New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-29
TOPICS OF THE STREET.


chief selling in Amagamated Copper Mis-
! souri,. Kansas Texas. United States Steel Atcht-
son and Union Pacific The sales for foreign ac-
count somewhat significant. as they came ON
| the first day of the London settlement when trad
ing Is for the new account. In London the Who'll.
market weak, with especial heaviness in tbs
copper shares. which affected by a speculative.
decline in the price of the metal Contango rate,
on American stocks in The settlement did not go
/ above az per cent while banks charged per ceuc
( on Stock Exchange loans advance of one-haIrt
OF per cent over two weeks Paris exchange
| on London higher.
MARKET GOSSIP.-There is much bad company
| on the bear side of the market. and though VI.
leaders in the campaign for lower prices profess,
j. to- be encouraged the outlook fer further big
/ declines. many prudent operators who have fol-
lowed the down side of speculation because thers
has been money the bull side are getting OF,
of their contracts. The market is entitled to first
class rally. but ii must be confessed there is m
buying power outside that supplied by covering by
the shorts, and ability the part of the mar
ket TO digest stocks. People who have stocks for
sale have to take poor prices. and operators who
are compelled 10 liqUidate are having hard times
practically thrust upon them, this being particI-i
lary annoying at a period when intrinsic condi-i
tons sound. There was some appearance ott
support In United States Steel from Morgan houses
yesterday. Brokers who are supposed to handIs'
Standard Oil accounts have not been buying ont
| the decline. and the Street continues 70 believe
that Standard Oil interests have not recovered
The New street crowd sold stocks the rally
yesterday. Pepper & Sternbach were large buyers
? OF stocks round the room Perhaps this, with soma
/ other buying of the character. led 20 ths
rumOr that James f. Keene had been covering
shorts The Street is full of stories strategtoi
movements against the market secure control
of desirable properties n lower levels. The wish
Is probably father % the thought. conflict II
powerful interests at time when they all have
as much as they can do 10 take care OF themselves
hardly seems to be a bull argument. Arbitrass
houses bought little stock overnight, arguing
that the London market might be rallied with
great difficulty. view Of the fact that purchases
there do not have to be paid until June g. The
rally IN Paris exchange London increased their
confidence, Indicating suspension of the Frenca
/ demand for gold. Grannis & Lawrence made thai
point yesterday that the low points for tins
average price of active rails last YEAR touched
May 3. and stxty-one DAYS later, July 1t isi
worth noting that the break of YESTERDAY, which
carried the average OF II of the low record ot
March % was also separated from That date by AM
Interval of sxty-0ne days
NEW COTTON ACREAGE ESTIM ATE,-Dtcs
Bros. & have issued their first cotton report q
the season. placing the acreage at SSe59,0oo acres
Increase of - per cent over the acreage figures
OF The Financial Chronicle last year The cons
dition Of the crop is placed at IS About l250001
acres Of the increased acreage credited to-
Texas. This tremendous gain in the face Of uH-i
favorable conditions the report says Is due to ths
breaking up OF the great ranches OF the state. Al
been broken up and placed sale within the Ist
year for farming purposes The aggregate repre~i
sents only portion Of the cattle lands being
sold 70 cOlonists. The famous spur ranch, en-,
bracing nearly a million acres. the firm says It Isl
trustworthily informed. wiz be the market in a.
short time. Consequently expectations Of a de-
creased cotton acreage not likely 20 he realized
until virgin has been placed under culti-
walton
THE MANUAL. OF STATISTICS The Man-
I ryrar, ~frf
annual issue OK that standard reference pubtCa ton
has just made its appearance As usual II contains
in concise and complete form the information re-
gardns railroad Industrial corporations Of tbs
3 United States and Canada. government securities
mining stocks and the grain and cotton stocks
which required by investors. spectators and
stock market interests. The present edition alss
devotes much attention 10 the newer mining CONF
| panies whose stocks have become such featuTs
In the stock markets of tine United States cass,
OF organiza lions and securities which fun and
accurate information is often difficult to obtain Il.
gives throughout evidence OF accuracy and careful
compilation and Is brought down date IN its de-
scrlptive and statisc cel details making IRE voIurs
one which investors viii md extremely va,uabIa'
II is published by Manual of Statistics COM
pany. No 20 Vesey street New York
CHICAGO & NORTFW ESTERN DIVIDENDS
The directors OF the Chicago & Northwestern hava
declared the regular quarterly dividends OF per
cent the preferred stock ard the regular seu.
Recently there have been reports that the company
would Increase the rate ON both classes Of stock.
but evidently the directors decided thar in the PRES
ent state OF uncertainty over the years harvesta
. II would not be wise make increased distr-
Z button at this period
= CORN PRODUCTS GLUCOSE PLANT.-A az
rector OF the Corn Products Refining Company
states that the plan erect large central plant
such as has been contemplated az summit. H..
has by no means been abandoned II the drainage
canal site is not satisfactory. the company will
seek a suitable location elsewhere. The summit
tract IS simply held under option which is a mat
ter Of souts expense 10 the company. we'll ~
the cost Of boring wells pure IS essentIA
IN The manufacture OF glucose. and losses woui3
be far greater II the plant 20 be established
where the supply should prove 70 be Inadequate
! The Calumet tract may possibly be- taken under
!. consideration again
(. INTERNATIONAL. NICKEG.-At trV annual
5 meeting of the International Nickel Company vs.
r Graham. president of the American Can CoHt
pany was elected director dlluE vacancy ~
. the board. Other directors were reelected
= LAKE SUPERIOR COMBINATIONS Gna-
900 Lake Superior Corporation notes have been rs
newed for year without dissent BY the holders,
after the payment for the rest of the deposit o.
. additional collateral Tie PLAN is believed 70 y
! better for all concerned than the old one.
|. REGULAR DIVIDEND ON INT-ERNATIoNA1
PAPER PREF'ERRED,-The International Pagss
Company has declared the regular quarterly diVt
idend of IL per It's preferred stock payaos
, July / Books close June l. and reopen July
l. ANACONDA REFLECTS OFFICERS-At =
meeting of the board of directors Of the Anaconat
Copper Mining Company. held yesterday. the r'u',i
Ing board of officers was reelected