months th will wIl show sho a n corresponding correspond ing In Income rime Tho volume of ot orders On on hand is ton tons This Is an Increase of rr f more mor than half a R million milon over oel tire the previous pro pre quarter Earnings were which wInch I Is an Increase lc of or nearly nearl 7 i over the tire previous pre quarter Earnings for o er May In wore were and for June The surplus Is II Increased b by 44 Payment of ot the lie Increased r dividend by bo the trust was hailed haled by hy Wall Vail al street treet a as an n act of ot good faith According to the tIre f figure ure of or the tire corporation I Is h ha hanot has Trot not failed to ram earn at ot least el eight ht pf pl per percent r cent on its is common stock an any year vear since its Is organization Th The earnings have hae been withheld from the tho common stockholders Common Justice at last gave Jn c an Increased payment p to the time common common com corn mon Itron stockholders Throve There was wn nothing to bo ho gained In Inthe time the way of Influence o of con congress by hy using rising it to declare tins this Increased l dividend divi divi- dead because the earnI earnings 1 were vere well wol known If I tire thu large earnings 1 f r the trust are due to tariff favors ors that Is no fault tault of or the tho trust and If I the tho people fix x it I so 80 that tire the tariff favors orl Ca the trusts that in is tire the fault of or tire the voters Today's action by hy the steel trust is therefore in perfect accord with wih the general situation which I Is extremely hull bullish h when looked upon from a n Wall Wail Wallstreet al street point of ot view vie Although steel monopolized the streets street's attention da day Union Pacific excited tho the interest of or orthe the time whole world orld by hovering near OO throughout the session On the consolidated con con- board It actually sold at that hint figure half laI an hour before the timo close cloe Southern Pacific advanced nc In sympathy and antI the tie entire railroad list Hit was strong with wih New York Central sharing It IL I can be Si said hi on tire tho highest banking authority that o cr every effort Is being made 1 by tire the tie Insiders to keep the tire stock market dull luli dul ni and 11 steady stend until the crops ops are ar further along The In Insiders insiders In- In siders intend to give Ive the tho world an air ex exhibition ox- ox of a n really buoyant market within the next few weeks but for time the present they want nothing cone lone done Mr 11 Harriman will probably the tire signal sig- sig wl bl give sl I nul nal for the tIre Jamboree Jambore h by announcing his Iris bl big Issue 0 of or securities London vas WIS lull dull dul most of or the session traders trailers In that center waiting for Cor action action nelon ac ne- ac- ac tion lon of tire the steel teel trust directors on the tire dividend That market was closed wh when n action acton was finally filially taken In the Mie Street Number of or shares sold lold toca today 1 i a year ea I ago Par value of at bonds sold today 5 a year ago of C Prices Quotations received recel et over private wire of or James A. A Pollock Co Ce bankers naIl and oro leers No 6 West Vest Second South street I H. H I L. L L I CIs Sales Eales Atchison 16 1161 m. C. C Ft 62 Am GU G 61 61 Ann Copper 48 GOO ilU Am 91 95 95 4 n. n T. T Trans 77 78 1400 1100 II B. arid and O. O l OX 1202 1201 Copper 1500 Can Pacific 1600 N. N I Y Cent 1352 C. C I F. F anil H 45 H 44 C. C and Ohio 79 TSI Erie 36 1100 Con Gas Gas 10 10 pf 1501 1501 Ill 1 C Central M 1565 15 l G Id 1 I K and l an T. T 4 U 1300 I I. I and N. N U 1422 13 1 1 1800 13 SOi Nat Lend Lead 61 86 56 Mo 10 Pacific 72 72 7 1 N. N and Western 94 9 94 Newhouse 2 22 2 Nor or Pacific 1534 i I 2100 N. N Y O. O and and W 53 53 53 Penns Pennsylvania 1371 1373 1373 Rock 37 76 Rep flop 1 r and S. S 3 35 Reading Heading ISH 15 1556 1200 Sugar 1271 12 1273 1276 So Pacific 1326 1336 1331 So 80 31 1900 St St St. Paul J l 1561 31 16 00 Union Pac In 1998 U. U S. S Steel il iH preferred 1272 1260 1271 2500 Utah Copper 51 51 1200 Money Ioney closed per pel cent Total sales |