New-York tribune., 1907-06-29
TOPICS OF THE STREET.


! FOREIGN TRADING.-Foreign houses dealt IN
900 shares in the local market. all purchases.
Union Pacific and the Morgan stocks were in good
demand In London the general market was
strong with an increase in the demand for invest
ment issues and in options on American securities
The Paris trading also was accompanied by de-
cided strength a large business was done in dis
counts and bank loans at the British capital at
firmer rates. The copper market was strong. be-
| ing helped by the reports from New York that
there would be no concessions in the price Of tbe
metal in the United States.
MARKET GOSSIP.-WaH Street traders went
home short Of the market and predicted lower
prices to-day a result of the failure the city
| bond sale Sentiment had been much improved
over that prevailing recently that the few bids for
| the municipal issues distinct blow the
/ theory that investment conditions had changed 20
extent that warranted active bull market
and all circles Of the Street intense disappOint-
/ meHt was manifested Yet in some houses it
said that the situation not as bad reflected
in the bids. II pointed out that the city
/ could not expect to sell I per cent bond at par
under present market conditions when investors
| can get much more for their money in secur-
tiles that Just solid as New York bonds. and
it was argued that in the event OF the Controller
| raising the the bonds 10 AZ hs
/ would have no trouble in dispOsing OF them. The
| bond houses bore the setback for the Controller
! with philosophy. He chose his own time for the
bond issue. in spite of remonstrances, and appears
TO have had the idea that the city could get along
without Wall Street. On the mornings advance in
! the general list quiet selling was reported by
/ B;ruch Brothers. .. 3. Macdonald. E r. Chap
man and specialists in all the active issues and
| there appeared 10 be distribution of stock on all
/ favorable opportunities Ball q Whlcher were
credited with the purchase Of 50,0l0 shares OF
Peading. and they admitted To 10000 shares. their
/ operations being the most important factor in the
I early strength in the issue There was better
I inquiry for options active railroad shares
through the foreign houses especially for the end
! OF August Most OF the big houses we're buyers in
the morning and the chief selling IN the last hour
! came hon. the shorts The bears look for poor
/ hank statement. and this. with the city bond
| situation are expected TO make for lower prices.
though in well Informed quarters it is not expected
/ that either factor Will exert more than passing
[ Influence
/ VICTORY FOR VALORIZATION.-The an
| noUucemeEt yesterday from Rio de JaneriO that
the Rothschds had agreed to take the Sl5.0f0n0)
coffee loan of the State of Sac Paulo guaranteed
/ financial circles a pronounced visOry for The
coffee vaIorizaton plan Added interest attached
20 this loan by reason of the fact that heretofore
the RothsChilds have in various ways demons
strated their hostility 70 the vaIorizatcn scheme
I Under the valorization agreement about 100000
bags of coffee already have been purchased The
| syndicate agreed 10 take whatever amount might
appear necessary maintain the price OF COfee ~
| a level that would allow reasonable profit to ths
| grower.
BANKS LOSE notwithstanding TO tho
banks have lost So 500 in their cash holdings.
They received from the Interior SL22o6o more than
they shipped. while they lost on goid exports
SS93O.60O There gain new gold of Sl551,700,
and gain from the Sub-Treasury on regular
operations OF S64290- The receipts We're chiefly
from nearby and Eastern points. the money being
attracted by the frmer rates for loans The banks
shipped S5GA,050 gold to Canada Thursday. and an
/ equal amount yesterday Sterling exchange de-
clined again yesterday. while money rates ad-
vanced, and consequence no gold was taken
| for export 10 Europe.
| COPPER TRADE CONDITIONS Walkers COP
! per letter SAYS: The COPPER market was dun this
| week far actual business was concerned.
but the period OF inactivity that has existed for
several months will be broken. quite likely
within few days. and sales Of the metal in large
quantities at n moderate concession from the eX-
isting level OF prices viii probably be announced
The lake producers still quoting a nominal
price Of 251 cents for lake copper ElectrOlytc is
. led ar Io
| pound but practically no business is being trans
acted ar an,- Of these Trces There is good reason
to believe however. that when the consumers and
/ producers get together for business the leading
producers VIII agree 10 a temporary concession IN
prices covering shipments CT copper for the next
sixty days. This is the period OF the year when
| manufacturers take account OF stock, the fiscal
year Of many corporations ending June 60 This
accounts for some or the holding on on purchases
I OF new copper until the beginning Of the
.'Scd. Eea- <AI'IeI PI'es u '1Io % &c 80. sts
has disturbed purchasers or copper Is te tact tae
/ consumers Of the finished products have been
| frightened by the spectre OF business depression
| and consequently have been slow on orders Tor
shipments the end OF this period Consumers
supplies OF the metal are very low, and It is be-
heved that there VII be very little surplus copper
available in the market after they have contracted
| for their nearby requirements
/ FRISCO DOES NOT WANT GEORGIA CEN
TRAI4-A prominent officer OF the s. Louis &
| Francisco Railroad Company denies the report
| that in due time his company Will acquire the
! Central Of Georgia Railroad Company. under
| agreement already said 10 have been made wiki
Oaklegh Thorne and Narsden J. Perry. who
Gently bought CCnIrOl OF tne company FROM OLler
sources II is learned that a proposition for the
Frisco 70 acquire the Central OF Georgia has never
been considered a meeting or either the direct
ors or executive committee Of the former company
SMITHS REPRESENTATIVE OUT OF ST.
PAUL BOARD.-It IS announced that Herman 5
| Leroy who was the representative OF the late
/ James Henry Smith the board of directors or
| the Chicago. Milwaukee * ST. Paul Railway Com
| pany, has resigned and has been succeeded as a
| director by Walter P. Bliss. manager Of the estate
| OF the late George Bliss which. il is understood
| holds large amount OF ST. Paul stock.
| GRAIN EXPORTS FOR THE WEEK 'Brad-
streets reports the exports OF grain for the week.
| with comparisons figures in bushels. follows:
Wheat flour included. S5sS 72i. against 2Se222 last
week lSt2555 in this week last year SOL IN ltO
and $3.50 7Cl in 1902; for the fiscal year. T7ooNo.
contrasted with 3is19a9 in ISo5-'O6 g. 4S21+1 in
19o4- o5 and 24993l Se5 IN 19GlG2- Corn, lI13S1S.
compared with 9SSSS2 last week $50 80 this week
year ago and 266 S64 in l9O5; for the fiscal year,
II 6SS against 1lO25O5SO in 1so5O6 and 7SSS0So
in 19ri05.
DIVIDENDS DECLARED.-Dividends have been
declared as follows: II. IS. CIafin Company. quar-
| terly , per cent the common. payable july i0s
John b StetsOn Company, regular semi annual
per cent the preferred and ad interim divt-
10: Vulcan DetInning Company. regular quarterly
| IL per cent the preferred. payable July ai
Alliance Realty Company. quarterly Is per cent
payable July Is: Edison Company, OF Boston. resr-
lar quarterly pa per cent and per cent extra
OFFERING OF INVESTMENT -BONDS.-An
/ extensive list OF high grade municipal and cor
poratiOn bonds is offered for sale by Lawrence
Rarnun 4 Co.. No Il Pine street. Gilt edged city
and borough issues may be obtained at prices
many Industrial issues give 10 per cent returns
TY2TyST CONfpANY UPTOWN