New-York tribune., 1909-04-30
TOPICS OF THE STREET

FOREIGN TRADING.-Foreign houses bought
s+ocks on balance in the local market, but TO only
small extent. In London the general market
was firm and quiet. without striking feature. Call
money was easy at the British capital and open
market discounts were hrmer- The Bank OF Eng
land made change in its minimum rate and
showed in its weekly return a proportion of
serve TO liability of 5031 the best exhibit for this
tgyne of any preceding year, with the exception
zoos and 1903 The position Of the bank is such
10 indicate a reduction in the rate the ire
oucible level of per cent in the near future Ber
lin-and Paris exchange continued to move against
the British capital
BOND MARKET CTCRE.-Spencer Trask &
co. say 1T is seldom that severe a shock
In 1907 has without overproduction I'm
form. and overproduction in merchandise
manifest in that panic. In opinion. however.
there was distinct overproductIon IN one direction
that has been generally overlooked but which is of
fundamental and far-reaching Importance. There
was great overprOduCtion in the facilities for
duction, and the capacity and equipment Of bus-
ness Establishments were generally EXTENDED pc
yond consumers requirements. The length of the
depression and the special inactivity existing In
quarters depencent Tor business upon new enter
rrises such the steel trade. COrrObOrate this
theory. and although little attention has been paid
10 this phase Of the panic situation it seems to us
10 be of vital Significance in reviewing the past or
n judging the future The bearing of this upon
the money market, and thus upon the bond mar
ket, is evident. If our productive machinery Is
r1iciCnt to take Of needed output for sew
eral wears TO come without material enlargement
general business can become active without
Iaz-SsaS sDy strain upon the banks Mercantile
stocks low; the people. whole. are prosper
ous and confident; business viii continue its grad
Ial revival: money rates after midsummer VIII
harden somewhat. There should be however,
decided boom In business and no real strngency in
money for long period Bonds therefore. will be
held as long they pay better than money 1t is
conceded that the banks and trust companies gen
erally have been large buyers of bonds and that
Is money is needed for business bonds will be sold
But If. as we believe. the amounts Of money need
ed viii be comparatively moderate any selling
movement in the near future should include only
bonds Of the lowest net return II should be long
time before Il becomes necessary 10 sell bonds pay
ing ~ to per cent on the contrary, we
snticirate that institutions will find Il profitable
10 increase their holdings Of these issues and that
steady demand Will continue from individual in
vestors. We therefore confidently advise the
change Of high grade bonds. paving per cent or
less. for those OF greater return
DIVIDENDS Observation-Disclosures have been
declared as follows: Pressed Steel Car Company,
regular quarterly ~ per cent on the preferred
payable May %: American Chicle Company, regu-
lar monthly per cent and per cent extra. paya-
bic May 20: Nassau Bank, semi annual per cent
pavable May :: Casein Company OF America,
lar quarterly per cent on the preferred payable
Nav 10 and consolidated Gas regular quarterly
Per cent payable June 10
SILVER PRICES HIGHER.-Bar silver in the
London market advanced yesterday to 2+asd-, the
highest price of the year In the local market the
price advanced to 525sc- The commercial and coin
age position of the silver market is stronger
Larger demands have developed for the account Of
India and China at a time when supplies have been
materially reduced.
CALIFORNIA GAS * ELECTRIC-J- p. Nor
gan a Co the First National Bank and the
fyilg and refunding per cent bonds OF the Cali
folnia Gas and Electric Corporation. Lee. Higgin-
& Co associated in the purchase and in
connection with the National City Bank will offer
the bonds for sale in the near future
SOUTHERN RAILWAY BONDS SoLD--The
syndicate headed by J. z. Morgan & Co. which
recently purchased s2I,o00,O00 development and
general mortgage ( per cent bonds Of the Southern
hallway Company has sold the remainder Of the
issue The syndicate will be dissolved soon as
the necessary formalities gone through with.
SYNDICATE DISSOLVED - The syndicate
formed by Kuhn, Loeb & Co which Underwrote
the Southern Pacific convertible bonds has been
dissolved substantially all the bonds having been
taken by the shareholders. There no call
made the syndicate
= COTTON EXCHANGE SEAT SOLD-The Cotton
Exchange seat OF NJ W Upper has been sold "a
H NJ Abraham for $4,000 decline of $500
from the last preceding sale. Mr.. Upper owns
another seat. which he viii retain.
ADMITTED To STOCK. EXCHANCE.-Charle
H Blair. jr. Of the firm of Schmidt & Gallatin.
has been elected a member OF the New York
Stock Exchange