New-York tribune., 1907-08-13
TOPICS OF THE STREET


FOREIGN TRADING-Foreign houses we're
heavy sellers Of stocks in the local market moro
through private banking houses than through ar
bitrage channels IL was estimated there were Ia
all sales 60.G1o shares Sales were reported for
Berlin account In London cOnsols made new
record at 81. and the general market was weak.
while continental bourses were heavy Foreign
bonds were noticeabIy depressed. The financial
situation IN Berlin was reported in a grave eondi
ton, local bankers with Berlin connections said
that while money at that centre was extremely
tight there had been real trouble Money rates
in London were firm and unchanged
MARKET GOssIP-Banking and general COM
mission took pessimisttc view of the situ-
alton yesterday and most dOlefuly said labor and
Washington had combined TO drive the corpora
tons out of business. They reported that tAs
character of their business indicated genuine fright
the part of investors. and pointed as an nstancs
to the second failure of the city TO sen us bonds
Interborough- Metropolitan bonds were knocked
down In lively fashion, and gossip had u that q
strong party had been organized 10 attack bonds
as well stocks starting off with the InterbOr-
ough-NetropoIttan issues Kuhn. Loeb & Co.
houses and Standard Oil and Morgan interests sup
ported the market in the morning, being compelled
to do so TO protect their own commitments j. s.
Bache & Co also were heavy buyers around the
room. while T. A Mcintyre reported the largest
of this buying short rally due to 1t was Sue
ceeded by renewed pressure, both for speculative
and investment account For $50 i4 H4as y. -
the market c. 3. Mcdonald was a heavy seller
the rally and other traders folowed- nurnoer
of stop loss orders were caught IN missouri Pdc11c.
which was one Of the weakest features on the early
decline the movement being accompanied by tbs
usuaI rUnors Of a reduction In the dividends Ths
C;ouIds are doing nothing to support their issues,
hut they are not selling and appear content 20 let
them decline. doubtless expecting 70 BUY az lower
levels Standard Oil supported United States Steel.
Brokers' letters to customers were not Optimistic
and general sentiment on the market by usual
oracIes was that the situation was so mixed It
useless 70 try to predict the course OF the market
in the next few days. One house said IL had exc
cuted seventy-ve orders Tor lots OF not more Lnaa
ten shares and another house was said 70 have
bought 600 shares for several investors houss
that has most extensive connections all over tho
country said it had not received single order Of
this sort
THE STEEL. SITUATION.-One Of the peculiar
features of the steel situation is its strength IN
tho f,cs If repors Of slowing down IN the volume
- t,-ri,aes The American Steel and Wire CON-
many has done a larger business since August
than In the corresponding period OF last year In
the first week OF August structural steel orders
totaIIed about 10000 tons. about One-halt the
total business reported in the entire month OK July.
Specifications against plates are neavler, ana ms
car con1nanies as well as the shipbuilding CON-
nanies seem TO be increasing their orders Ins
Westinghorse Electric and Manufacturing Com
pany paid go 75 for pig iron last Week' nguIe %
cents ton above the price paid by the Steel Cor
poration for lot of 500 tons Last week orders
for an aggregate of 5o0o0 tons OF Bessenaer steeI
rails were placed. the largest business reported 10
a sinsIa week for some time past The hsnter
branches OF the industry are also active All tns
mills of the Steel Corporation. as well as tne oe-
pendent mills. are in operation
STANDARD OIL.-The directors or tne stand
ard Oil Company viii meet this month ror ths
purpose Of declaring dividend on the eaplH
stock According TO a representative OF the COM
nanv a dfvidend Of IS a share. the same as IN tho
corresponding quarters OF the two precsolng
will be agreed upon In 1893 and 1870 tns oleiuTna @
fo- -ba first quarter Of each year was SO snaFei
second quarter 50 a share; third quarter. %
share and fourth quarter SO a snare h<aAlnS go
a wear So far this year si snare rs o@si -
declared SIS in the first quarter and y N te seS-
ond quarter.
MINING CoMPANY's PROGRESS-Ths Buto' SUITS
and New York Copper Company mas mae! mae : -.
,Sf f-z
TsT-o1y gauge claim which adjoins ths Blrd cam
on the south. This new properly IS Just ~
90 the mines Of the North Butte Company, @ nor.H-
east ~ the Butte and London mines and nortn-
@-ss+ ~ the Arnalgamated property II Is sac 20
be rich in silver ore Ike an tLls - ,,rti1 re
which do not get into copper as i-I7 -. - -
o,a Cot level ia rassed The Bird claim IS next 70
the Colonel Sellers claim. upon Wnlcn Is Oe-I5
The largest shaft IN the Butte camp ana upSa
-st,I, rscord work IN the matter OF SINKING tne
.baft fs being made by the BUtte-New 1OTA C0U1-
pany. - .,,..,
ExcLenge Yesterday quoted electrolytc and cast
to or Il in the bid price Lake, - 20 % IN
changed; electrolytic. Is 70 Il; on -cs 2 - IT,. mar
casting In 10 1Si3 on "A IN Dlu p1l~V- A
ket was weak and unsettled
NO FINANCIAL. TROUBLE IN BEFcLIN--A
prorninent international banking house. IN re-
.o-sa 70 an inquiry whether or not any
Iaroa financial institution IN Berlin was IN trouoe.
received cable stating that the report OF tIou2s
in banking circles there was aOso4ulely "--IO--
foundation -.
p.uROsDs STILL MAKING NONEY-Ot
+btrteen railroads reporting earnings for the nrs
week in August ten show total s1n OF $50 $50
- +r-ae a total loss of Sa4 sC. comparison being
made with the same period last year
RAR SIITER'S WEAKNESS-It was said ths
weakness in bar silver in the London rnarAet W.
due In great part TO the weakness N AILeIiC--'
srreItine stocks and the position Of the Gusgen-
helms in the market
AMERICAN COAL REGULAR DINIDENL-
directors OF the American Coal Company have Ge-
clarad the regular semi-annual dividend OF per
cent payable September g.