New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-18
TOPICS OF THE STREET.

ro$
active factors in the local market dealing =,
1900 shares Chiefly purchases. In London The par,
eral market holiday affair. The British r
change will not be open to-day Monday Mona
in light demand. but the tendency Of rates M.
easier, and it was thought in London hnano,.I
centres that only the French demand for -.
would prevent reduction i'm the Bank OF F.,
lands rate at the next weekly meeting % ~
governors. Foreign financial conditions are stro,
but there Is no activity i'm the stock markets a.
according cable advces little chance of a VIZ
spread demand in the near future. The pnbI
is no active abroad than it is here
MARKET GOSSIP.-The new Street bear cro.
Is making serious efforts to carry values dor,
but the absence of stock for sale interferes x,,.
the campaign and is responsible for active cova-
ing after every drive against prices. Thers =
practically buying, and the only acttv,,
in commission houses is found with firms who a. 3
a grain and cotton business in addition TO tbs,t
regular Stock Exchange operations The srat, I
market promises to be the centre OF specula,
interest for number of weeks 10 come and r.,
believed cotton also will continue to attract stf
ton, owing to the great variety OF crop repor.
and the presence in the market Of the so-cauas
Price pool. In the wheat speculation now ma.
way Shearson. Hammill & Co and Bartlett r.,
zier & Darlington are credited with being IT,
leaders. and as consequence their operations Il,
stocks are being closely watched. Houses thai
have at times been identified with the Heinze fol-
lowing are picking up fair sized lots of Amalga-
mated. but the greater part of the current bust
in the issue is made UP of professional ouera-
tions Amalgamated. under ordinary market con-
ditons. would bull well on such strong show
ing made by Anaconda in the last year. and
Its failure to respond does not worry its hold
ers. who believe that later the stock will en-
Joy an active upward move result OF copuer
trade prosperity. Copper trade people firm
believers in the theory that there Will be sus-
tanned decline in the price of the metal this year
The story is going about the Street that the North
issue of 100000 per cent five year notes. is
buying into Manhattan Transit II recently was
reported that St Louis interests were buying the
stock OF the local power company. and the fac.
that the North American Company owns the La
cIede Gas Company and the Union Electric COM
pany. OF St. Louis. is responsible for the idea n
is buying Manhattan Transit. Bonbright & Co
buyers of Reading In some volume. and their
operations attracted attention. as they vera
heavy purchasers Of the issue last week 1t IL
said the directors of the Chicago & Northwestern
will advance the preferred stock 10 10 per cent
basis at the next dividend period and the COM
mon TO per cent in the fall Shearson. Harnrn1
& Co. were heavy sellers of Reading. and all tbs
bear talk came from Western houses Clark.
Dodge & Co. were fairly heavy buyers OF St Paul
while Body, Mcclellan & Co. were sellers C. Z
Hudson also sold
BANKS GAIN CAsH.-The reported movement q
currency this week indicates gain in the cash
held nv the banks OF S. 700 They received from
the interior g. Ss7 500. and sent 10 the interior
Sc OSs 200 Including $4,000 transferred through
the Sub Treasury 10 San Francisco and Sl441'0oo
national bank notes sent 10 Washington 1or re-
denption. The gain from the Interior was *I'S0S'-
ZOO representing in great part reDltances % cover
exchange drawn IN settlement Of mercantile ac-
counts Receipts were the largest for any week
since March 20 The gain new gold was SlsS,-
zoo. and on sub-Treasury operations s658.soo-
ADDRESS ON CLEARING HOUSES-The adj
lea
House =" which was delivered by Edwin 5 Schenck.
president OF the Citizens Central National Bank q
New York to the New York Chapter or the Arneri-
can Institute Of Bank Clerks az their meeting On
April IL last has been published IN booklet tcrrn
Mr. Schenck introduced his address by pointing out
that prior 20 1883 there no clearing house IN
Nav York CITY and Vet in that year there existed
over fifty banks in that city Another interesting
feature set forth by NIr SchenCk was the fact tat
the Boston Clearing House can boast OF having
country check department. while none exists In the
New York Clearing House. This, Mr. SchenCk says.
enables the collection ~ checks the country
banks in six o. the New England states. Discus
sion was given az length IN his address Of the latest
events and developments IN the London Clearing
House He also discussed briefly tho influence OK
America on London collections on trust companies.
etc
GRAIN EXPORTS FOR THE WEEK--''B-ad-
streets reports the exports OF grain for the weak.
with comparisons. figures in bushels as follows:
Wheat -four included. 2.S00.177. against 2.$9-.+l}
last week 27l6 -S2 in this week last year. l5I2750
in 1905 and 5.17e.s34 IN 1902. For the fiscal year
10 date I49 5s5oS2. compared with 1lS.+6+,s9i II
19O5-'os 5000 979 n 1904-o5 and 225.6o2,so- in
lqOI-'O2 Corn 1.9O6 90S compared with I7+4 500
last week 1.0s9. ,0s in this week year ago, and
SIS 299 in 1905. For the fiscal year to date IS
o79si5 coutrasted with 1O65oo.ISs IN 19o5-o6. and
%. O95 .6S4 in 19O4-'05.
UNITED BON BOARD AND PAPER-Ofacers
of the United Box Board and Paper Company havs
written TO the banks which hold Tire paper OF that
company indOrsed by G. c. Barber. the former
president. asking To he permitted 70 anticipate me
payment Of the notes before maturity These notes
amount TO about $i6000. and the money % meet
them has been raised by the sale Of treasury bonds
and by means OF a loan IL is understood mat
these notes bear = rather high nate OF interest and
the loan has beeSnegOtated az fair rate, 50 thas
Ii the company IS permitted to articipats the pay
ment of the notes II will mean a considerable saw
ing in interest charges
NEW YORK MORTGAGE AND SECURITY
DIVIDEND INCREASE--The d.
rectors OF the New York Mortgage and Security
Company have voted to increGse the dividend On
the company's stock from To 10 per cent a year.
the dividends hereafter 10 he paid quarterly instead
of senI-annuaUy. The company has transferred
sI9eeo9 fEeEH-tERdiyided profits 10 surplus account
NEW VICE-PRESIDENT or METAL EN-
CHANGEi-WiIliam jay Ives has been elected wee
president Of the New York Metal Exchange n
place of AdoIph Lewisohn. who resigned a rev
weeks ago. Edwin Groves. of James Y" PnyIs
Co has been elected member or tAs ooa40 -
managers OF the exchange
PIG IRON CERTIFICATES--PiS iron os1N-
Gates at the New York Produce Exchange We
about steady and unchanged. There were no sa-9S.
prices for standard foundry follow: Cash, 3 oiai
Nav June and July. So % bid. August - O--s
September S21GS2S; October. 500 81
DIVIDENDS DECLARED.-The directors OF
Boston s Maine Railroad have dsclreu we I'm
-Tna nFT