New-York tribune., 1907-07-23
TOPICS OF THE STREET.


FOREIGN TRADING.-Foreign houses boughe
5000 shares In the local stock market chiefly h,
the Hartman issues. There were sales by
arbitrage firms in United States Steel common In
London the general market inactive and firm
Money rates at the British capital were easy, and
short time paper weak at 112 per cent Ths
firTner in bar silver was due 70 further pur-
chases for the account OF India. Exchange ratax
at the Continental capitals on London remained a.
last weeks level while money also showed no
change from the quotations prevailing in satur-
days market. The issue Of f2.5Oo00O six months
treasury bills was allotted in the English rarler
at an average of SO per cent
MARKET GOSsIP.-Mr. Lawson. OF Boston.
made some pertinent remarks yesterday In hi,
weekly digest of market conditions regarding tha
wisdom of buying good stocks and bonds at cur
rent figures. but his ideas. though good so far as
investment buying is concerned. fell fiat no ons
apparently being willing to follow his lead. II IA
pointed out in conservative circles that Mr.. Law
sons arguments ought 10 encourage invsstrnens
purchases. but few men who know the Street from
years of experience indOrse his theory that the
time Is ripe for speculative campaign on the bull
side Of the market. The Lawson favorttes, ST.
Paul and AnnaIganated, admittedly cheap, br.
they are not attractive on marginal operations.
The early reaction in Union Pacific was based on
traders selling due TO the general belief thar
there had been a heavy distribution OF the stock in
the preceding week by houses doing business for
interests closely connected with the property Ths
selling is believed to have been merely the disr-
button OF stock bought to stimulate the advance
One reason for the bullish sentiment on Southern
Pacific is the early estimate OF earnings for tbs
wear People in touch with the controlling inter-
est in the property know that the sting OF the at
tack upon the increased dividend last year ths
accusation that the earnings had been purposely
concealed. Some traders believe that the dividend
will be advanced again. but all reports Of an IN
crease In the dividend at this time are unofficial
Active floor traders were the heaviest sellers
They were Of course used TO disguise the origin
Of the selling 10 some extent, but were probably
taking position themselves. The reduced vOums
OF business gave the room operators more effec-
tive control C. b. Macdonald. E F. Hutton and
E r. Chapman were conspicuous in this connec-
ton There are some good judges among the pro-
fessionaIs who believe that OF the people who
have been active in advancing Reading would Be
glad enough 10 unload II more general bull fol-
lowing could be created
THE IRON SITUATION.-Rogers. Brown Co
say: LAS far new sales OF iron are concerned,
things could not be much Guieter than the las,
week or two. Aside from the threatened strike On
the ore docks nothing has occurred to disturb ths
unruied surface of the calm that has settled down
on the market FUrnacemen, with orders 10 ab-
sorb their make well up toward the end of the year.
are more inclined go on vacations and leave ths
market itself than TO attempt 10 force business.
Buyers are quite Indifferent and also In
mood TO await developments as The summer goes
on Tho resaIes OF cancelled basic. which hays
given the market an easier appearance. seem 10
be about over so that the situation that par.
ticular feature seems 10 have been quietly ad-
justed'
COPPER TRADE CONDTTIONS.-The National
Conduit and Gable Company, in its monthly crclI-
lar, says: Buyers had become accustomed TO quo
tations Of 22l2c and 23c for some time before the
new schedule Of copper prices was made by the lar
ger interests While the principal producers were
maintaining nominal price OF 25isc recently there
were sellers anxious 10 do business for much less
money. and unhealthy situation surrounded the
whole market. which greatly interfered with the
exercise Of complete confidence in the market.
Reliability and steadiness could not ind a favor
able soil for their development under such con-
trary conditions. and buyers generally were con-
fused the outlook. Although the wide price
DISCREPANCIES no longer exist. there are however.
a number OF features exerting their influence 20
encourage a spirit OF hesitation among buyers
ants III
dispel"
BUFFALO ROCHESTER & PITTsBCRG-A
hearing will be given 70 the Buffalo. Rochester s.
Pittsburg Railway Company by the upstate Pub
lie Service Commission Monday afternoon nexr
its application for authority 70 issue Sl.Soo00
additional equipment bonds under agreement with
the Guaranty Trust Company OF New York 70 put
100000 OF such issue The company PUT out
81. 100000 OF the bonds prior % July, and II now
notifies the commission that ths balance Of ths
rolling stock has been purchased. and It will %
necessary u issue the remaining bonds IN the near
future.
GOOD CORN CROP INDICATED.-T. \ McIn-
tyre * Co. to-day received the following telegram
from their crop expert, Oscar X Lyle. now IN CHI
cago: Have travelled early four thousand miles
in five leading states In my opinion the pros
poets for a good crop Of corn, but II will %
less than last year and from poorer stands. Been
remarkable growth the last three weeks. and moist
ure so auapIe continuance is looked for Corn ia
partly tassellsd Most OF it viii be SO n ten days
This would help corn and enable harvest work
ready Frost apprehension much diminished.
~
been made up
EGYPTIAN COTTON.-Exports q cotton from
Egypt were s55,os0 bales. OF approximately 80
pounds each, from September / 1SE6 10 June s.
1897. 12S+G00 bales OF SEQ pounds each OF these
the United States Is credited with -6 80 bales Tbs
rate from Alexandria 70 Boston is . sAIlt1gs q
ton. against II sh!l.inSs ton 70 Liverpool, %
francs 10 Hamburg and Is francs 10 Antwerp. Ths
average value OF a bale OF Egyptian cotton IS in
round figures 500
GENERAL ELECTRIC--The General EIectris
Company announces that the entire issue OF SIS
O00.OO0 per cent ten-year convertible bonds. the
first payment which fell due last Saturday. has
been subscribed for. The second payment OF 50 per
cent falls due January % 1905 The new bond issue
Will give the company between SI.tOell5 and Sta,-
0o0 available cash for construction and other pCr-
poses Immediately, quite number Ot the sub
scribers made full payment.
BIG FOUR REGULAR COMMON DIVIDEND
Directors OF the Cleveland. Cincinnati. Chicago d
St Louis Railway Company have declared the reg
ular semi-annu dividend OF per on the conf
mon stock. payable September TO stockholders Ok
record July g..
DELAWARE & HUDSON CONIPANY'S EARN
1NGS LARGE--It IS said good authority thas
the receipts OF the Delaware * Hudson Company
hundred thousands OF dollars. This is in line via
the big gains which the company has been max
ing for months past.
LONDON GOLD MOVEMENT.-Os the f4N@
bar gold offered in the open market at London yes
terday. the Bank OF England took the bulk with
SO little opposition that the price OF bar sold &C.
clined farthng.
STATEMENT OF NON-MEM8ER BANKS.
The weekly statement OF averages OF the oanAs
OF New York City, Brooklyn, Jersey City, HoooAsh
aud Isl md fF oh FNl~