New-York tribune., 1907-04-20
BONDS.
TOPICS OF The STREET

4UE4CS UF 1aE STREET
FOREIGN TRADING.-London was not -
factor in the local market buying abor. A..
sand shares and selling practically notbfrs -.
inactivity OF the market hers made arbitrsr. .r,s
ins unprontaole- In London consols were v-.ss -
saIes 10 reinvest IN the new County Council Ios7
which offers more attractive return No.
stocks were firm, especially Rio Tintos Nfoa-
the British capital was easier. Bills were o@.-ss
Freely az 81 per cent It IS thought HEslv 49,.
there VIII be a reduction in the German hank -.
next week II only to help the Forthcoming c,err
Iosa. Foreisn markets are about as inactive as -
market in New York, and there are no proqDsot, 20
q change for the better in the near futu-a
MARKET GOSSIP.-Stock EXCHANGE u,.-,n.-.
VINO transact orders for other brokers ara u,aLJ,,
practically no commissions at present vrbi1. -.
mission houses are not covering ofhcs exp..ss.
Ana the worst feature Of this situation from ts,
brokers' point Of view, s the prospect thar 60
will be no change for the better IN the ,mr,.-,-.'
future. The public is doing nothing in stock, 49,
bonds. Important interests are inactive 80
traders are unwilling 10 deal extensively uutI ~
Dig Hnanctal powers take the Initiative IN.
chances. therefore, favor a narrow market ra,d.
ms the development Of something calcuIats5 :,
induce activity either on the bear or buu 50
The fact that there are few stocks Offering az.
sests the probability OF oetter quotations on ~,
appearances OF favorable news but It Is quite prob
able that any decided advance VIII be taken al
vantage Of by holders % get rid OF stocks bouQhs
lower down and which are not considered safe to
carry over the crop uncertainty period. 3fonda,F
more stock doubtless viii be in the Street, as ex-
tersive deliveries made at the last London settle
ment are due 10 arrive by to-day's foreign mail
Some foreign houses estimate these arrivals a
high as 10000 shares. There is plenty OF Reading
stock availab!s for lending purposes despite tho
fact that large interests have been reported ac-
eu1nulating Tor control There Is moro fiction than
anything else IN these Reading control stories
Traders refuse 10 be bullish on the stock becauss
1t has been extensively manipulated IN O.. past
ana then they know Reading cannot be buled
above par on its merits Investment Post
& Flags who are often active IN American
Smelters. bought that stock yesterday, and sue
ceeded In raIying Il in spite OF active selling by
II. Content. This issue is highly thought Of by
many well informed people. owing 20 the charactsr
or the company'5 business its earning power ana
its sound management. 1t Is not unlikely that ths
issue eventually will he placed on 10 per cent
level Marshall. Spader & Co. in their market
letter for to-day. say the the winter wheat
crop situation is more positively unfavOrabIs from
authentic sources. The report OF The Modern
Miller states that the damage and deterioration
reports coming from a wider area OF the couu-
Try The causes hsretofors noted include drouth
and green bug damage in tho Southwest: also IN
Kansas and Missouri. other unfayorabls reports
came from Missouri. Illinois and Indiana. "Ths
Wall Street Journal says that reports OF STANDARD
oil buying have been plentiful all week. but "a
followers OF that combination have made some Of
the heaviest losses in the market in the recent DE-
cline their buying is not impressive It used
10 be. II is az last realized that they make mis-
takes like other people and that they have been
consistently wrong on the copper stocks. Traders
say that Anaconda stiu acts better than Anal
gamated, and point out that there was no buying oe
the latter the dividend.
BANKS GAIN CASH.-The reported movement of
currency in the current week indicates q gain IN
the cash held by the banks OF s. 767 So They re-
ceived from the interior S5.5247OO and to the
interior s. $500 Receipts OF gold were E,5os
Sr. There was a gain on the operations with the
Of S}22t1o0. The usual spring cut
flow OF currency TO the interior appears 10 have
taken place during the last week Although ths
bulk OF the heavy shipments were made to Boston
and Philadelphia It IS probable that ths banks IN
these cities required The cash to meet the demands
OF their country correspondents The loss to tha
interior of $2.G6Q.500 compares with loss In tas
corresponding week of 1876 OF S.I0OO0. and IN 1915
of s2.1i2O00. Receipts from the interior were
smaller than during the previous two weeks Ship
ments to the interior quite so large as IA
the week ended April ). The gain on Sub-TTsasuEJ
operations was due cheayto the large disbursements
by the Treasury in payment OF mail transportat0A
by railroads and to the heavy payments OF pen
sions which amounted to S3.162,O00. comparing win
Ss72 900 IN the preceding week. There was an N
crease OF over Se0ae0 in customs cOlsctonh
which wers S47I5.SCO comparing with $SSs.S0o m
the preceding week The Sub-Treasury receives
from banks and sent 20 Washington for radenlP-
ton $2.S5l, co mutilated currency.
COPPER SENTIMENT JMPROVISG-COpPaF
S hrn.er and sentiment is improving. accoTdins 20
Walkers Copper Letter" Sales OF lake ana el's
,rolytic are being made at S5It TO asa CENTS .
pound 1t is understood that some copper has 1o9A
sold within a week At the prices named Tor IuS
delivery There ara quite few bidders for 0oI
per at slightly lower prices than these naIhse- S
the other hand. sons Of the producing interests
would like very much to sell large o0nsisnalsla.'
1t q cents II they had IL TO sell They are pea.'aH
on the situation but all their production 80
been sold ahead into June at . 10 2o cents '-s'
are not in a position 10 exert any influence 10 ~
press prices. It must be understood thaI tns 80
7er market is IN a most unique position Con
sumption has considerably exceeded produeuea -
more than four years The advance in prices 110i.
9 20 rs cents has brought every avata0is P0uHu =
metal to market. During the three winter Ho1'-
fell off considerably, but pTOeuso
,ager 70 take advantage OF the almost uis-o
iented prices had contracted IN advance % "
liver a roru,al output In an effort 20 keep sou
their contracts some Of the reiners anu 'si---s
agencies secured the junk market for scrap ~.
per, bought Chilli bars IN Chill and hnpoltss
lirsct. repurehassd copper that had oeen So 80
yhina for coinage purposes. picked up l9es - - -
er material In Australia and even eOusnt A~~
ported Rio TintO cakes and insots. In spits o. ~.
his. 1t Is known that default was made "a 80 80
IN two or three contracts. and Il IS eertan - -
his would not have occurred had there eeea ~
per available at any price with which % -.
ood'' The market has been scraped Clean 1le,
outstanding some people believe that oasiu'
eaction is-at hand which will cause a deeA"s -
METAL prices there is no uusOld supply OF eoss, ,
With which to depress prices. There IS VelS -.
Opper left unsOId which viii be ready foF uaI.'
n June. and the demand is 50 urgent 1laS - -,
ertain to be absorbed at current Plls0s- 1,,,
months hence consumers will be forced so -
l.nir I,I l.,rrnr md n A. "a Certaln as anytlNs