New-York tribune., 1908-01-04
TOPICS OF THE STREET.


FOREIGN TRADrNG.-Forefgn houses sold about
nothing American stocks IN London were inclined
from the opening to sag and In the afternoon wsrs
weak. The general market was quiet and withous
feature ConsoIs were steady
MOVEMENTS OF CURRENCY-The reported
movements Of currency this week Indicate gain
In cash held by the banks Of ss5S4.100 The banks
gained the greater part OF this amount rom the
interior the first gain from that source snce the
xUeek ended September s. 1907. The banks received
from the interior S. 800 and sent 20 the INTERIOR
ga 1876 300 Of which there was transferred through
,ba GnhT-easury s29s 600 as follows: To Nsv
Orleans $50 500: to Chicago. s2900O, and 10 San
Francisco s21os00 The gain from the interior was
81. 4.8s4.000
RANK CIEARINGs FOR THE YEAR-'Dun's'
report Of bank cearings for the year. emitting the
City Of New York. shows that the total exchanges
were s57.5Ss. 1882. an increase OF iz per cent
cornpared with 1906 and 1913 per cent over 1905
The total ciearings for the year. including New
York CITY amount TO sf44.71OS893o3. against sf9-
s35 7f1.715 in 1906. decrease OF 30 per cent ard
s2s AIS IN 1906. an increase or . Der cent
DIVIDENDS DFsCI.ARED.-The directors Of tie
limited Metals Selling Company have declared ths
regular quarterly dividend OF III per cent The IL
naiS the rer1,rar monthly dividend OF Is cents a
share. The directors OF the E. l. dt- Pont De We
mours Powder Company have declared the regular
quarterly dividends OF IA and IA per cent on The
preferred and common stocks. respectively
GRAIN EXPORTS FOR THE wEEK-"Brad-
streets reports the exports OF grain for TIE week.
with comparisons, figures in bushels. as SolloTs
Wheat -four Included. 5.113394 against 6Z45l9 last
sE a55 20 in This week last year and 4sf8g7I n
1862 For the fiscal year to date. u9oso.ss8 COM
pared with 81 s23 $50 IN 1gs-W and 14So8.I4 IN
Is1-O2 Corn. al .s91. contracted WITH L"s57S last
week and f.914.599 IN 1sE For tne nscaI year 70
date 24e47 3s9, against S.s5.0s8 in i95-W
BOSTON & MAINE NOTES RENEW ED-Ths
81 cOoo60 per cent one year notes or the Boston &
Maine Railroad Company. maturing on January Ia.
have been renewed for year az S per cent They
arc mart OF an fsglIe OF S2.000o0o OF which a0no9
were dated February Is and 10000" March % ls1-
rrrrTE,D To COTTON EXCHANGE-The fol-
lowing have been elected rnennoers or the New
Yorl, Cotton Exchange: Thomas W Cooks. Of
Tbomss W Cooke S Co. Liverpool. and Robert ?.
D. Fftz Gibbon Reginald z Bonner and Jonn =
Peter, New York
a NEW ADVERTISING DEvICE-Theodore P.
shonts president Of the
and Robert Mather. the head Of the ROCK Island
systern are interested with other railroad men n
the General Electric Display Company newy
orgauized concern, with capital CT sle1o"s
which will place a new invention, called the dis
pIavograph on the market Tne new machine q .
space saving advertising device
FOR PREVENTION OF PANICs-Ffsk Rob-
Wars destructive fires. natural calamities. bad
currency systems. bank failures, disturbing poiir-
cal agitation, short crops and similar sporacic
episodes tending TO destroy confidence n a netons
financial strength, do not originate crises They
precfptate widespread panics in times or Crisis ouc
produce disturbance only in local way when un-
serves and credits II Is quite certain that crises
cannot be prevented by legislative enactnents. but
cannot something be devised. if not absolutely 10
prevent them to weaken at least their distressing
effects? There are some recent data TO guido Us
Germany while experiencing. through business con-
traction hardships as great as those endured BY
the United States has protected by reason of
IFS central bank OF issue from the financial dis
asters which have Overtaken US Canada. with ter
rorfa business and agricultural conditions closely
analogous to our own. but armed with her superior
currency system has met the vtcfssttrdes OF tns
last few months in a normal manner Eh11s there
are presented two striking Illustrations OF what can
be done 10 minimize trouble-etther by a central
bank OF issue, or by a system OF branch banks
equipped with bank credit currency IN view OF
our recent experience end our system OF widely
distributed national banks. not IN "a peculiar
" favorable position to devise and put In opera
tion effective measures? When recall that since
1865 Congress has purged away by Numerous en-
actrnents every taint OF unsoundness in our cur
reucy ana that these times Of stress the peope
cheerfulIy consented the creation OF many kinds
of emergency currency. are Justified IN assunl-
ing unvillingness the part OF either 10 accept
tfons of our monetary system and banking
UNDERGROUND ELECTRIC PER CENT
total issue of s65oO0O Underground Electric Rail-
accepted Speyer & Co.'S offer and sold their De-
cember coupon to that firm. and about so per oenr
of such issue has already been deposited with ths
Guaranty Trust Company under Speyer &SSCo-'s a6-
vertisement OF November p, 1S07.