New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-10-05
WALL STREET AND EXCHANGES.

WALL, STREET AND EXCHANGES.
FoREIGN TRADING.-Foreisn houses dealt II
% oOo shares In the local market evenly oiVioeu-
In London the general market was steaoS' WIN
further strength in the copper shares In spite OF
the fact that the Bank of England MADE poor
return no change was made In It's minimum ia.e
~ discount The banks proportion or reserve 10
liability has fallen per cent in the last two weeks
and there has been loss OF more than sL'oo"Vo"
in its holdings of bullion
CHESAPEAKE & OHIO.-Unless the unexpected
happens to cause a postponement. the directors
of the Chesapeake & Ohio will declare the next
dividend on the companys stock before the END Oh
the present month The annual report for the ast
fiscal year showed the property TO be earning
clear per cent on the stock over and above a de-
cidedly liberal maintenance allowance Whether' IN
the face OF this showing. the directors Will refuse
to pay more than the 1 per cent annual rate
hitherto declared Is a question that most persons
In Wall Street have answered in the negative
COPPER CoNDTTIONS.-The United Metals
Selling Company.is quoting the market for cleo
troytc copper at 1s1sQ1s24c for February delivery.
The Phelps Dodge Co interests are understood
to have sold February copper some time ago at
lssc 1t would be impossible 70 secure much or
the metal for delivery before the second month IN
the new year from either producers or selling
agencies Consumers fully realize the situation now
as truly legitimate. and the probability OF high
priced copper for the greater part OF next year. at
least, has prompted them to endeavor TO secure
supplies for delivery far ahead as July. This is
the case with both lake and other mining COM
panies
REGULAR UNITED STATES RUBBER DIvI-
DENDs-The United States Rubber Company has
declared the regular quarterly dividend OF per
cent fits first preferred stock dncludins old pre-
Serred stock not exchanged for first preferred and
the regular quarterly dividend OF ~ cent It's
second preferred stock both payable October 81 TO
stockholders OF record October Is Although the earn
ings of the company were large and equivalent 20
dividend on the common stock and although it was
possible TO make a disbursement that issue OUT
of the dividends received by the United States
Rubber Company on Its holdings OF General Rubber
and Rubber Goods Manufacturing stocks. 1t was
decided further 70 increase the companys working
capital and surplus and not order the payment OF
a dividend the common stock at this time. The
United States Rubber Company reports net earn
ings for the six months ended September 80 Sep
tember partly estmated), OF approximately 2,1S6,-
600. which includes dividends amounting to SlS6S1
received upon stock Of the Rubber Goods Manu-
featuring Company in the companys treasury.
NINE MONTHS FAILUREs-Commerciai fall
ures in the United States IN the first nine months
Of 1872 in number and ss4 $50 7 IN
OF liabilities. according to statistics compiled by
r G. Dun & Co. In the corresponding months
last year there were s.sS failures. involving s76-
23+02s The decrease In number IS more repre-
sentative Of actual trade conditions than the in
crease IN liabilities. there a substantial I'M
provenent in both manufacturing and trading oper
atoms. the only adverse comparison being made by
the third class which is composed chiefly OF brok-
erage real estate insurance and other occupations
of a speculative nature Only 1.S0l manufacturing
failures occurred during the nine months. with
dsfaulted Indebtedness OF $50 4o9s76 which compares
with 900 failures last year. when the liabilities
were 49, 7sS 2s5 There 5s4s suspensions OF
traders, with Indebtedness Of S5.S15.SS. COM
pared with 1851 failures last year. involving $685.
6l42s7 In the third class above mentioned there
were failures S334SS3 against 2S5 last year.
when the amount involved was only s4.S36.5aS. In
addition to these commercial insolvencies 45 banks
and other hduciary institutions closed their doors
with aggregate obligations OF sl3 100 which
pares with 6s similar failures last year for ST.
072.4os
ATCHISON DIvIDENDS-None OF the directors
of the Atchison disposed after the dividend
meeting go behind the official statement that
the action establishing the per csnt basis
unanimous. but there Is a well defined impression
In banking quarters that the consent OF the d.
rectors who favored per cent rate was won only
by a tacit agreement that an increase OF another
per cent should be made six months hence pro-
vided that earnings were well maintained mean
while. Such agreement. IL made. would. OF
course be only an informal understanding among
the members Of the board individuals.
LOUISVILLE NAsHv1LLE.-The financial
position OF the Louisville & Nashville, as evil
denced by the report of June 80. shows grea,
ceding annual report was made up. June so,
1906 The excess Of current assets over current
liabilities on Juno 30 last approximately s. 49,
0o which compared with excess of current
liabilities in the preceding year OF about 81 Ooooo
The change Is evidenced in still way by the
large increase in cash, amounting TO about $50 600
AS matter OF fact, the bulk OF the Increase IN
current assets went directly into cash
UNITED STATES STEEL.-The United States
Steel Corporation. at a meeting TO be held next
week. will ratfy plans for extensions that cost
millions OF dollars. Three. and possibly four. blast
furnaces are 10 be constructed. The furnaces with
a single exception. will be built the Duque.ne
plant. The open hearth steel capacity will be in
creased by the erection OF thirty Cotton furnaces
The Pittsburg and Cleveland districts will get most
of the open hearth furnaces.
APPLICATION TO LI5r.-Applcation TO list an
additional sgo.aS0o ordinary capital stock OF the
Canadian Pacific Railway and additional 81 COO
GOO capital stock OF the Corn Exchange Bank has
been made 10 the New York Stock Exchange
CANADIAN PACIFIC'S LARGE EARNINGS
Gross earnings OF the Canadian Pacific in the fourth
week OF September show an increase of secs 600
making FOR the month a gain OF sl.2siOoo. From
July earnings have increased IS s9s COO comparison
being made with period year ago. when receipts
We're unusually heavy