New-York tribune., 1906-05-04
WALL STREET AND EXCHANGES.

FOREIGN TRADlNCT-Forelgn houses dealt in
upward Of 10000 shares sales and purchases being
about evenly divided. In London consols were
heavy at S99s and the general market was lower.
Copper stocks showed some independent strength
Foreign bonds were rather weak The advance in
the hank rate was the controlling influence In the
London market. although American stocks were
not materially affected. The bank return was
weaker than it has been for some time past and
accounted for the rather unexpected increase in
the discount rate. Money was in more demand, and
it expected that there would be some OppOsi-
tion to further gold engagements.
UNION PACIFIC CONVERTIBLES.-No action
has been taken by the directors Of the Union Pa
ciic as vet the question to whether any more
Of the convertible IS may be converted into COM
mon stock. There is still SS0O0O Of the eOnveTtbles
outstanding. and there has been an impression that
possibly an opportunity might be given to convert
even vet There Is a good deal Of doubt as TO
whether the directors Of the company have the
right to grant relief TO those who did not take ad-
vantage Of their opportunity on or before May
GOLD IMPORTS AND SUB-TREASURY
TRANSFERS. were made yester-
day for the importation OF s550OcoO gold in addi-
ton to the amounts engaged earlier in the week.
making the total on the current movement upward
OF S4OOOOOOO. OF the amount engaged yesterday
S2OOO.OOO was taken' by the National City Bank.
81. 100000 by the Bank OF Commerce for Lazard
Freres q 100000 by the Hanover Bank for the
Guaranty Trust Company. and $.5OOOoO by the
Fourth National Bank for HeidelOach. Ickelheimer
& Co The Sub-TreasuEy transferred $4,000 for the
local banks 10 San Francisco. There was repaid TO
the Sub-Treasury $s.S0ocOO account OF previous
advances gold imports.
AMERICAN INSTITUTE OF BANK CLERKS
At meeting OF the trustees OF the American Insti-
tUte of Bank Clerks. f. d. Hubert vice president
Of the Merchants Loan and Trust Company. Chi
cago. was elected president ]. B. Finley having
declined reelection. Other officers reelected Were
e-president G. b, Mills. cashier OF the Feorle's
Trust and Savings Bank. Clinton, Iowa: treasurer
John F. Thompson. vice-president OF the Bankers
'Trust Company New York; secretary. c. L. Allen
David r. FOrgan. vlce-presldent Of the First Ma
tionaI Bank OF Chicago. added to the board OF
trustees.
To INCREASE $500" DIvIDEND-it was said
in well informed quarters yesterday that the next
dividend or Minneapolis. St. Paul & Sault Ste.
Marie common would be per cent for the half
year placing the stock on an per cent basis. The
road is earning at the rate OF % per cent In con-
nection with Hartman interests. the company win
soon extend its lines 20 Seattle by building from
Spokane to the first named point.
COMING ELECTION OF PRODUCE FX-
CHANGE.-A petition was circulated o.. the New
York Produce Exchange yesterday asking the presI-
dent OF the exchange 20 cau a meeting Of the re-
form element in the future for tho purpose cf
selecting nominating committee 20 name officers
for the coming election.
NEW STOCK EXCHANGE MEMBERS. -DanieI
ChauneeH- fr.. son of Daniel Ckauacey Of Chaancey