New-York tribune., 1907-03-23
TOPICS OF THE STREET.

FOREIGN TRADING-Foreign houses we're
sellers in the local market 70 the extent OF 5O0e
shares In London the general market was heavy
American issues leading the decline while there
was active selling for Paris account OF the COPPER
shares. Some uneasiness was shown over the
monetary situation and the forthcoming settle
mont There We're ruaors in the New York mar
ket Of hnancial difficulties in banking circles az
the British capital. but they were not confirmed
by foreign banking houses.
MARKET GOSSIP.-A large amount OF Union
Pacific stock has been lquidated for foreign ac-
In the last week sales apparently REPRESENT
ing a loss OF confidence abroad in the property
owing 10 the frank criticism Of Mr.. Harriman's
methods by public men Many brokers have good
sized buying orders for strong people at prices
under those ruling and the impression Is
growing. especially in quarters outside the Street
that values will sink lower level. II is main
tained that Canadian Pacific IS high in comparison
with other first class Investment stocks. and
traders accordingly hammerlng the issue IN
which popular opinion assumes there is stiu n big
bull POOL The interests who accumulated the
stock for two years from e0 up. Tor tine most part
sold out when the issue approached the 200 mark
Investors in this security not selling. as they
consider their holdings worth than the cur
rent market quotation Selling OF the soft coal
stocks accompanied by reports os a falling of
In the business but talk this line overestimated
a condition which always IS apparent at this time
OF the year. While there is a much better mar
ket for s,aelters AT the present level than there
at forty points higher. the extent of the noel
holdings shows when the stock is sold short PeopIs
who would not help TO distribute the pool stock
over leo have been buying lately on earnings and
dividend prospects. The Guggenhems probably
hold less stock than they did In the aggregate six
months ago. but considerably than they had
before the long advance started. 1t was thought
that the Erie talk the Public Utilities bill was
for the purpose OF depressing Erie Issues with the
hope of influencing sentiment ut Albany against
the measure A reason for the weakness In Penn
syiyaHla notes is that they have been sod by
people who transferring their investment TO
the convertbles Of i912 The yield OF the latter Is
0't per cenS, which is not much less than that Of
the notes and the difference is a small price to
pay for tve-year call Of Pennsylvania stock at
lao. There is good reason for suppOsing that the
account open In London for New York account on
the long side will be found smaller on Monday
than IL has been for a year more. Some bear
accounts will probably be disclosed. particularly In
Erie, Pennsylvania and Union Pacific. Reports OF
certain houses being in trouble again were cur
rent, and traders thought that few more DAYS
ot falling values would bring out something of a
disturbing nature.
DIVIDENDS DECLARED-Dlvidends have been
declared as follows; National Park Bank. regular
Quarterly per cent payable April I. First Ma
uonal Bank Of Brooklyn. regular quarterly per
cent payable April l. Oriental Bank. regular quar-
teTiv "a per cent. payable April T. W. Bliss Com
pany' regular quarterly 2ls per cent the common
ana per cent on the preferred. payable Apr1 l. Hall
sisnal Company. regular annual per cent and
quarterly 4 OF 1 per cent on the preferred, reg
uiar quarterly II. on the common, payable April
J. Distiling Company of America quarterly, III
per cent on the preferred increase OF u Of per
cent. payable April Is
HEAVY GAIN IN CAsH-The reported move
Inents or currency this week indicate gain In the
cash heid By the local banks of S66O3.600 The
banks received from the interior SS5lSEOO and sent
70 the interior S5.5SSl0o The receipts were larger
enan ia any week since The third week IN January