New-York tribune., 1906-11-25

FOREIGN TRADING-Foreign houses were not
active factors IN the local market. selling rev
thousand shares. In London corsols were firm, but
the general market was heavy. though there were
no important declines Money rates showed no
change at the varioIs European financial centres.
Gold continues to arrive IN London, and the Bank
Of England doubtless will be IN strong position
In the coming week.
GREAT NORTEERN-A question has arisen IN
the financial district to the method OF procedure
OF banks which have loans secured by stock OF the
Great Northern Railway Company collateral
when that issue sells beneficial certificates on
December 6 Obviously. with the value of these
taken from Great Northern stock, its market price
will sustain loss of approximately the price at
which the Great Northern beneficial certificates
selling the curb, which Is now around 60
The books Of the Great Northern Railway Com
pany close on December for the purpose of allow
ing stockholders OF record OF that date to par
tcipate in the ore beneficial certificates. The COM
pany is confident that the temporary warrants for
the beneficial certificates will be prepared and
issued TO those entitled to them later than De-
cember g. The bank which has made the loan will
require the borrower who has put up Great North
ern stock as collateral to make an assignment TO
It Of his interest in the certificates. and the bor-
rover will deposit with the bank his warrant or
temporary certificate IL is received by
him on December December s. as the case
may be. In that way the gap OF one or two days
between the closing OF the books and the actual
issue of the temporary beneficial certificates will
be bridged over. In case any bank IS not willing
to accept the contract OF the borrower 10 deliver
TO It the beneficial certificates soon as they
issued. the bank may have the Great Northern
stock held collateral for the loan transferred
to the name OF OF it's employees prior to De-
cenlber g. the date OF the closing OF the books In
that the temporary beneficial certificates WILL
OF course be delivered directly TO the bank upon
their issue.
FOREIGN EXCHANGE CoNDITIoNs.-C. schu-
rnacher & Co. say:
For the last month prime demand sterling has
remained at practically unchanged figures and at
this this writing " is selling az sSSo it not having Getq
Of cotton bills has decreased materially. 'and We
assistance rendered the Bank of ENGLAND by the
Bank OF France which has caused somewhat
as pointed out in our former letters. that the
ports or cotton from now on will be very much
lighter and we would not be at all surprised if
the money markets of Europe would reflect this
this proves to be the case we can look forward
10 very much higher exchange for long bills and
discounts viii ease In the London and Paris maT iali
bankers to again draw a large amount OF fiT7ance
bills. and In this way alleviate our present clouded
monetary situation.
GRANNY MINING.-The president of the CRANKY
Consolidated Mining Company has addressed to
stockholders circular saying that the charter of
the company has been amended by the legislative
assembly OF the Province OF British Columbia so
to authorize an increase in the par value OF
the present issue entitled TO exchange IL for
the issue the basis OF one share for every
shares OF par value or $40. The circular also
states that steps will he taken to list the new
shares on the New York and Boston Stock Ex-
changes
MOVEMENT OF COTTON.-"The Financial
Chronicle reports the total receipts of cotton
for the week ended November 2S at 4l062S bales.
against 45.i73 bales in the preceding week. making
the total receipts since September l. 1906 sS74 $50
bales. against s7S5s3 bales for the same period OF
1905. showing an increase since September /, 1905
of o.7sS bales.
REFINED SUGAR.-Arbuckle Brothers have Is
sued the following circular 10 the trade: Com
petng rehners are storing sugars In the ware
houses OF wholesale grocers. while We have never
done So Therefore. from this date until further
notice. we shall allow customers 10 cents a
barrel Offset
MALLORY STEAMSHIP OFFTCERS-At a
meeting OF the board OF directors OF the Mallory
Steamship Company. held recently. the following
officers were elected: Calvin II. Austin president:
H. Fl. Raymond. general manager; N II. Camp
bell. secretary and treasurer; c, u. Mallory as
sistant secretary. This line is OF the steam
ship companies which has recently come under the
control OF c. w Morse.
APPLICATION TO LIST.-AppIcation has been
made 10 the New York Stock Exchange to list
81 10000 additional nrst consolidated mortgage 3
per cent bonds of 1894 Of the Southern Railway