New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-28
TOPICS OF THE STREET.

TOPICS OF THE STREET.
FOREIGN TRADING.-London bought 10000
shares in the local market. In London the general
market was hrn especially the Rio Tlnto issues
though they weakened on the curb after the close
OF the Exchange large business was done IN
hank loans and discounts incident 20 the end or
the settlement and open market discount rates
yrora srbtI- higher 1t IS thought. in London that
New York Will get the greater part OF the gold
that will be offered in the open market on Monday
MARKET GOSSIP-OpeTators who have made
large profits on the short side of the market
are looking about for new bear arguments, and
already they are taking pessmistc view OF
the outcome of the years harvest 1t IS rather
early TO reach conclusions on the crops. out as
the country has had three years IN succession OF
good farm results the bear trader takes the
stand that IL Is three times and out. and hence
a wear OF famine In the absence OF real bear
factors this view OF the outlook may do some
service but II is not likely that any one will sell
good investments IT, The labor situation among
the western railroads also IS now being discussed
as likely 20 furnish some bear ammunition. Wall
Street bears are Tesourceful cusses but they are
rather short of arguments just now. though their
profits recently accumulated place them IN strong
position. The attack on Erie yesterday brought
out some stock carried over Mondays break. and
the weakness in the issue was accompanied by
a variety OF reports. OF which were favor
able for the company Erie has few friends az
the moment. but il Will survive. Some OF the
general forenoon SelhnS was baSeQ on James
Henry Smiths death. the theory that his ST.
Paul holdings would the market, bus
the chances that when his estate is iquidated
St. Paul will be selling far above the present
price. The sale of 5000 shares OF Pennsylvania
by Charles a Frank & Co. checked the morning
advance In that stock. the transaction being
reported for the account or an operator who
forced to part with the stock 20 raise funds
protect speculative commitments Advices 20
foreign houses indicate that the checks OF five
returned after the settlement. This in all prob
ability means that there Will be some more fall
ures IN the morning. There is likelihood that
these accounts OF Importance. as any
large house would not have issued a check which
II could not meet. The Ittsition in American
Smelling IS getting interesting. The stock has
been sold quite recklessly il It
we'll distributed Amalgamated Copper II IL
were possible 10 distribute the pool stock IN the
neighborhood OF leo last year. for the same rea-
sons II Will be extremely difficult TO cover any
extensive line OF shorts that the Guggen-
helms have demonstrated that they cannot be
forced To unload Perhaps the most striking and
influential opening advance that in Union
Pacific. because OF the stocks position the real
market leader. 1t is noteworthy that it has never
been scarce in the loan crowd. On the other hand
It has always been the stock which alleged social
pools are reputed TO have been long or and
there plenty OF shorts. The attempt at
bear raid in the last hour was resisted with more
success than similar movements in the recent past
MONEY MARKET REFLECTS TREASURY
NEUTRALITY-SUSPICIOUS. for call money yesterday
at per cent maximum and per cent
as a minimum against maximum OF 10 per cent
and a minimum OF per cent on Tuesday. The
demand for time money lighter and quotations
were largely nominal. owing to the disposition OF
borrowers to await developments. as they may be
Influenced by the release OF from SI7.OO0OO0 20
S9OOCOGOO In this city in the next few days The
position of the local banks has already improved
decidedly as a result Of Secretary COrteyOu's
toms deposits order The banks gained on Tuesday
So Coz and since Friday gained than 100000.
these figures including yesterdays operations.
The Sub Treasury was a debtor at tho Clearing
House yesterday for lt66O9S In addition. S1OOOOO0
was paid over the counter, representing the first
deposit OF customs collections in the local banks.
Work is progressing actively, both here and IN
Washington IN connection with offerings OF secuTi
ties and their examination and approval. and with
substitutons in connection with further deposits
of customs the collection Of interest on govern
Inent bonds and in redemptiOns. 1t Is explained at
the Treasury Department that the work involves
considerable time and much teleSTaphing between
here and Washington. All OF the S5.OO0OOO customs
deposits have been applied for and bonds offered
20 secure the same.
SECURITIES LISTED.-The following secuFl-
ties have been added to the regular Stock Exc
change list city Of New York. 100000 per
cent. registered stock due 1884, and S5o0,cao
per cent registered assessment bond; $3.50 addi-
tional capital stock OF the Pacific Bank. making
total listed s50OeO; $4,000 additional capital stock
OF the New Amsterdam Bank making total listed
S1OO0OOO; S2.OO00o0 capital stock Of the Irving
National Exchange Bank; 2,40SOo0 additional first
refunding mortgage per cent coupon bonds Of
1851 of the Buffalo & Susquehanna Railroad Com
rany. making total listed SSS2S.C0O; S2S,e9 addt-
tionaI first and refundlng mortgage per cent
sinking fund coupon bonds OF the Portland Rail-
way Company making total listed $aE'.OOO; $4,000
additional first mortgage per cent coupon bonds
of the Grand Rapids Railway. making total listed
$4,000; 100000 additional per cent cum
ulative preferred stock of the United Railways
Company OF ST. Louis. making total listed
slsss3.2Oe and $500 additional Icapital stock
Of the Erie & Pittsburg Railroad company. max
ing total listed s2OOO0Oo
DIVIDENDS DECLARED. - Dividends have
been declared as follows: HeckeT-Jcnes-JeweIl
Company regular semi-annual per cent. payable
March 80 Standard Milling Company seHi-annual
ia per cent. an increase OF y OF per cent
payable April 10 United Copper regular quarterly
~. per cent. payable April q. Manning. Maxwell
& Moore regular quarterly Ia ner cent. payable
April l. Metropolitan Surety Company regular
quarterly per cent. payable April l. Cailetin
National Bank senii-annual per cent. payable
April 6
AMERICAN TOBACCO CONlPANY.-rhe ANnerl-
can Tobacco Company has purchased out or Its
surplus additional $4,000 Of its Per cent bends
md aYl.ra TEa fov-r