New-York tribune., 1907-09-24
TOPICS OF THE STREET.

FOREIGN TRADING.-Foregn houses sold fsms
shares the local market The copper issues
under pressure. the selling representing In great
mart the evening Of the London account incident
10 the forthcoming fortnightly settlement In tho
London market stock values as rule were heavy.
Lower quota sions for copper metal were respon-
sibIe for pessirnism among traders in the foreign
markets. whIie the urgent Continental demand for
gold in London also exerted an adverse effect upon
continent especially at the British capital Money
was in good demand abroad, and rates at most
points were higher The Bank of England secured
only a small amount or the sotu 1het was oHersd
in the open market
MARKET GOSSTP.-The New street contingent 10
hAarsh and is putting out all sorts OF talk regard
ing the wisdom OF selling stocks at current
,,rices The selling of the copper stocks from
commission houses that recently bought the Issues
at prices trife under present nsures, ana from
traders who sold on the theory that irrespective Of
conner metal trade conditions. lower prices for
stocks were warranted by technical market condi-
tions- Raymond. Pynchon q 20. were perhaps
the heaviest sellers of Amalgamated Flower & Co.
bouCht but the so-caIled inside support was
moor that traders were looking for a chance 70
hammer the stock. Some support from the spe-
ciaust was forthcoming in Smelters. The selling
was by Moore & Schley and by house credited
With doing a good deaf of business for operator
said to have been very suCCeSSful on the bear side
earlier I'm the year. Jacob Field was one OF ths
early buyers of Union Pacific. and J. 4 Wilhston
& Co were also active the same side Perhaps
the underlying inf renee of most permanent con-
sequence to Judge by criticisms IN the active
brokerage houses, is the position or the standard
OIL interests whose influence at this tne last year
was alvavs sufficient 10 rally the market. At pres.
ent there is no support from Standard Oil sources.
The market needs a leader
IRON TRADE CONDITIONS-Rogers. Brown 4
Co say: Sales have shifted from basic 70 low
grade foundry irons. and Eastern pipe makers have
been the active buyers this week ~ least i0lso
TO 5000 tons have been closed The recent low
figures have been made by producers who have
hesitate,l to store even n small tonnage Of these
low grade In their yards at ruling costs and
have met consumers ideas rather than accumulate
any stocks Prices show no change but II any
thing have n tendency TO stiffen since these last
sales The suggestion that conditions IN the iron
market similar 70 those ruling III copper ~
entirely unwarranted- There is accumulation
of high grade irons. and the recent sales have
rracticaIIv cleaned up the small amount Of low
grade basic and pipe irons that had accumulated
in the East during the last month or two Many
furnaces are still behind in deliveries Of the bet
ter foundry grades. and STANDARD basic. (which was
freely offered some weeks ago. seems 70 ne COM
parativeIy scarce While few sales have been mads
for next years delivery. consumption has. TO all
appearanceS- suffered only a very moderate re-
cession and IL is impossible 70 draw a parallel
between iron and copper conditions. Large con-
surners OF iron have already felt the erect OF
tight money conditions. but this state OF affairs
seems to be improving week by week. and thers
i= a growing interest In the matter Of supplies
for next year on the part Of many OF the largest
meters- Buyers IN the West are stlH comparative
" quiet but show signs OF taking hold shortly
The coke market continues active and prices are
firm
CONyERTTBr.E BONDS.-Redmond Co. Of
New York and Philadelphia have issued a special
circular on convertible bonds giving prices and
Yields and showing figures the stocks must pass
10 show A profit through conversion. with method
for finding such conversion prices Many convsrti-
HE bond issues Of the leading companies are now
selling for prices a which they are quite sure 70
hiring the investor who buys now very substantial
returns not only IN interest yield but in specula-
tive profits well.
COTTON MOVEMENTS LTGHTER-Port re-
ren+s of cotton TO September % were ieS0s9 bales
behind last years arrivals. But stocks are noc
moving so freely as last year after arriving at
norris The first twenty days OF the season ieft
2s7 27 bales I'm stocks tsent-seven ports. against
37 4f0 bales last wear This would indicate greater
alowness in export demand which comedies WITH
the failure to cotton bills IN the market
AT interior towns comparison Of receipts ana snip
rnents since September show 2 surplus of S@'
bales corn7ared with 100 bales last year Ths
total Of mill tskings for American account Is 500
bales behind that Of a year ago
NEW HAvENS NEW STOCK--Tne E5.NzHs'
of additional stock which the New York New
Haven & Hartford will issue IN the near futurs
will I'm all proba bilitv be offered 70 stockholders
at Sla5 a share. This stock authorized last
spring The original Intention was 70 issue me
stock AZ SI51 a share. but the issue vas dsfsTrsd
owing 10 money market conditions
prvIDrNDS DECLARED-Divfderds have oes1
declared as follows: American Coal Products. reg
uIar quarterly 1ss per cent. payable October
Globe Wernicks Company. regular quarterly IL per
cent pavabIe October 10 Buffalo Mines Company,
regular quarterly per cent. payabls October ID