New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-13
TOPICS OF THE STREET.

! active factors in the local market dealing -
only few thousand shares. mostly purchases IN
| London the absence of public demand was respo1
sibe for inactive and hesitating market On.
edge issues. however, continued to show an i'm
proving tendency. except in the case OF America,
stocks. which closed heavy on the London Fx
change On the Paris Bourse prices were unset
tied. owing in part to the weakness in the coppa-
metal market. There was no change in nonev
rates at the various European capitals.
COPPER TRADE CONDITIONS.-WaIk cor
per letter says: 1.-THE long spell of inactivity 4,
the copper market came to end this week with
the announcement of large sales of the metal on
new basis of prices representing concession OF
approximately cents a pound from the high rsc
ord prices reached in the heavy buying mOvemen,
Of last February and March Lake copper IS now
quoted at 2215 to % cents pound Electrolytc h,
quoted at p cents fiat a pound The reduction IN
prices Occasioned surprise in the trade. as I,
had been intimated for several weeks that thu
leading producers would agree TO concession In
prices covering deliveries of copper In the mex,
three months. Some large sales of copper for ex-
port were made during the week by the Calumet
and Hecla and Phelps. Dodge & co. interests al a
cents for lake and % cents for eectrolytic. Do
nestle consumers coming into the market for
new supplies of copper and large transactions In
the metal are now pending. The atmosphere OF
doubt hanging over the metal market has been
cleared by the action OF the producers this week
and 1T is expected that confidence will soon return
to the market and that there will be improves
meut on this new basis of prices when the buying
movement gets fairly under way Cleveland H
Dodge OF Phelps, Dodge & Co, says; We hav,
made very large sales of electrolytic copper
at y cents. both for export and domestic use Mr.
Dodge also says: I feel satisfied that 22-cent con-
per has stay and that II will DO obtain
able under that price for some time TO come Pro-
ducton Is still behind consumption. France, Ger
many and England practically bare OF supplies
of copper. The large domestic consumers are pre-
pairing 10 replenish their supplies, which now
very low, on the new basis of prices and the
ket should become quite active in the next few
weeks. War with Japan or a collapse Of the gen.
eral business structure Is the only thing that
could affect the present strong position Of the
metal. and neither OF these events likely %
occur
c,7-4 ATTIC
IN steel circles In connection with the talked-of
crease in the common dividend OF the United States
Steel Corporation the meeting the Goth this
month. -Four of the influential men OF the steel
corporation-Judge E. H Gary, chairman OF the
board OF directors and finance committee; " e
Corey. president, j. Z. Morgan and H. c. FftCk-
are IN Europe and the directors at the next meet
ing not likely 70 make any radical departure
from the present dividend policy unless they are
advised to do by the interests abroad.
W. E Corey is expected home the latter part pt
next week. There Is question that the steel
corporation could safely increase the dividend
It's common stock, but in view OF the uncertainty
regarding the future. and further appropriations
that Will have TO be made in connection with tho
building OF the Gary and Duluth steel plants.
sentative steel interests think that no change Will
be made in dividends
BANKS LOSE MONEY.-The reported move
ments OF currency this indicate loss In cash
held by the banks Of s. $50 800 They received from
the interior &56.10O and TO the interior S.5G3-
COO Receipts OF new gold were s11a 100. and gold
exports were g 7605OO The banks lost by the re-
turn 20 the Treasury of United States deposits
S2O.cCO, OF which 100000 represented their own
account ana $4,000 the account OF out OF town
institutions. The net gain from the interior OF
$4,000 was the largest Of any week since thu
first week IN April Outside OF special opera lions
the banks gained from the Sub-Treasury - IT4OOO-
GENERAL ELECTRIC BONDS Representattves
OF the General Electric Company hopeful that
the entire issue OF sl3OI0000 per cent debenture
bonds equal 10 20 per cent OF the present holdings
OF stock will be subscribed for. The subscription
privilege expires July 90 when 30 per cent 10
due So far subscriptions TO the bonds have been
satisfactory The large stockholders OF the COM
pany have signiiied their intention OF subscribing
for the bonds TO which they are entitled Right 10
subscribe to the bonds commands a small premium
interests Of the company point IT'S working capi-
tai OF nearly 100000 as an evidence OF the Sc
curity Of the new bond issue.
STOCK TRANSFER TAx-The receipts from,
the stock transfer tax law in the month OF June
amounted 20 Ss5,+70. decrease OF sl22 "a or 60
per cent, from May; decrease OF s22S So from
June OF 1896 50 per cent; a decrease OF $3.50 SCI
from June. 1895 So per cent They were also thu
smallest received IN any one month since the in
ception OF the law. The returns for the first six
months OF the current year were S,N2ISs against
$3SlI25S for the corresponding period OF 1896 q.
decrease OF ss24E3. or e per cent. The monthly
average for the first six 1902 Is9 against
a monthly average OF $S 721 for the whole OF 1896
and s47S.146 in 1875.
MARKET OPINIONS-A well known Wall Street
man said yesterday in speaking OF the market:
We will work through our various scare periods.
make crops. sell them abroad have fewer baf
dreams OF federal interference with corporations
and find out finally that the prices OF many first
class securities in this country to-day are Fsr roo
low. granting conditions be unsettled as they
appear. There is undertone Of soundness that
sooner or later Will assert itself confidence re-
turns" Another house says: We do not believe
great declines be brought about from ths
present low level and think the sharp breaks
stocks should be bought
KSICKERBOCKER ICE COMPANY DEAL. Ar
RANGED.-It IS understood that the dividends on
KniCkerbocker Ice Company. OF Chicago are 70 b
declared July IS. Plans for a settlement With
the minority stockholders have been agreed upon;
all that remains 10 be done IS 20 fix up Jew
legal points The original ofrer by the Western Ice
Company $50 In Western Ice Company general
mortgage bonds. and SIS IN stock for Knlcker-
booker common and $50 in bonds and S25 In stocks
for the preferred shares.
IRON STATISTICS Producers OF pig iron ars
OF the opinion that practically the entire possible
production OF the furnaces OF the country has been
sold for the third quarter OF the current year and
that about 80 per OF the fourth quarters iron
has been sold. They believe q buying movement.
will start within the next two three months
that Will absorb the unsOld production OF October,
November and December.
VIRGINIA RAILWAY COMPANY NOT SOLD
4 representative Of II. H Rogers says that theirs
IS truth in the report which originated in Rich
mond. Va. and which has been IN circulation hers
for several days. that a philadelphia syndicate
has bought control OF the VirEfnf1 Railway Com
pany. which took the ACKNOWLEDGEMENTS
Line
GRAIN EXPORTS FOR THE WEEK-"B-ad,
streets reports the exports OF grain FOR the week,
with comparisons, figures in bushels. follows:
Wheat flour included. 8 264 IA against 2OsS9 lass
week 195s.213 in this week last year and 5O6I4S
in 1901; from July I. 526S6lS compared with SSs75I5
In 1SS-'G and S,S05.7S in 1S0i-02 Corn, 141I5-5.
cOntrasted with 1.H0SO4 last week and SCANS IN
1905; for the fiscal year 70 date 2S22.479 against
1.2S6SlS In 1906 o.
BANK STATEMENT UNCERTAINTIES
impression in the Street that the indicated loss
I'm cash by the local banks. resulting from Sub
Treasury operations this week Will be modified by
contraction I'm the loan account As a matter %
Of