New-York tribune., 1907-07-18
TOPICS IOF THE STREET.

TOPICS /0F THE STREET.
FOREIGN TRADING-Foreign houses dealt .,
l0Oa shares i'm the local market. all sales In Lon
don the general market inactive. but showed
en- narrowing tendency. especially in the con1a-
shares. RiO TintO issues were bought by a nOoI
which has been speculatins in the metal. but on
the advance Paris sold without. however affectno.
the price a material extent Paris also sold ths
South African mining shares. The money marker
was quiet with discounts harder. II reportsI
In the British capital that number of American
finance hills had been placed in Germany.
MARKET GOSSIP-NO enc appeared to know
why the steel stocks We're sold so actively through
out tine day. but every one appreciated the fac,
that II was the constant offering of Steel common
that helped change the direction Of the general
market In the last hour toward lower figures Tha
theory was accepted that there would be IN
in the dividend on United States Steel CON-
mon at the directors meeting at the end Of ths
current month, and. according 10 the ideas If soma
well posted men. this theory is the correct one
the directors believing. il is said in the policy ~
maintaining the It's present level Until N,
expenditures on The Gary plant out OF the wav
Earnings Of the corporation viii be published for
the last quarter at the end Of the month and they
will show better results than ig any corresponding
time in the history CT the concern; Mr. Corey viii
b., home this week and will doubtless preside a.
the r ectcrs meeting in place of Mr. Gary. who /,
abroad NJ one is willing 10 say that hr. Corey
viii resign and IL is rUmored thar he has received
a request from the majority q The board not 70
offer his resignation Union Pacific is being care
fully nursed for price above the conversion level
but there is strong opposition to The advance and
despfte the fact that the issue has the lacking ~
the Kuhn. Loeb & Co. interests, II may be a long
time before it sells Into the J. Canadian Pacific
was wanted In the IOstn crowd ia rhe early trading
and there appeared TO be great scarcity Of tho
stock available Tor speculative purposes. In the
afternoon the aggressive attitude OF the profess
siCnaI element and selling by some Of the largest
spectators in tho Street gave the general market
sick closing with predictions freely made OF still
lower prices Throughout the early trading stock
was distributed in most parts of the listander ths
cover OF strength in Union Pacific. Marshall
Spader & Co said Yesterday regarding the market,
thar until funds released from the interior
a result Of a falling of In trade activity thers
would ne restrictive rates for loans for stock
ket purposes. Most commission houses are
tremely guarded in their Conments on the market
and generally advise customers to operate for a
turn only.
GENERAL. ELECTRIC. - Notwithstanding re-
ports of a general slowing UP IN business. the
orders Of the General Electric Company contiuls
NJ the rate Of between S70F0G'.N and S5.l40609 a
year The business Of the company for some TINA
past has been averaging the same as IN The first
quarter of the year This Indicates that the COM
panv may consume more copper this year than il
the preceding year. There have been no develop
ments that would Indicate falling on in the bust.
ness of the General Electric Company. but repre-
sentatives Of the corporation would not be sup
prfsed to witness a moderate slowing U befcrs
the close of the year The General Electric has
made no recent purchases Of copper Indications
are that the S13.o30o0o bond issue OF the company
Will all be sold
WHITE FNOE COPPER-President ". X Ma
thews of the White Knob Copper and Dereopment
Coupanv Limited. saws, regarding the Offering o1
the stock of the Empire Copper COMPANY whicA
! white Knob COpper Company, Limited. az Mac
KAY Idaho. 1T should not he Inferred because the
Empire Copper Company has acquired all the MN
ing property AT MaCkay, Idaho. forrn@ry owned oy
the company. that the White Knob company no
longer has any interest in The properties rei-fred
20 As a matter Of fact the White Knob company
received 25DG'n shares. or = per cent interest IN
the Empire Copper COMPANY for It's mining prop
critics at Nackay. 1t is believed that tn's com
pany which IS being operated ProaJaoIy 12-i@y'
viii shortly be placed upon dividend paying BASIS
thus giving the White Knob company suostantial
income from its investment when a collislI ~
/ short time ago was entirely HlreinIilTl -.
white Knob company also owns valuable water
rights at MaCkay and certain undeVeIopei pTup-
critics which believe have great pronnlS7
COPPER OJ-TLOOK-A canvass OF the Leading
copper PRODUCERS and consumers Yesterday indicates
n change in sentiment for the better II comes l'ol
a very good source that one OF the largest ouyeis
OF copper in the country VIII enter 'l-1 80 49,
within a very short time and purchase copper Io'
future delivery on basis or = cents a pouh, l"s
huving on the part OF this consumer may lnIueh.o
o-ber Consumers 10 enter the market II Is ad-
nitred by the large consumers that their SuppATs
are down 10 bedrock. and that before the close %
~ month a b,tvng movement will he started
less the various companies cut down the prodHet.oa
that prevail for the metal
DIVIDENDS pECLARED--Dividends have been
declared as follows; Proctor * Gamble company
regular quarterly per cent on the common stock
PAYABLE August 10; Cambria Steel Company, regu-
lar senI-anuuaI y: per cent PAYABLE August Is;
J. q Brill Company. regular quarterly "a per cent
on the preferred and per cent on the common
annual per the common and regular SEMI
annual - per cent on the preferred qayaoIs
August !; Cast Iron Pipe and Foundry Company.
regular quarterly per cent on the common ana :.
per cent the preferred. payable September :;
Illinois Central regular semi-arnuHl Si2 per cent,
PAYABLE August 81. and VandaIa Railroad, regular
serni-annual 2is per cent. payable August 10
NIIJIyIEN BROTHERS INTEREST PAY
MENT--The receivers of Milliken Brothers Inc.
announce To the holders of the first mortgage con-
vertible per cent fifteen year sinking fund gold
bonds that the interest due August upon the bonds
issued under and secured by q mortgage or deed of
trust made the Standard Trust Company. trus-
tee, dated February :. 1906 will be paid when dus
al the Standard Trust Company. No . Broad
street
BANKS GAIN CASH.-Owing 10 large govern
ment expenditures the local banks have gained on
their operations with the SUb-TreasUry so FAR N
the current week upward OF SS.0elo0 They also
have gained from the interior, and the chances
therefore. favor good bank statement saturday
TELEPHONE COMPANY'S OUTPUT-Ths
American Telephone and Telegraph Company re-
ports for the six months ended June 50 tota4
output OF new instruments OF S'S.loS and het
output Of S4l5Sl. Total instruments outstanding
amount 7.44S SS7. compared with 651l,ISO at TINS
time year ago.
VIRGINIA-CAROLINA CFiEN1ICAL-At the an
nual meeting Of the stockholders OF the NlrslnAs-
Carolina Chemical Company l. Oudin and w y
Dennis and E. T Stotesbury.
ANOTHER HEINZE COMPANY-F Augustus
Heinze will be the president OF the ohio copper
Company which has been organized under the avs
OF the State of Maine. The capital IS S0C0.vH ire
par value Of tho stock being Sl0
CHESAPEAKE x OHIO NOTES ALL SOLD.
Blair & Co. announce that they have disposed OK
the entire issue of S5.6oO.eOO Chesapeake & Ohio
Railway Company per cent collateral gold notes
recently purchased by them.
PRODUCE EXCHANGE SEAT SODA New
York Produce Exchange membership was sold yes
terday for $40o