New-York tribune., 1906-12-28
TOPICS OF THE STREET.

FOREIGN TRADING-F,reign houses dealt IN
1000 shares in the local market ali purchases. In
london the general market was hrnl' with espe-
cial strength IN the American department The
Bank Of England, though making poor showing
IN it's weekly return. made no change In the mini
mum rate Of discount Money was in good demand
for settlement purposes Open market discounts
were nrmer Paris exchange On London was
lower.
STOCK EXCHANGE RULING.-The clearing
house committee Of the New York Stock Exchange
has ruled regarding the special clearance Of Chi
cago, Milwaukee & 81. Paul rights December
% 1908 that contracts for odd lots will not be-
cleared, and that contracts made December %
will not go through the Clearing House. The COM
mittes on securities has adopted the following:
That the date Of settlement Of Tghts on Chicago.
postponed from December 70 TO December 81. 1905.
rsSb on, That Whers stoeK was borrowed
before and returned after the closing Of the books
only for the stock ex-rightsF He shall pay the
balance due on the contract t when the borrower yer
8ist day OF December. 1904.
AMENDMENT TO CLEARING HOUSE CON-
sTITUTIoN-At meeting OF the New York
Clearing House Association to-day the following
amendment to the constitution was unanimously
adopted: Whenever a member OF this association
shall make any change IN It's condition. either IN
It's management OF Its ownership. or any change IN
its charter, or shall merge with any other institu
ton not a member Of this association the clearing
house committee shall have the power to examine
said member and submit the question OF continu-
ance OF It's membership to the association: any
action on which question must receive the same
assent as provided IN the OF the admission OF
members"
NO INTEREST ON WABASH DEBENTURES.-
AT q meeting OF the directors Of the Wabash Rail-
road Company. held yesterday, ak months state
rnent OF earnings was presented, and IL was de-
cided that these returns we're not equivalent to
dividend on either the debenture "a or 'B' bonds
and II was voted that no distribution be made on
either class Of securities at this time II Is under
stood that the question OF paying the semi-annual
interest OF 3 per cent the refunding IS
was not considered Action this question by
tho board is not necessary, because the interest Is
q regular fixed charge
ROCK ISLAND BONDS soLD.-Ths Chicago,
Rock Island & Pacific Railway Company has closed
negotiations with Spsyer Co. for the purchase OF
100000 per cent refundins bonds II is under
stood that the bankers will take 100000 OF ths
amount at this time and that they have an option
on the remaining sS.Ooo.OO0 The proceeds Of the
former amount at least will be used reimburse
the treasury OF the company for expenditures al
ready made for equipment and other improve
nents. II will be recalled that two months or moro
ago the Rock Island placed order for new
and locomotives Involving an outlay OF ss.oooOoo
These bonds a part OF total issue of a6Soo0ooo
authorized by the stockholders In 1904
DIVIDENDS DECLARED.-The New York and
New Jersey Telephone Company hss declared the
regular quarterly dividend IL per cent and psr
cent extra, payable January Is In the future tho
company will pay IA per cent quarterly. The
Cripple Creek Central Railway has declared the
regular quarterly dividends OF per cent on the
preferred and III per cent the common payabls
January a. The Commercial Trust Company OF
New Jersey has declared a somi-annuaI dividend OF
8 per cent. payable January 2 The United State.
Mortgage and Trust Company has declared tha
regular semi-annual dividend OF 10 per cent ana an
extra dividend OF per cent payable December 81
NEW YORK AND NEW JERSEY TELEPHONE
STOCK-The directors OF the New York and Nsw
Jersey Telephone Company have voted TO offer 20
stockholders s6SlO.168 OF new stock at par IN ths
proportion Of share for every three shares held
10 stock OF record December 81. Payments win be
made In % per cent instalments extending ovex a
period ending November l. 1907
STEEL RAILS-The steel rail mills OF ths cour,-
try are so congested with business tina, very few
orders for delivery within tho six months are
being taken The Hartman lines recently entsrod
the market for steel rails and the bid OF one ran
company specified that deliveries should not begin
unth December or next year. A representative Of
prominent steel company says he could book on,
million tons OF additional steel rails tf he was IN
position TO make deliveries In the nAAr future
GOLD FROM CANADA.-within the last f,v
days upward OF cco.oo gold has been received
from Canada by local banks. ana ths movement
ls stiI under way. Sterling exchange was weak
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