New-York tribune., 1903-04-05
WALL STREET AND EXCHANGES.

FOREIGN TRADINC.-Forelgn houses dealt in
only few shares in the local market. selling on
balance. In London consoIs firmer. The
copper stocks were lower. with renewed pressure
in Rio Tnto the heavy tone of the metal market
DETROIT. MACkINAC AND MARQUETTE
A member of the land grant committee of the De
troit Mackinac and Marquette Railroad will short
ly to Detroit in the interest of the land grant
will be taken looking to a. readjustment In the
mean time nothing has been decided respecting the
form which the latter will take. The Detroit
Mackinac and Marquette Railroad was sold in 1856
under foreclosure of the first mortgage and was
bid in by syndicate for 100000. In the reorgani-
cation the asserting holders of first mortgage
bonds OotaI issue. s2.cS00D received in exchange
amount equal to two-thirds of their holdings I'm
Duluth South Shore and Atlantic first mort gage
5s and par in preferred stock. Asserting holders
of the income bonds ttotaI issue 81 800 0o) received
par in preferred stock of the Duluth, South Shore
and Atlantic. Holders of the land grant bonds
(hen A.55o0oo) retained their lien the lands and
received 81 per cent in common stock and hold
ers of stock 4750eoD received co per cent in
stock of the Duluth. South Shore and Atlantic
It is interesting question 10 whom the equity I'm
the unsold lands after providing the principal
of the land grant bonds (due in 1s1r properly be-
longs. The old stock held by Hugh Mcmillan as
trustee for the benefit of land grant bonds The
members of the land grant committee Jefferson
VI. Levy. chairman: n. G. Johnson. Charles n
Godfrey and Simon Rohschfd
NI.-ACcOrd1nE
Financial Chronicle the total receipts of cotton
for the week ended April 8 reached 1OSs5e bales
against 9Oi6 last week and 96134 the previous week
making the total receipts since September l. 1862
70215S4 bales. against 1919 26O for same period
1e01-'O2 showing increase since September
1902. of 2324 bales.
SPECTATORS AND THE BANK STATEMENT
The known movement of money in the week in
dicated loss in cash holdings of the local banks
of about 81 o10. The actual loss shown by the
average system s5524 500 1t is possible for
powerful speculative interests withdraw money
from the banks and lock it up for effect on the
money market. This has been done in the past Ii
may have been done last week. Manipulation of
bank statements is easy matter.
BANK CLEARINCiS.-Ba clearings the last
week showed increase in the aggregate OF SO
per cent over the corresponding week In 1902 New
York gained 162 per cent. Philadelphia o per cent
New Orleans is per cent Boston 1913 per cent
Baltimore l2S per cent Chicago 04 per cent and
ST Louis AZ per cent. The bank cearings for the
first three months of 1908 reported by Brad
streets" the high record sos 9S2 on COO COM
pairing with the former high record of the first
quarter of 1901. SOS. .9s2 e1o,Oo
PIG IRON REDUCTION cut In pig iron by
the associated furnaces In the South will have no
than local effect. say steel Interests. The
price OF No. foundry, Birmingham. reduced
from s1e to 81 20 for the express purpose OF
checking imports. notably from Germany which
all year have been heavy. AS the German pig iron