New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-04
TOPICS OF THE STREET

n fhaf
market. with the heaviest dealings n the Ha~~.
man issues Erie. United States Steel and C,arss,.
Pacific. The London market was influenced -
favOrably by the failure Of a SPECTATOR IN pa.
with considerable account open IN Rio Tinfoz 49,
the South African mining shares. The easing -
money abroad was the most encouraging fsats-.
IN the foreign markets The general market IN Lon.
don heavy. especially for Rio TintOs wiz.
were sold on the Paris failure and on the dzcII-
IN the price of copper, The copper metal nuarza.
was IN demOralzed condition. due apparently =,
speculation rather than adverse trade conditions
MARKET GOSSIP-Crticism OF the acti,-
of the AtchisOn directors In placing the CONNIE,
stock on a s per cent basis In the face -
falling net earnings and the large future fnancar
needs Of the property freely INDUCED In yea.
terday. No enthusiasm marked the annOuncenar.
which was followed by heavy tone in the stock
Perhaps the AtchisOn directors regard the bust.
ness and labor situation in the West sound ana
business conditions certainly but conservative,
operators do not like dividend expansion on tia
AtchisOn's generous scale just at present. Win,
they believe that such movements will tend 4,
restrict public participation in securities partgc,
larry as the public has 20 believe that SOM,
railroad directors in the past in advancing dfvy-
dends have had eye more to the stock tiebs-
than 20 the ultimate value OF the stock Early
weakness IN the copper stock helped bv Boa.
ton selling and bear stories from abroad, the "a.
ports from London being especially cheerIesx
though copper interests here said that Speculation
Of the demoralIzed market in London. Some inter-
est is likely develop in American Tobacco shares
owing TO the strong financial position OF the com
pany, as reflected IN its purchase from its surpu,
fund Of its per cent bonds for cancellation
100000 Of these having been bought in the las.
two days The usual spring talk on BROOKLYN
Rapid Transit earnings is in evidence ana
dividend TUmOrs may be expected. There is how
ever. little chance OF dividend at the present ana
about the only real bull argument on the stock AZ
IRON WTaII Cfroaf v-ior
bility that the Public Utilities measure NAV nor
become a law Great Northern ore certificates are
being taken in fair sized volume by Clark, Dods,
& Co. Weakness in the silver market is RESPONSE
bic for the theory that the Guggenheim foIIowin.
is not able TO extend extensive support to Amer
lean Smelling stock but careful observers are no.
staying short Of the issue for more than turn on
this idea, they appreciate the great strength
OF the Gusgenheim assets Buying OF Amaga-
mated Copper by HOoley, Learnard & Co. attracted
attention. the firm represents strong interests
Western houses were active sellers OF stock in tbs
first hour, advancing the silly theory that ths
Observation-Disclosures dispute would affect invest
ment sentiment. Kansas City Southern advanced
before the declaration OF the preferred dividend
but the market showed plainly that there had been
none OF that preliminary heavy inside speculation
which did so much 20 disturb confidence and start
the decline In stocks last year. The controlling
interest has not been in the market and IS credited
with declaring the dividend it's merits.
COPPER PRICEs.-In the London copper marx.s
decentralization vas reported yesterday. due Co
speculative conditions and not TO trade develop
ments. Bear operators were active and forced
considerable liquidation Prices for elsctrolytio
were wide and cratic. being quoted from SIN a
ton down TO SIP On the local metal exchanges
posted quotations fractiOnaIly lower but thu
large metal selling companies and important PRO-
ducers quoted 2544e for electroytc, and declared
that trade conditions did not warrant lower figures,
Some sales OF copper have been made By dealers
below the maximum price for eIectrolytc but thsss
sales have been small. while large blocks OF ths
metal for shipment 70 Europe have Just been mads
on basis OF 25lt cents pound for eleetroytc and
Is cents for lake On Tuesdays market large sales
were made by the Calumet and HecIa company az
&c net for Juns delivery. and this operation Ger.
tatnly shows that the domestic market is noe
weakening. d. Houston & Co.. IN their copper eirs
cular for this month. say that there IS practically
little If material change record In the actual
market for copper where consumers secure tina
most OF their supplies Notwithstanding the violent
fluctuations reported in London. The movement al
that centre IS purely speculative one. and beyond
whatever sentimental effect may be attached
thereto Il has no influence in moulding the course
Of the market here. Lake brands quote 25JsdZsa
and eiectTOlytic 25lte. Conditions as tar as the
copper situation is concerned remain IN the same
sound position as heretofore. and there is no at.
tempt apparent on the part OF the leading produc.
ers to solicit business at any concessions from thu
prices above mentioned.
MONEY IN GOOD SUPPL.Y-Can funds declined
to per cent yesterday. while time money was
easier and hard 70 place quoted rates II Is be.
heved that time funds will work to per cent and
borrowers were inclined to hold or on this ex-
pectation- The local banks have gained since last
Friday more than 100000 in their operations with
the Sub-TreasuTy- Rarely has Treasury action
been so generally approved in financial circles IN
this city is the action OF Secretary Cortslycu IN
regard &c the OFFER to refund 100000 OF the OUT
standing United States per cent government loan
OF 1907 canvass OF leading bankers. including
some OF the highest authorities on the money mar
ket yesterday elected varying terms OF comnenda-
tiou over Mr.. COrtelyou's policy. especially when
taken In connection with his recent action relative
to the release OF the money that had been collected
in the form Of customs. especially in New York.
which has to act as clearing house for the whole
country, 20 per cent OF the customs collections
was deposited IN Iocal depository banks yesterday
$fT. 900 OF customs moneys.
RAILWAY EQUIPMENT ORDERS-Inouirv
among the railway equipment companies eicits
the information that the railroads have not been
eanceilns orders for equipment. has been re-
ported OhiceTs or the equipment companies take
a cheerful view OF the situation. and while new
orders are not coming IN as fast an recorded az
this une year ago It is pointed out that the
plants Of the companies booked ahead as far
as next September.
CANADA SOUTEIERN.-At meeting OF the
Vanderbilt boards the refunding Of N4@OO9
canada southern first mortgage bonds maturing
January i 1st& was considered. While no definite
eeuon was announced Il Is understood that tho
bonds VIII De refunded terms which practically
nave been determined upon and which will b
made public in the near future
DETROIT. NrACKINAC ArAROV7ETTE--Ths
interest payment on the Detroit Mackiuac q Mar
quette land sTant bonds will be passed for the
present. This action Is taken as a result OF no
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