New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-22
TOPICS OF THE STREET.

v-opr1c>- TBADTNG.-Foreign houses sold 15.oo0
shares on balance IN the local market In Londoh
the general market was strong, Win espsc'al
strength in the Rio Tinto issues. The Bank OF
England made no change In its minimum rate OF
discount but the Bank OF France advanced It's
rate 70 si9 per cent. the first change since 1870
Money was In moderate demand IN the British cap
itaI
MARKET GOSSIP.-Pe Pennsylvania Is said TO be
che rnost extensively overScld stock on the list.
but hear traders are confident OF their position and
continue 70 talk a lower price for the issue Ac-
cording to Z number OF representative commission
houses there has been distinct falling of in the
investment demand since the market rallied from
the panic. although there Is still buying Of this
kind There Is stock In the hands OF com
mission houses than might have been expected
Most OF them seem have Amalgamated Copper
for customers None has much 81. Paul, Union
Pacific OF Shelters There also less T. S. Steel
common than usual There T. plenty OF Reading
and more B. r. T. than might have been expected
in yiew OF the decline. The selling of Amalgamatsd
Copper looks better than the bUying- Anaconda IS
stir better held and better bought 81. Paul IS be-
ginning 70 show accumulation by Standard oil in
terests. In London this issue has been IN good de-
nand and there is now practically floating sup
ply Of II at that centre. The plan Of using houses
with we'll known Affiliations has been largely adopt
ed by bear operators but It is rather noteworthy
that ! II Willistou 4 Co. II. Content and others
q
shorts yesterday IN Union Pacific Reading and
AmaIgamatcd Copper There IS still a look of
matched orders about transactions in IT. q. & l.
1t is said that a special loan T. G. & I was
taken mp by a prominent flnancier wrongly alleged
TO be H. G. Frick. and that the market IS being
tested TO II this stock could be sold The pool
has probably got all it wants. Some one apparent
IL is cunning for bull accounts in American
SHELTERS but insiders said TO be well pro-
tected The recent demand for odd lots Of Union
Pacific for investment account is reflected in the
opening Of the books. which were 10 have been
closed until April l.
COPPER TRADE. CONDITIONS.-Leadins inter
ests In the copper trade say that manufacturers
have secured sufficient copper TO last them through
June without committing themselves heavily be-
youd that time. II is not thought at all probable
that the price OF the metal will decline and It is
noteworthy fact that further advance was an
nounced in London yesterday. accompanied by
great strength in the Rio Tinto shares London
advices Just received Indicate healthy position OF
the trade abroad. Judging by the amount OF cop
per consumed abroad last year. It Is evident that
manufacturers added materially 20 the capacity of
their plants In 1906. but il is difficult to state
whether or not consumption by foreigners can show
any increase this year. The Increased dividend |
just announced by the Rio TintO Company is an |
added indication of the strength of the copper |
position both ut home and abroad In the local !
market good buying is reported in Anaconda, and |
Yesterday large purchases were made by interests
which hitherto have not been identified with the /
stock Henry II. Merton & Co., of London. IN their |
metal market report, say:
The extraordinary strength Of the copper posi- |
ton has been fully revealed by the events of the
last week. Under normal circumstances slump /
Witnessed in Wall Street and the European Il
stock exchanges. would have had most telling /
have thrown their holdings overheard consTmers
would have withheld their orders and the hear
contingent would undoubtedly have seized the OPP
portuntty to make raid upon prices. No excite /
InenI however developed operators throughout /
market which Is already in OversOld condition
for the next two months.
DIVIDENDS DECLARED, Dividends have been
declared as follows American Locomotive. regular
querterly ia per the preferred and II, per
cent the common. payable April l. American
Caramel Company. Sular quarterly. per cent on
the preferred stock. payable April l. Philadelphia
Company regular quarterly. Ia per cent on the
common, payable May l. Brooklyn Trust Com
pany. regular quarterly per cent payable April
]. Washington Trust Company. regular quarterly
per cent, payable April 1. Van Noyden Trust
Company regular quarterly. per cent payable
March 80. Long Island Loan and Trust COMPANY
regular quarterly, per cent, payable April 4
Tennessee Coal and Iron. regular quarterly 1 per
cent on the common and per cent on the pre-
ferred. Esperan2a Company regular quarterly o.
per cent and % per cent. Lawyers MORT
gage Company quarterly 2ts per cent, an Increase
at one-half of per cent. payable April I. Bowling
Green Trust Company. quarterly. per cent paya- |
Die April l. Lincoln Trust Company regular GUAR
terry, per cent. payable March 80 Manufacturers
National Bank. of Brooklyn. quarterly Ga per cent~
payable April /.
STEEL AND CANCELI.ATION-Th action az |
the Erie Railroad is the FIRST definite step of fnpor-
lance that has been taken BY the railroads In the