New-York tribune., 1907-08-15
TOPICS OF THE STREET.

closely and arRitrageurS were not lncLned TO trads
extensively. Foreign houses believe there has been
considerable foreign selling of American hes
stocks in the recent past. The London stock mar
ket showed stronger tone. consols and foreizn
bonds recovering. Money was in good demand ana
discounts were firm. There is little chance OF an
advance in the bank rate to-day. according q
bar silver at the British capital was due 20 In.
overextended bear account and the cOmpeuon
of the sales for Chinese account
MARKET GOSSIP-Brokers report difficulty IN
finding a market for the usually inactive stocss
except at a great sacrifice One house received An
order yesterday 10 sell Denver & Rio Grande 4,
the market but the best bid ii could get was n
compared with % the last actual sale AS a ruls
sellers of the inactive securities faring poorly
for which reason brokers advise them TO hold on L
possible until the market returns to a normal con-
dition Another house received an order TO sell a
certain number of shares of New York Central
when the price reached So and this order even Gil
not cause smile. for the Street was in a cOllf-
ton OF mind to believe prices might reach minus
quantities Houses with political affiliations Were
inclined to believe the administrations attitude
toward the railways would De concilIatory but
that there would be no let-up IN the pressur4
against the Standard Oil Company OF course
people who understand President ROOsevets ideas
realize that he will make discrimination be-
tween the railways and the Standard Oil COmpany
any other Industrial corporation Wall Street
has a number of foolish ideas that crop out every
day. but it is getting over the notion that the FED
eraI government intends to take a hand in READ.
justing the stock market to higher level The
failure OF the Pope company was followed by
rumors that many other corporations We're IN
trouble. traders using these reports with good
effect all the active issues. and stock that had
been accumulated in Mondays break came out In
many places. especially in Amalgamated and
Union Pacific. People who thought Mondays
break recorded bottom prices were buyers Tuesday
and their purchases showed heavy losses yester.
day. Houses that had advance information OF ths
Pope troubles sold the market from the opening
C. b. Macdonald, Jacob Field and other acriTs
traders were the cnief buyers the afternoon
break little support coming from the large houses
The large houses are something like the man yzb,
E- md Thayr ara in1 IN Vxir
stuff for which there is market Wagers ws-s
made yesterday that Reading would go TO a.
Flower 6 Co. were heavy sellers; also other Stand.
ard Oil houses
MOVEMENT OF MONEY.-Cau money dscl..6
from 3za TO 21z per cent, rejecting the Liquidation
in the securities markets Time money, however
was unabated in frmness and higher rates than
those below mentioned could secured for periods
of ninety days to six months good mixed Stock
Exchange collaterals- Quoted rates are norninzly
per cent for thirty days and per cent and con-
mission are bid for all other periods up to SIX
months Rates on all Industrial colaterals a7sr-
age y to per cent above the foregoing Local
banks and money lenders are practically out Of
the market for prime mercantile paper Rates ara
quoted at minimum OF o. per cent TOT Lne
choicest quality. There is Continued pressure e
fine Eastern paper throughout the interior. The
banks gained Tuesday 81 22200O. and since Friday
gained S1.130G50 In the same time a week ago
they gained S.O470aO. The debit Of the Suh-Treas-
ury at the Clearing House yesterday or NzizlsS
as well yesterdays large gam BY the DaAtss
represented payments for transportation or ths
mails and for pensions
CONSOLIDATED GAS SELLS NOTEs-Ths
Consolidated Gas Company has sold $4,000 one
year per cent notes 70 y. ". Harris & Co. Ins
proceeds from the sale Of the notes are TO be used
bv the Consolidated Gas Company for construction
purposes only II pointed cut that II IS neces-
sary for the company TO secure funds IN tElS way.
- ,.-5s- +ba tarros of agreement entered into by
the company with the United States Circuit court
N deposfts with the court % cents on every dc-G
collected for gas Thus a large amount IS Tea -
IN this manner. II is also pointed out that tneEe
e. oyinr- 70 the company from. the city approx1-
rately & O00 for gas and electricity tlrhlSl-1u -
IT in past years This Is the ns-Le ns-, oNt5 " ira
company according 70 It's conlp4Od-IOl-- . -
sr,oiInt i= in litigation. as the city aSseIts US
rates charged are not they should nave osel-
WEST CHICAGO BONDdoLDE-55J,s 80 z.G-sI -.
TzE-Tar1es y Wallace. Hugo Blu1nsntndl dA4
Tre5erirtx H Ecker have consented % az a a
Committee in the interest OF the Per Ce-S l-S,
soIidated rOrtgage bonds -, % l-7 srsi1 q Fzt6-
street Railroad Company Jo1ne; Lal -
49, bava been appointed counsel ana : L - -
cocs az No 81 Wall street, secrelaIE, -, st,s -
rrttee has issued circular % ..s ce1 -ocess-gs
IN the United States Circuit Court. n - SnsasS -
fndicate that plan OF reorsarlzaOioIi o- C,--..
nrtisS or the Chicago Union Traction Coap1a,
tI - forced through. with the possible ei-ect 2.
dsstroviug the security Of your ool0S- II 80. 80
20 prevent disastrous consequences % -. ,,IJ :.
ests IL Is necessary that united eHost s-iC14 -
,no5A 70 urotect your property rights. " g.
after August Is. 1901. and up 70 ana liClu'I.-s
teulber Is 1901. bonds will be received ~ '- T(,r
trail Trust Company u ->0" A'
street
uErNzEss LATEST PURCHASE-La Efascs
Copper Company. subsidiary concern ..s % 80
United Copper Company. Of which =; A1s - ~
4eirze is president is to be the beneficiary OF ~.
usinze's action a few days aso IN purchasing US
nIant Of the old Basin and Bay state Nlhi1s 80 -!
pany including the SOoOeO concentrate l a IN.
No1+ erected by Glass Brothers. sIle4L1I, -
old Katie mines and number OF otner Quartz - -
r1acer properties The Basin plant has peen ulue
lease 10 the Heinze interests Tor some -, - g
NJ rIairzs has spent about $N0,eto for improve
rnents there. La France Copper COMPANY ops.
ates the Lexington group OF hlilsS ~ N'---
United Copper Company
CANADIAN PACIFIC-Sir William Van Horns
chairman of the Canadian Pacific Railroad eNseL,
tive committee speaking Of the results ooIdl-s-
by the Canadian Pacific in the last hsca, ye~-s
says: The financial statements a. 1.g y ,tIoo<
of most satisfactory character ana 'Ll1 - -
Is extremely encouraging for a continuance q -
present prosperous conditions. the more s. dS - 80
crop reports from the West are even Hel'er ''~
expected
NEW YORK, ONTARIO & WESTEISN-Ihe rs.
mort OF the earnings Of the New YORK OntdllV
western for the fiscal year ended June 81 SHOWS 49,
surplus applicable TO dividends q @ $-'oSt' rai
amounts 70 IS per cent the S5SlIisS- OF capL1
stock outstanding. II the regular dlvldeld o. oI
per cent IS paid there will remain OF the sIpl~
S492. .42S-
STEEI. ORDERS INCREASE.-Aecording 70 -
ports from the United States Steel CorpOratSS-
offices there has been quite an Improvement n -
steel situation over the last two weeks rom -
standpoint OF orders at least 4He L--I- .
uent is noticeable in steel rails. plates anu St~
ural steel While this Improvement may os -
porary still served to strengthen coI%-l-s - 20
materially The unified business on Ine 0oOSs Ss,S =
the Steel Corporation is between '.vetvv ana .'
900 TONS which ought to Keep the nllS set1s 4s-,
the rest OF the year at least proVldinS ln' O'
are specified against
NEVADA COPPER.-The treasurers slals| @o-r.
OF the Nevada Copper Mining and Smeltlns CS 80,
pany as OF August 1. shows receipts 70 70. t.nv
~ Ssas SO and payments OF S2S,6S- The coLap@-.
has in call loans outstanding S0S''4' 4S'0-'
ceivabIe. So. i52 and cash. S4eSo
NATIONAL. BISCUIT DIFIDENpS--Lsa.SSSS.~a sSS.~at
Of the National Biscuit Company have os.-' - on