New-York tribune., 1907-11-15
TOPICS OF THE STREET.

FOREIGN TRADING - Foreign houses sold
900 shares in the local market the heaviest sales
being in the United States Steel shares. IN London
the general market was steady, but there was
disposition part Of dealers engage actively
in speculative operations. Money was in good de-
mand- owing 70 settlement requirements, though
there was advance in rates. Discounts IN the
open market were somewhat easier. and the Bank
of England made no change In its minimum rate,
while in its weekly return 1t made good showing.
the percentage of reserve liabilities advancing
per cent above the level Of week ago Ths Cont
mental bourses were quiet and firm
ROCK ISLAND-As a result OF the operations Of
Rock Island for the first quarter OF the present is
cal year the gross receipts OF all the Rock Island
lines have increased S41s3 900, Is per cent
But the net receipts have decreased Ss6S.S00. Or
more than 10 per cent This decrease IN net
ceipts Is owing very largely TO heavy charges
against operating expenses for depreciation q
equipment made necessary BY the new ruling OF the
Interstate Commerce Commission. These equipment
depreciation allowances against operating expenses
to date amount to about SS1505o- The road. Of
course has the money hand. but &c Is not avail
able except for equipment purposes Had thsre
been such allowance Tor depreciation OF equip
eut the operations for all the Rock Island lines IN
the nrst three months or the year would sun snow
decrease IN receipts. but 20 the extent only Of
$4,000. instead OF s96S,5oO actually shown
TENNESSEE COAL. AND IRON-John A Top
ping. chairman OF the board OF directors OF the Re
public Iron and Steel Company. the former chair
OF the board OF the Tennessee Coal and Iron
Company and George q. Crawford, the new presi-
dent OF the latter corporation. left yesterday for
Birmingham. Ala for the purpose OF effecttng re-
organization OF the Tennessee Coal and Iron Com
pany. incident to the shifting OF control 20 the
United States Steel Corporation. The Offices OF the
Tennessee and Republic companies IN Birmingham
merged at the present time. and a reorganira-
tion is necessary.
STOCK EXCHANGE SEATS DOWN.-A seat on
the Stock Exchange has just been sold for $500
This compares With the last preceding sale al
S600OO and a high record price of $500 The seller
OF the seat was John Hone. one OF the odeSI mem
bers OF the exchange. and the buyer was / wooster
Kendall The price was the lowest recorded since
August 1908. when seat sold for $3.50.
REGULAR HARTMAN DIvIDENDs.-The d.
regular quarterly dividend of z1s per cent on the
common stock payable or January , Ths III
rectors of the Southern Pacific declared the resu-
lar quarterly dividend OF IL per cent on the com
mon. payable on January >. and the regular semi
annual 81 per cent on the preferred. payable on
January i.
American Locomotive Company deny ahsoluteS
that the company is dispose OF its Rogers loco
motive works at Paterson, y J. TO James J. H!I'
as has been reported This report has come up 81
various times since the company acquired the
works AT that time there was some talk q James
J. HIN purchasing the plant majority OF the 10
ComotiveS used the Hin roads have been manu-
faCtured at this plant
UNITED STATES STEEIiS STRONG POs'-
TIoN.-The September balance sheet OF the nite9
states Steel Corporation showed total undivlGeI
surplus OF 0S,7S175S current assets Of $io5Ss6"
including cash hand OF S61,5sS 50 II had loans
en- collateral OF Soetoto and deposits ent on "a "a
of S2S71S66. Current liabilities StS.6,2o4 ano
total assets and liabilities Sl.7US.16Sl1&
FUTURE COPPER DIVIDENDS directors
of quite a number of copper companies VIII meet
this month for the purpose of taking dividend q.
tion. That general reduction I'm dividend rates s
in order there is question. The slump n uI'
price ot copper from - To the present levei
is sufficient ground for the statement that Nlle,e
sale reductions IN copper company DIVIDENDS VIII "
made before the close of the year.
NEW PULLMAN DIRECTOR.-George r Baker
president OF the First National Bank OF this eiN'
has been elected a director OF the Pullman C'''
pany, succeeding Charles :. Sweet. resigned
NEW CONSOLIDATED EXCHANGE MEM
BERS-Henry &. Jenkins formerly with Groes-
beck * Co. Of No. NJ Broadway. and William J.
Cassard. jr.. have been admitted memhersnip
in the Consolidated Stock Exchange
DIVIDENDS Observation-Disclosures have been
declared follows; Chesapeake & Ohio. regular
annual 1 per cent, payable December II sna
Philadelphia Electric regular semi-annual "a Per
cent. payable December
CURRENCY TRANSFERS TO INTERIOR
Currency transfers through the local Suo-TTeasuf'
yesterday to interior points amounted TO sSs,uM