New-York tribune., 1907-05-10
TOPICS OF THE STREET.

less 5000 shares in the local marker praeticai
y all sales The selling was mainly in Union Pa
cific In London there was 20 disposition to trade
in American issues on the curb after the close OF
the regular Exchange dealings. while the latter
were light ir volume. The general market in Lon
don was stagnant Money trife hrmer with
a harder tone for bills. The Bank OF England
made change in It's minimum rate of discount
but the weekly return favorable The CONT
mental markets were closed. owing TO the Ascen-
sion Day holiday.
MARKET GOSSIP.-The majority OF Wall Stree,
houses continue 10 advise the purchase OF stocks
on reactions, but the public is making little re-
sponse Commission house orders are not Is-ea
enough TO pay Office expenses but this fact does M,
worry brokers. in the year their profits bas
been heavy. c.. G.. Gates & Co. for instance bay
ing made in the last twelve months mora tha,
IOOo.OoO net. as result of this commission h,,s
ness. Interest at the moment outside Of I-nto,
Pacific affairs is taken UP almost entirely by- N,
crop reports and the greater number OF eoo-
traders unwilling to make important commit,
ments on either side Of the market owing TO tina
uncertainty over the showing in to-day's govern
ment monthly report OF crop conditions. In con-
nection with the crops it is interesting to note
that the monthly report OF the worlds wheat
stocks shows S7,OOCO0 bushels more in sight than
a year ago with increase Of 100000 bushels in
supplies in April. against a 100000 busheI de-
crease IN April last year specialist who recent
ly distributed large blocks Of American smelrers
had selling orders in the issue yesterday but the
market was not broad enough 20 take much OF the
stock. a. H Coornbs was heavy seller OF Inter-
borough. and Walter Taylor bid for Union Pacific
in 500 share lots II. c. Taylor was an actual 5uver
OF Southern Pacific Smith. Heck & Co. We're con-
spicuous sellers OF Union Pacific and Reading
while houses with Philadelphia connections bought
Union Pacific The New street crowd is still bear
tsh and is not pat to grow less so. that Union
Pacific and Southern Pacific in the market for
more money. The proposed new convertible bonds
TO be issued
assuming the stock will advance to the conversion
price but the course OF the issue yesterday did noe
suggest an immediate bull movement in the Har-
rtnnan issue. or, for that matter. in any share
Stop loss orders were caught in Union Pacific and
Standard OIL buying was reported
MOVEMENT OF MONEY.-The banks gained on
Wednesday. partly on larger pension payments
$4,000. reducing the loss since Friday to s. O6a
Last week in the time the banks lost S5290Ga
The local SUb-Treasury was a debtor at the Clear
reported a shade frmer Talk of gold exports has
ceased, and according to the leading foreign bank
ing houses. there will be shipments Of the metal
IN volume in the near future. Sterling exchange
was weak yesterday, declining about Is points
PENNSYLVANIA PLACING RAIL ORDERS
The Pennsylvania Railroad Company is now finally
placing its orders for steel rails fo- 1875 delivery
for the whole system The orders aggregate about
10000 tons, which will be divided among the Lead
ing rail makers OF this country in practically tho
1897 delivery, which on hand. BY reason OF ths
large orders OF that year, and the fact that fewer
rails will be needed for construction purposes in
1903. many undertakings having been completed o.
nearly so. is about 30o00 tons
UNITED STATES STEEL-Interests Of the
United States Steel Corporation believe that within
the next five years the corporation will have a
capacity of approximately l5,oo.OlO tons finished
and seni-fnished steel for sale. or nearly twice
the aggregate capacity OF the subsidiary companies
at the time they were merged. II is anticipated
that the Gary QndJ plant, when completed, will be
able 10 turn out nearly 200 GO of steel for sale
and 10 this must be added the increased production
OF the new Duluth plant building. ana ordinary
extensions.
TRIBULLION'S PROGRESS-The Tri-BuIIion
Smelling and Development Company has received
advices from Superintendent Ferry TO the effect
that the large ore bodies being proved on the
fourth. fifth sixth and seventh levels of the COM
psnys Kelly Mine continue in ore. and that the
rich body recently discovered on the fifth level
north is probably OF the largest bodies solid
ore ever discovered in the history OF mining in
New Mexico Mr.. Ferry states that the Traylor
shaft is now making considerable water. an nvari-
pumping plant will be Immediately installed in
order TO continue the sinking of the shaft. He
also states that the boiler and power plant has been
completed and placed in commission
ELY-GIROUN COPPER.-Two full outfits OF
Keystone drilling machines. together with The
traction engines, necessary tools. etc. have lust
been ordered by the Ely-Groux Extension COPPER
Company for immediate delivery on the property
1t is estimated that the development will be under
fun headway within thirty days. and that within
sixty days thereafter they Will have opened Up the
same rich ore bodies as their immediate neighbors
the Giroux. Ely. Central. Nevada Consolidated
Cumberland Ely and Robinson
MITCHELL INNINGS RAILROAD-Cab1a ad
vices received al the Office OF the Mitchell Mining
Company are TO the effect that the steamship
strathalan began loading yesterday at Antwerp.
the fun consignment Of rails for the La Dicha &
Pacific Railroad The steamer will be on it's vav
In two or three days and hopes TO make a record
Trip direct To Port Marques where the Mitchell
company's railroad Is building. its terminal
IRON PRICES ADVANCTNG.-A large manu.
featuring concern which a short time ago VA,
quoting No foundry at S2sQS2S 80 at the furnace
is now asking S24 ton for future delivery. Prac-
tlcally every furnace company that has iron IN
sell has advanced prices from 80 cents 10 81
ton over the last week or two \ sale OF 25O tons
of No foundry iron made in the local mar
ket to-day on basis of S2S so a ton for delivery
in the third quarter and S23 ton So- delivery in
the last quarter.
PIG IRON CERTIFICATES.-Pig iron certa-
Gates at the New York Produce Exchange were
dull and unchanged There were no sales Prices
for standard foundry follow: Cash. S93 bid: May
june and July s22 bid: August s2l bid; September.
$50 bid.
NEW HAVEN EARNINGS.-The New Haven
road earned surplus after all charges In eight
months OF the current fiscal year TO February .
amounting to s6.2lsS47. This amounts TO about IN
per cent OF the entire capital stock for one year,
or within s6O0o0O OF the amount necessary TO pay
an entire years dividends.
FROM GUARANTY COMPANY To BANKING
the bond depsTmsPnt SPsF Of has 1 regnsd as an2g OF
g@any @ or New York 70 take a similar position with
by Lewis b Franklin. formerly associated with
Spencer Trask & Co.