New-York tribune., 1907-05-12
TOPICS OF THE STREET.


FOREIGN TRADING-Foreign houses bought /.
few thousand shares in the local market In Lon
don the general market stagnapt. except for
some activity in Rio Tnto shares Prices as a rnla
were firm London has taken the Hartman
financing very well, and there has been absorpto,
Of the Hartman stocks by foreign buyers Money
was easy at the British capital. but il was though,
rates would be hrmer this week incident TO the
settlement. which begins tomorrow. Gold to the
amount OF 100000 will be available in the London
open market tomorrow.
MARKET GOSSIP.-Some of the biggest specu-
lative interests in Wall Street are buying Union
Pacific and Reading to hold for long pull. ac-
cording TO Information obtained yesterday There
has been bull tip on Reading for a week or more
but the chances are the advance in the stock was
not accomplished just present, owing 20 the ac-
tvtty OF the New street contingent the bear sds
of the market The latter interest IS made UP Of
many OF the so-called uptown and old New street
crowds. and IL has been the winning side
OF the market since the early fall IL is in gocd
financial shape to oppose advance this period
despite the fact that stocks a rule are strongIv
held. The public will not buy. ard present hold
ers have about all the stock they care to carry
and this, in connection with bad crop reports ez-
courages the bear element. Guggenheim interests
are not supporting American Smelling TO any ex-
tent. but they have enough OF the stock and ade-
quate finances 70 make trouble for the shorts who
! again becoming active in the issue. argued
that II the report Of 10 per cent dividend were
true the insiders would oe taking the stock. which
| they not doing at present. and il is figured
| that failure to increase the will be worth
| number of points to the bears Strong. Stlrgis &
Co. who the largest buyers OF Atchison rights
on Friday. were again active in them apparently
picking up all that 10 market Traders con-
sidered this good buying, and It seemed give
harder tone 10 the stock. which has recently been
| rather inclined TO drag. Van Enbursh After
bury, e r. Chapman and other active traders
sold Union Pacific and Reading on the rally while
| Pepper Sternbach supplied the Hartman stocks
| in some quantity II is thought the bear account
in all these issues has been increased in the last
three days The Hartman following is bullsh
Union Pacific and is buying IL on all recess!ons,
| while Standard Oil interests are taking Aralga-
| mated. c. G. Gates Co. said yesterday; We
think the market is likely 70 Go better and we ad-
wise purchases declines
| STOCK EXCHANGE NEWS. - Memberships
transferred-Leonard c. Levy 10 William R. Fa-
| gan. Daniel O'DelI & Co. No. Il Broadway: Harold
! L. Mack to William H. Wallace. ir.. Dick Bros
/ & Co, No so Broad street: James r Andrews 10
/ Walter Dean Ogden Charles VI. Schott jr & Co.
No. % Broad street. Memberships posted for
/ transfer-Frank NJ Dick 70 Evans r Dick spon-
| sors E. Randolph and r D. Wrenn: Andrew B.
! Graves TO Robert l. Smiley sponsor G 7 Pea
body: W. F. McCauley 70 Frederick NJ Stein spon-
/ sors r. Limburs and Eugene Meyer. jr Changes
| In hrms-Danel O'DeH & Co.. 'William R. Fagaa
/ admitted: Dick Bros & Co. -William H. Wallace
/ jr. admitted: Charles NJ Schott- jr.. & Co. Henry
| r Young admitted. .Walter Dean Ogden admitted
| New partnerships-H. l. Mack & Co. No. 80 Broad
| street. Harold L. Mack and 'Alfred Hirsch-nau;
| Lawrence Perrin & Co. Baltimore, 'Lawrencs
| Perrin Edwin w Poe. and Oliver Perrin special
/ Branch ofices-NIarshau. Spader & Co. 81 Au-
| sustine Fla. discontinued; Marshall. Spader Ss
\ Co. Pain Beach Fla. discontinued; Charles G.
| Gates & Co. Railway Exchange Building Chicago
discontinued; Wassermann Brothers London. dis
| continued New addresses-wardweu s Adams
| No III Broadway; William G. Street at WarfweIl
| & Adams: Shoemaker. Bates * Co No g. 20 e
4 wall street; Dominick & Dominick No us Broad
| way: Henry c.. Bartol. al Dominick & Dor1infck
| No. li5 Broadway; T 5, Young jr az DoIninick
/ & Dominick. No 116 Broadway: Car,maun & Co,
1 No. % Broadway
1 UNION COPPER REORGANIZATION-T c.
! BUCK X Co. OF No. - Broadway. who ara acting
| as agents OF the Union Copper Mines CoulDanv in
4 exchanging the shares OF this recently organized
company for the shares OF defunct Union COpper
Company report large offerings of the old Csrtit-
| Gates for exchange into ths new. The new company
VIII nave $4,000 cash in its treasury, besides 5000
shares of stock All the debts OF the old company
have been paid, leaving the property now free and
| clear IL is proposed expeud the $4,000 OF new
| money IN eqUippins the mine with additional
machinery. carrying further exploitation work
| and building concentrating plant to handle the
/ low grade ore which is not valuable enough TO be
i shipped in its raw state
! MANHATTAN TRANSIT-There was enough
profit taking in Manhattan Transit stock yesterday
10 cause slight decline in It's price. Offerings
/ absorbed by houses that began 10 buy the stock
following the court decision favorable 10 the
1 Long Acre Electric Lisht and Power Company.
which Is controlled by the Manhattan company
| The company has begun active operations and has
all the money IL needs for it's proposed development
work. and has just completed the purchase OF prop
erty at Tenth avenue and 42d and large plot
/ at the Harlem River and 10th street for power
houses Applications already have been received
aSgregating $4,000 yearly for light heat and power
| contracts
| SUGAR MARKET ACTIvITY.-F'urther sales
have been made OF 5000 bags Porto Rico centrifu-
gal sugar afoat SIS cents basis test. cash.
insurance and freight. which the price ar which
the last sale Of 10000 bags was reported II was
also rumored that the American Sugar Refining
| Company bought centrifugal sugar in cuba
at 2A cents for June shipment. basis 90 deSree
test The market ruled strong yesterday at these
duty paid prces: Centrifugal IS test. SS11s cents;
muscovado. 50 test. SSH cents: moIasses sugar %
| test S12Ia cents.
| COTTON MOVEMENT.-''The Financial Chroni-
cle' reports the total receipts OF cotton for the
week ended May 10 6O776 bales. against 7iTlo
| bales In the preceding week. making the total re-
ceipts since September I. 1906 sSS.6A bales
| against 7.195.152 bales for the same period or
| 1so5-'06 showing an increase since September l.
| 1906. OF 21SO. .iSs bales Weather reports are OK
an unfavorahle tenor. Rain has fallen on most
localities during the week. being rather excessive
/ at points in the Southwest Planting operations
have been delayed result and there are also
complaints of too low temperature
! IRON INQUIRIES.--A small amount OF pig iron
| has been sold for delivery in the first quarter OF
| 1908. There are numerous inquiries for delivery
in the first quarter of year, but they are not
receiving serious consideration the part OF man
4 1r =,