New-York tribune., 1908-02-02
CITIZENS CENTRAL
NATIONAL BANK
OF NEW YORK
800 BROADWAY
Capital & Surplus
$3,70OOOO
Resources
900
ACCOUNTS INVITED
TOPICS OF THE STREET.

FOREIGN TRADINC;-Forelgn houses sold about
5000 shares In the early trading in this market and
bought a small amount on the break in the last
baIf hour In London the American issues opened
firm and closed at net advances The general mar
ket was Inactive but steady and consoi5 were firm
RANK CLEARINGS OF THE wEEK.-The total
hank cIesrings of the United States for the week
ended February 1 tone day estimared) were $685.
57s ss1 against 81 5 42s last week and s3Zs557
2s2 for 1907 Compared with last year the total
cyear,ngs have decreased ri per cent
COLD FOR THE ARGENTINE-Muuer schar
4 CO have engaged s5oo.OOo gold for shipment to
Argentina this week
APPLICATION TO LIST.-The Lincoln National
Rank has applied to the New York Stock Exchange
to list $500 600 additional capital stock
MOVEMENT OF COTTON-"The Financial
Chronicle gives the total port receipts Of cotton
for the week ended January 81 as 284735 bales.
against 253 s91 bales last week. and 4213S bales
IN. previous week making the total receipts since
Septernber L. 1907 617s.099 bales. against 727455f
baIas for th. same period of I906-'07. showing
decrease since September l. 1907. Of 10ss4 452 bales
DEFAULT on METROPOLITAN BONDs-Ths
receivers for the Metropolitan Street Railway COM
pany have defaulted the February interest On
the company's general mortgage per cent bonds
The amount outstanding Is s12.500O00
STRICKEN FROM LIST-The per cent serial
debenture bonds series F, of the Atchison. Topeka
4 Santa Fe Railway Company have been stricken
from the Stock Exchange list
AIDRICH BILL CRITICIsED.-Ffsk Robin
son, their monthly bulletin OF investments. say
Of the Aldrfch bill:
possesses
by a sound currency system The issuing Of bond
secured currency is opposed by the experiences Of
all nations Such currency has little elasticity.
is extremely expensive: It does nothing 10 remove
from the people the heavy burden OF the present
high average and widely f1ctuatng interest rats;
it tends toward real imitation and the expulsion OF
gold il aids but in keeping coin IN the banks
vaults in time Of financial trouble. and IT is not
even safe as know from own experience
for the red dog and wildcat currencies which
caused SO much trouble in past days secured
by state other bonds Further. the placed
on emergency currency. IL sufficiently low to en-
ge its issuance. would not be high enough
to enforce it's prompt retirement. II would
tribute to redundancy In circulat ton and thus
furnish an additional stimulus to denoraizing
speculation. Finally. a purely emergency
rency Is not needed. for wher panic conditions de-
mand rapid expansion in circulation that de-
mand in the absence Of elastic currecy system
can be met by the various devices heretofore
pIoyed by the banks and clearing houses When
longer required such issues rapidly disappear
Our recent well as previous experiences demon
strate this beyond all question
ITO make the Aldrtch bin a law would De 30
fasten the United States an undesirable system
which 1t might take years to remove The bank
ing fraternity Is against the measure: the bond
houses might be expected to favor IL from motives
of sef-interest but, a matter OF fact, their
realization Of It's grave defeets IS strong that
approval from this is the exception rather
than the rule while any contention that the people
are not ready for anxious 10 have, the very
best banking and currency system that human In
/ telligence and experience can suggest Is a mere
pretence.