New-York tribune., 1907-11-26
TOPICS CT THE STREET

FOREIGN TRADING.-Foreign houzaz a.,
10000 shares in the local market of uIheI - n
shares sales. London selling apparaD4,oSo -ooSo
resented evening operations incident to tbs Ssp-
ming of the fortnishtly settlement. On the T Ts.s-
don Exchange consOls higher and tbs 9s-
ency in the general LIST, except In Arnerica1 q-
in the direction OF higher prices C,su 1Ss.
was IN good demand at the British capital az q.
per cent The action of the India Council /, -
leasing f1-00O.000. which had been earmar<s5 :
the Bank of England for India. had a good -, S 81
on sentiment in financial circles. The price 40 - -
gold was reduced and the gold from South &C.,
which offered in the open market was taLA
for American account Paris was a seller ~ ps
Tinto shares in London
A BOND MARKET PRECEDENT.-In uoin,,.
oUt in what respect the present bond market oo
dttions resemble those of 1893. Chandler Brns a
Co have the following To say with regard - "a 3
results which followed the relief of the as - eas
stringeucy Of that year The crisis was resc6ss
in August when call money advanced to 81 ps-
cent. BY January, 1894. the rate had deciina5 -
y per cent the high for the month being onlv ~
per cent. Money continued cheap for the baian.ss
OF 1894. the rates ranging from Z to 1ls per cent
This condition had stimulating influence on tbs
bond market. The sales Of bonds on the New Yors
Stock Exchange increased from S21,s12.0OO In Sen
tenber, 1898, TO S44724,50O in March. 1894 and n,
the Philadelphia Stock Exchange from 1924 500 "a
s., ,272. $40"
THE IRON SITCATION--Rogers. Brown a @,
say: The pig iron market is marking time for
no one cares 70 go ahead until things are s5fu
clearer the financial horizon. Furnaces ana
foundries find IL difficult to finance their opera
tions that many Of them are preparing 70 shu.
down temporarily. The cut-dowu IN produc+io,
win be as drastic as II has been sudden Prices on
the few orders that are being placed are below ths
cost Of many of the smaller and older stacks Oniv
a few modern and well situated furnaces can af-
ford 10 run recent figures so that the process
Of blowing out win be still further accelerated
While the signs become more hopeful every day
il is evident that the force of the gale is not VET
fully spent and every Is still shortening sail
Curtailment Of expense and working forces is the
order of the day The volume OF business being
so swiftly curtaiIed in direction that the
mand credit must constantly diminish
-
copper prices up Il in the bid and = in the asked
prices all around Lake 1914 TO 1S% eectrolytic.
IS to 131a casting. 12& 10 1SA- Market firm.
Europe has taken additional quantities and will
continue TO do just long as the foreigners
think that there is money TO be made in copper.
Just how much OF the copper already shipped and
TO be exported 10 Europe will go into storage 10
impossible TO state but consumption abroad has BY
no means stopped, and the manufacturers of Ger
and other countries are taking large supplies
While they were forced 10 curtan their production
of manufactured goods 10 extent. the falling
off in production has BY no means been as great
as in this country
The actual market for electrolytic has been held
firm at 13c. and for lake at 1S15c, sales of these
grades having been made at the respective figures.
AMERICAN SMELLING AND REFINING-A
representative Of tts American Smelling and Rehn-
ing Company says the profits of the smelling plants
are larger than year ago. This Is due largely 20
the inrush of gold and silver The company has
made no curtailment. and many of the plants are
operating night and day. The American Smelling
and Refnfng Company eventually will follow the
justng wages which will naturally serve to cut
down operating costs An officer OF the company
says there has been no formal discussion as 10 the
dividend rates to be acted upon December T.
TENNESSEE COAL AND IRON.-It is officially
announced that substantially all of the common
stock OF the Tennessee Coal and Iron Company has
been deposited with J. r Morgan & Co in exchange
for United States Steel sinking fund Der cent
bonds. The common stock Of the Tennessee com
pany including the S3750 600 recently underwritten
and upon which only the first payment Of 20 per
cent has been made, opportunities So, 505, eco.
When this full amount is turned IN a total OF ap-
proximatey 900 of United States Steel bonds
will represent the turned over 10 deposition.
in exchange for their Tennessee stock
STOP LOSS ORDERS.-Stop loss orders were
caught in Yesterdays stock market at a decline
OF two points from Saturdays figure Specialists
who are willing 70 discuss such point at all saw
that there IS great number of stop loss orders
lower down IN the active stocks
DIVIDENDS Observation-Disclosures have been
declared follows: Chesebrough Building Com
pany regular semi-annual S1z per cent, payabls
December 10; Detroit & Mackinac regular semi
annual 21s per cent, PAYABLE January > Genera
Chemical Company regular quarterly II per cent
on the preferred, payable January =
QUINCY MINING DIVIDEND LOWER-Ths IL
rectors Of the Quincy Mining Company have de-
clared quarterly dividend Of 50 a share. payahls
December 2S This IS a reduction from the last
preceding payment OF 50 cents a share. and COM
pares with 81 50 share six months ago.