New-York tribune., 1908-04-30
TOPICS OF THE STREET.

FOREIGN TRADINC.-Foreign houses traded
both Usvs IN the local market Yesterday. totaI
transactions being about thirty thousand snares.
American stocks in London were strong and ad-
vancira in the earlv trading. but developed a de-
clnirg tendency later il. the day The geneE al
market inactive, with the tone laNoIaole al
the close
SUCCESS OF MERGER PLAN ASSUR RED-The
time for deposirinc the securities Of the Mexican
Central and Mexican National Railway companies
under the terms Of tie merger o. lleSe COZ loid
tions under the style Of The National Railways OF
Mexico. expires at the close Of business on May /
The deposits os all classes OF securities are sau 10
have been sufficiently large to insure the success
OF the undertaking.
SUGGESTIONS To NEsTORS--Spencer Trask
e. co have issued fourth edition Of their leafet
Railroad and Industrial Stocks. giving the
capitalization. dividend rate dividend yield and
other facts relating list Of about thirty stand
ard railroad stocks and industrlals Of the better
class
MANHATTAN STOCK Az UNDERLYING
IIEN.-Under the terms Of the deed Of trust secur-
ing the new S55""oe Interboroush Rapid Transit
Company per cent bonds, Of which $3OotleD are
deposited as collateral for the 100000 notes the
Manhattan Railway Company stock is an obliga-
tton underlying the lien Of the new mortgage
TO OPEN 4 NEW BRAECH.-The New York
Produce Exchange Bank i soon 10 open a new
branch AT 18th street and Second avenue
DIVIDEND REDUCTION EXPLAINED - Ac-
CtinTaryng dividend checks to stockholders Of the
Pacific Coast Company is 4 statement signed by
John Neaa. treasurer. which explains the cutting
Of the dividends follows: The reduction in the
dividends from II to IL per cent is on account of
falling of u receipts and profits, because Of the
panic and depression in business throughout the
country The property Of the company IS in eX-
ceIlent condition
IRON AND STEEL CONDITIONS--Th Iron
Age says:
The success Of the Pennsylvania Railroad fnanc-
ing. even when allowance is made for exaggerated
subscription statistics. has given much encourage
the iron trade. II is regarded. with other
similar recent transactions. the first tangible
proof - returning confidence. and such ind
extended HuNiDg OF materials and
supplies by the railroads may follow Lead
in the industry. however. utter the warning
that II may take q month TWO before the effect
IS felt in the steel trade.
The iron industry is facing problems of its own
TIE contined pressure 10 sell pig iron. notably in
the Central West. which Is the principal battle
ground Of the Western and Southern producers. is
creating = serious situation. The proposal made
and withdrawn weeks put Southern
foundry iron sqGarely down 10 SO at Birming ham
Cor No indicates the attitude OF some important
interests and has had its eject upon weakening the
market further At the meeting al that time il
was understood that If developments called for 1t
there would he further meeting the 3oth. In
stead. meeting Of Tho pig iron and ore committees
has been called FOR May =. and IN the interval the
majority cf the furnaces cooperating are holding
20 the prices agreed and arc selling very little
The iron Trade Review says:
The oyersubsc rihifIg Of the Pennsy ylNana per
cent bond OF So eD 1,o and the prospect that
other railroads VIII be likewise successful 1nan-
cial operations have caused some Improvement in
sentiment in tho iron world. but actual conditions
are no better. slight increases in some lines are
Offset by decreased activity i'm other products The
firs1 sale Of iron for delivery after May at
agreed prices has been ma1e- il Is block Of 51-'
tons FOR = Southern Ohio consunler ore interests
show nC disposition to Haver in adherlng 10 an
raunced prices. 4 crisis il imminent in the pig
iron nlarlet Owing 10 the general circulation OF
the report that powerful interests are IN favor of
adorftne. q new schedule, based Sl9 Rirning-
bsm which would result in the sale Of pig iron In
many parts the country al less than cosi. only
sucb blyers as have been compelled 20 come into
The market for INN cdiate needs have been placing
rr5e-e and keen interest ~ being manifested in
,,,ee-fres n be held next week and later in the
rnopth While the proba biliy seems TO he in favor
Of lower prices there is possibility that an ;m-
por-art proposition in harmony with TIE general
movement in favor Of maintaining re4sona bic
rroes viii ne submitted BY certain interests which
t.y,e besn credited Dith making low quot atoms
Should this proposition Oe accepted peace may re-
SUIT