New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-22
TOPICS OF THE STREET.

in
10000 shares in the local market buying on balance
the purchases including the Hartman stocks and
AtchisOn in fair quantities. In the London marker
consols were steady and the general market quie,
and without much change in prices The Rio Tinto
issues were heavy. American stocks were rallied
the early trading but sold off in the afternoon
Money rather better request at 2l2 %. per
cent for call funds. while discounts somewhat
easier. The movement of exchange at Paris was
more in favor of gold exports from New York.
MARKET GOSSIP.-A number of large accounts
which have been hanging the market ever
since the March panic, were liqudated yesterday
according tn information received from brokers. u
is thought the situation will be materially improved
where selling of this sort has been completed and
the chances much of this business has run its
course. though traders they detect further
weak spots that will carry quotations lower. In
the last two weeks quiet liquidation has been under
way but only within the last three days have
traders awakened to the fact that selling Of this
sort had been going on Finding il out, they have
hammered prices right and left There was plenty
of long stock offering yesterday and much Of :,
represented sales by people who had been told 10
take care of themselves. as those who had assisted
them through the March panic were no longer able
to extend support. Whep) United states Steel
broke through 80 much uneasiness was felt in timid
circles, and the financing story was again
brought the front and exhibited throughout the
session. The absence of Morgan support and the
selling orders by Standard oil brokers factors
that encouraged the decline. Traders who recently
have sold tnlS1 racine covered On the midday
break and put out lines before the close: also
in Reading and the Hill shares. Traders pointed
out that one of the underlying factors Of permanent
Importance the failure of bond business to i'm
prove. Bond houses simply tied up with stuff
they cannot sell. and long this is the fact
the investment buying is obviously insufficient to
absorb open market liquidation E. r. Chapman
bought 10000 shares of Reading on the way down
and Miller &, Co. 1000 shares The so-caIled Flower
stocks. Amalgamated Brooklyn Rapid Transit. Dis
tiIIers and Paper showed signs of pressure and no
support. Traders attached good deal OF I'M
portance the heavy selling of United States
Steel by simmons & slade, who put out 2n.oOo
shares There was a we'll defined opinion that
Daniel G. Reid and James r. Keene active
factors the bear side, and IL said Of
the for the beaTish demonstration the
belief that the Union Pacific convertible bond syn
dictate had bitten off more than 1t could chew.
GOVERNMENT DEPOSITS AND GOLD En-
PORTS.-In local banking circles the opinion
held yesterday that the Secretary Of the Treasury
In the near future would make call upon the de-
positary banks for part of their deposits Of gov
eminent funds though it was not deemed likely
that a large amount with be withdrawn. owing
the moderate reserve of the Clearing House banks
The point made however. that unless the local
money market should harden gold would be with
drawn from this for Paris and that 1t would
be preferable to have recall OF government funds
to shipments of the precious metal Sterling at
Paris declined yesterday. while French discounts
frmer. factors making for gold exports from
the United States The local sterling market rates
trfe lower, Domestic exchange at interior
points. a rule. was at a premium.
COPPER SITUATIoN-Preducers have no,
changed their attitude toward copper prices not
withstanding that consumers have not vet entered
the market purchasers "A representative Of one
of the largest companies says current quotations
being maintained. and that there will he no
shading He bases his opinion on the old argument
that production has shown little if any increase.
while the consuming companies are using mora
copper than year ago. Some small sales OF cleo
troytc copper for nearby delivery are reported az
251a cents. One producer points out that the large
consumers have covered their wants well into the
latter part of July. and a large buying movement
cannot be expected before next month. Copper
IS being delivered To customers rapidly as It is
refined. r. II. Rogers and John D. Ryan, OF ths
Amagamated Copper Company. who are in Eu-
rope. are expected home in July
COTTON ACREAGE.-The privately estimated
Of the crop planted cotton at 2s.S3i77e
is below the five year average Of 1So2-o6. which
is approximately 2S6i5,0O0 acres. Against any act
uai reduction in acreage must be set the marked
Improvement IN cultivation OF the smaller acreage
that has characterized the policy OF cotton growers
in years. especially on account OF the scare
ity of field labor the use fertilizers smaller
acreage and the abandonment OF the poorer cotton
lands TO concentrate productive resources the
better lands. Consequently. reduced does
not necessarily mean that there will be core
spending decrease in the yield of cotton
ADDITIONAL. Rail. ORDERS.-The demand for
steel rails for delivery year continues brisk
Monday company secured 5000 or s0.069 tons.
and the Tennessee Coal x Iron Company sold 1oe0
tons to the St Louis & San Francisco for delivery
in July and August for next year IL is understood
that the Frisco would have taken a larger ton
mage but the Tennessee owing 20 its already heavy
tonnage, did risk making deliveries for
an additional amount the dates specified. Since
the steel rail companies opened their books for
orders for steel rails delivery in 1893 they have
booked an aggregate of nearly, s0a,0d0 tons
NORFOLK & WESTERN sYNDICATE.-A
call of 10 per cent has been made upon the mem
bers Of the Norfolk & Western convertible Bond
syndicate payable June 5. The issue undeTwritten
was sl4OoeO0, OF which 20 per cent has been paid
The syndicate until July under the agree
ment. but owing 10 the poor condition OF the bona
market It will he extended
REPUBLIC IRON RACK DIVIDENDS-Ths d.
rectors of the Republic Iron and Steel Company
have declared the regular quarterly dividend OF
Ia. per cent on the preferred stock and per cent
on account of back dividends on the preferred
The dividend Of per cent satisfies all arrears on
the preferred. Earnings of the company since jan
uary exceed those of the same time last year ny
so per cent
STANDARD DISTIILING AND D1STRIBUT-
ING COMPANY ELECTION.-At the annual meet
ing OF the stockholders OF the Standard Distiilins
and Distributing Company held yesterday. tho re-
firing board OF directors was reelected the re-
elected directors subsequently, met and orsani-'d
by the reelection of all the retiring officers
PIG IRON CERTIFIC'ATES-Pi iron certificates
at the New York Produce Exchange vera duH
and unchanged. There were sales. Prices roF
Standard foundry follow: Cash. s2S bid; May, June
and July. So 50 bid August. So bid: SEPTEMBER
$1dS5; October, S0Q$25.
Csaf.s