New-York tribune., 1909-03-28
TOPICS OF THE STREET

FOREIGN TRADlNG-Foreign' houses bought
- ase- shares in the local market. In London the
-, market inactive and steady with fur
- Improvement In consols. A better demand was
Ted for foreign bonds. owing 10 the strength,
sz-n OF the Continental bourses. Call money Al
- British capital was easier and bills We're weak
= More than E950.00o South African gold viii be
e,usaie IN the open market tomorrow and ft X
~1bshle the Bank Of England will secure the en-
t,-s amount. In addition TO the South African
,.+sl q large amount CT American gold will ar
.. and cable dispatches yesterday suggested The
lhsnce of reduction next week in the Bank Of
--,rlsnd rate as consequence Of the heavy re-
cssnts Of the yellow metal
DEPRESSED IRON MARKET -Rorers Fsrou-n
. Co say: The outlook for the immediate future
ss no brighter and sales are exceedingly light In
,be East there is absolutely no interest in basic
&c steel works are holding up deliveries on old or
dsrs and do not appear TO have stimulated much
interest in buying by their reductions in urices
Sin7ilsrly the lower range Of pig iron prices has
as yer failed 10 stimulate any heavy buving con-
tners being, usual, reluctant to commit them
selves on declining market Some large con-
,araers Of foundry irons feeling the mar
lt Tor ;he last half Of the year the hope of Gov
,rfng themselves at these levels The market for
that period has not yet been really tested. and
sellers not trying force the Issue as thev
see no profit iE selling ahead these prices There
Is little or no cnance OF their reducing costs eX-
cspt 10 & very moderate extent by wage reductions
AS the tariff schedule receives more study II rroyes
70 involve some glaring Inconsistencies tha. did
net first glance appear. The iron trade in all
sections Of tie country VIII watch anxiously for
notifications and the final adoption Of the iron
srhe5ues, ana unsettled conditions seem
Until these questions are finally disposed Of II
does not do in all this chaos to lose sight Of the
fart that the very economies and reductions OF
output uow being forced are laying the best pos
SHE foundation for a new movement forward.
Walkers copper letter says: Copper is frrler
lake : now l31s cents to 1875 cents and electro
iysic is 1e5s cents 70 l27s cents pound Sales have
hsen relatively light OF late but considerably more
than tire March output - the American mines WAS
sold during the first three weeks Of the month.
Consumers report 4 slight Improvement in the
8 re Il to
buy copper At current prices. somewhat IN excess
~ the requirements Of the actual orders tbez have
OF their hooks. Foreign speculative interests are
rererte5 10 have heen considerable blvers recently
In some quarters the talk on the metal market con
5inues exceedingly bearish- one producer IS quoted
predicting that copper VIII sell at = cents
snd that the market Will continue weak until some
Of TIE mines are forced TO close down The largest
producing interest has opportunity now 10 set
ro7. money readily and carry its production until
such time there is higher market. and q low
those smaller competitors who we're able 70 take
fullest advantage - the high prices tvo years ago
n 20 on supplying the rather limited demand FOR
metal current low prices New York hanks
offering 70 lend money on copper There is not
the shadow Cf a doubt that there viii he a deman nd
later at much higher prices for all the copper
tie mines can possibly produce
BANK CI-EA RINCS-The total bank c1ea-ings
of the United States for the week ended March p.
Iaoe Gay estimated. were S2576. .915.350
sezinst S2-276.1S7-124 in the preceding week and
g e55 eel fo- the corresponding week Of 1905
Compared vith last vea~. the total weeks clear
ings have increased l44 per cent New York City
shows increase Of 142 per cent. Boston PA
FeT cent. Chicago rs per cent. while New Orleans
shows decrease Of 2 ; per cent.
COTTON YEAIENI--Total port receipts OF
cotton given by The Financial Chronicle, for
she week ended March =. 1-E. were 1909 bales.
sgainst e5,ls5 bales i'm The preceding week. making
the total receipts since September l. 1905 S506sS2
ha-s. against 7-2G9ss5 bales for the same speriod
~ ISa7-'0S. showing increase since September /
leoS z 127s.S27 bales The weather has been gen
orally favorable during tire week. with rainfall
light rule. Crop preparations have made good
urdEress and the Alabama and Mississippi, though
stil high rece5inS from the flooded lands
NEW PRESIDENT OF PITTSBURG TER
MINAI RAILROAD AND COAL CONPANY--R-
? Bush. president au6 receiver IF tho Western
Maryland Railroad Company has been elected
president of the Pjttsburc Terminal Railroad and
Goal Company, to succeed r a. Delano
DIVIDENDS DECLARED-Di Dividends have been
declared follows: Van Norden Trust Company.
regular monthly per cent, payable on April J:
Fifth National Bank. regular quarterly per cent,
8 rs1