New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-24
TOPICS OF TIE STREET

0rN
were sales In London coasols weak but ths
| Rio Tiuto issues strong recovering a o..
part of their recent loss. The Paris Rou-ss va.
higher, but The general tone the London Az
change was heavy The Bank of England mad. n,
change in its minimum rate of discount and -.
proportion of reserve liability showed ONLY .
fractional difference from the preceding week
open market discounts were firm and money wa,
expected grow stronger incident the settle
ment purposes next week.
MARKET GOSSIP.-Certaia Wall Street intsre,,
predict lower prices for all securities in the c51,rs
of the next few months. despite the big de,If,.
that already has taken place basing their opinion
the theory that enough crop damage has bee,
done affect railroad earnings later on on I'm.
theory that the public viii not come into the mar
ket and the crippled Conditoa of many biz
men whose Operations formerly were factors 4,
bu!!nG prices. This view is held by the ultra
beaTsa. Par Is talked of for Union Pacific and
correspondingy low figures for the Hill shares
Notwithstanding this pessimistic outlook many peo-
PIE are buying stocks and locking them up beip,
we'll satisfied to have their money invested this
way preference leaving it in savings banks or
stockings The street is fearSully hearish. and
most commission houses advise sales all rallies
Alfred Mestre & co. said yesterday: We still be-
Iieve the market Is a safe sale all rallies and
feel particularly bearish the Industrial shares
owing to the inevitable business contraction
ahead This business collapse has been preached
the last six months. but railroad earnings hank
clearings and the iron and steel industry Indicate
offensive Obstinacy the part Of business to re-
spond 70 the call Of the calamity howlers. E R
Chapman & co. say, I'VE s-ilI adhere the opinion
that for the present least II ia best slip OUT
OF stocks on strength and Prince & Whitley say
we see nothing I'm the general outlook to maks
us feel buIIish. and stiU believe that sales
scale up will prove prcftabIe in the long run
Wall Street literature at present might make IN
outsider believe il is sad world in which we live.
and that famine and starvation about STALK
around the land but careful! survey OF the situa-
ton shows a. little bread and cheese left in the
cupboard II is still asserted that James R kesas
is active in the market. and he Is supposed 10 have
taken big profits the short side in the last two
DAYS The most noteworthy selling Yesterday OF
United States Steel was by 9 Schunacher & Co.
who borrowed the common stock fat in some guam
tity on Tuesday after the close of the market. II
need hardly be said that traders called this Pitts
burg selling Mr.. Gates denies that he has sold his
Tennessee Coal and Iron. Mr. Schwab denies that
he has sold any Steel Mr.. Coreys friends DENY
that he has sold his Steel holdings. Standard OIL
and Vanderbilt interests say tey have not sold the
First National Bank crowd saws IT has not parted
with s holdings and the public declares it Is doing
nothing in the market. Looks as IL the market
were selling Itself.
CANADIAN PACIFIC-BVllz on Canadian Pacitc
lay considerable stress the remarks OF Premier
Robin OF Manitoba regarding the wheat outlook n
Canada. The Premier SAYS: Communications from
almost all the important wheat growing sections IN
nearly every case give reports thar Justify the
not gone into such favorable seeded as in th7
case this season. Judging from reports received
the acreage will he about the same that Of las:
season Recent advances in price have caused sorps
increases In acreage. because the farmers row
sell October wheat at over ~ cents. which very
renunerstiva figure In Western Manitoba par
tlcularly there will be increase in area sovr
to wheat"
BOSTON MONETARY CONDITIONs-A dis
patch from Boston sa=7 there is little change in the
money market az that centre from day 70 day.
Bankers continue much az regarding the In
mediate outlook. At the moment the situation ia
Improved by reason Of decline in sterling ex-
change rates to point below the export level
Interest still centres in the probable action %
Secretary C'orteIyou respecting the calling OF bank
deposits Money is easier call being in CCo1
supply the best borrowers at "a PER cent Loans
still outstanding At per cent and in some
cases as high as AZ per cent, although the latter
likely to he marked down to-day. Time money
is easier. and some bankers believe the tone IS
actually hTmer Sixty-day money could he obtained
at ~ per cent and even four months has been
quoted at per cent. but for SIN months II per
cent is the rate Year money is per cent though
81 per cent Is the general rate.
SHEET MILL. FOR GARY-The rnsnazen,en. %
the United States Steel Corporation has under con-
sideTaton tie building OF large sheet mill On the
600 Gary Gndl site. II has been decided 70
push the work of constructing the iSnch universal
plate mill. be built by the Indiana Steel Com
ready steel available. The mill.
which is a duplicate OF the Homestead, also bs
used for rolling 7s-inch plates for building
purposes.
NEW STEEL OFFICER.-GeorEe Refs. formerly
identified with the management OF the Lackawanna
Steel Company and the Staten Island steel plant
NIliken Brothers. will be made vice-p president and
general manager OF tho Duluth plant which is 70
be erected by the United States Steel Corporation.
The plant Will be known the Minnesota
Steel Company. and Mr.. Refs has already been
appointed general manager
LONG TINE MONEY HIGHER-Thers is an m
creasing inquiry for nns and twelve months money
and both bid and asking rates have been advanced
u per cent 10 5t4G5ls. The tone o. the market
IS firm. Other quotations unchanged at S2.zss
for sixty days. 4t.4ii3 for four and five months
and FaG42. for six months. The banks gained yes
terday 10000 and since Friday gained sL572,CM
This compares with a gain IN the same tins last
week of s., I04.Oco The Sub Treasury debtor
the Clearing House this morning Tor s54Ssss.
HUDSON VALLEYS DEFICIT--The HUDSON
Valley Railway. which was acquired by the Deia-
ware & Hudson a year or mora ago from the Morse
interests. shows deficit for the quarter ended
March 81 OF SiSs59. against deficit in the sa-ns
time in 1896 OF SSs26s and $1,000 in 1895. The gen
eral balance sheet shows cash on hand OF Ssl- and
a profit and loss deficiency OF s22S12 This prop
erty taken over by the Delaware & Hudson
under the Albany regime OF Vice-President culver
who retires from the company IN June and is
acquisition severely criticised by certain stock
holders at the recent annual meeting.
BOOMER COAL AND COKE CoMPANY-Ths
Boomer Coal and Coke Company has sold to Ru-
dolph Kleybolts 8 Co. S.1oo.OoO per cent equip
ment trust notes. dated May l. 1907. and maturing
annually $4,000 May /. 1905. to May L 1911. incn-
iva he NOT drSf