New-York tribune., 1907-04-18
TOPICS OF THE STREET.

10000 shares In the local market, OF which Is OOO
were purchases. London is less bearish on this
market than recently reported. and cable dis
patches say that of the American securities sold
in the British capital in the last few weeks large
amount has been taken for Continental accou1.
The general market in London quiet and some
what heavy. with consOls Inclined 10 sell or u "a
expected that maturing English bills held by the
Bank Of England in sufficient quantity to mako
further gold shipments to Paris probable This
renders early reduction IN the Bank OF Eng
lands rate uncertain 1t is reported that a Ger
Inaa loan IN the form Of E4OO0OOO per cey. -.
ury notes will be offered in London at 90 next week
MARKET GOSSIP.-Apparently the ONLY ~
stacle to sustained advance in the current ma
ket is the refusal of the public to buy stocEs
After every decline the hope is expressed in COM
mission houses that the outsiders viii come int,
the market. but so far they have not even nibble5
at the offerings, and from the adyices to broker,
from out of town there appears little chance of a
change for the better in the near future das,l.
the fact that prices for most stocks are not der
Insiders extend support when the bears becor,a -,
aggressive, and that is about the extent or mi.
operations. except in issues where a known v-,,,
short account exists. Talk of increase in ANA
gamated's dividend to-day and IN Unired ststss
Steel common at the end OF the month fails ~ a.,
duce great activity in the issues concerned b.
this is not astonishing. it is quite generally, ba
leved that such talk is not based on the fntant,o
Of the copper and steel directors. Steel eon,r,on -
a per cent basis is favored by Mr. NIoruan ~,
the majority OF the board is not II is said vv,,,;
at this time to increase the rate yyasbi7.
houses had some fair buying orders vas.ar.. -
commission firms rule were inactive ~ n
Barney & CO. bought Union Pacific and KDa,.t
NachOd & Kuhne took Erie first preferred ,-t,I
Williston co. sold Reading % the extent ~ go,
shares. ]. $. Bache & COS Montreal corresDop5s,
telegraphed that all the soft coal miners throuq1
out the Canadian Northwest were on strike AT
that IL considered a serious raat+er a. 49,,
time This was one OF the influences in the reac-
tionary tendency in Canadian Pacific which
handles most Of the soft coal business + .
Chapman & CO. who were among the haa,iss,
buyers I'm the morning. were active sellers in 49,,
afternoon OF Union Pacific and Reading the ra
ported immediate Teopening Of the Ffarrir,sr
case being used a bear argument with sor,a
effect Traders who put out stock on the morning
bulge covered shorts where the buying looked
good There was practically no Investment b,1vine
LONDON GOLD HIPMENTS.-Accordins IN
cable dispatches London will be called upoD "a
transfer TO Paris about Sl5O000O0 gold. which was
sent from the latter centre 10 the British caplts
last fall, when money stringent in Eng
land. II shipments 10 this extent are made they
are not likely to have a particularly adverse IN
huence on the London situation Discounts at that
centre are gradually approaching "A lower level
Should such transfers Os gold be made 70 Paris
they VIII be undoubtedly accomplished not all at
once. but gradually extending over a period of
several weeks Meanwhile London is securing
weekly consguments of gold from South Africa
and, masmuch New York is not a bidder Tor
the metal it might well be diverted 10 tie Con
tinent without materially weakening the position
of the Bank OF England Shipments to Paris in
deed. are not expected 20 cause any change in
the Bank Of England toward its discount rate
which, 1t Is stiu believed viii be further reduced
in the near future The movement Of gold from
London Paris recalls the fact that while that
centre las been buttressing the London and Con
tineutal money markets through the recent pro-
Of France on April showed reduction. com
pared with the date in 19. of over S70OO00Oa
MOVEMENT OF SIONEY.-The local banks con-
tinue to gain money Notwithstanding the tenn
porary cessation OF reGeposits Of customs CoIlec-
tiuus in this city Collections for customs yester-
day We're in excess Of S100G.o0e. but pension pay
ueuts and disbursements for transportation OF the
mails and other accounts much more than Offset
those collections on Sub-Treasury operations the
banks gained Oh Tuesday s5l9.0o0 and since Friday
gained $36g7.000 This compares with gain in
the time the preceding week OF only SI7.0oo
Pension payments VIII continue at the highest ratio
Of the month Tor at least another week, These
disbursements wcrC also responsible for debit By
the local Sub-Treasury at the Clearing House yes
terday for S1.S97ssl. Most OF the banks and other
large lenders renewed their standing call loans az
about % per cent, which was the opening and
minimum figure; 2a per cent was the maximum
RIO TINTOrS SFIPNENTS.-At the annual
meeting Of the stockholders OF the Rio Tinto
Mining Company in London the chairman sait
in part:
We sent away 4s loaded steamers from Spain IN
1896 our cargoes go nearly all the large ports in
Europe and the United States. the sulphur IN our
TO many manufacturers of chemicals and artificial
increased and further demands likely 70 b
made as artificial fertilizers are yearly becoming
needed in larger quantities Industrial ENTERPRISE
is active IN al S1unlrles COPPER IS tne5,oIe % IA n
lesser degree IL is rapidly becoming reaaEed
IN large units and distribute by electric cur
the points where II - used than by the ola
vroric tonS 6eyond The governmental stae in the
United States. and commencement IS being made
with some branch PASSENGER railways IN ETrops.
~ commenced and must hope even Il new
sources OF supply are round. thar cur copper VIA
continue 20 fetch remunerative prices
PRESSED STEEL CAR-Ths directors % ths
Pressed Steel Car Company viii meet for regular
dividend action on April q. As has been ths casa
for tho last number OF meetings of the directors
for dividend purposes, there Is some belief has
action will be taken in regard 70 resuTlins eivi-
dends on the common stock. on which nothing han
been paid since 19O4 The earnings Of tbs eoH~
pauy In its last fiscal year. ended December 81
were equal to I7e4 per cent on the common stock
after allowing FOR all charges and the regular uVl'
dend OF per cent on the preferred stock TITS
rate IL in marked contrast TO that Of tho prsV1os
year when IL was only AS per cent, while for tas
year ended December 81, 1S04. the company BAD Q
decit OF S1ss2 after paying the preferred dvi'
dend.
MONEY IN BOSTON.-Ths monetary situation
in Boston appears 70 be One of betteTmene ETola
the borrowers view. There Is not only an tcreasa
I'm the supply. but a decrease in the demand. ms
falling Off in demand. however. Is largely eonnAe2
10 speculative circles. Mercantile Tsquirelno1s
show little falling of. and II IS believed that cor
porate borrowings Will be resumed the Honens va uu'
oppor,unltv offers some good judges believe ths
situation is fast becoming normal, and yes tn'Y