New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-12
TOPICS OF THE STREET

London curb FOR American .ssUes was alnOut -.
nal While arbitrage houses were diyar,a,N-
with the lack Of interest abroad in our ss,
they were well satisfied that the en.l az Ii,,T,s
indicated by Wednesdays turn Of uos,,,,
fully confirmed The general market h. va
was firm. Money rates were somewl,a. o..,-".
the open market while the Bank Of EngI,D.I,. =
Of discount was reduced. 100
MARKET GOSSIP-The so-caYed y
element was active factor in vevtars o'eet
cline, its operations with those Of the s,oo,. o.
who make their headquarters at the vr.1s..o 's
ing in great part responsible for the weaED.
most parts Of the LIST. The New street crown h. -
old hand at fine market work. It's nlaninrI,.,a an
conducted the most perfect -.
and II is seldom that it's operations r,,...--
1t made n large amount Of money on the $500,
that eliminated in the latter part OF March ar5 !,
was wise enough to get out OF its contracts a. -.
bottom. going short again last week when the :,
cOvery apparently had run its course ACCOM-,
ing the operations for the decline yester7a- = -
scare story was sprung. houses with grain CON-.
lions being active sellers. but outside OF sn,au -
gined long accounts little liquidation was rspo-s.s
Smith. Heck & Co. had considerable 49,,
for sale around the room: also Foster q JOur,
berry, who We're particularly active in Readine. n.
Gates following continues bulIish but Is likely :,
turn the slightest indication that the mark..t,
to go through another period OF liquidation -
which, however, there appears little likelihood Tn.
Western crowd has made money IN the last fora
night and IL is inclined to be buuish tbs,
bearish especially AtchisOn. The issue hsIa nm
we'll yesterday; did Chesapeake & Ohio 4,
which there was a bull tip from London, and New
York Central J. r. Willlston & Co. ara
other active houses who have been conspicuous on
the short side in times past appeared as sellers az
United States Steel ohsetting the substantial s,7
port given by HaIsey e FIudnut and BartIsfs
Frazier & Darlington. II. z Eckstein and oFhsr
active traders were heavy sellers Boston houses
said they not doing much IN the copper stocks
and had not been among the sellers, except vhsr.
they had received their orders from other houses
in New York. The days general character OF busi-
not at all impressive. and experienced
traders did not believe the decline marked the b.
ginning of an important downward movement De-
spite the recent weakness in Erie first preferred
there has been some excellent buying OF the issue
BANK OF ENGLAND RATE LOWER-Ta.
Bank OF England has reduced its minimum rat,
Of discount to 41a per cent. decline of one-halr
OF 1 per cent The rate was lowered 10 per cent
from per cent on January Il, so that the per
cent rate had been in force for eighty-fOur days
after ninety days OF the only per cent rates ses
the Boer War period OF 1s991soo. At this time lass
year the was 81 per cent. advanced to per
cent on the san Francisco earthquake. but reduced
again to 2i2 per cent on June q, 1905 The new "a
per cent rate is still much above the average Of
cont years. but some further reduction. u Judge
by precedent. is quite likely in the early summer
aI3 per cent stronger than last week. but is the
lowest in any year since 1902 when the exceptional
demands OF the BOer war affected the money
market on the showing the Bank should be able
easily 20 make the new rate effective. and II may
be some little time before the minimum Is reduced
to per cent. Completion of tax collections was
shown in public deposits last week and the
lease OF such funds by the Treasury for the usual
disbursements OF the time of year appears this
week in loss Of st3eioo which is Offset 50 far as
the Rank is concerned by an equivalent gain IN pTi
v3+e deposits The movement is little larger than
usual but Is otherwise normal for the time or wear
There is reduction OF fl7o00 in the Item OF other
securities which shows that Lombard street has
been paving Off loans to the Bank being able -
borrow money to better advantage elsewhere This
deduction In the borrowing probably also reflects
the sale of a large quantity OF American securities
here hitherto carried in London.
ANOTHER FURNACE CREEK COMPANY
The stock of the Furnace Creek Consolidated Cop
per Company Is dealt IN on the curb in this
city and in other markets The company. While no,
owning as great acreage as some o. the other
Greeawatar properties. is said to have by far the
best surface showing Of any in the district The
claims adioIH the great Eempland group. and have
this decided advantage. that they can all be de-
veIoped entirely by tunnels and that these tunnels
one OF which has Just been started, viii not %
mere crosscuts but drifts in ore veins, and VII
give backs OF 80 70 so feet The company Is CAPT
share fully paid and worcestershire Four hundred
thousand shares are reserved in the treasury for
working capital
STANDARD OH. EARNINGS.-The earnings %
the Standard Oil Company for some time past have
been establishing new high records. The net earn
fnps for the current year are expected to reach a
figure between S7J0OO0O and Slo90Note or twice lae
amount required 10 paw dividends at last years rate
OF so a share The litigation in which the company
is involved Is the only thing that prevents tne
Standard OIL Company from increasing It's disou'se-
nents to shareholders II IS said that IN the eVen'
OF a satisfactory conclusion OF this litigation there
will be melon cutting OF no small proportions
IRON SITUATION--There has been a decida
Improvement IN the iron situation over the last fSs
DAYS and many producers are inclined tn the oe-
lief that buying for delivery in the latter hai or
the year has begun. In addition to the -9VVVv
tons OF Besseuler sold by the Bessemer Association
this week there are inquiries in the local market
for more than 100 900 tons OF foundry iron' IN
Guiding an inquiry for 10000 tons from the New
York Air Brake Company and $1,000 tons fIoH
the American Radiator Company. Pipe conceNs
are inquiring for between $4,000 and 10000 TONS
a steel concern in the Buffalo district is under
stoSd 20 be IN the market for $4,000 tons Ohs
manufacturer figures that sales Of pig iron ana
fnished and semi-hnished steel in the last week
were in the neighborhood OF 100000 tons. repre-
sentng a valuation OF close to S21.00O0oo.
RUBBER GOODS COMMON DIVIDkNpS--Ih'
annual report OF the Rubber Goods Manufacturing
Company states that the question OF payins iu'-
Their dividends on the common stock has been 'Ho
subject Of consideration by the board OF directors
whose decision Is that further dividends upon u's
issue should be deferred for the present At tHs
annual meeting Of the Rubber Goods Manufacturing
Company held yesterday the retiring board OF az
rectOrs was reelected. The directors viii mee'
to-day for organization purposes
PIG IRON CERTIFICATES.-Pig iron certificates
at the New York Produce Exchange we're 0ws'
NJ Trrf~a
ard foundry follow: Cash. SO 70 bid: April. SzSs
S24 so: May. see 20 bid June SCI Is bid July, Ss9