New-York tribune., 1907-08-06
TOPICS OF THE STREET

MARKET cOssIP-In the early decline the best
support came from brokers who generally represent
No 2S Broadway. but great amount of support
was needed as the Standard OIL fine failed to
bring a large amount OF selling orders STANDARD
oil people do not appear to be concerned over the
fnine OF the Standard OIL Company OF Indiana an
amount s2sOOoCs0 in excess of the capital Of the
company. ard they doubtless are readS 20 extend
velop The Street looks TO these interests to take
care of the market. matter II they may nave to
nav to the government S9.24o,Oo. There was
selling bv commission houses for outside account
but a good part of the early decline was due to
one-ations by- hear cIiuues. H. Content & Co were
ctnspfctlous in the forenoon. selling in Southern
Pacific and traders also sold that stock and Union
Pacific Foster & Lounsbery sold American Snelt-
ing. and there renewal or bear talk on the
issue based talk of lower prices ror the COM
panys products. though there is no indication of
decline in bar silver. Moore K scney bought
Northern Pacific. and IL was tnoaShI the house
was used in order create the impression OF Hill
buyinz as the attitude Of the Hill interests IS
generally associated with the position In the mar
Eer of This house The return OF Mr. Kahn o.
Kuhn Loeb & Co. may add some ginger to ths
Hartman campaign for higher prices but most
traders believe there can be no sustained advancs
under existing conditions. One trader said yesteT-
day: Business conditions are all right. but ths
easiDess created by attacks on Corporations the
bulls have not the ghost Of a show Tie only
buying power at present comes from the shorts.
They covered in the early decline yesterday and
nut cut more contracts before the close There
few Of the so-called big men in the market at
present. The greater number or SUBSTANTIAL inter-
eats are out of town, and they not using wires
to stock Exchange houses. One large operator now
in London sent a cable message yesterday TO the
effect that the Canadian Pacific would advance ths
dividend on the stock from its large surplus earn
nes and make a bigger distribution on land
count
BOND EXPERTS AND CITY BONDs.-Bond ex-
perts and bankers are divided in opinion over the
chances for success of the prospective offering %
New York City bonds week hence. Some sav
tbev would not be surprised IL the bonds went o3
briskIy. while other equally good authorities ex-
press the opinion that the security will recetve
poor reception There always Is a better prospect
Of selling municipal bonds IN the raiI tnan IN
rho snrjnr or summer as being free Of taxes
causes them be resorted TO toward the end o.
the year Many bankers still regard the rate q
interest too low as compared with railway and
corporate offerings. but the fact remains the
city bond is an absolutely safe security. and New
York ought be able 10 sell II on a per cent
basis especially the current issues as II IS to %
sold over the counter.
STEEL CORPORATION BUYS BESSENEa
IRON.-The United states Steel Corporation has
purchased ten thousand tons of Besse-ner iron from
the Besseuer Furnace Association. for August de-
livery az SO ton Its original inquiry for
fifteen thousand but the furnace association
had difficulty IN finding the iron for this delivery,
and when it had arranged for ten thousand tons
the corporation took this with the idea Of getting
FIVE thousand tons later. but the furnace assoca
ZION was I-na BILE To increase the order. In order
to supply the steel combine with this amount Of
iron a number OF furnaces that have been making
basic iron will have 10 change To Bessemer-
Expecting; EARLY TRACTION ADJUST
NENT-R- r. Gown. Of II. b Holins & Co.
started yesterday for chicago attend the hearing
in the Chicago Traction case which will be re-
s,1ned before Judge GrosCup to-day A. this ses
sion or AT that Of the following day IL IS *
pected the arbitrators will mako public the
amended reorganization plan for the Chicago Uriol
Traction Company II is believed that this plan
will satisfy large majority Of the various in
| terests
QUORUM UNLIKELY FOR SOUTHERN RAIL
/ WAY ETING.-Judging from the present out
look IL will Be impossible 70 get quorum for the
regular monthly meeting OF The directors cf the
Z TT.-~ -a e
be held next Frfia- afternoon If a quorum IS not
/ obtained the meeting viii Re postponed FOR one
week
/ HANSON MINES PROGRESS -FIe-rnar Aue--
/ bach. treasurer OF the Hanson Consolidated Silver
| Mines Company. left yesterday for Port Arthur.
I Canada where the mines located. IL. Auer-
/ bach took wiki him part Of the ASSAY plant
which recently contracted tor hv the COMPANY
/ The plant is complete in every detail Tas
company has also ordered a new air compressor %
the latest and most costly pattern Both VIII % N
! full operation within week, and result the
work at the mines he pushed with even greater
rapidity- II is understood that Richards & Banks.
/ the mining experts who examining the prop
crty are pleased with tho mines that they have
offered good sum fo- large block Of the stock
/ Of the company
| SYRACUSE BONDS OFFERED columbia
| Trust Company of New York Is sending our c.rru-
lar offerings Of OF four issues of bonds OF tie
/ city of Syracuse y. Y. bids for which Will b re-
ceived by the CITY Controller the 18th Cs this
| month. would appear that the Csrtihcstion u
municipal bonds is rapidly growing il popularity.
the trust company mentioned having az The presert
| time hand less than nineteen bond Issues
| which being engraved Under IT'S supervision
| and will BE-. when completed certified as 70 sen
! Uneuess by g..
I CANADIAN PACTFIC-A cable dispatch received
/ yesterday b. The Tribune from London stated the
probability of increase in the dividend Cana
| dian Pacific stock. also increase in the dividend
| from land sales The Compauy's gross earnings
fer the last week in July increased sS5ltf ma King
| for the month 2 gain Of s. 0lS 0t0 over the same
| time year ago. when traffic receipts were heavy.
I
! STRUCTURAL. STEEL1-The American Bridge
| Company the month Of July received new orders
aggresatiug $500 tie largest in tire corpora
| TONS history. with ore exception The company
! has booked 32as1 tons since January :. which -
/ well above its capacity. The July business % al
| ConIpa nieS figured AZ 10000 tons
| COPPER IMPORTS topper, according - sta
tistiCs of the New York Metal Exchange. imports
| for the month Of june amounted 20 9l5l tons
| against $3.50 tons for the same month last year
For the six months the tonnage was S5,4,t. against
| 81 l05 for the corresponding period a year ago
| COTTON EXCHANGE PETITION--The neT-
bers of the Cotton Exchange have signed a petition
| 20 suspend business on Saturday August 81 pre-