New-York tribune., 1907-04-23

IN the Flo Unto issues With the fortnizhtlv, -.
''ehent oeginnms Tomorrow. there was no S..
position in London to make new comnitT,a+- U.s.
sentiment at the British capital was cboa-ss uos
no trouble was anticipated result OF tta 80 80
tlement.. Discounts in London were a +r,eo So
and IT was thought that unless the Pari. ,s.
for gold should develop unexpected strans,E -.
Bank Of England might reduce its minimur, 49,
Thursday. '@es
MARKET GOSSIP-WhiIe the bo--,z,
mand for stocks is not heavy on the exchanga n-r
eTs report that there Is a good inauirv fror, -
sources though this movement Is not eonsi5o-ss
carrying any particular significance Tbe sbo~. g, as
terest is moderately large as reflected in the coy.-
ing movement yesterday. but it is made up Or !,
much weaker following than that which v,, =
active in the long decline that ended in the 49,
panicky days. and as a Consequence II IA me-
ditiicult matter for substantial operators N b-,
about sharp rallies. The New Street croU5 49,
Is generally bearish. appeared to be vrorIri,, -
the other side yesterday, while most OF the -
operators were buyers. notably c. B. Macdo,a1s
who bought around the room. paying esuecial -
tention to Pennsylvania. Notwithstanding psr.-
sylvanta'S large increase IN capitalization IN -
last two years. there plenty OF bulls an th
stock, while as an investment proposition IL ba,
lost no prestige. Perhaps the heaviest Odd Iot ~,
vestment buying in any stock in the last r,o,,t
has been in United States Steel preferred. Tbs-.
also has been good buying OF the common and -
American Locomotive preferred. while some hor,ss,
report investment purchases OF American Vobac,,
securities. The fact that the American Toba..<
Company has been able to buy for canceIlatfor
since January 1 100000 OF its 4 per cent bona.
naturally encourages confidence In the compsDv
and recalls the prediction OF few years sso tbs,
1t would be second Standard OIL On the 49,
vance yesterday there distribution bv bousa,
that were buyers IN last weeks decline sueh
firms as J. ". Davis & Co putting out fair siza5
blocks Of Northern Pacific and Great Northern
and other high grade issues. The room eensnt
made the advance. and commission houses that has
stocks to sell took advantage OF it, Rowland
Knapp & Co. were active buyers OF Southern Rail-
way and found a good following among the prosss.
sionals. and the talk on the stock was far Iss,
pessimstc than recently noted in speculative quar-
ters. The directors of the Pressed Steel Car Com
pany will meet this week for dividend action. ana
though the possibility OF the resumption Of dv-
dends on the common presents itself there is no.
much hope in conservative circles that such action
will be taken at this dividend period on the curb
there was activity in Manhattan TRANSIT stock
which was bought the expectation Of a court
decision favorable TO the company.
MOVEMENT OF MONET.-OwinE u lighter pen
sion payments and other disbursements. the local
Sub-Treasury had a credit the Clearing House.
yesterday for S22.2S7. the arst IN some time. Tbs
banks lost on Saturday $1,000. but since Friday
gained 81. .195O00 which compares with gain in the
same time week ago OF SLs59090- Call money
=
influenced by the unfavorabls bank statement OF
last Saturday. following the poor exhibit OF the
preceding week which hal shown the largest in
crease in loans and deposits record in the his
tory of the Clearing House banks So far as may
he learned the outward movement Of funds
balance from this centre continues. Money still
appears 10 be in good demand az the principal in
terror distributing centres. The feature OF the
local money market is easier tone on short
date funds with actual reduction Of = OF per
cent in the bid for ninety days, Mercantile paper
appears to be IN better supply. The inquiry on
the part Of local institutions Is fair but
not quotabIy altered Toward the end of this week
there will be discussion Of the probable influence
upon the local money market Of the preparations
for the heavy MAY interest and dividend dlsburse-
ments So far as the international money market
Is concerned the opinion prevails among the largest
representative foreign banking houses that q
lowering OF the discount rates Of the Imperial
Bank OF Germany. the Bank Of England and the
Bank Of France Is likely 70 take plsce this week.
CHESAPEAKE & OHIO BOND SALE-Ths
Chesapeake & Ohio Railway Company has arranged
for the sale OF $4,000 Potts Greek Branch first
mortgage per cent bonds Of 1876 These bonds ars
a direct obligation Of the Chesapeake & Ohio Rail-
way. and are secured by first mortgage upon itS
new branch extending southwest from Covington'
Va FOR distance Of twenty-five miles along the
Potts Creek Valley. This line has been constructed
for the purpose OF developing region rich in iron
ore said to be the best in the state. There are
several companies that own iron ore property along
the proposed new line and IL is expected that ths
traffic which they Will furnish will be large enough
70 make the Potts creek branch quite prohtaols
for the Chesapeake Ohio.
MANHATTAN TRANSIT.-Activity IN the STOCK
of the Manhattan Transit Company on the euro
was due 10 buying based on the belief tnat ae-
cision soon VIII be rendered in favor OF the COM
pany in the mandamus proceedings which "e's
brought TO give the Long Acre Light and ROVER
Cornpanv which is controlled by the Manhattan
Transit Company the right to use the electric hs.
.,5 nov-er conduits in the subway. II was saa
Yesterday that decision either would be announces
to-day or a week hence The Manhattan ITsnsi'
Company promises to become an important laVlol
in the electric light and power business III -
city and the fact that no efforts have oeeh mes
~ boon, the stock has attracted serious at'eh'loa
=, re nroqrsss OF the concern The right 10 use the
subway conduits will make II Possioie 'ol '''
company 70 show results at once
COPPER MARKET CONDITlONS--lne 'o0e'
copper market shows little or no cnahF' !" -,
ditous which have characterized II l'' -
y-seks mast The larger producers ana setins
agents continue quotations at 2oHsc lot eleO'o' .
and e5I.c for lake and declare that sales are oeDs
made Al those prices and without any shaI,-s @
whatsoever IL is true there IS very NIUE u
IN the metal al this time as this is tae duil ss@s.
In the copper industry. for the reason 'Ha ~
suuers are supplied up TO July. and are nov !e'
the market for their requirements for the thiru -
fourth quarters OF the year. Nevertheless SCn-
transactions are being made nearly every gay -
for small amounts OF $1,000 and lVeutN po''iOS' - -
An evsrv case at the prices above quoted Tue
buvIng movement for supplies for July and oeyonu
IA expected to become pronounced at any uns -
tween now and the middle of May
APPLICATIONS TO LIST IN LONDON.-1n'
following have applied TO the London S'o'A
change for special settling day ana au''a..o-' 49,
Northern Pacihc-Great Northern Railway Con-
many S5slOOO additional per cent JOINT oOH-S' %
chicago. Burlington & Quincy collateral eOrt. S.S
bonds for 1000 each No. 1888 70 lOSVSS, o.,
ADax Mining Company. further issue OF -