New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-25
TOPICS OF THE STREET

$1,000 shares in the local market all sales rt :"
heaviest selling was in the Hartman sBar., ~ 10
United States Steel common. Traders drew, ~. -. "a
ference from the foreign operations that s.I-
had been sold in London before the opening a. -,
local market by New York in order IN ,hs,1 NI'
foreign disposition to buy for the new AGO.
which began yesterday IN London. The con,,--
rate on American stocks was AZ to a. par -.
Banks charged from . 10 AZ per cent for So,
Exchange loans Only lisht account was ~
closed at the London carryover. The general ~
ket in London was dull Open market discoUrt,
were easier
MARKET GOSSIP-Sentment at the cIoss =,
the market was about much mixed as the A.
sgners OF puzzles could desire. Some hons.
favored the theory that prices would work biob
in the near future; other houses put-out the oni,
ion that stocks should not be purchased excert =,
fair sized reactions while still other houses thory
the uncertainty surrounding the crop situation 80
the current indications OF the possibility 40 -
exports were adequate reasons FOR a positio1 -
the short side. particularly the public would ~.
come into the market As a matter Of fact 80
Is nothing in the immediate outlook that ~
rants extensive position on either sida 40 ~
market Prince & Whiteley who have a -
following. say that they rothtng at present 49,
indicates bull market. and they believe thu, -,
on scale-up will prove profitable in the Ions, -
In yesterdays trading Fl. Content R. n Pi..ar
and Upper & Co. bought more than N an ,ha---
II N
credited with sales OF 5000 shares OF the ssD,s
stock. part Of II presumably being for fora,gD -.
count S. n. Warren & Co. sold Union and sor,s-
eTn Pacific and the fact that this house also -
the Hartman issues Tuesday attracted co,,s5
able interest In its sales yesterday Charles n
! Gates Co. who were fairly heavy seller. !,
stocks on Tuesday. were among the mora ro,,,t.
uous buyers OF Reading on the reactior r.
found rather narrow market for IT at the ,,r,,
they were making their purchases but did M. -.
disposed to bid up. Brooklyn Rapid TRANSIT ala -.
spner much as a result Of the passage in the A..
sembly of the Wagner bill which II II So,
through the Senate and is signed BY the Czo,.r,
will compel the b R. t. to carry passengers =.
Coney Island for FIVE cents Wash Conner was
said 20 be back of the movement in Chicago Great
Western, but the stock showed little response. Ths
present is not good time bull Great Western
especially in view OF the cOmpany's current rea-
tons with the State OF Minnesota and il il r,,
mated that the foreign interests in the stock do uo
desire activity in the issue just now. Marshall
Spader & Co. said yesterday: There are many
good reasons why the Union Pacific should sci
higher IL It's dividend paying power has not been
invaded This is also true. however. OF the metal
shares and steel issues but the market does nor ~
appear to reflect fun strength in these stocks Ths
advance in Reading looks purely speculative and
is otherwise Of no market Importance. The market
appears to be accepting realizing and other press
without loss Of tone. and a further display
Of strength Is quite logical 70 expect
GOLD EXPORT POINT-The foreign exchanges
market is much farther from the gold export point
according TO the calculations OF some OF the leading
international bankers than would appear from
certain published statements. Although demand
sterling Tuesday rose as high as ASA. yesterday
It fell back 70 ASS. but experienced partial re-
covery amounting TO 10 20 Is points in the late
afternoon. Under present money market condi-
tons here and abroad it is figured By competent
authorities that gold could not be exported prof.
ably under about ASA for demand sterling sons
houses say that they might be able TO export it at
ass. while others figure that exchange would have
70 rise 70 4sS12. still others claiming that about
Ssh. for demand sterling would enable them to
export gold II will therefore be seen that the
market would have TO rise about cents on the
pound above the current quotations before bankers
would begin to seriously figure on shipping gold
Europe
MOVEMENT OF MONET-The banks lost Tues
day $4,000 reducing the gain from last Friday to
the close OF business Tuesday TO S15oee. Last
week. in the same time. the banks had gained
$3S97, 0C0 The Sub-TreasCry was debtor at the
Clearing House yesterday for sS33.S94 In this week
last year the money market was being Influenced
by heavy transfers OF funds to San Francisco IN
consequence of the great disaster in that city. and
the banks transferred to that point through the
Sub-Treasury Sl39O5. So5 ImpOrtations OF gold
based on Secretary Shaw's extraordinary order
advancing funds TO importing national banks were
in progress. The banks increased loans S2LIL5N
and increased deposits 81. 90o. which caused
decrease IN surplus reserve OF S5Se9.525 A heavy
loss in cash was carried over into the next week
and then caused decrease in money OF StS25.3ol
In consequence surplus reserve fell S4.+61,S1S 10
s sse SIS or over S1oOO0OO0 below the holdings in
that week in 1905
ATTORNEY GENERAL JACKSONS OPINION
on IOANS.-Attorney General Jackson has trans
mltted an opinion State Superintendent OF Banks
Charles II. Keith on the question 70 whether
that section OF the banking law which limits loan
TO any director officer OF a banking institution
IN this state exceeding one-tenth OF the cap
Ital stock OF the institution should Be interpreted
TO include a loan to a firm partnership OF which
director or officer of a trust company
member The Attorney General holds that ths
wording OF the law IS plain and broad enough 10
extend the statutory restriction 10 loan oy trust
company 70 a firm or Copartnership IN which
director or officer OF the trust company Is MEM
her He states that he Is aware that his statement
Is at variance with that OF Attorney General Mayer
but maintains thar the wording or the statu''
clearly uphOds his view
TRUST COMPANY MERGER OPERATIVE
The merger Of the Colonial Trust Company and the
Trust Company OF America becomes operative to-
dav The present Offices OF the Colonial Trust COM
many will continue at No. 90 Broadway, and bush
ness will be- carried by 1t as heretofors under
the title OF Colonial 3ran-h. the Trust Company OF
America" The company Will continue to transfer
and register at its present offices all stocks now
transferred and registered by the Colonial Trust
Company. and will pay all coupons now paid by the
Colonial Trust Company. Depositors viii also con-
tinue to be served at the present oces there beng
no change either IN the character manner OF tns
business done. The combined companies VIII nave
capital OF S2OOOOO. surplus of S0ooOoO0 and de-
posts agEregating between S65.OOOoOO and $OoOeooN
MONEY IN CFICAGO-Chicago banks are draw
ing on New York for about the same amount OF cur
rency for spring farm work as a year ago but ase
shipping less TO the interior A circumstance thar
tends toward row. but will produce Unprece-
denied tightness fall IL crops big and os-
ness activity continues the large percentages OF