New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-20
TOPICS OF THE STREET.


FOREIGN TRADING.-Foreien houses dealt in
q oOo shares in the local market. buying few
+boussnd shares on balance. There was a Hanlp-
r1ated advance In the London market for Aner'-
can securities but the movement failed 70 exert
any influence on prices at this centre IN the BTU
sb market consoIs were unchanged and the general
market was inactive. Money was in good demand
hut there was no change in rates at any OF the
foreign caoitaIs. Weakness in exchange IN Ne"
York suggested the possibility Of an inquiry TOT
gold for American account IN London ana an du-
vance in the Bank Of Enslands rate Of discount
tomorrow.
MARKET GOSsIP-Operators for the decline IN
creased their commitments IN the early dealings
covered 10 some extent subsequently and put ouI
fresh lines in the last hour Although a good deal
was made OF rumors OF federal action against the
14fu roads the early weakness looked suspiciously
like a concerted drive at those stocks. partly lot
their own sake but principally for the enect upon
the general list 1t has been noticed that the MOT
gan interest is present concerned 10 protect
individual stocks to great extent. j. n Arnory
& Co were the heaviest sellers Of Union PACING,
and : G Love & Co. were heavy sellers around the
room II is said that three young operators, so
ciaIIy prominent and far mainly distinguished
as being sons OF their fathers. whose money was
made IN raroading in this state street rslIFoduS'
and real estate respectively. lost $0OHCe or more
between them in the recent panic II is noteworthy
that houses like Foster & Lounsbery. FL Content
81 Co. and Pepper & Sternbach- supposedly proiili-
nent on the short side. were employed 70 DO tne
heavy selling Of the forenoon. The design appeared
10 be 10 create the impression OF bear raid and
under cover OF It to liquidate from 1000 TO 9c0N
shares each OF Reading. B. & o.. Union Pacific and
PENNSYLVANIA. There was further active buying 1or
investment account OF odd lots. especially in United
states steel preferred There was some selling OF
Delaware & Hudson on the theory that the COM
psny at no distant period would be n the market
for money
PROTECTION FOR LEGITIMATE BUSINESS.
John II. Davis s Co. have made an examination
Of court decisions in the last thirty years the
basis OF which they have issued a statement IN
which they show that legitimate industry will al
WAYS be protected against injustice in legislation.
They say:
We realize a duty an investment banking
cordfngIv devoted considerable time to ascertain
results OF railroad rate legislation TO date and
namPeEed nor T,n Any IaEisiation preven{i
CORPORATION speculation in securities, in favor Of
s sanabe dpsIaton Of security issues may be @
Ceptsd favorahls alike to the investing and gen
TT,,5 aT''ii injustice ,',e '''' = '''
GREAT NORTHERN.-The Supreme Court Of
Minnesota not having handed down any decision
captaI stock Of the Great Northern Railway Com
panv the company announces the following post
ponement of dates: For closing Of stock transfer
books 10 ascertain stockholders entitled 10 sub
scribe for the issue. and for receiving subscrip-
lions 20 the issue the close of business, March
o. 1907 For filing assignment of right 10 sub
scribe 20 the new stock to the close OF business.
March So 1897 For payment OF the first. second
and third instruments the new issue. to April
> 1871.
AMALGAN1ATED COPPER.-The Amalgamated
Copper Company has sold its production up to the
latter part OF July but does take orders
for delivery beyond that date. II is expected that
the next big buying movement in copper will begin
in May In view of the sharp advance in prices.
II Is not likely that consumers will care 10 delay
purchases as was the case in 1906. A copper au-
thority says indications are that consumption Will
he larger than last yeac, and that prices will be
maintained. If not advanced It is argued that a
closing down OF even prominent producer
would result in sharp upward movement in
copper.
DIVIDENDS pECLARED.-The directors Of the
National Bank Of Commerce have declared the
regular quarterly dividend Of per cent, payable
April /. The directors Of tho Trust Company OF
America have declared a quarterly dividend Of
per cent and an extra dividend OF per cent. pay
able April l. The directors Of Tefft Weller & Co.
nave declared regular quarterly dividend OF Ils
per cent on the preferred stock. payable April 1.
The directors Of the International Nickel Com
pany have declared the regular quarterly divi-
dend OF III per cent on the preferred stock pay
able May l. The directors Of the Fifth Avenue
Rank have declared the regular quarterly divi-
dend Of % per cent. payable April l. The direc-
tors or the FIRST national Bank nave declared the
regular quarterly dividend Of per cent.
CORN PRODUCTS DIVIDEND.-The executive
committee OF the Corn Products Refining Company
has recommended to the board Of directors the
declaration Of the usual quarterly dividend of I
per cent on the preferred stock and s per cent on
account of back dividends. making the fun Der
cent For the year. The preliminary statement ~
the company for it's fiscal year shows a small sur
Plus after the payment of the per cent on the
preferred.
PIG IRON CERTIFICATES.-PIg iron certiA-
Gates at the New York Produce Exchange were
frmer. but quiet, There were no sales Prices
for standard foundry follow: Cash and March
s22 25 bid April $220S22 so; May, S21 6OQS22:
June. $50 5OaS22 50; July. s2O9s21; October. $50
asked
MEERSCHAUM COMPANY OF AMERICA
The first annual report OF the Meerschaum Com
pany Of America is ready for distribution Copies
may be obtained at the cOmpanys Office. No 25
Broad street. This company is said to own the
only meerschaum mines In the world outside the
Turkish mines
RIO TINTO DIvIDEND.-The Rio Tinto Con
per Company has declared a semi-annuaI dividend
Of g a share This is an increase over the last
preceding payment
NEW DIRECTORS OF S4TH STREET Ma
TlONAL BANK. Adams Brown, formerIy seq
Ss'ary and treasurer q the Washington Trust