New-York tribune., 1906-10-28
WALL STREET AND EXCHANGES

FOREIGN TRADING-Foreign houses were not
active factors in the local market buying few
thousand shares In London the general market
closed firm. Money n fair demand and cable
dispatches reported that the chances favored stif
rates throughout the week. Gold to the amount of
N.5O00O0 withdrawn from the Bank OF Eng
land for shipment to Egypt.
FOREIGN EXCHANGE CONDITIONS-C. Schu-
macher & Co. say:
Tho action of the governors of the Bank OF Eng
land in raising their official last Friday to 8
rates throughout Europe With higher money rates
IN Europe EN- there lis Is only one place left where
without paying exorbitant rates. and that is the
the Bank of France viii either raise its rate 70 such
a figure to make French loans impossible. or tia
their American correspondents. We understand
5a f Is quite key to lend gold to England to
ceipt of advices from foreign banking connections
DON and that they do not believe 5het France n %
part with any OF its gold holdings and in order to
ton, they look to New York to not only pay their
IS the case We must look forward to gTaduaiiy s
ing exchange but of course. with temporary set
OF cotton bills now coming into this market. We
the end Of the year London called upon us "a fo ore
sistance. and that we would be compelled to make
The price of demand sterling has advanced since
& the issuance OF our last report about 1E With no
the monetary situation. we believe we will have
very tight money rates, unless the liquidation now
going on in the stock market continues.
TO TEST STOCK TRANSFER TAXA commit
tee has been formed for purpose OF considering
the advisability OF testing the validity and inter
probation OF the law imposing tax upon transfers
Of stock particularly those features OF the statute
which. according to the Interpretation the State
Controller. require the payment OF cents on the
transfer Of every share OF stock. irrespective OF
IT'S par value Subscriptions being received to
defray the expenses connected with this litigation
which will amount to $4,000. of which a.7oo has
already been subscribed H H. Russell. OF Hay
den Stone & Co.. is authorized receive sub
scriptions
SOUTHERN NEW ENGLAND TELEPHONE
special meeting of the stockholders OF the South
New England Telephone Company has been
called for November on the question OF
Issuing additional stock. 1t is probable that Oo0
900 OF stock will be authorized. OF which 10000 will
be issued in December Tho last issue OF stock by
the company in April, when $4,000 put
out. making the outstanding stock s5.50000. The
stock will probably be offered at s12o
NOVA SCOTIA WANTS NEW YORK CAPI-
TAL-Fonowing the lead OF Boston and other
cities. movement has been started for the estab-
lishnent OF provincial publicity bureau for the
purpose of advertising throughout the United
States the Industrial and tourist advantages offered
by Nova Scotia According TO the suggestions en-
bodied IN the memorial. special efforts are TO be
made to interest New York capital in the develop
ment of the mineral wealth and the fisheries OF the
province.
MOVEMENT OF COTTON.-'The Financial
Chronicle" reports the total receipts OF for
the week ended October 26 at 454 7s bales against
81. .s5S bales in the preceding week. making the
total receipts since September l. 1906. 25S 42 bales
against 2,227.76S bales IN the same period OF 1905,
showing decrease since September 1906. Of 6s Isl
bales.
PIG IRON CERTIFICATES-Pig iron certificates
at the New York Produce Exchange QUIET.
but firm. There sales. Final quotations
for regular follow, Cash. October. November and
Closing
ard foundry follow: January So 509s23; February
and March S2S asked.
BANK CLEARINGS.-The total bank clearings
of the United States for the week ended October q
zone day estimated) were $,211 8H,S12. against
So 9 9O2 in the preceding week and SeS 439 S07
for the corresponding week last year.
NEW PRESIDENT OF PASSAIC STEEL COM
PANY.-Franz c. Reinhardt has been elected presi-
dent OF the Passaio Steel Company. 10 succeed the
late A II Knapp.