New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-10
TOPICS OF THE STREET

q
10000 shares in the local market, Of which = ~
shares were sales. The selling was heavi..- =.
United States Steel Atchison ana the Ha-,, y
stocks. The only buying Of importance w. =
Amalgamated. which was strong in symuatbv 49,.
the strength OF Rio TintO in London Ianso~ =
still extremely cautious about buying in mi. - -
ket, and the movement OF stock this vav v-r,,
has been carried for long time in the p-,.,.
capital continues, having aggregated s0O0O .bs-.-
in the last seven days. Only slight bul :.
count in American issues was shown at the carr
over in the London settlement yesterday the "a.
tango rate running from 51G to so per cent ~
relatively low rate for bank loans reflected m. -
lief that the BanS OF England would re5uca -
quotations. Foreign securities were firm
MARKET GOSSIP.-BUlI points put ont Sf,,a
on Canadian Pacific and American Sueltirg -
justified, as the two issues were leading s,r--''
features yesterday. These stocks ara daoea-
short sales. beyond quick turns, owing To The -,
that the amount OF stock available for Speculate.
purposes Is extremely limited, while the CHIEF sps
latiVe interests in the shares are also large fnv.
ment holders, and always espOused to the b,II go
though at times allowing the shorts enough -.
with which to hang themselves. Bear talk "a.
heard on Erie and Southern Railway shares I'm,
there was no news affecting either property tb.
selling IN the issues being based on the idea 4b.
the two companies may suspend dividends in st.
course OF the year. owing to their physical nee5v
which are particularly urgent in the case OF Fri.
OF course the high rate paid for Erie for fts =.
cent note issue has increased the bearish sentfr,.
on the property, and as consequence gloomy rrs
dictions heard in commission houses ana -
one house wager was made yesterday that I'M.
last dividends for number OF years had been IA
clared on the Erie issues Morgan interests a,
not encourage this pessimstic talk, and apparentIv
they are confident that better days are dawninr fo
the company. The buying OF United States stssl
common was Of the kind that helps to make bull
markets. but IN other parts 90 the list there vas
little trading OF this character. and no indicatio.
OF much public interest IN the speculation. TIA
pool in Brooklyn Rapid Transit IS endeavorinr IA
make good price for the stock upon which 20 sell
in the event OF the passage OF the Public Utilities
bill Flower & Co. were among the prominent
houses with Standard OIL affiliations that paid con.
siderable attention TO AmaIgamated and Anaconda
and there some talk about a 10 per cent divi-
dend for Amalgamated at the forthcoming meet.
ing OF the directors. There Is no doubt about the
COmpany's ability to pay 10 per cent. but the
chances are that a more conservative action will
be taken. especially in view OF the uncertainty
over the maintenance Of the metal current higu
level indefinitely. On the curb market good dsas
OF bull enthusiasm is likely to develop over Bat.
OpiIas Mining, according 70 curb gossip, and the
fact that three prominent men were added 70 this
board OF directors yesterday is apt to help the
stock jefferson NJ Levy. one of the directors
has been interested in the company for long time
and his success in Canadian Pacific and Other
stocks is Considered BY brokers IN BatopIlas q
Reid who was one or the most prominent operators
in the recent bear market. sailed yesterday foI
Europe. having cleaned up all his contracts at bis
profits. 1t definitely stated yesterday that
the Erie company paid but per cent for its recent
notes, rate considered reasonable by the company
especially il cost the Pennsylvania about "a pen
cent for its Paris loan last year.
MONEY MARKET CONDITIONS.-As against
the Per cent rate for thirty days OF about thres
weeks ago. money was quoted yesterday nominally
az S1s per cent, and against 7a7ls per cent Tor
sixty days, 41t9 per cent ruled; against Sgt per
cent for ninety days. money quoted yesterday
for that period and for four months at G34 bid.
per cent asked. Money lent yesterday per
cent for five and six months. On longer time So
was bid 513 per cent asked for nine and twelve
months. The local sub-Treasury on Monday trans
ferred $4,000 70 San Francisco. On this account
the banks lost yesterday $4,000 and since Friday
lost SI2.Gl9 This compares with gain from Fri
day to the close OF business Monday the preced-
ing week OF SSl42.ooa Call money also reelected Jhs
greatly improved position OF the local banks Tbs
minimum was ia per cent, within 4 per cent
Of the lowest rate touched within a year or more
This maximum was pa per cent. Tha market for
prime mercantile paper IS moderately active az
unchanged rates. Brokers reported short time rail-
way notes slightly easier. AS Indicating the i'm.
prOvement in the investment market, one OF the
larger International houses says that within a few
days past its investment department placed with
institutions and individual purchasers OF fayest-
ment securities over S.00000O OF bonds ana high
grade stocks.
IRON SALES FOR 1sOS.-A sale OF SEQ tons OF
foundry iron was made TO a New England con-
sumer yesterday for delivery in the first quartes
OF year This Is the first sale for 1875 delivery
that has been reported. \ Buffalo furnace has ad-
vanced It's price 30 cents ton, bringing It up to
the quotation OF its competitors. Buffalo iron Ia
now firm at 81 80 a ten. The Buffalo furnaces have
sold practically their entire possible production for
the first three quarters OF the current year. No
sales OF Iron for delivery in the last half OF tbs
current year were reported yesterday although
there are some large inquiries There were reports
IN circulation yesterday morning that Two leading
consumers were IN the market with inquiries FOR
75.oO0 tons OF iron for delivery IN the last half
DIVIDENDS observation-disclosures have been
declared as follows: H. r. Worthington Company
regular senl-annual ga per cent on the preferred
payable May 1. International Steam Pump Com
pany regular quarterly liz per cent on the pre-
ferred. payable May 1. United States Cast Iron
Pipe and Foundry regular quarterly 10 per cent
the preferred and per cent on the common, pay
able June l. Central Railroad OF New Jersey regu-
lar quarterly per cent. payable May l.
LONG ISLAND RAILROAD.-At the annual
meeting Of the Long Island Railroad n Long Island
City only routine business was transacted The
retiring directors were reelected. Henry Tatnall
and Franklin r. Lord. who were elected by the d.
rectors during the year TO MI the unexpred terms
OF David g Green and James H. Hyde. elected
for the fun term by stock vote.
STEEL RAIL ORDERS-There a number Of
Inquiries In the market Cor steel rails. most Of
them calling for deliveries in 5000 and 10000 ton
lots So far contracts for next year have not been
considered. although several roads have called for
rails for 1905
NEW BATOPII4AS DIRECTORS.-Morgan J.
OBTieu and jefferson NJ. Levy. OF this city and
George L. James. OF Boston have been elected
directors Of the Batopas Mining Company. The
BatopiIas Is Of the oldest mining properties in
Mexico