New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-02
TOPICS OF THE STREET.

4
main relatively strong throughout the summer. but
disturbance is looked for. There was no ur-
gent demand from Paris for the gold offering in the
open market. the Bank OF England getting prac-
tically the entire amount.
MARKET GOSsIP-One of the leading commits
sion house brokers says there is a better demand
ne Is not encouraging heavy buying. Customers
who formerly We're in the habit of dealing In 300
and 4e) share lots urged by this broker
10 take on no more than one hundred shares. and
a like proportion is suggested to other customers
whose operations various times in the past have
-"i "eyoHu lhe 0'1 snare lot Conservative brokers
40 not believe the money market will support a
nS DUH speculation, and they advising eau
ton in the belief that prices will gradually i'm
prove under the influence of quiet buying move
ment and sell from 10 Is points higher by Au-
gust l. barring the development of an adverse
chanSe in the position Of the crops. Evidently
tlefe are a good many buying orders under the
market Investors in some cases said yesterday
they We're waiting for cheaper prices before rein
sesLi-s Jtiy income but there does not appear to
DC anything in the situation that will bring about
much lower values though a speculative reaction
t'ly 'o uue' o"4IS 20 the good sized advance that
has been recorded in the last fortnight Brokers
are fairy well supplied with time money and the
advance IN Cia!! rates is worrying no one. II is
conceivable. however. that continued high rates
for call funds would interfere with rising prices.
IN most banks X was said yesterday the money
market ought to improve from now until the de-
mand develops IN connection with the financing Of
the crops especially as the government will TODAY
begin to pay out money in redemption of the short
As. while the rates for accommodation this
point will attract currency from the interior
terGay. y broker who knows a good deal about
the borrowing and lending of stocks is bullish
Pennsylvania because thousands of shares of the
stock, he believes. are being borrowed The bro
keTS OF operator who has been prominent
1Ii.S a" the CuIIe eng ear on TIE Dear sue ara
said 10 be lending ioOoO shares, from which It IS
assumed the operator referred 70 is long Of the
stock and might create furry in IL by calling in
Ms holdings " ell known brokers had large buy
ing orders in Union Pacific, and they were sue
CessfUl in making of the shorts pay more
than 40 for the stock in the first hour. H Con-
n
the last hour, and accompanying the rise it
reported that OOO0 shares had been called from
borrowers. Marshall. Spader * Co. said yesterday
that they looked for a better demand for Anneri-
can curities for foreign account. Foreign condi-
and after time the big interest yield that may
be obtained from our issues may lead 70 more
tivity in our securities abroad
WABASH INTEREST PAYMENTS-The d.
reCtors of the Wabash Railroad have declared
interest payment OF per cent on the debenture
mortgage bonds. series A. and per cent on the
debentUre Bs- The resumption CT the full per
cent the As ana "a payment the Bs were
expected az this time The Davnlen+s viii he made
the entire amount of the bonds. including those
which have been rendered in exchange under the
readjustment plan and deposited collateral IN
der the refUnding Is. on Nav l there
outstanding about S5oee0 Of the Bs out of a total
of S20.500o0, and about $4,000 Of the As out OF a
total of %5o4,0t6 The last payment the de-
benture As was per cent in 1901
LACKAWANNA STEEL PAYMENT.-The last
payment OF - per cent, or S2cao9. by subscribers
Lackawanne Steel Company. which we're purchased
by Speyer & Co. Blair & Co, kean Van Court
laudt Co. and Robert Winthrop & Co. made
yesterday The first payment of 80 per cent
made on March l. and the second payment. Of an
equal amount. May I. 1877 Of the proceeds OF
the notes, 10000 is to he used pay OF
indebtedness Sl-SN,'" Will oe applied toward the
payment Of the Ellsworth Coal purchase. and The
balance toward Improvement OF the con1pany's
plant and railway at West Seneca, y. Y The notes
all subscribed for
MARsDEN COMPANY FTGHT.-It is stated that
controversy is now going on in Philadelphia look
Tag to a change in the management OF the Mars
G5n Company. Circular letters have been sent 70
stockholders. and committees have been Gp-
poA'ed IN ItliaIeIpIlla ana FItIsourS % ecEIucC
the fight. The Consolidated Paper and Milling
Company. which is said 10 be large holder OF
Marsden stock. has taken the side against the
Marsdea a0tl-adnllulstratlon forces IN connection
with this controversy IT is said that efforts
ins made 10 accumulate the former stock
CALL MONEY ADVANCES.-The rate for call
funds advanced to - per cent yesterday. ruling az
per cent. with the last loan at the highest figure
The advance not unexpected. and not
considered great In extent in view q the enormous
burden placed on the banks by the July payments
Doubtless the market viii he unsettled for sew
eral days. and IL is hardly likely call money will
fall back Il normal level until the end OF the
week when the amount paid out yesterday Will be-
gin TO return 10 the regular money channels
Steel. Rail. CONTRACT FROM URUGUAY
A contract for about five hundred thousand tons
of rails. be used IN the construction OF an
electric traction system in MontevideO. Uruguay,
by the United Electric TramwayS of MOntevtdeO
has been secured by the United States Steel Prod
IIcts Export Company which handles the foreign
business of the United States Steel Corporation
The road is being built by J. c. White * Co, Linn
ited Of London. The construction and equipment
OF the line will cost about 100000.
THE GILES COTTON REPORT.-N1iss Giles
Yesterday issued report on the cotton crop max
ing the average condition OF the plant on June .
SO 0 COMPARED with SS7 ten days ago, 6S.f month
ago $50 a year ago. - in 1905. S5I in 1904 and IsS
g. ta0g The report saws: There has been more
OF an Improvement IN the weather conditions than
in the condition Of the growing staple stands are
still poor growth is slow and the crop IS from ten
days month later than norman. NeeNll aIso
are reported. and many farmers have begun 70
plough up cotton and plant corn The crop IS very
spotty."
STRUCTURAL STEEL.-There was a decided
shrinkage in the volume OF new structural steel
business last month New orders received aggre-
gated about 10000 tons, OF which the American
Bridge Company received about 5000 tons In the
preceding month in the neghoorhood or l'oVV' cons
of business was booked by all companies The
American Bridge Company has on its books
about 100000 tons OF untitled business. which will
keep its plants active we'll into the first half OF
next year.
IRON AND STEEL IMPORTS AND EXPORTS.
The value of iron and Steel not including ore.
imported in May. 1901, vas $4520l8, against $2S59-
400 in May, 1906 For eleven months the total was
Ss7 Sl5 sos as compared with $96.156.S65 in the
responding period OF last year. Iron and steel ex-
ports excluding ore, May. 1907. were valued at
S1l 5gS6 4S as against $56S5722 for May. 1896. For
eleven months ended May exports were valued az
Sl64 22 compared with $4S SSSs2 for the cor
responding period OF last year
ALABAMA STATE BONDS soLD.-Ths syndl-
cate composed OF Ladenburg. Thalmann s. Co.
Goldman Sachs & Co. and William Solomon s. Co..
which July l. 1906, purchased the issue OF $780,
600 State of Alabama per cent renewal bonds, has
disposed of its entire holdings The bonds wera
taken at 1914 and sold at prices that averaged
1924. Some OF the bonds sold as high 1OSA-
This one OF the few successful bond syndicate
operations reported in the last fiscal year.