New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-04
TOPICS OF THE STREET.

IOPlCS OF THE STREET.
FOREIGN TRADING.-Forelgn houses dealt %
the extent of ten thousand shares in the local
market mostly purchases. The buying was chiefly
in Pennsylvania and Baltimore & Ohio Foreign
operations were wholly on arbitrage account In
London consols we're firm and the general mar
ket quiet without important feature. Money was
inactive. but there was large application FOR
the new Indian loan The new Irish land loan Is
expected at the end OF the month.
MARKET GOSSIP.-A commission house bu.,
ness in the current market is extremely light. or
ders being confined to the operations OF few Gus
toners who follow the market from day TO dsy
and who az present making a fair living bv
buying on the declines and selling the frs.
appearance of strength. This sort of public fol-
lowing does not make bull market The fact
however. that the tendency of speculation recently
has been 20 broaden on advances and grow dun
on declines encourages many houses to hope for a
generally better market in the near future. II il
pointed out. however, by some observers that ths
strikingly poor net railroad earnings for March
and the uncertainty the crops are factors that
work against extended bull speculation at this
time The buying of Baltimore & Ohio and Nor
folk Western attracted some attention yesterday.
particularly as foreign houses had the tip 10 GUY
these issues. and il thought thar accumula-
tion going on for the account OF important
interests The old pool in Brooklyn Rapid Transit
showed some signs OF life though the advance was
due in great part 10 traders operations based on
the theory that the pool would become active az a
result Of what the Street considers the improved
prospects for the defeat of the utilities bill Re-
cent increases IN dividends do not IT IN well with
decreases being reported IN net earnings and the
bear element on the Stock Exchange quite likely
Will make capital out of the poor showing by thu
New York Central. the Southern Pacific. the South
Railway and the Pennsylvania and with fur
Their bad crop reports TO help. they may be abba
10 make some Roadway against prices. though tina
mi rLef 70 al
1t said yesterday that the copper stocks soon
would be put materially higher. The metal Is be-
ginning look decidedly frmer. producers hold
Ing out for 25a cents 10 Is cents for lake copper
and a5Is cents for electrolytic Floor traders az
the close yesterday said the market was full Of
stocks and that prices were being manipulated to
facilitate distribution
MONEY IN BOSTON.-The Boston money mar
ket shows little change National banks and trust
companies are we'll provided with funds savings
banks flush. and interior banks nave alum
dance OF money for the right Investments sons
lenders are inclined TO believe that rates may
harden somewhat If the security market is 70 Wit
ness any appreciable increase in activity. Not
wlthstandng that exchange on New York az Chi
cago is quoted at par. one Boston trust COM
pany this morning received telegram from Chi
CagO ordering the calling in Of IT'S outstanding can
loans at per cent II Is not known Vet what
will be the disposition o. the funds. whether they
will be called home. transferred 20 New York. or
left on deposit here. On call. money rules from
70 ST. per cent. One leading bank. that lost s go
on on balance the Clearing House Thursday.
marked up its call rates from per cent 70 Sig per
cent. Time money Is weaker I'm tone,
BANKS LOSE CASH-The reported movement
Of cash in the current week indicates a loss N the
amount OF cash held by the banks Of S95.Ir0 They
received from the interior S5276SoO and the
interior S.5l6.+0. Receipts of gold were
g, 30S 90 On their operations with the SubTrsas-
ury the banks lost SSSCco Receipts from the IN
terror were larger than they were TN the preceding
week. while shipments smaller. In the out-of-
town movement was included S,5s1G1o gold sent 10
Canada
PENNSYLVANIA STEELE. c. FELTON, pres
dent of tho Pennsylvania Steel Company. in rs
annual report 10 the stockholders. says in part
"In line with the policy Of increasing ore reserves
your subsidiary company. the PENNSYLVANIA Steel
Company. of Pennsylvania. purchased during iSs
OIL additional shares in the Cornwall Ore Banks
and owns majority interest IN that property
A notable addition 10 your supplies Of iron ore
has also been made by Your subsidiary company,
the Spanfsh-American Iron Company"
GRAIN EXPORTS FOR THE WEEE-''Brad-
streets reports the exports Of grain f'r ths
week. with comparisons figures I'm bushels "a fol-
lows; Wheat. -four included. 22St,56 against
243 last week. 21o+7tS in this week asJ wear.
1Z9S64 in 1905. and 5SoSl55 in 1892; for the fiscal
year to date. IFsSOO.4S7 compared with u2S6ls
IN 19O5-O6. 5s.5ssO7t in 1906 %. and 21-J2S4S N
19O1-'Oe Corn. 1.S176s5. against t6Iou last WeeA'
1.Os5.Sl5 in this week a year ago and 21l5S'o n
1895; for the fiscal to date 81 +2SS. CotraSte
with 1Os s37S9s In 1905 % and S9S7a.oSS IN tsoi6
ANTHRACITE PRODCCTION.-The READING
Company's anthracite tonnage for April vas LOU
$40 tons. the largest shipments made in any
month. The official tonnage figures for ali tns
companies will not be known for several days, %.
there is no doubt that April was the laFse''
month of anthracite production.
PIG IRON CERTIFICATES-PiE iron ceruF
Gates at the New York Produce Exchange ve''
dull and unchanged There were no sales ~ Wv
for standard foundry follow: Cash, SIS 81; NAY
and June SIS %: July and August. 81 %; sePtemos
SCI -,
COTTON INTO SIGHT-The New York cow.
Exchange reports cotton into sight for the ~ w.,
% 16s bales; week. 104 OSl. and last year Ie
This season. L. 6SfS79: last season. looS2tSi oa7
MONEY IN CHICAGO.-Money rates AZ CHO'
are harder at 5Is TO s per cent. The majoflS
loans are at per cent now. instead OF 5is per -
the prevailing rate earlier in the week wee -,
dent Van Vechten OF the Comnercial "a
Bank says that very few loans are oe'"S
below per cent. ,,,s 4
CHICAGO TRACTIONS.-The Fl Is 1910 io.'
Co holdings of 5000 shares of North 1t
Street Railway and West Chicago SIRE ~.
vav companies have been received .,t.
cago for deposit under the terms OF L. are
The deposits with the Union Trust Cohpa ira
averaging !, 800 shares daily a fun maJo'4''
stock seems certain of being dePoste'i- rs-
COPPER TRADE CONDITION re - fo-
mort an increase in the number OF naui'" IVA.
copper from the large consumers. and M for
han