New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-24
TOPICS OLE THE STREET

L0n00D ~
eral market was quiet. with moderate strene,s !.
the foreign government bonds and Rio T,-.
shares. Money slightly frner, but tbsr. -
no indications OF a material hardening in r,,.s
Indeed, it thought IN London financial ef--s.-
that the Bank OF England might reduce its MIN
mum rate tomorrow.
MARKET GOSsIP.-That there is no outsl5- 49,
terest in the current market vas reflected - -. ~.
movement OF values yesterday. following N. -
haustion Of the buying power that develonaS -.
before the close Saturday and contin,1a. -
midday Tuesday. Prices began to sag lust AZ -
as the short interest was covered Tradsrv -
sumed operations for lower prices vvtbor. 49,
slightest indication OF opposition from the -.
interests who doubtless were unwilling to rpst
active commitments with public support IN -
dence. On Mondays rapid advance and on ~,
strength exhibited yesterday short lines vver. -.
out IN all the active issues. and II required
little pressure TO weaken the general market n
mors about the forthcoming Steel common Siv,
dend were out in force intinating that the diva
dend would be raised but little stock was taken 4,
the theory, as the well known conservatism NJ e.
Steel Corporations management is against an r.,
crease at this period Bear traders made some can
ital out Of the causes assigned by the president 40
the company for the dropping Of five tboussnS
men from the payrOlls OF the Western Electric
namely, 1.-THE high prices for copper steel and Isad
metals make construction Of plants in which ~.
cOmpany's apparatus is used more expensive tia,
az any time IOr twenty-five years forcing GUSTAV
ers OF the Western Electric to face the probabiIif
that plant put in at the present rate oF cos.
could be duplicated within few years at greatly
reduced outlay. The fundamental difficulty tbsrs-
fore is too much prosperity Wall Street trader,
have the idea that there will be a general rsdrc-
ton in the operating force Of all Industrial and
railroad concerns in the current year despite prss
ent trade activity. r. Content was the heaviest IN
dividual seller OF Union Pacific. London also soIl
this stock. A ~ Housman & Co and Wormser
had large buying orders in Union Pacific and tbs
ease with which they We're filed one Of thu
factors that caused the floor traders TO take the
bear side. f. Meyer. C.. Z. Macdonald and s IT.
Pe gave buyers Of Union Pacific all the stock thev
wanted. H. Z. HOllins & Co. We're among the note
worthy sellers in the forenoon ". Evans & Co
took upward of ten thousand shares OF Reading
their buying attracting some attention owing to
the fact that they had not been active in the stock
before. One Of the largest commission houses says
that IN its business Of the last three days sales
have largely exceeded purchases.
BOND MARKET OPINIONS.-Farson. Son
Go. say:
We find distinctly better feeling prevalent
TO Indicate any impairment OF confidence. It Is
true, that there is very little doing in the bond
the vst and so long as we have these conditions
for shOrtterm notes is somewhat less active tnan
it and until more Of these issues are taken
out OF the market they will serve 10 take up a
large portion Of the funds which would otherwise
have been BIZ this time pretty wei cleaned up.
notably Jae 1os Bii4 oerS i The Pe9ns1vani
issue: which was rather larger than the otaels sfs
still in the market In some quantity
y. ". HaIsey & Co. say:
There has been decided change from the activity
which prevailed three weeks ago but It is true Jhat
the business OF the houses which have for their
better than il is at the present time We find
that this class Of investors as result o. tne un
ra9d- funds than ever before and the buying OF
bonds IN small lots is very SATISFACTORY Inc iaIgs
panles and other institutions are not buying ooAas
FOREIGN BANK RATES DOWN-The Bank OF
Germany reduced fits discount rate yesterday TO ga
per cent ana the Bank OF the Netherlands its rats
10 per cent a reduction in both cases Of one-half
OF per cent 1t IS thought the minimum vate OF dis
count OF the Bank OF England viii go down to-day.
II is observed by prominent German bankers tnse
the MANAGEMENT OF the Imperial Bank or Germany
has shown extreme conservatism In lowering me
rate only TO 80 per cent. for the open discount
figure in Berlin is fully per cent even under the
reduced bank figure. Regarding the probable actlon
Of the Bank OF France, the consensus OF opinion Is
that Il IS not altogether certain that reduction
will be made until the bank has been able 20 draw
back TO Paris a larger proportion Of the gold
which IT so freely supplied TO foreign financial
centres during the recent worldwide strngsney
in money.
GOLD EXPORT TALK.-SterlinS exchanges
touched the par of exchange yesterday recedlns
somewhat before the close Sight drafts on Lon
don sold at 1861 and. naturally, talk OF gold ex-
pOrts was heard but in foreign exchange quarters
the opinion was expressed that engagements OF the
metal for shipment would be checked at once oy an
advance in money rates As the Bank OF Germany
and the Bank OF the Netherlands reduced theF
discount rates yesterday. while similar action -
expectsd by the Bank o. France and the Bank OF
England the necessity for gold exports from the
United States Is not apparent. The local banks
GAINED from the Sub-Treasury yesterday but uls
net gain since last Friday stands at only So' LVOV
compared with a gain at this time iaS' Yes $50, =.
SO O5S coo. Call and time money were practically
unchanged and exchange at Chicago was a tribe
more favorable TO New York.
DIVIDENDS Observation-Disclosures have been
declared as follows Greenwich Bank serai-an-
nuaI . per cent. payable May l. THIS places us
stock on 10 per cent basis, against per cent as
before Butte Electric Light and Power Company
regular quarterly, 81 % a share on the preferred
payabIa MAY l. American Exchange National BANK
regular semi-annuaI. per cent. payable May J.
PaiAc Bank regular quarterly, per cent paya9is
Nav l. Fourteenth Street Bank regular quarterly
2is per cent payable MAY 1. National City Sank
regular quarterly. Per cent. payable May l.
THE COPPER MARKET.-A mining Official saw
received yesterday inquiry for lake eog ges
for July delivery and named % cents a. oS
customer zoos liz it,Is 100 hieb About MAY I.
InarSet and make known their requirements I ~
the third quarter of the year. but as to wnetaer
tbis season will witness this condition or nos T.
mains TO be seen - large consumer stars ~
LI11- conner az that time yOu may be sure Lnat ne
rest will Immediately fall into line and Wake pun
Chases.
NEW YORK METAL EXCHANGED weekly
mining publication Of current date contains tH'
name Of John r. Stanton as member OF the cop
nor COMMITTEES OF the New York Metal Exchange.
Mr. stanton says; The statement is incorrect !
was offered a place on the committee by PreSidshs
Thompson. but made known 20 him thar "0u'D
be unable 70 assume the same
r,I-r,E, % MINES. NEW VEIN.-Ths manassr