New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-08-01

FOREIGN TRADING-FOreign houses dealt in
$4,000 shares in the local market. selling 10000 In
London activity in Russian bonds reduced. as
the news from Russia indicated at least a tenn
porary calm. Consols were slightly lower. while
the South African issues were again strong. There
were no changes OF importance in the foreign dis
count markets.
JULYs BOND MARKET FEATURE.-F1sk &
Robinson. in their monthly bulletin. say:
The sale by the government OF 100000 per
feature of the month Probably there has never
been a national bond offering which received such
careful personal attention from the Secretary Of
the Treasury, and every proper resource OF Itat
sibie prices TO avoid a money stringency Incl
nounced that all purchasing banks would be per
mitted 90 retain one-third OF the purchase money
ing effect on the prices bid for the bonds The
average price realized was approximately 1O4 while
about S4a50co.Ooo or nearly fifteen times greater
than the oiferlngIa splendid tribute 20 the gov
Panama bond sale such TO call forth a
~ the secTet az of he T1easn nm The bd5ine
presented some unusual features. There was not
successful bidders national banks were very
sParsely represented. This was largely due TO a
From the fact that the government has the prtvt
considered by many bankers 20 be 1O-year bond
and they bid on that basis. Such reasoning would
ing bond which it would be desirable to refund
but as b IL you'd be practically impossible 70 redeem
as it IS entirely probable that the government for
years TO come WIN have other uses FOR IT'S surplus
there Is no tenable ground for considering this
much needed. currency legislation is secured. it
could hardly be OF q character which would affect
iatlon.
HOOKING vALLEY.-The plan Of the Hooking
Valley Railway Company 20 retire the preferred
stock with a bond issue has been matured and is
practically ready for an announcement IL Is ex-
pected that the company will shortly can the pre-
rerred stock for retirement at par. The funds for
this purpose viii be raised through 6. bond Issue
and Il is the expectation IN banking circles that
simultaneously with the calling OF the preferred the
oompanys bankers Will make en- offer to the pre-
ferred stockholders 70 exchange the cOmpany's
bonds for the called stock The fact that the com
pany has the unqualified right TO call the preferred
stock at 100 will make II unnecessary for the bank
ers 70 offer high price On bonds II. notwith-
standing that it shares pro rata with the common
all dividend disbursements in excess OF per cent
COPPER sITUATIoN.-Local copper people al
though reporting better demand from domestic
consumers OF copper, have not booked orders for
the last three months OF the year In any great
amount It Is the opinion "a several quarters that
with the probable rush for the metal within q Jew
weeks prices go slightly higher. and one con-
sentative producer would not be surprised to see
lake copper selling at 1s cents before December 81
PIG IRON CERTIFTCATES-Pig IRON certificates
at the New York Produce Exchange were dull and
generally q shade lower. There were no sales
Quotations FOR regular the call follow: Cash and
July. SIC 50 BIDS August SIG 50 BID: September SIS 90
bid; October. S7GA7 Is; November, SIS e00S7 ..
Prices for standard foundry follow July N7 Is BID;
August and September, S17 500S1s: October end No
verber, SIT 659Ss; December. SIT 656S7 90
IRON SITUATION.-The buying OF pig iron over
the last several weeks has created a pronounced
scarcity in the. West as well as the South The
Tennessee Coal and Iron Company which has been
making enormous sales. IS now practically out OF
the market as seller Of high grade iron In New
York, il is said IL would be difficult TO buy South
ern foundry iron No. under SIS a ton Bar iron
and steel bars are also firm There's stN talk ~
a possible advance in iron hars
MONEY FROM SAN FRANCISCO-The local
Sub-Treasury paid TO banks yesterday s21s.OOO on
telegraphic transfer from San Francisco.