New-York tribune., 1907-08-14
TOPICS OF THE STEET.

FOREIGN TRADING--Foreign PHlses bought
market They sold Steel preferred and bought tho
common. In London the fortnightly settlement
proceeded without the development OF dlSturoance
OnIv n small account was disclosed IN Americans
the contango which was AZ per cent The
banks charged 31a per cent for Stock exchanges
loans The general market was inactive and dis
played better tone. with rally In consols. Dis
counts were unchanged. and exchange at Cont
mental points London remained at Mondays
figures On the Paris Bourse the market was
heavy.
MARKET GOSSIP-WaI1 Street had spasn or
happiness yesterday. because it was reported ina,
Secretary Root would carry TO the President tns
views OF prominent bankers and that these views
would be so gloomy the President would take steps
Immediately TO paddock Secretary Bonaparte. re-
verse his own attitude on corporations ask Con-
gress to repeal the E1kins law. tell Secretary Cor
teIyou 10 throw s5OO00.G00 government money into
the Street and do various other generous things
for the banking community Secretary Root wa.
at the Morgan office. and so was Assistant See
retary Bacon. both Of whom said 70 reporters. "W,
just dropped in to pay our respects There is 10
especial reason why they should happen in to pay
their respects as the head of the firm is in En-
rope. AS matter OF fact, Mr. Root will eonveyto
the President the views Of certain Wall Stree,
bankers the general situation, but Wall Streets
building fairy castles If II believes the admnistra-
ton will do anything in the nature OF changing It's
policy in order TO help lame ducks out Of holes.
There were more bargain hunters in the Street
yesterday than at any time since March H. many
of them being professional men and small mer-
chants One firm received order from out os
town to buy five shares OF thirty different stocks
which were named in the order The fact that A
A HOusman active buyer helped the mar
ket as he is supposed 10 represent some OF th.
largest interests in the Street He thought tho
chief selling from now would be for the bear
account rather than genuine hqudation Soma
of the best support was seen IN Reading and
Union Pacific. One OF the encouraging signs wsy
the good buying of the Hill shares, the operations
in these issues attracting attention because il wa
a matter of common knowledge that in the 8Iarca
panic the Hill following was badly damaged. Ono
broker said yesterday that the control OF most Of
the large railroads in the country now held In
the Street owing 20 the liquidation Of inside inter-
ests in the last few months There is no dOubs
that banking houses are heavy holders Of various
railroad stocks that have been thrown over by
controlling interests One house reported buying
by interior banks and by officers Of these institu-
lions for personal account There are many pso-
pie who believe the current strength viii not hold
and that further selling will develop
MONEY MARKET CONDITIONs-Th tina
money market was harder yesterday than ar any
time this year Quotations were purely nominal
at per cent bid for all dates from sixty days to
six months For thirty days per cent was a
nominal quotation. For all periods from four to
six months per cent and commissions of varying
extent were bid. Call money loaned at 4 to 81 pc.
cent The banks gained Monday S13609, and
since Friday lost $1,000 compared with loss IN
the same time a week ago OF S.2SSGea debit
bv the Sub-Treasury at the Clearing House yester-
day for s2O05,657 represented for the nsOst part
the paynent of p0stofics warrants for transpOTta-
tfon OF the mails. The foregoing bids for time
money apply to good Street loans. that is. a mix
ture OF railroad and readily marketable Industrial
issues These loans are a matter Of individual
negotiation and this is true also OF loans on all in
dusrriaI securities. but these TRANSACTIONS are in
only moderate favor with the banks and other
large lenders Rates upon all industrial security
loans IL is said run as high as ~ and per cent
Prime mercantile paper is in very Agnt demand
in this city. and bankers are virtually ouI OF tnar
market In consequence. choice paper IS 0eins
marketed wherever pracucaole taroushouI the N
rer,or. Nominal quotations for paper are Sc TO
per cent
Earnings OF the Canadian Paeihe a ior L las sss'
ended June 30. amounted 10 Si22lf9-S gross COM
pared with ss1. PISS in the preceding year ana
KS 3Os s0a in net. compared with S--y.5SLS IN Ss
wear before The surplus available tor dlvlfsaas
-. s1s s7s Oa4 and after dividends there was y
balance OF S93Se o0, equlvaIenC 70 +s0 per S1l ~
the stock Since 1894 gross earnings nave aosa4ic7.
from SO 4ss lS2 20 S221752S IN the Iast year aIi
-, @-or, "a 21s1 1G5 10 IS S3 3oe- In 1894 dividends
were ss422O73 and surplus $So6.2+ WhlIe N 70
last year dividends were SeOSo'SSS ana surplus AZ
$50 Go.
UNITED STATES STEELA-The market valns
or the common stock OF the United States stssI
Corporation based the low price yesOeruay' "as
apuroximately SI55,e00o00 TIE surplus OF ths COZ
ooratio1 amounts to about S05,ooo1o. and ms
treasury bonds subject for sale aggresate S+,Ss@
total Of s145.3eOodo. or WITHIN Iess '-. sAI = -
~ IRE market value OF the common STOCK
Dofnted out that The Steel Corporation couIl- ~
oreticaIly It's surplus and treasury Do-Is I ~.
come within few million dollars OF pr4Sos-s s,
sweeping the entire >0Us'1o'ooV SV4----'0-
the balance sheet
DIVIDENDS DECLARED--Divtdencs nave ~
declared follows. Canadian EaciI-C IS5l--1&
annual 2 per cent the preferred and peF -.
on the common: also L OF per cent from Iaa'
sales Sloss-Shefhed Steel and Iron regular quel-
terIr IL per cent on the common American Sus1s
Refining regular quarterly ia per cent On 10
common and preferred. payable OCTOBER -
To REDEEM JAPANESE BONDS.-Eysr .
Co announces that they viii redeem the japanese
& Dar cent bonds which have been called Tor PAY
rnent on September 10 at par and accrued lIeIeS
at lOS in exchange for approved Oonds Ele-dls
10 Ga per cent income. which IS more THAN lH'
holders will receive il they hold The boIaS 20 III
turity.
SILVER DROPS ON SELLING By CEL-NAT,
The recent decline in the price OF silver - -
on authority 10 have been due to the cOnulllou 7.
CHINA exchange which made IL necessary IoE 80
country 20 sell upward OF 3o0oO9 ounces OF s-.es'
All this amount was taken by Irdia Lils IsA-R'
rarfIy affected the market for tae nel|ai-
SOUTHERN PACIFIC PAXMENT-Ine - -
narations for the SIS 600 90 payments on new
arn Pacific stock this week are not eXpeCt1U, -. -
cor1in- 20 the influential banking lnJeEsstS 80
ctete1 with the operation, 10 Unfdvora5y ll-L-91
the money market
cry BONDS-Of the $l2.2500o0 of the cl.y s, -
norate stock and bonds remaining uIsolu - -
Monday afternoons Offering, S5otv" h1Ve q
humber Of the citys creditors VIII 'aAs 20 ly VII
in CITY bonds and that consideTao.7 all'-
be disposed OF in this manner
MONEY FOR NEW ORLEANS-Thers va,
transferred through the sub-CreaSury '
hanks Yesterday $1,000 10 New orleans
PHILADELPHIA STOCNS'
frurni,hed by Charles d Barney & ., 80 an - ssrsss
- So4A- ~