New-York tribune., 1907-06-04
TOPICS OF THE STREET

10000 shares in the local market all sales Tbe
selling we'll distributed over the international
list, with the heaviest dealings in Canadian Pa
cifc. United States Steel and the Hartman issues
There liquidation Of American stocks In
London for American account. In London ths
general market weak consols declining s-la
while Rio TntO shares We're under heavy pressure
steadness in Russian bonds about the only
encouraging feature in the British market. Paris
the greater part of the South African gold Of
ferinG in the open market and also withdrew
large amount from the Bank of England. With
the Paris demand for the metal active there Is
little chance Of easy money at the British capital
MARKET GOSSIP--A large commission house
reported to its customers yesterday that a largo
bond house in process of liquidation and soon
would retire from active business Doubtless the
report had reference TO a firm that severely
injured in the March panic and since that time has
been the ragged edge. Among local foreign
houses there were rumors OF financial trouble at
Berlin, but failures reported. Rallies that
took place yesterday due entirely TO covering
operations and traders reported that, while there
extended short interest they got their stock
back easily when trading the short side, and for
this reason they did not believe liquidation had
been completed. Grain houses were active sellers.
Heavy selling orders were reported in New York
Central and Pennsylvania. the first named issue
appearing 10 reflect genuine liquidation doubtless
for interests whose financial necessities have be-
come considerably strained the result OF the
long period of declining values on the Stock Ex-
change. New York Central is not popular stock
present and par is talked for it. but the chances
any such decline will attract substantial buy
ing. Atwood Violet & Co. among the most
active OF the grain houses in the stock market
They bought little Brooklyn Rapid Transit, but,
upon the whole. fairly heavy sellers OF stocks
and active in the forenoon attack on Pennsyl-
vania One Of the reasons given for the unexpect-
edly heavy selling for London that weak ac-
count in Glasgow. Scotland. had been liquidated in
the London market during the day H. Content &
Co seemed to have some heavy selling orders,
especially In Pennsylvania. Traders did not jump
TO the usual conclusion that they were selling
short. Interborough-NIetropolitan common sold at
16l4 new low record price and of points from
the previous sale The preferred sold at asa. or
points from the previous sale and also low record
price The high record price of the common Is
553s. made in May. 1906. and the high OF the pre-
ferIed is s53s. made at the same time. Various
houses were reported 70 have covered lines Of short
stock running from 1nOoD to 5000 shares. and u
was matter Of general comment the floor OF
the exchange that in view Of such heavy retire
ment Of short contracts. the market showed a no
more pronounced upward turn.
BOSTON MONEY NIARKET.-The Boston money
market continues extremely dull Many brokers
say tt to be difficult all the time TO do
business. There is no general urgent demand for
accommodation, and Yet where banks have fair
comfortable surplus they show little disposition 20
PUT it out. except on call or short time. Money
has hardened q little over thu first Of the month.
balances 0f
terest and dividend payments, but If - doubted e
the tone remains strong many DAYS longer. on call
money ranges from 3la 70 4ts per cent. with new
money mostly to ~ per cent. One leading trusc
company has not only marked Up loans today az
AZ 2er cent. but has loaned new money At that
figure. Time money IS quiet. There is no great
supply of high grade collateral loans. neither IS
there an abundance Of choice mercantile notes
Rates range from fa 10 per cent. from sixty days
four months 5l2 per cent for six months and 5ls
per cent for year.
UNION COPPER REORGANIZATION - TIE
Union Copper Mines Company, which has bean in
corporated under the laws OF Maine. with capital
OF $2.5O0C0 fUu paid and mona assessa6Ie. divided
into 10000 shares OF the par value of 3 each has
purchased the property. and therefore becomes the
successor 6f the Union Copper Mining Company.
In the new corporation the capitalization has been
reduced from 100000, divided into shares Of par
value of so each S25OoOO divided shares ot
the par value OF s. each The reorganization COM
mittee has provided the new company with S5CCoJ
cash. besides which there has been placed il tho
treasury 5000 shares of stock
TRACTION COMPANY ISSUES BONDS-Ths
Capital Traction Company Of Washington tFern-
sylvauia avenue streetcer Enel has issued sSe6fo
bonds. bearing PEI cent interest and re5esrlahfs
forty years hence June /. 19l1. This makes a
total Of SSoo0otO outstanding bonds Only 3 tt00a
of the 100000 issued. and cs the s. 00oe50
II is stated 10000 Will be used to nav of floating
Indebtedness and $loSO.O00 10 take I'D outstanding
bonds
HOOKING VALLEY DEPOSIT LIMIT FE-
TENDED p Morgan & CO. announce that ths
time for deposits OF the stock OF the Hooking Val
ley Railway Company and the Kanawha < lIfrhi-
gan Railway Company. under the plan - consoI
dation announced some time ago. has been further
extended 10 October /
ASSISTANT To 3. r, YOAKUAI-A : Creir
formerly assistant President Davidson OF the
Frisco. has been made assistant 10 B. F Yoakuul
chairman Of the Rock Island board with head
quarters IN New York
NEW VICE-PRESIDENT OF NEW YORK CEN
TRAI~-D. 9. Moon assistant general manager OF
the Lake Shore & Michigan Southern Railway
Company. It is announced. has been elected vice
president Of the New York Central < Hudson River
Railroad Company in charge OF the Boston & Al
bany division. al Boston. 10 succeed Edgar Van
Etten.
BANKNOTE CIRCULATION - National hank
notes in circulation in the United States on June
amounted 10 S60l94O COO increase over the total
of May of $2.O260O0. and over the total or June
last year of S42Sl0,Oo0 Circulation based on bonds
amounted to S55S640CO circulation secured by law
ful money SIS $4,000
STOCK TRANSFER TAX-Tha raca,+s Y-1rn
the stock transfer tax for the month OF May wers
S3lSls4 decrease OF $Ss1l from April and gs1s7I
from the same month in 1906
NEW YORK AND LONG ISLAND BRIDGE
COMPANY.-Daniel NJ Hurley has been elected
to succeed George W. Quiutard director Of the
New York and Long Island Bridge Company Tbs
other directors were reelected.
DIRECTOR OF THE MINT IN TOvN-Georgs
f. Roberts, Director OF the Mint was in the city
yesterday official business connected with ths
Assay Ohice.
SOUTHERN RAILWAY EARNINGS IMPROVE
Earnings Of the Southern Railway for April show
an increase in gross Of $2,ss5. and increase IN
net OF A25.222.
WELLS FARGO UP.-one hundred shares Of
Wells Fargo stock sold at 500 Yesterday an a5-