New-York tribune., 1905-06-21
WALL STREET AND EXCHANGES.

FOREIGN TRADING-Foreign houses dealt in
5000 shares in the local market. evenly DIVIDED.
Last quotations follow: In London consos were
frmer and foreign bonds were irregular. with no
decided trend The mining market was heavy
with the continued weakness in De Beers the
feature This is on the competition in the diamond
trade threatened by independent mines in South
Africa. Money easy enough. although some
hardeneing in rates is expected next week. The
Paris inquiry for gold in London is suspended
for the present The foreign situation. especially
as regards Morocco. arousing less attention.
and it did not appear from the action of the market
that the continued hosttes in Manchuria was
thought likely to prejudice peace negotiations.
MARKET GOSSIP-S. H. P. PeT, who was the
principal early buyer STEEL executed substantial
buying orders also in Copper, Union Pacific and
Metropolitan. 1t was rather hastily assumed that
the Gates party behind the advance in Louis
vile and Atlantic Coast. 1t is more probable that
the Western bulls sold out some weeks ago and the
market is probably all the stronger for their
absence. The buying looked good and that in Iiil-
nois Central seemed to be indirectly by the Harr-
man brokers United States Steel issues were
materially benefited by the bullish view of c. NJ
Schwab who is highly satisfied with trade condl-
tIons The regular dividend what the Street
had expected Smelters. but the stock advanced
both before and after it's declaration. The buying
is based upon a belief held in well informed quar-
ters that the declaration will be at the rate of
124 per cent quarterly a per cent basis. The
strength in Tennessee Coal and Iron was due TO
buying based accurate knowledge OF the
pig iron situation, which that corporation
practically controls. 1t is even said that within
the next six weeks United States Steel Corpora
ton will be buying pig iron outside of its own pro-
duction.
NO CORN PRODUCTS PREFERRED DIvl-
OEND.-The directors of the Corn Products Com
pany met yesterday and decided TO pass the diVi-
dend on the preferred stock The issue is per
cent cumulative. 1t has been a dividend payer
since July 1902. Following is a statement issued
by order of the board OF directors of the Corn
Products Company. with regard to the passing OF
the dividend the preferred stock;
After careful consideration of the trade condi
tfons confronting the Corn Products Company. the
directors have considered ii inadVisabe to pay any
ter at the present time and they submit the fol-
lowing reason for such action;
At present the productive capacity of all factories
in the United States is more than SUFFICIENT 70 sup
ply the demand. foreign and domestic sucn en- & deo
mand having also been somewhat restricted py tne
the competitive companies has resulted from these
market ssrng %pGn mas Dder these cireu
stances the directors have given the queston OF
ings Of the Subordinate companies for the present
quarter have been sufficient to pay dtv'aenq upon @
Tor the last quarter. which l per cent but the
unWise to paw any Dividend for the present and
that it was better to use the moneys on nand 70
ton reduce the cost of its ProdqSts Al Of the the
ey have no oang debt
and estimating their quick assets at actual cost,
they have cash and quick assets amounting 10
about S. 100000 1t has been policy of the man;
agement to borrow money for working capataI
or to impair such capital by the payment OF olVl-
dends. and rigid adherence to that polcy unuer
existing trade conditions is believed TO be in the
best interest of the company's stockholders
PIG IRON ORDERS.-Some fair sized orders for
pig iron have made their appearance in the local
market within the last day or two. The Inter
national Steam Pump Company yesterday put in an
inquiry for 1000 tons. and small inquiries
{,1anO are
more activity is reported in bessener. Last week
several thousand tons Of business was placed
and fairly large sales are looked for this week.
1t is claimed that the stocks in the hands OF con-
sumers are smaller than they have been in sew
eral weeks.
STEEL EXPORTS.-A representative of the
limited States Steel Corporation says that this Will
be one the best months il not the best, from
the standpoint experts. in the history of the ex-
port department of the company Exports of wire
products in particular. heavy, and many
classes of steel exports of which were nominal in
1904 are reaching large proportions
BANKERS TO PLAY GOLF.-One of the feat
ures of the annual convention of the New-York
State Bankers Association. to be held at Frontenac
Island will be a series of golf matches between the
visiting bankers July ii. The programme of
the association is in the hands of the printer
The convention is expected to be the inter-
esting in the history of the organization.
UNION BAG AND PAPER.-The preferred
stock holders of the Union Bag and Paper Com
pany have voted in favor of the proposition
authorize issue of s5,OO0OO0 per cent bonds. of
which 100000 will be issued at once to acquire
timber lands. nquidate the floating debt and in
crease working capital