New-York tribune., 1907-10-30
TOPICS OF THE STREET.

FOREIGN TRAD1NG.-Foreign houses sold 1000
.oTes in the local market. including Canadian Pa
enc United States Steel, Union Pacific and Penn.
,,-ania Much of the arbitrage business repre-
r,ed liquidation in this market of stock that had
- thrown she London market by Berlin The
s-arre in the German bank rate was an effective
s~o,or in inducing heavy selling at Berlin. and the
Isnects Of an advance in the Bank of England's
pte icortributed to weakness in the London market
I.ocalv the curb. The latter also was in
eusnced by ran.ors Of financial trouble Montreal
canadian Pacific was weak liquidation in Lon
Son Consols were lower. The London settlement
Troceeded without disturbance. Discounts in the
onen market were higher. The Bank of England
r.ord not take three months bills under 6 per cent
Fnf did a large business at per cent on shorter
dates with substantial loans 20 the market at 81
per cent
United STATES RURBER-A member Of the
executive committee OF the United States Rubber
CcTapany says the net earnings Of that conpanv
fo- the current fiscal year. seven months actual
ard five months conservatively estimated including
net earnings from all the subsidiary companies will
amount S76250e0 Deducting the first and second
preferred dividends, amounting 10 s3e000Oo leaves
surplus Of S4.025.o0o or Il per cent. applicable for
dividends the common stock. which is selling at
about that figure.
NORTHERN WESTcHESTER LIGHTING
Eyer & Co announce that October 10. 1907 the
municipal authorities of the town of Yorktown,
Westchester County, y. Y, granted TO the North
ern Westohester Lighting Company franchise for
both gas and electricity covering the town of York
town. The Northern Westchester Lighting Com
pany is one Of the subsidiary operating companies
controlled by the Northern Westchester Securities
Company.
DIVIDENDS DECLARED-Dividends have been
declared as follows: American Chicle Company
regular monthly per cent and per cent extra
the common, payable November 20. Butte Electric
and Power Company regular quarterly IL per cent
the preferred. payable November /. Bowery
Bank regular quarterly per cent payable No
yenber J. Greenwich Bank regular quarterly 2l5
per cent, payable November l.
STEEL RAIL CONFERENCE. A Pittsburg
dispatch says a meeting of the American Rail
way Association will be held in New York to-day,
Il is stated that in al probability no agreement
will he reached with the steel companies as 10 a
proposed uniform type of steel rails.
WILL ANTICIPATE INTEREST,". P Morgan
& Co. announce that they will anticipate payment
of interest on all coupons due and payable at their
Office November !. They will pay the same on
presentation.
urv transferred yesterday for local banks $4,000
10 San Francisco and $4,000 to New Orleans.
AMERICAN MALTNG.-In explanation Of the
moor showing made by the American Mating Com
pany in the fiscal year just closed the president of
the company Charles A. Stadier, says: The bust
ness of the company was conducted the basis
barley crop for 1906 Of 1855 4s4 bushels. crop
about 40o000o0 bushels in excess Of any crop ever
raised heretofore. This report seemed 10 be con-
frmed by other sources of information relied upon
by the trade committee Of the company in the in
dependent investigation which II is their custom TO
make. Relying on these reports the uade com
nttee pursued the usual custom Of the entire malt
ing trade in making contracts with customers in
the autumn for the ensuing seasons requirements
Later when barley seemed TO be coming TO
market slowly and the price advanced. rather than
declined. il was concluded by the trade committee
after 4 careful investigation, that the delay In
Shipments had been caused by the large shortage
Of ell the granger roads. In consequence
OF this situation il decided to walt until the
embargo on shipments should lifted in the early
spring, believing that barley 20 cover the balance
Of the company's requirements could then be op-
tanned at a much lower price, the company mean
while having Z stock OF barley on hand suffcient
for its current sleeping requirements during the
winter months That this expectation, which was
oonciIrred in by the entire mailing trade. failed OF
realization is a matter of record and is most
unfortunately reflected in the report"