New-York tribune., 1907-05-09
TOPICS OF THE STREET.

active in the local market. buying about 1OOOo
shares. chiefly of Union Pacific United States Steel
and Southern Pacific The market in London was
narrow for American issues. while in all deparf
ments trading light. except in Rio Tinto in
which there was fair volume Of business at high
er prices. Money was easy at the British capital
but there was no expectation that the Bank a,
England would reduce the minimum rate Of dis
count at its weekly meeting to-day. There is stU,
a good supply of English bills held in Paris ana
further gold Withdrawals from London for Frenc,
account probable.
MARKET GOSSIP.-Stocks are not nnoving vv,,,
the regularity that indicates decided views bv +h
leading financial interests the future coursa =,
values. AS matter of fact the big interests Az
doing little In the market. doubtless believing tha,
pending the development OF more Favorable cr,,
conditions the bull side except for quick turns a.
not attracted. but the same time thev al nc,
believe the position OF general affairs warrsnt.
large commitments the bear side The New
street crowd is bearsh and traders who follow anv
lead that is backed by Jacob Field are increasing
their shorts. but the most experienced market oh
servers believe the short account can be quickly
turned on the least evidence OF more favorable
outlook in the agricultural section Of the country
The argument that the New York Central needs
and par IS talked for the ISSUE though the cam
paign does not bring out investment holdings
Wormser & Co were buyers OF the traction shares
yesterday and A II. Coombs sold Stock came out
OF the company securing control Of its only com
pettor in Brooklyn in the future failed to in
huence the price. A a. Housman & Co.. a Morgan
house. bought United States Steel. and investment
buying of the preferred reported. HaIstead and
Hodges were heavy early sellers Shows 75 ra-
cent winter wheat estimate made many bears but
they were not aggressive. A o. Brown & 90 ssta
aIter the close OF business that in their opinion If
looked safe TO buy the better class Of stocks for
moderate profit Marshall. spader & Co. said:
Ihat the market should give evidence Of a sold out
condition. and with very moderate pressure under
such unfavOrable influences as now Drevau IA a
strong argument IN its favor. but this does nor
alone insure higher prices. Sentiment would be
much improved with a change for the better in
weather and crop copditions. but consideration
must soon be given to the monetary situation. and
the loss Of the banks through Sub-Treasury opera
tions this week points TO further depletion in .hs
surplus reserve, and We expect the Treasury De-
partment 10 require the return OF part of the gov
ernment deposits during the next thirty DAYS. As
before stated. however the security list Is showing
good tone. and is entitled 70 support particularv
any further decline
EASE IN MONEY HELPS NOTES.-The casa
which has developed in the money market within
the last month has resulted In a renewed demand
1or snort term corporation notes which were
brought out in great abundance in the first tbraa
months Of the year. and which directly after their
hotatOn proved a serious drawback to the regular
bond market For the last few weeks however
and particularly within the last week, bankers "a
port exceptional activity IN the short term rail-
road issues so that at the present time prices
have reached about the highest level and in some
instances figures considerably higher than tbosa
at which the issues were originally hoated
COPPER PRICES-The average price which
those companies selling their copper through ths
United Metals Selling Company will receive for
April is very close to 25A cents gross a pound
Allowing IA per cent selling commission tbs
4 s.
and allowing extra 4 per cent for cash the
net would be approximately 2465 IN either In
stance the price is better than that which conpa-
nies receiving The Engineering and Mining Jour
naPs" monthly average as net Will obtain. as that
publications. average for electrolytic for April
Papa. Whatever Lake copper, however. is
sold on The Journal quotations viii fars better
undoubtedly than tho United Metals clients IN
April. as the average was 25.26 cents net against
the Uniteds average OF 2514 gross
PACIFIC COAST EARNINGS.-Earnings OF the
Pacific Coast Company for the month OF March
were S6S7.6 gross increase OF s1s42T6 and s1Os-
Ss7 net. an increase Of s12.e61. comparison being
made with the same time year ago. The March
returns were considerably larger than IN February
and bore out the recent reports OF the improving
condition Of the cOmpany's business. While the op-
Grating expenses still at a high ratio ths
comparison with the exhibits OF the preceding
months OF the fiscal year. shows that the tendency
is toward curtailment IN this direction.
DIVIDENDS DECLARED.-The directors OF the
Adams Express Company have declared the regu-
lar sernt-annUal dividend OF g q share out OF
earnings and 81 a share from income from invest
ments. payable June l. The American Telegraph
and Cable Company guaranteed quarterly dividend
OF IL per cent VIII be paid June :. The United
States Reduction and Refining Company has de-
clared the regular quarterly dividend OF II per
cent on the preferrad. payable July L
NEW YORK STATE BANKERS ASSOCIA-
TION.-The time OF holding the convention OF the
New York State Bankers Association has been
changed to Thursday and Friday. June y and IS.
at the Hotel Frontenac ST. Lawrence River.
Thousand Islands. The date originally fixed was
July II and L. Elliott c. McDougaL president os
the association. has appointed Charles Elliott War
ren. vicep president and cashier Of the Lincoln Ma
tional Bank. New York chairman OF the COMMITTEES
on arrangements for the convention
AMERICAN BANKERS ASSOCIATION con-
r. Branch. secretary OF the
American Bankers Association, announces that fe
has been decided by the executive council 70 hold
the annual convention of the association at At
Iantic City, y. J., the week OF September g the
Marlborough -Blenheim Hotel 10 be the headquar-
ters
PIG IRON CERTIFICATES-Pig iron certth-
Gates at the New York Produce Exchange vera
dull and unchanged There were sales. Prices
for standard foundry follow: Cash SIS bid: May,
June and July. SD bid; August. 81 bid September,
$50 bid.
APRI5S ANTHRACITE TONNAGE HEAvT.-
Tho enormous anthracite tonnage of 5sl65SS FOR
April has been exceeded but once in the history OF
the anthracite trade-in May. 1895. when the ton
mage was 60O5.15S
TFd-BULLIONS TRANSFER AGENT-Ths
National Bank of North America, No. q Exchange
Place. has been appointed registrar and transfer
agent for the Tri-Bullion Smelling and Develop
ment Company
NEW MINING STOCK LISTED-The Stock Ex-
change has admitted TO quotation in the unlisted
canitaI stock ns tha Rarnnlas