New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-06-02
WALL STREET AND EXCHANGES

WALL STREET AND EXCHANGES.
FOREIGN TRADING-Foreign houses dealt in
20 600 shares in the local market, all sales. In
London japanese bonds were trife easier, but
Russians improved peace rumors, while consos
continued to gain ground Being holiday In all
the Continental centres. the influence of the for
eign houses was lacking The Bank OF England did
not change its rate, making fairly strong return
for the last week of the month with a gain In
bullion the week.
NECESSITY FOR MORE REVENUE-The June
circular of the National City Bank says:
The figures of actual government outgo at the
present time added the fact that the country.
in popua ton. resources and wants: Is increasing
sitV for more revenue. Generally, there is coming
fp to 9e now o9 will be the from which
additional revenue may be derived: On tn 1+6 one
view to the reduction of the rate of duties on some
classes Of goods the OF on the W" Other
hand there Will be found many advocates OF a re-
revenue schedules Should the latter. course be
followed. it is probable the small ana w ces
other documentary stamps wout6 De hEotfeo f
cnntroyersiai questions combining It to the very
simple one of revenue an addltlonaI qottat 9t
so on beer would bring to the treasury all 'na' II
needs.
POND MARKET IN MAY-F4sk & Robinson. in
their monthly bulletin. say:
The railroad bond market during May was COM
especiay for rt the Older issues The the
stock market has had only slight sympath1 rac
can to some extent be ascribed to this cause. The
n the 1eneral BUSINESS situation prevented
any except trifing declines in the market and
should soon lead to a broader demand with about
$4,000 900 government bonds to be released on May
as result IT Of Teee Ta WI was no surprising
that many Intending purchasers of Is DECIDED 70
that the market would react under liberal offerings
5nd 50 eneay RPRlat by those
with market conditions. however. only small pro-
and Pt With moderate buying the market for q ad-
vanced about one1eighth of l per cent ana 10 re re-
month Elk the July interest Is will undoubtedly
with any buying Of consequence the market should
advance further. The steady demand for As of 1897
cure circulation and public deposits which has
feem fhe moth ad caused sharp advance
in the price Of that issue Threes of 1903 were quite
or hat issue In vew Of the fact
the Us may be nn year after the Is CT 1917
ture It would seem probable that with any further
ferred.
CUSTOMERS MUST PAY STAMP TAX.-It is
contrary to the commission law of the Network
Stock Exchange for member of the exchange to
pay the g stamp tax stock transfers which be-
came operative yesterday The governing commit
tee has ruled that any member Of the Stock Ex
change who assumes any part OF the stamp tax on
his own account or relieves his principal from 1t Is
forms have been prepared. on which members may
protest against the payment Of the tax.
CANADIAN PACIFICs OUTLOOK.-A writer IN
London Truth" says regarding Canadian Pacific:
than per- cent per annum foT the current
half-year, but if the directors decide not to pay
to strengthen the Undertaking out Of revenue ieav-
ing the shsaT Tn to reap the benefit little
creased by as much as f7s5 600 this following top
period Of 1903-4 With great increase in the land
! under cultivation it is not unreasonable to look
the shares will move sympathicalIy. The agricult-
realized. Earl Mimic, It will be remembered. drew
| attention quite recently TO the immense area OF
for the growing of wheat In Manitoba and the
able for cultivation; while in Alaska and Mackenzie
there are 1Jh,000Goo and 100000 acres Of land.
respectively where considerable quantities OF wheat
have already been grown. Surprising that the m
QoOog0 acres were uoer wheat the total crop would
the largest wheat producing country in the world
Proportion Of its output to feed its
of the nted States viii be fepeae in the cass
of Canada.
FAILURES IN MAY.-Commercial insolvences
! in May. according to reports of r. G. Dun Co..
! $50 in number and sS,907 301 in amount of de-
! fauted indebtedness. In the corresponding month
last year there 997 failures with liabilities of
1881 99S. This years defaults divided into
the three principal classes. follows Manufacture
ing 2O9 failures for s4.059 1926; trading, 631 insol-
vencies with liabilities 81 276,0l6 other COM
mercial 20 for s571.s59. In May. 1904 there were
2i5 manufacturing failures for So 1884, III trading
suspensions involving s5,214,499 and So other de-
| faults for S093.615 This comparison shows not
only decrease in liabilities from years total
| which has been the in every other month of
! 1905 but the number of failures is much smaller.
| OF banks and other duciary suspensions, six for
81 217000 compare with eight failures So ASS. 07s
| in the month last year.
STOCK EXCHANGE MEMBER ELECTED
! George w. Thompson whose headquarters are at
! Der of the Stock Exchange
! SUGAR TRADE CONDIITONS-Melti at the
four United States ports last week 1900 tons
against $4,000 the preceding week and $4,000 year
Receipts at the ports 1884 tons. against
46047 the week before and A. 299 last year The
| total stock at the same ports 266166 tons.
against "a 352 last week and 2A.1 1876 last year. The
| number of centrals grinding at the six principal
| ports OF Cuba for the week was q compared with
IS the previous week and Il last year The receipts
for week 5000 tons. against 10000 last
week and i092 last year. Last weeks exports
were 1880 tons against $3.50 last week and 1880
with $4,000 the week before 2l7. 47s tons last
| year.
| READING DIVIDEND PROSPECTS.-Reading
| directors meet this month to upon the com
mon. dividend 1t is quite generally expected that
! at this meeting they will place the stock on a 4
per dividend basis. The semi-annual declara-
ton OF per is looked although there are
some who think that the dividend might be made
| 2a per cent in order TO make per for the
fiscal year There those who believe that the d.
rectors look forward placing the stock on n
per cent basis next but 1t is understood that
/ this is not matter OF immediate confederation