New-York tribune., 1907-04-05
TOPICS OF The STREET


stocks in the local market 20 the extent cg gsea
shares with the heaviest dealings in Unitea gs,.,
steel. AmaIgamated Copper. Canadian pac,s,'
Northern Pacific and the Hartman shares a. ~,
current week London has sold more than 125ss
shares in this market. which. with easier rao...
here has been responsible for the advance IN So
ling exchange rates In London the general No.
ket was sluggish throughout the day thorr
closing with decidedly better tone. especially b.
the American department. Copper stocks .slras
on the recovery Of the price Of copper ana On ~.
favorable statements made at the Rio TInto 49,
ing regarding the future demands for the r,s,,
Tne Bank Of England made no cnange IN 1tz aIs-
count rate. Money rates in all the Europea1 -.
tres show easier tendency.
MARKET GOSSIP--The disappearance OF a..
causes which led 20 the decline in stoe,z Z,
causing uneasiness among stiu uncovered sb,t
interest, which practically has nothing 10 ssarF
upon especially as the Western railroad labor sir
alton is in a fair way OF reaching a settIsns-t
There Is some hope among the bears hovavo~
particularly those operators who have closed tha,
contracts and are getting ready to put out a nv
line of shOrts-that with the elimination OF tba
weak short accounts established at the tail ena -
the March decline prices will respond easily 10 N
eratons for the decline. this idea being based 4,
the theory that the public will not come into H.
market. So far there has been little public spacr
latOn- Prices Of the leading shares are well asovs
the low Of the year. twenty active railroad issues
showing an average gain OF points. and the nm
ward movement. especially yesterday has been "a
rapid that ordinary public traders have been afraid
to make ventures. fearing that the advance uav
be followed by a decline equally heavy. The so
called Hill following is In the market again, ths
Standard Oil houses are buying St. Paul and Anal.
gamated. houses that generally execute the Tam
many orders are buying Brooklyn Rapid Transt
and bulling that stock the hope that the Prbl,
Utilities bill will be killed. and Morgan interests
are taking care Of their speciaIties. Commission
houses have fair sized buying orders for large in
terests but there Is not yet widespread specula-
tive demand. c. G. Gates & Co. and c. b. Mac
donald active buyers Of Union Pacific ana
c. D. Barney & Co. took large blocks of Atchisop
while Morgan houses bought the steel shares II IA
said that Mr.. Morgan favors advancing United
States Steel common to a per cent basis but that
he is opposed by the majority Of the board on ths
theory that public sentiment is against increased
dividend payments at the moment. owing To fhs
fear OF trade reaction In we'll Informed quarters
II is said that it will be a matter of short TIM
only when American Smelling will be advanced to
10 per cent level and that action OF this character
would have been taken before this il II had not
been for recent market conditions The hard terms
forced upon Erie in selling SO00O00 notes. the cost
to the road being large. with the transaction mora
OF commercial paper operation than straight bOr-
rowing suggested to some operators that money
conditions were not easy indicated By ths
low rates for call loans. but it should be borne n
mind that the Erie Is hard Up and not in position
to arrange it's own terms.
Wednesday S2.12l.OOO. and from Friday up to ths
close OF business yesterday gained s0s65OoO with
out reference to a debit Of the local Sub-Treasury
at the Clearing House yesterday morning o.
G. 002 257- From Friday to Wednesday in the pre-
ceding week inclusive the banks gained S3Ssl CO.
and. as is we'll known. considerable portion Of the
gains made late last week and UnTefected in lasI
Saturdays bank statement should figure in favor
Of the Clearing House institutions this week Sec
Fetary CortelyOu's monetary relief measures have
been strfkingly successful the coup Of
former Secretary Shaw. when no compelled much
needed imports of gold to this country through his
advances TO wOuld-be gold importing banks pend
ing the arrival OF the gold ordered from abroad.
which at the time caused such sensation. Gail
money did not reach Wednesdays minimum figure.
but did lend at per cent. with the maximum up
to the early afternoon 21s per cent and the ruling
figure "a per The effect OF the new Treasury
policy in relieving the money market was more
clearly shown to-day In further decline in time
funds. Money brokers reported that no large
amount OF time money mixed collateral could
have been placed to-day above per cent. It was
also stated that the demand for time money was
extremely light
COPPER TRADE CONDITIONS-According 70
the leading copper producers books soon will be-
opened for orders for delivery In the month OF
July, and already several producers have received
requests for large amounts of the metal for July
delivery at 2iz cents pound for electrolytic The
Calumet and Hecla Company has sold 100000
u 4
Der Of copper producing companies which sell their
output the basis OF the quotations issued By
The Engineering and Mining Journal will re-
ceive quarter cent pound less for their copper
than was the case week or two ago that
publication has lowered IT'S figures for lake from
25i4G25a to 2SG2512 and for eectrolytic from 22tQ
2it to 24i5G25 Among these companies are the
CRANKY. Old Dominion and British Columbia. The
United Metals Selling Company adheres To its high
est quotations. and lake companies. while acknoWl-
edgng that demand Is quiet state that the market
is strong at 26 cents. and that they see no recess
sions OF prices in sight at the moment The action
of The Mining Journal in reducing its quotations
Is the first actual move toward lower level for
copper prices.
HARTMAN ROADS EARNINGS-Gross earn
ings Of the Southern and Union Pacific In the
month Of February showed large gains southern
Pacific a large increase IN net and Union Pacific
a small decrease Gross earnings OF the southern
Pacific for the month OF February published yes
terday, showed gain OF $2O55.254 compared with
last year. while the net showed an increase os
H.14S59. For the eight months the current fiscal
year the gross increased sl2537S2S and the net
$,OT7,Ts6. For February the Union Pacific showed
a gain OF S2i.SS0 gross. but decrease OF SS1S
net. During the eight months Of the current fiscal
year the gross increased S S6S 651 and the s. s
SO Officers OF the Southern Pacific attributed the
remarkable showing made by that road first to
increased business resulting from the rebuilding ot
San Francisco and 20 activity IN the smelling dis
tricts OF Arizona and New Mexico and then 90
favorable operating weather.
MISSOURI. KANSAS & TEXAS REGULAR
DIV1DEND-The directors OF the Missouri. Kansas
& Texas have declared the regular semi-annual
dividend OF per cent on the preferred stock pay
able on May 10 to stockholders oF record on April
20 AT the annual meeting held in Parsons. Kan-s
A A. Allen. A. ]. Poor. ]. G. Metcalfe and c. Halle
were elected directors for the term Of four years
The directors appointed Adrian H JoIine. Charles
G.. Hedge. James n. Wallace. Henry W. Poor.