New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-08
TOPICS OF THE STREET.

active factors in the local market dealing IN less
than 10000 shares. most of which were sales Ths
chief selling was in United States Steel. the Harrf-
man shares and Reading Arbitrage houses re-
ported a narrow market the other side, with
speculative interest diverted to other groups ar
the expense of American issues. Copper shares
were weak In London and the general market waa
dull at unimportant price changes. Money was In
active. with a quieter tendency London cabla
dispatches reported a free offering OF American
short dated paper that centre representing COR
poratiOn borrowing.
MARKET GOSSIP.-Traders appeared 10 belIev,
that the decline IN stocks of the two last days had
about discounted unfavOTable developments and
looked for a rally to-day. II is understood 4,
speculative circles that crop reports have been
grossly exaggerated. and II is pointed out that
allowing for a big reduction In the yield Of winter
wheat the season is not far enough advanced tn
trade on the theory that all crops will fan away
this year. II about time for Wall Street to
think and talk sense. especially as the public re-
fuses to sell stocks on the rumOrs that ara
now being circulated various topics such
for instance as the one put out yesterday on
Delaware & Hudson when the stock began to de-
cline The reason ascribed for this stocks decline
was the financial condition Of the property. Now
the financial position of this company has never
been stronger, and this is saying a good deal. az
Delaware & Hudson always has been gilt-edged
investment concern. Selling yesterday represented
the balance of the liquidation for the Morse and
E. Clarence Jones account and short sales based
on this liquidation. Active floor shorts covered n
Northern Pacific In quantity yesterday, and
In many parts OF the list advantage was taken OF the
decline to secure bear profits The short accouns
is still large and general conditions are sound
while the larger Wall Street interests well
supplied with funds it may be wise FOR traders 10
exercise extreme caution In further operations on
the down side of the market. The best houses adj
wise the buying of good stocks on all recessons
III. Content, Whenn Bros. and Dick Bros. wers
among the heaviest sellers in the forenoon They
were active in the drive at Union Pacific and
helped New York Central down \ canvass OF ths
active houses shows that more American smelling
is being carried for customers than might have
been expected IL the statements about the extent
OF the pool holdings are true 1t Is the knowedse
of this fact which encourages bear attacks There
has been no recent scarcity of the stock in the
loan crowd. Amagamated Copper was well taken
on the decline. and it was said number Of holders
of American Shelters had sold that stock and
had gone into Amalgamated and Anaconda be-
uevfng that the coppers were much at
tractive both from a market and dividend point
of view. Jacob Field was operating on the bear
side of Delaware & Hudson
GOLD EXPORTS NOT YET IN SIGHT.-Ths
foreign exchange market has not Vet advanced TAR
enough to justify gold exports % Paris Quota
tons are about !. OF per cent below the level az
which shipments OF the metal could be made to
the French capital without interest paid IN transit
BY the Bank of France. and about i of per cent
below the point 81 which exports could be made
without interest paid in transit. The possibility
OF gold exports TO Paris has been under considera-
ton for the last days. but conditions will
have TO change materially before shipments VIII
be made The foreign exchange market has adj
vanced IN every week steadily since the beginning
OF April. though rates were easier yesterday The
present quotation for demand sterling IS from 10 20
Is points below the par OF exchange. and gold ex-
ports have been made except when demand
sterling was at q premium above the parity, which
was 1856 a further decline in Paris exchange
on london would advance quotations Of francs
here, and an increase in the demand for sterling
remittance would put rates for sterling
GREAT NORTHERN PAYMENT-The ffth in
staImeut on account OF the new issue OF Great
Northern stock was paid yesterday The total was
100000. The preceding instalmenJs were for ID
per cent each. so that with yesterdays payment
the company has received about S2IooHeH Only
one more Instalmsnt is payable this fiscal year
namely. per cent ON June =
PIG IRON CERTIFICATES-Pig f-on certificates
at the New York Produce Exchange were dull and
easy There were sales. Prices for standard
foundry follow: Cash S23 bid. May. June and
July 500 bid: August. S21 bid; September. $50 bid .
UNITED STATES LEATHER MEETING AGAIN
ADJOURNED-The adjourned special meeting ot
the stockholders OF the United States Leather Com
pany. which was to have been held in Jersey city
Yesterday for the purpose OF ratfyuE the proposed
merger with the Central Leather Company, was
again postponed until May -. pending a decision
i'm the Injunction proceedings by which the merger
: held up.
DIVIDENDS DECLARED-Tha directors Of The
National Biscuit Company have declared the regu-
lar quarterly dividend Of 1s4 per cent the pre-
ferred stock. payable May 81. The directors Of
the Great Northern Paper Company have declared
the regular quarterly dividend of IL per cent on
the capital stock, payable June l. Directors Of the
American Cotton Oil Company have declared ths
regular semi annual dividend Of per cent upon
the preferred stock. payable June Z
PHENIX BANK OFFICERS.-At meeting Of
the board Of directors Of the Pheux National Bank
yesterday Alfred NJ Bull was elected second vice.
president TO I'LL the vacancy caused by the resgna-
ton Of George NJ Coffin. Bert J.. Haskins
elected cashier and Henry c. Hooley assistant
cashier.
NO CHANGE IN TREASURY POI-ICY--Ad-
vices from Washington say that Secretary Css.
teIyou has not changed his policy in regard 10
deposits in national banks. nor has he plan for
the withdrawal OF funds from the banks re-
ported Monday.
VAIL SUCCEEDS FTSH.-At the annual meet
Ing of the New York Telephone Company the
directors were reelected. with the exception Of
+. 2. Fish. who was succeeded by T. y. Vail
HEAVY STEEL EXPORTS.-The demand for
steel for export purposes continues active. April
established high record in shipments OF steel
from the United States.
MONEY FOR SAN FRANCISCO-The local Sub
Treasury transferred yesterday SLOOo.0oo 10 san
Francisco. There transferred through that IN
stitution 100000 Monday. making total OF
sl.5O0O00 forwarded far this week that centTs
through the government machinery
c. C. SMITH To ENTER NEW FTRM-Charls
G. Smith. OF the Stock Exchange house Of Charles
u. Gates & Co. which is about go out OF bust
will within a few weeks the firm OF
HoOley. Learnard & Co. a partner. M smith
has been member OF the Gates firm since rs
formation. and is widely known and popular n