New-York tribune., 1908-05-17
TOPICS OF THE STREET.

p,OpF,rc.Ny TRADING.-Foreign houses were not
active factors in the local market ana IN LooGn 5
American issues were duh. Consols We're a sAaoe
lower Copper stocks were irregular, ana foreign
bonds were heavy Money was easy al me ~ .7Tllsl
capital but cable dispatches did not indicate any
forecast of a reduction in the Berlin bank rate,
which is essential before the heavy movement OF
gold te Germany is suspended II IS hkes aut e t1T1
large shipments of the metal VIII DE mace rom
New York this week. as the German pa1h Is man mar
ing inducements in the matter OF IHlelest O4i OON
signrnents while I'm transit
SoyEuE.Nlr OF COTTON-'.The Financial
Chronicle" gives the total port receipts OF COTTON
FOR the week ended May i, lSOS, as 'U"'S paieH
against SO l26 bales in the preceding Week MAJ, g
- total receipts since September J. 1917, ',iz44"2
bales against e3S2 bales for the same perlod oi
1906 e7, showing decrease since sepeIiDei a - i,V
of 657 s25 bales. Rain has been quite gene al
west Of the Mississippi, with excess IN IeXas f,asl
of the river it has been dry. The temperature mas
risen during the week. The rains nave rather
beIned the crop than otherwise Planting is max
ing good progress and the crop is doing well
SHEFFIELD COAL AND IRoN-.The reorgan-
ization committee Of the Sheffield Coal and iron
COMPANY has sent the following circular 10 ahe
holders OF the company's stocks and ponos' IN
,ex of the present unsatisfactory condition OF the
market for Southern foundry iron ana collseq @
11nrropitious circumstances for employment al to
present time of money in its manuIacture' lhe @
committee of the Sheffeld Coal ana
Tron COMPANY has decided TO extend the time ior
the deposit Of bonds and stock and for making
scrintions 10 the new securities under the agree
rnent of reorganization TO June 30 fracucaliy an
the bondholders have deposited their securities
AND majority of the stockholders
6eclared as follows: American Shipbuilding Com
many regular quarterly l per cent on the common,
navable on June /. J. A. Fay & Eagan COM
many regular quarterly IA per cent on the common
and preferred. payable on May ~ "aItAaii " atcli
(-onnany serni-annual three-Quarters or per cent
on the common and the regular semi-annual per
cent on the preferred. The rate heretofore on the
common has been 112 Ter cent seni-annuaily-
Rig HOUSE TURNS BEARISH.-One of the
most active houses in the Street, which turned
bullisf early in the current movement after con-
adorable success on the short side, quotes g. Gus
toner who did nothing for six weeks, but finally
bought snnelters last Friday, covering some snorts
st the time. The house Itself mas turned
heartsh as il regards this kind Of customer the
.ndex OF the end of a movement either way.
WAR LOAN BONDS SOON DUE.-United States
8 per cent bonds Of 1905. known as the Spanish
American war loan issue TO me amount OF spso
discussing the chances OF an ektens1on e Q, tne me
bonds into Per cent eons9s or me rheT state On
Treasury has about Sl750Do 900 deposit with the
banks but in view Of the heavy government
deficit IL may decide TO e2teno the ponos rather
than pay them off.
BANK CIlEARINGs.-The total bank clearings
the United States for The week ended May II
Es 05s 5Ss in the preceding week and & SOS So. .42
Tor the corresponding week of 1907. Compared
with last year the total clearngs for the week de-
creased IO-3 Der cent New York shows decrease
of = rer cent: Boston. "a per cent; New Orleans
2ls per cent; St Louis, 1s-2 per cent, and Balti-
r1ore 15z per cent
UNDERGROUND ELECTRIC RAILWAYS COM
PANY OF LONDON.-Cable advices received from
Underground Electric Railways Company Of Lon
cor has been unanimously carried by tf1e stock
holders II is understood that about "a per cent o
the notes have already been deposited, and the sue
Of the plan Is assured
ADMITTED TO QUOTATION--The New New
Stock Exchange has admitted 10 quotation IN its
unlisted department s, ,Gc.G)0 New York Air Brake
first mortgage per cent twenty-year convertible
AsDds. due lsa