New-York tribune., 1907-04-09
TOPICS OF THE STREET

shares IN the local market buying practicsuv -.
ing. The sales included ATnaIgamate5 y, Hotl-
vania. Canadian Pacific and Atchisor In Il
seven days London mas sold I70.918 shares T. 49, .-.s
market. the movement being reaected = US
strength in sterling exchange which has s-,~. -'a
level far above the gold importing point n
don the general market frIn with th
ception of the American department in -
tEere was selling incident TO the reduction =,
counts prior the settlement Open marker r,,s-
rates were easier and the settlement ouots,s-s
doubtless viii be easier than in any se.tl.
since the early fan. 1t is improbable TIA, ~.
Bank of England will reduce It's discoun, r.-
Thursday.
MARKET GOSSIP.-NIany OF the more prou,s,
brokers are looking for an inactive and irreenI-
market in the near future. and Of the Ieast,
commission houses is advising it's customers n -
belief in a period of light dealings and small p--,
changes throughout the coming summer Tbss.
views are based on the idea that the rally iuei5a
to the recent break has run it's course that 60.
on that break were heavy enough 70 preclude -
possibility of an active bhying demand and tb~
crop and political uncertainties viii serve In a.,
courage extended speculation on either sida az ~.
market. Some OF the tipsters are adyertisinp. -
April smash. while the bucket shops. which r,.+.
big sums on the March decline, are adyi,lrs -
purchase Of stocks in the belief thas there win n
no sustained bull movement. and that decline. ~,
develop more often than advances. Bucket sbo,
don't actually buy stocks. and hence their prosf. -
rr.f-
losses bull movements when customers der,,~s
profits. The so-caTed Gates crowd made soma ~
forts 20 bull the market yesterday but It's ops.,
tions failed to induce public support. the abSs,o,
OF the public perhaps being due in part 10 tss ton
Of advlces from conservative houses Thess bou,n
believe that. IN view OF the big advance thai ~,
taken place since March 25. purchases at the o1r-
rent level for margin account viii be attended lb
considerable danger and they suggest sales on an
bulges In the near future. The socalled New stree,
crowd Is inclined TO work on the bear side and the
fact that this element made a large amount os
money in the long decline that eliminated IN tb.
paniclSy days Of March gives it's movements al rra
ent more than ordinary significance. There Ia.
scarcity OF Canadian Pacific and Pennsylvania 4,
the loan crowd that il causing some cor1rs,-
and short sales OF either stock do not Iool, al
tractive, the thing being true OF Auaerirs,
Shelters and Union Pacific. A. A. Housemau &
Co. Morgan Arm. were active buyers Of Un.s1
Pacific yesterday. Boston houses were reunrtss
sellers OF Amalgamatsd Copper, The days mov.-
ment OF values was not encouraging 70 eithsr tha
bar or bull element. and the trend Of prices ind,
Gated little upon which satisfactory concluson,
could Be drawn regarding ths future. Arbitags
houses were inclined to buy overnight A sale -
100 shares OF Chicago. Burlington & Quincy ztors
was made at 21o. a decline from the last precs51r
sale OF ia.
MOVEMENT OF NIONET,-Since last Friday TIA .
local banks have gained from the sub-TreaSrv
more than $4,000. not including further custom,
deposits made yesterday. Call money ruled AZ ?
per cent. notwithstanding the fact that tbera a.,
to be paid to-day instalmsnts representing q us-
cent OF the subscriptions 10 the ssQOOQOO % cs,.
Northern new stock. Time money for sixty dsv.
TO three months was quoted at per cent, seainss
per cent a week ago and a year ago In tb,.
week last year call money averaged rs Der reBt
The lower rates for call money here are making b.
practicable TO relieve the situation at sore OF tb
interior points. as, FOR example, Boston ana Chi
cago, where money has been IN somewhat urgsut
demand II viii be noted that the local banks dis
not gain last week on the interior movement ana
yesterday New York exchange at Chicago was III,
discount. It is thought the Bank OF ENGLAND VII
reduce its rate this week. The private rate OF dis
count IN London yesterday was reported n soma
instances as low as per cent, or a full point IN
der the bank rate. There was division OF oplniou
among international bankers here an % v1heths-
the reduction IN the rate would be A. per cent a.
per cent That reduction OF at least q Per esas
would be made was confidently expected.
ECONOMY LIGHT AND POWER BONDs-ass.
raond & Co.. OF New York and philadelphia, n.
form holders OF the Economy Light and Pors-
Conpany's per cent bonds. due 1918 that as those.
bonds have been called for redemption they oHs-
holders ths privilege OF exchanging them for srys
mortgage per cent gold bonds of tho sauas cou.-
pany. due 1856 which are not subject 20 can snE
are an absolute Tst mortgage upon the entire prop-
srty of the company. The bankers stats that ths
company is in prosperous condition, and VIII show
minimum net earnings Of over Sl5 times its total
interest charges. The new bonds ara ohsrsa Co
holders OF maturing bonds at par and interest," h
exchange for ths can bonds at 1914 ana tussrss.
This offer Is subject 10 termination without uoscs
PIG IRON CONDITTONS.-Rogcrs Brown & Co,
have received the following from thsiF gitssurs
office:
Predictions that prices had reached ne S1o ana
were about 70 slump of have not massrialiEsa, as
the pig iron market has stronger tone than for
the line. with iron for steel making purposes
scarcer than for some time past. As . matter of
OF iron that can be had ar any price for anythlns
like early delivery. with the exception oe forslze,
AiddlesbOrO foundry iron, which WiIs no dou1t
again come TO the rescue
THE COPPER sITUATION.-sevsra1 small sales
OF electrolytic copper basis og 25s cents g
pound foF delivery IN May and June were TspoEss:
yesterday morning. The leading copper interests
say there has been no change IN ths situsttoa syG
Sunday and that consumers who are endci1stns
a break IN the metal IN the near future viii hs Dis
appointed. Many consumers who have sxnsnsis.
their stocks and are holding or 81 anticipation o.
recossions ara buying spot coppsF as shs pfiss
quoted by the .eading producers.
WESTERN MONEY RATEs.-As Chicago uaonss
rates are quoted at TO 81 per cent but some baAs
arc shading the rate below per cent. Deposits
are working up again. and conditions are easier -
around A general rate os 6& per cent n 1oo17~
for soon unless the situation In New Gork chAAs's
Al ST. Louis the volume OF business oslns tsaAs
acted AZ the various banks and truse eon'psnies'
large Collections. both city and country axe 81 -
isfactory. The demand Tor money Is active IA'
ore firm with nearly all time loans being 1naas -
per cent
RAILROAD EARNINGS-For the last week ~
March railroads reporting earnings yesseEoS
showed, for hve companies. q total loss o. Ss%S-'
and four companies total gain of sS2s55 Compare
son being made with the same time lass SeaN
Total gross earnings OF the New York Central las'
for March were 0912S5I1. an increase OF tSSs-s
r.nnt,.r ernnn Innnnru I a fntal gain OF N,6AlN