New-York tribune., 1906-12-25
TOPICS OF THE STREET.


FOREIGN TRADING.-FOreign houses dealt IN
4oOoO shares in the local market. selling $1,000 In
London the general market was weak IN sympathy
with the declines IN the American department
Copper stocks the only strong features. There
were no changes OF Importance in the foreign dis-
count markets
HIGH RATES ON AMERICAN STOCKS IN
Il .LONDON.-Rates for carrying speculative lines
OF American securities over the next fortnight on
the London Exchange from 10 20 II per cent
| These quotations the highest record for
issues IN the Loa1on marker. In the Barring panic
a per cent rate asked. and per cent IN the
Boer War period. In the last six weeks the rate
has averaged s1s per cent The advance yesterday
thought 20 be due 70 renewed attempts OF
Wall Street TO borrow heavily in London. 1t Is
interesting fact that while 10 to Il per cent
charged American stocks az the British capital
as collateral, call loans in Wall Street the
security did 1ot go above per cent A London
dispatch said that large blocks Of American stocks
Just arrived there from New York with the object
% being carried with London capital, were TO be
reshipped Immediately 20 this side Of the ocean.
London doubtless fears American demand for
gold and is anxious to bring about liquidation in
this market for securities IN the expectation that
such liquidation Will improve bank position TO
an extent that Will make unnecessary imports OF
gold.
LONDONs COPPER NIARKET-Hcary- r Mer-
ton 6 Co, Of London say:
The great feature Of the European copper mar
kes during the last week has been the sale by the
tons tough ooppT fr f ag d nd Mach JO eTeP1
at E11O. The avidity with which the trade took up
confdence in the position Of the metal now Gener,
aL. ally PTsyaing o G apart from this tIansactiop
put through with manufacturers at high record
s fnssfen ss b 'ns nf1 GiDsg OF os week S
copper appears TO have become fully reconcied
suspicion Of maniPulaon and disrs OF the posi
tion ruled when prices were forty and fifty pounds
requirsmentS ahead buyers fearing that the short
year. This is certainly likely to be the case with
those qualities which are used for the electrical
trade continues expand and makers Of electro
lyfic copper @Ts unable to supply all that IS re-
all sold up for the hrst quarter Of 1907 and good
AmaIgamated Copper Company. vino handle such
enormous quantities, are now Offering trifes only
ment further ahead. This is wise policy. since
stu urrlined. ard engagements to supply metal at
given time involve certain risks which entirely
Would therefore. do well not to press TOO eagerly
Tor further contracts as tRs covering opera
force up prices to unnatural height. from which
ducers come into the market again. The present
situation is without precedent. and requires
csptional treatment
THE HILL ORE I4ANDs.-of the TIiU ere lands
THE Duluth News Tribune says:
1t IS announced that ono billion tons OF ore will
alteS VIII be divided among the certificate holders
the most extravagant of any yet sent out also SAYS
that since the negotiations We're completed the ore
Hill and his estimate of 500Od0.00O tons OF ore was
He eEporaoa Of @ these n anG made snc the s
was cousummated and the absurdity of the claims
OF these ore deposits is subject OF common COM
FnoWssIqe az the iron DEPOSITS on the Mesabs
range Statisticians who have all the available in
SHOWN up at this time in the entire United states
less than zoe Oto tons Of ore Of quality taat IS
standard OF this amount the United States Steel
Of tS oTe ON tRe m lands included in this lease
Other interests have 200,eOc60O tons, which would
But very best and richest OF the known de-
Sn Gss to T 5F m i 2tee o and coseqGent2 can
yield nothing - the holders o. the Sl5ootGoO0 81
is to be regretted that the known or estimated de-
HvfssiJa ,s ti,c sock o5bers of Wall Street would
have the pUhiic believe. But facts are facts and
are very stubborn things.
DIVIDENDS DECIARED.-The Z. ". Bliss
COMPANY las declared the regular quarterly divt-
dend OF % per cent on the common and per cent
on the preferred stock. payable January l. The
New York Mutual Gas Light Company has declared
tho regular semi-annual dividend Of per cent on
the common stock payable January 10 The Amer
lean PI;eumati> Service Company has declared
the regular quarterly dividend OF IL per cent on
the preferred stock, payable January IL The
Northern National Eank has declared an initial
semi-annuai dividend Of per cent payable Janu-
arv :? The Tennessee Copper Company has de-
clared { quarterly dividend OF 81 25
URGENT DEAlAND FOR SIIVER-The United
Ststes Gov eminent il IL needs silver between now
and spring Is likely - pay considerably more for
Il than tho 100000 ounces offered to II for Fri
day the Director Of tha United States Mint having
refused to accept that amount at 50O65 The largest
silver interests IN the United States are apprehen-
sive that silver Will advance considerably higher
hgures beIoie spring than are ruling because
Of the great demand for the metal. The Mexican
government Is now taking nearly 100000 ounces
on contract which Will probably have to be nlled
WITHIN 'he next sixty DAYS BUT the great feature
OF the market IS the renewed demand from India.
Ihat country Is now active buyer OF silver in
LONDON and Its requirements such that FOR some
months 10 come X Will take practically all tho out
pnt or the CnIed States and other producing coun-
Fies IL the demand continues from this source for
any length OF time Il IS regarded as not irnprOb-
aoe that silver may reGcH Is cents an ounce
CARNEGIE TRU ST CONPANY-Oflcial an
nouncement is made that the capital stock OF the
Carnegie Trust Company Of 100000 and surplus
OF S0ooOO he's been fully paid IN to the treasury OF
and