New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-20
TOPICS OF THE STREET.


FOREIGN TRADING.-Foreign houses vera ,,s 1
active in the local market. their dealings b4I1-
equally distributed between sales and purchase
In London further liquidation was reported IN -
general market but the close steady bein,
influenced by better prices in Paris. An advance
In the Bank of England's rate Of discount IN :
per cent is expected on Thursday. Money in fho
open market was relatively easy yesterday. Tia
Bank OF England is taking only three months.
paper from customers. ana IS 'endlnS 70 the mar
ket only for sixty days
COPPER TRADE CONDITIONS.-AmaIs
Copper and the Phelps-DOdge interests. while al
hitting that the copper situation is dun and nm
changed, agree that an adjustment of prices viii
take place in the near future Stocks Of copper
ore are down to bedrock. and consumers will Ia
forced into the market as purchasers perhaDz
within the next ten days Producers as wen a,
consumers say they do not look for the establfsb
ment of copper basis OF the Metal Exchange
quotations The price probably will be con
siderably above the Metal Exchanges prices a.
the new schedule Of prices viii be agreeable -
consumers. buying movement is likely 70 SET IN
directly after the new prices are published TEa
United States government. for the Navy Depart
ment. is in the market for a small amount Of cor
per-16sf 40 pounds-and will receive bids until So
TENDER II for furnishing the same OF interest," =
the copper and electrical world is the fact 49,
the government WILL at the same time receive 49,
for the construction Of an electric t~angr,i. -s
power circuit from the lighthouse on the St Ane-,
tine 6 South Beach Railway to the United See
wireless telegraph station. Anastasia Island ana
also for furnishing power in the fiscal year eu5ir
June 80. 1908
THE IRON OUTLOOK-Rogers. Brow, a. -
say: "Stagnation continues in the pig iron ma.
ket- There is absolutely no business being done
for forward deliveries In the West there Is = |
more active interest IN prompt shipments a,S
prices are comparatively firm In the East ssIs,
light that the market is merely nominal
and quoted prices mean little nothing SaITa~s,
have shown d disposition to meet The situafs9,
whenever a buyer shows genuine interest Tbs,
see nothing. however. to be gained by making a.
further efforts TO dispose Of their small surplus M
I'll consumers show some intention OF taking hoI5
The unsold tonnage for the rest OF the year fs
IA
buying to alter the present situation and trend o.
prices markedly Consumption, particularly in
foundry irons seems to show little no letup
II Is patent that many buyers have not covered
their full requirements for the last half OF tbs
year. and buying movement seems inevitable be-
fore very long. Meanwhile furnace men are con-
dent that the prices made for spot lots are no cr
terion for what buyers will have TO pay when buy
ing actually gets under way again. and buyers
are still inclined wait long as possible. Thres
or four Eastern Pennsylvania stacks are reported
TO be having difficulty IN operating and are likely
TO be shut down in the near future for repairs,
with consequent reduction IN output IN that ter
ritory.
MONEY MARKET CONDITIONs.-Ths can
money market reflects a limited demand from
Stock Exchange quarters. but the time market dis
plays undated hardness The strtnsency IN time
money appears to be due more TO corporate de-
Iaands than TO other inquiries, Stock Exchanges
commission houses are not borrowing. and do nett
require one-fOurth OF their usual line OF fixed date
funds The fact that the most urgent inquiry for
money results from apprehension over the prob
able extent OF the requirements for general bust
ness and crop moving purposes lends support 20 i
the belief that the Treasury Department. through
deposits of money IN the interior banks az Lead
ing trade centres and crop distributing points, VIII
avert any real crisis in the money market /
DIVIDENDS Observation-Disclosures have been
declared follows American Caramel Company.
regular quarterly IN per cent and = Of I per
cent extra on the common stock. payable Noven1-
Der l. Great Northern Paper Company. regular
quarterly IA per cent. payable September 8; Dia-
mond Match. regular quarterly % per cent. pay
able September -; Boston & Albany Railroad COM
pany. quarterly s. a share. payable September 30:
American Straw Board Company. Per cent. pay
able September .
I.ACKAWANNA STEEIA-There IS. II IS said. .
no basis for the rUuors that the Iackawarua Steel
directors are considering the question Of declaring
initial dividend on the stock While tle COM
pany IS earning considerably more than would Be
required 10 pay q substantial dividend. larss
amounts Of money are being put into construc-
ton and the object Of the management IS To
build UP a comfortable working capital before they
take up the question OF dividends
NEW EQUIPMENT FOR ILLINOIS CENTRAL.
The Illinois Central Railroad Company has closed
contracts for three thousand box delivery %
begin in September. This makes total Of seven
thousand cars ordered this year Fifty new loco
motives being received and distributed this
month.
UNION PACIFIC ANNUAL MEETING DATES.
The annual meeting Of the stockholders OF thu
Union Pacific Railroad Company Will be held n
Salt Lake City. Utah, on October S. For the pu--
pose Of this meeting the transfer books for both
common and preferred stocks VIII la closed On
September "A and reopen October s.
WELLS FARGO OFFICERS RE-ELECTED-
The directors Of Wells Fargo & Co. all % whom
were reelected at the annual meeting % tbs.
stockholders held n this city. on August g. have
organized by re-electtng the former officers
CITY BONDS-The market for New York City
IS remains practically unchanged With quotations
ruling at s63.097- The brokers report a floating
supply OF considerable size. II "a said that the ss
per cent issues cannot be sold the present tina
on better than a ~ per cent basis
COFFEE EXCHANGE HOLIDAY.-The Cofss
Exchange VIII be closed Saturday. August s.
MONEY FOR NEW ORLEANS - The Sub.
Treasury has transferred for local. banks $500 20