New-York tribune., 1907-01-04
TOPICS OF THE STREET.

FOREIGN TRADINCi.-FOreign houses dealt in
$1,000 shares In the local market. mostly sales In
London the copper shares weak: also Hudson
Bays, while the general market was firm. with
net advance of Il IN Conso!s. The Bank Of Eng
land made change in its minimum rate of dis
count, bur oPen market discounts were easier
The weekly return showed n decline In the per-
centage of 10 liabilities of 35s FER cent.
There were changes Of importance in the con-
tinental markets. The Bank of Germany made
poor return.
STEEL RAILS HIGHER-With the exception of
the United States Steel Corporation practically all
rail mills have advanced tho price of steel rails
from the S2S level estab bshed four years The
fact that the steel corporation controls its
supplies makes IL possible fo- it to sell cheap per
than the outside concerns. which have 20 depend
upon other sources for their raw material The
steel rail pool is longer in active existence. z.
H Gary. chairman of the board of directors OF
the United States Steel Corporation. said yester-
day: 81 do not know whether or not the published
statements Of to-day that the Pennsylvania Steel
Company and the Cambria Steel Company,
spectivey. have increased the price OF standard
rails from s2s TO $50 true. II the advance has
been made by these companies there are probably
special reasons which apply to them their busi-
ness, | do not think any of the subsidiary conf
panies of the United States Steel Corporation VIII
be disposed 10 make any advance in the price of
rails at this time
GOVERNMENT BONDS IN l9O6.-FisH & Robin
son in their monthly bulletin say:
From the standpoint o: national finance the last
year represents a period remarkable beyond all
others Of recent date for the repeated and. at
Treasury system OF the government mon bSfh
business and financial affairs. Eish. times during
PROSPEROUS condition ef bstness qanai, g Sbb
out the entire country has been reflected IN rap
idly increasing public revenues naturally the Gus
the calendar year 1905 10 sSi54sO 900 for 1906: in
tsrnal revenue from s24O.O000Oo 10 $2594GoOO0 and
700 10 Sb2Iloo.0oo. Al the beginning Of the year
creased thes" deposits to the extent of $40 GOO
tion state. municipal and railroad bonds based
Sp per cent OF their valuation: this was t-ected
quence OF the San F'rancisca disosIar Si5 0C0 600
additional deposited. During the same month
ana in September the novel plan OF stimulating the
importation Of gold BY making special deposits
Instituted for the first time in the history of the
Treasury Again In September. the Secretary in
terFsned , on account ~ nigh money rates hy de-
posting &26,oooGeO 20 be returned about February
legal for New York ana Massachusetts savings
banks. In December Treasury relief was obtained
posts and by Secretary Shaw's offer 70 purchase
- deooSt, "a ~ "a SD' i' ~ eN As result
ernment deDosts in national banks show a net in
post up TO s5si84OGo BY ali odds Ids" the most St' im
portant event OF the ye9r in the goyernmenL bond
my or July 20 of SSOooo.ooo per cent bonds of
ior IN 6Fe R PuB9e %f T0gdnG funds for
price realizeq by the government 1o4 oSs There
gregated S+45 1000, nearly fifteen times the orig-
greater part of the issue were Fisk & Robinson To-
whom allotted sl6.3S00 0OO OF the bonds
Through purchases this allotment was ultimately
thc Secretary Of the Treasury and Fisk & Robin
and accrued interest. The entire allotment was
sold in seventeen DAYS.
FAILURES IN 19O6.-CommerciaI failures In the
Uniteds States in the year 1896. according to sta
ustics compiled by r. G. Dun & Co, numbered
lo6S2 and involved N1e:o5l5 of defaultei Indebted
ness. against r.5Ga bauxvuItcie IN 1865 when the
amount OF liabilities Slo2s762-2. Manufacture
ing failures were 2.490 in number. compared with
rs in the previous year while liabilities OF So
G75.SG2 compared with S44.252629 In 1895 The most
striking Improvement shown in the trading
class. where 7.SiS defaults compared with $40 and
liabilities only *4S,lS61Sj. against $5l5545os in
tho preceding year. The increase In total defaulted
Indebtedness over the figures OF the previous wear
occurred In the third class which embraces broker
age. real estate, insurance and other occupations
of more or less speculative nature. This section
provided $40 failures. with liabilities So 3iOO OH
whereas in 1906 there were only $40 failures in
volvtng S.669.040 In addition 10 the commercial
failures there occurred 5S suspensions Of banks
and other hducary institutions with defaults of
SSSO 3SO against rs similar failures in the previous
year for SO,2%7l55.
SANTOS GOLD LOAN CONCLUDED-The Ma
tonal City Bank of New York and J. Henry
Schroeder 4 Co. of London, have purchased an
issue of 100000 State OF Sac Pau!o Brazil . Per
cent Fxchequer gold bonds. The losu will he dated
December /. 1896. and will he redecmable ore-ousr
ter of the loan each year from December 1e1S
TO December /, 1911. OF the total issue 81 goo co ia
payable in United States gold dcllars at the fixed
rate OF exchange of 81 81 pound sterling The
loan. besides being direct obligation OF Sac PauIo
Is further secured, both to principal and in
terest, by hrst charge upon surtax CT 3 francs
god. a bag OF coffee exported from Sac Paulo
The tax Is deposited weekly j., Santos with the
agents OF the bankers purchasing the loan The
taxes thus far collected have averaged IDS O5 francs
a week, or at the rate of fl.45S IA year This is
the second loan effected by the Of Sac Paulo
part of the coffee yaiorizatton scheme the first
having been for about s20O0lCea
THE COPPER MARKET-One sale of copper
was made yesterday at 2ii@ cents calling for next
months delivery of approximately half a million
pounds of lake. smelling interest says: "Our
largest consumers well covered on their
copper requirements for a while, and whatever
spasmodic activity may be noted the trade in
the next few weeks be attributed helateG
buyers of small amounts" Copper Is being taken
hot from the rehneries for immediate use This is
instanced by the statement of a person identified
with the business the effect that II a million
pounds OF copper be turned out in the morning al
his refinery It is being prepared for shipment that
afternoon.
UNITED STATES RUBBER.-The United States
Rubber Company has declared the usual quarterly
dividends of per cent on its first preferred stock