New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-03
TOPICS OF THE STREET.

Shares balance the local market. the heaviest
sales being in Union Pacific. In London the general
market closed heavy and lower. with marked alb
senCe of support and some indication of liquidation
Money relatively easy. and the only uafavor-
Dutch exchange against the British capital and
weakness In the Paris check Some depression @nre
vailed the Paris BOUTse. In Paris the marker
quiet
MARKET GOSSIP.-It was reported In commis-
SIGN houses yesterday and generally believed thar
one of the big firms borrowing large anOunu
of money Union Pacific collateral for the pur-
pose OF supporting the bull side of the with
a view to improving ertf!nent so as 20 make the
Union Pacific convertible bond subscriptions look
more attractive between now and the 10Th. Trad
ers, who Unsympa thetic "cusses' learning OF
this movement endeavored TO depress Union Pacific
and the general list, and as there were number
of factors tending in their favor they had little
difficulty In opening the market down and keeping
prices heavy IN the best part or the day. They
picked out Union Pacific. Reading and Pennsyl-
vania but their campaign failed TO bring big re-
suits, as Ions stock did not come the market in
any great supply. The point is made that irrespe,-
tive of outside considerations the market is en-
titled to decline owing to the practically unintar
rupted advance of the last seven days. but in the
greater number of houses material reaction is not
looked for. while, barring adverse crop and money
developments, it is believed the general tendency
of prices viii be in the direction OF higher figures
throughout the month Certain important financial
handS when they would Ike to distribute
working for better quotations. and they back their
arguments With many good facts. though they lose
sight Of the fact that the public shows no nclna-
ton 10 return 10 the marker. Manipulation may
carry prices considerably higher, the holders OF
stocks who want TO sell won't be much better or
than they are Mt present If there are no BUYERS
Bull traders say that Mr.. Keeue is heavily COM
mitted to their side of the market, and that the
Moore crowd also is in their company. Mr.. keene
Is doing little in the market, spending most of his
time at the races and c0EitatnE the handsome
winnings his horses have brought him this year.
"hlie the Moore crowd IS co2fininS its attention
TO straight investment business. The Kuhn Loeb
q Co interests are anxious for higher prices. The
Union Pacific convertible bond underwriting syndi-
ca OF DOV will aovrrs
people believe it has bitten off more than il can
easily chew The outlooz for plIbl, scramble FOR
the bonds is dubious. because the bonds are not
good Investments but owing 70 money market con-
dtions and the lack of capital availab for invest
rnents Of this character at the present time.
BANK OF GERMANY sTATEMFNT-Yeste~-
DAY weekir statement OF the Bank of Germany.
which showed very weak position. was the cause
OF go' zeal or comment IN local financial circles
The cash holdings showed an enormous decrease
amounting to BI@0oo0 marks While the loans ex-
banded 10 the extent OF 3lsoIlC0O marks In other
words, tna Institution lost an amount eoufvaIe-r
u about $56't'03 in cash and its loans increased
by about $40 Cta go There was a 1izporiffor ~
some quarters to CCnstrue this as rejecting acute
weakness in the Berlin financial situation though
foreign bankers said thar il merely represented
the extraordinary shifting Of accounts in c9rnec-
uon WIN the midyear disbursements. and that
the return next week would show a marked i'm
proyernent Nevertheless. Berlin discounts hard
MONEY MARKET CONDITIONS Conditions in
the local foreign exchange market and the situa-
ton az Paris suggest the possibility of a rasurnp-
ton of gold shipments to the French capital An
engagement of Sl,CGoC1O was made yesterday for
Holland In the last two DAYS sterling ra-az0 49,
advanced % points in the face of high quotations
for money, which yesterday ruled at FER cent for
call funds. In barking circles the o2,ior 49, ~
pressed that after the return of the july interest
payments 10 money channels there doubtless would
De an easing in rates for accommodation. Is
I ecIaly as government bond reGemptions VIII in
crease bank holdings, though in view of the posi-
ton OF the exchange market no hope was held out
TOR really easy level at present
GOOD WEEK FOR ROCK ISLAND CROPS
The teleSraphc advices regarding crop conditions
received at the local executive Offices Of the Rock
Island system yesterday were more favorable ma,
those received at any line thus FAR tins season
representative Of the company said that the most
pronounced advancement for ay,- IRE v-ae- in ~
season, so far as the Rock Island lines are con
ceFned, was made during the last week of June
IN MS opinion the final outturn OF the crops will
be affected 10 the extent of 10 per cent by the i'm
provenent that took place last week.
SIN MONTHS FAILCRES.-Cor Commercial fail
ures in the United States. according To statistics
d, vi4PIIed oy i. q. Dun q Co. were 5607 in
Der and $695fS. 662 in of defauted indebted
ness during the first half % 1901 This is the best
statement as 70 number OF bankruptcies for the
corresponding six months OF any year since 1899
but liabilities were slightly above the average on
account OF a Few very large failures in New York
In the first half Of 1905 there were 56l2 failures
involving Sf2.64iO7i Trading failures nlIrnberAi
100 with defaults Of SIS Hiss against 41f in the
same months last year, when the amount involved
vas $7.517SlS, The chief increase occurred in
the manufacturing class. where 12a5 failures sup
Piled liabilities OF SS. 5S46fs. against f2sl failures
last year for only s2i93522. There were 1872 other
commercial failures, not properly included in the
l'1--s IN the same month last year there 1913
fo- S516S5t In addition TO the commercial fan
ureS. there were - suspensions Of banks and sim
iF 1n'nClal concerns, involving $,SLG-S, While IN
the first half 1895 there We're . failures - this
class. with liabilities Of S5.5S53S2-
TRI-BCI.LION DEVELOPMENTS About two
months ago the Tr-BulliOn Smelling and Develop
ment Company succeed in making a contract
with Robert w. Bull 10 erect and take charge o.
Tue coInpanyS zinc oxide Snlelter at Albuquerque.
y NJ. IN connection with the Kelly mine Mr.
Sui was for eight years the engineerfC- STAFF
or the New Jersey Zinc Company and assisted IN
the erection and successful operation that com
pany's S2.oto0c0 plant at Palnerton, Penn He is a
graduate or Harvard and considered expert in
the production OF zinc oxide After an inspection
OF the Kelly mine Mr.. Bull says: The ore is pres
ent IN large quantities and reduction plant is ap-
pSenty all that Is necessary to turn il into money
AT large profit. There is every reason 10 believe
that all matters pertaining this requisite will
be settled in short time
COPPER MARKET DEADLOCK -Rerar5i,o-
the copper situation representative OF the firm 81
Phelps Dodge & co. is quoted as saving; The sit
uatlon remains practically unbalanced and this
week. from present indications. will be without
feature. deadlock exists. but producers and con
sumers may know where they stand within the
next two weeks. European markets are practically
bare OF copper stocks. and supplies in this com
Try are very low. From this one can readily fore
cast some activity in the buying line I'm the near
future There is no question that sentiment has
shown a decided Improvement the last week
or two Copper prices on the Metal exchanges
were advanced yesterday.
BATOPILAS PROGRESS.-The RatopiIas Mining
Company shipped 5l,O00 ounces OF silver 10 New
sistant general manager of the company reports
that the connection between the No : and No
shafts IN the San MiSuel mine has Just been made.
anordinS good ventilation and increasing hoistins
facilities. The veins both shafts are In good
condition and are on the line of the main native
silver ore chutes. These two shafts have produced
between tunnel and 500-foot level about SSOOON
and present indications that within few feet
lies another deposit Of rich bonanza