New-York tribune., 1907-06-27
TOPICS OF THE STREET.

! TOPICS OF THE STREET
| FOREIGN TRADING.-Foreign houses bought
! about 10000 shares the local market yesterday
| including the Hartman issues Baltimore & Ohio
I United States Steel and AtchisOn. Foreign houses
/ reported further improvement in sentiment abroad
In the London market cOnsOls were trife easier
but the general market was strong on a good homs
and Paris demand Paris bought Kaf1r issues for
the first time in a week. The Bank of England did
large business in bills and short time loans lend
, ing money freely to the market 1t is understood
the bank has withdrawn its offer to pay interest on
| gold in transit.
| GOLD MOVEMENT APPARENTLY ENDED
| \ further decline in sterling exchange. combined
| with the knowledge that the Bank of England has
withdrawn its offer TO pay interest gold in tran
! Sit apparently confirms the impression that devaI
| oped Tuesday that gold exports are for tha
| present Bankers would not yesterday ventura th.
/ unqualified statement that more gold would Ia
| sent out. but they strongly or the opnio,
| that any further shipments that might take plaza
would be in small volume. That no more gold MI
| be shipped to London is taken for granted. mas
much as bankers here who negotiated the gold AZ
| ports to that centre yesterday advised bv
private cable that the Bank OF England would No
longer make advances which were equivalent II il,
terest in transit the precious metal Anotba.
indication which points to cessation OF The goIs
export movement is found in the offerings by inter-
national bankers OF finance bills. Usually this eJas
of bills is drawn quite freely before this period ~
the year. but the uncertainty heretofore prsvaifn,
| concerning the crop outlook and the prevalence !,
! comparatively higher money rates abroad thar
! here have operated against such transactions Tbs
4 haz
! recently taken place and the more favorabIe a.
vices concerning the crop prospects nave led IN ~
beginning of the issue OF finance bills which nav
| De expected to have considerable influence m e.
| exchange market from now on. It should aIso -
noted that purchases of securities for Tor5o, -. -
! count in our market withn the last two davz bs~,
/ been OF some Importance toward bringing abor,
/ lower exchange rates.
! UNITED STATES CAST IRON PIPE An,
| FOUNDRY--Prestdent Hayes OF the T-nfted So
! cast Iron Pipe and Foundry Conpanv In bfs a
| rO
! lows; Il am glad to say that you will find tn.
| me net pronts OF the company in excess ~
those Of last year. This is so notv-ith sra-11 a.
! fact that the year 1906 was our banner vear 80
notwithstanding the further fact that durin1 ~.
year Just closed there has been a sharp Increase
! IN IN the price OF labor and raw material During
/ the year the company has built a new for1ndrv ),
! chattanooga complete new foundry at ScottiaIa
/ near Elttsourg, which will double Cauacirv -
that plant in pipe. and a large foundry and novs.
mouse at Burlington. The extensions at these tbrs.
plants VIII result IN material increase in the
| manufacturing capacity Of the company and s1s,
/ a reduction Of the cost of. manufacture All ~
| these expensive additions to the plant facilities
OF the company have been paid out Of earnings and
the net profits shown by the accounts the end Of
/ the fiscal year are made after deductinz the coss
| OF these extensions In addition to the expendi-
tuFe lot the foregoing purposes. all Of the plants
OF the company have been kept in first class condi-
ton This latter cost has been charged as a part
or the cost Of manufacture You viii observe from
looking at the report that notwithstanding the in
crease IN the company's manufacturing capactv
the plant account remains the same. Your direc-
which would be probably chargeabIe to the plant
| account. The company has not borrowed a dollar
Tor the last three years 1t has ample working
capital 70 finance all OF fits necessities. IL owes
no money Of any kind except for current accounts"
! PACIFIC COAST CONIPANY-Strength in the
| stock Of the Pacific Coast Company in yesterdays
/ market was due to buying by people who have
| become Interested in the property owing 70 is
great earning power and TO the fact that q number
/ or the larger Western railroads are competing 10
acquire control Of the property The Pacific Coast
Company succeeded the Oregon Improvement Com
pany, which sold IN foreclosure in 1887. and
since that time there has been steady expansion
In Its gross and net earnings. and AT present the
company's securities considered among he
first class investment issues. IN the current year
the company will show gross earnings IN neigh
| borhood OF S,9OO0O and an amount available for
dividends OF about N.Z75OOO. which would leave a
/ surplus of $4,000. The development of the lumber
| trade In the Northwest IS a feature IN favor OF
| the Pacific Coast Company, while another factor
IN Its favor is the contract entered into with the
81 Paul road. by which the latter IS allowed run
ming rights the tracks OF the former between
Maple Grove and Seattle. distance OF ninety-nins
| competing parallel line. besides adding to the
earnings Of the Columbia & Puget Sound Railway.
owned by the Pacific Coast Company.
| STEEL CORPORATION PLANNING CAR
IIANT.-A steel car plant 10 be erected at Duluth.
Ninn-. as a companion 10 the new steel plant ot
expectation IN Pittsburg steel circles Officers OF
the corporation say that unless either the Pressed
Steel Car Company or the Standard Steel Car Com
pany goes into the project the Steel Corporation
Will erect and operate the plant itself Officers o. ths
Standard company say that there Is possibility
OF their starting the construction OF another pIanr
| for some time. The Pressed Steel Car Company
has also SHE'D at the proposition Having Just got
an addition 10 IT'S producing capacity under way &C
Montreal, Can the directors feel that they do not
care 10 taka up another enterprise Ot this nature
Because OF the inability to secure any definite
promise. II IS learned on good authority that a
company, which Will also be a subsidiary one OF
the Steel Corporation will be organized in the near
| future 70 finance and build the plant
COBALT MINING DECISION.-A dispatch re-
Toronto ar da0is n
| far reaching Importance 10 every one interested
| In the Cobalt mining district has been handed
down by Justice Teetzel in The litigation be-
tween the so-called Bailey interests and the
Cobalt Central Mines Company relative a
narrow strip OF land across the southern end Ot
the Big Pete mining property which covered
by the government patent issued q predecessor
patent and the certificates OF title issued by the
government thereon cannot be asssiled are good
, against all the world and that the title is ab-
solute. This decision sets at all questions
that have arisen IN regard 10 government titles IN
! the Cobalt district and eliminates the only Ques-
/ ton that has been raised as TO any OF ths
titles 70 the properties controlled by the Cobslt
Central. The officers OF the Cobalt Central Mines
Company. at No. 81 Wall street. confirmed the news
/ IN ths above dispatch
with the Sub-Treasury the local banks havs los:
S00O.00O in the current week. and in addition they
have lost s50oO00, sent 20 San Francisco yesterday
Although money Is coming here in soma volums
from the interior. It IS not believed the arnoun:
Will be large enough 10 Offset the heavy losses
sustained through gold exports. Rejecting the
heavy losses which have been sustained by ths
banks TO the Sub-Treasury this week and ths
mentS the time money market showed a furthes
EIight hardening IN tone yesterday particularly for
ninety-day funds. which were advanced as a ruls.
L per cent 4sa per cent Scarcely any thirty
q could ba Ea-