New-York tribune., 1908-06-03
TOPICS OF THE STREET.

FOREIGN TRADING.-Foreign houses dealt in
ssooo shares in the local market buying 5000
shares on balance Arbitrage houses were active
sehers on the opening strength, but bought on the
easier tendency later in the forenoon. In London
eoisois We're again strong, while the general mar
ket was firm. with conspicuous strength in the
mining department. Call money easy at the
british capital loans being made as low as Il of
per cent Paris prices strong French ex-
change on London was lower.
MONTHLY CIRCULATION STATENfENT-The
monthly circulation statement issued by the Treas
ury Department shows that at the close Of busi-
ness on May 29, 1908, the total circulation of ma
uonal bank notes was s6ss,44s5f7, which is an In
crease for the of $685. ,967. and increase
for the month of sS03s19. The amount of circula-
ton based on United States bonds s624, 714,141,
an increase for the year OF s71,0s9,575. and de-
crease for the month of s71122s. The circulation
secured by lawful money amounted to S73.135,3lo,
an increase for the year of s254Os,3s4, and an in
crease for the month of s1,516.O47. The amount
OF ponds on deposit to secure circulating notes was
965
COTTON ACREAGE.-In its report on the acre
age and condition of cotton June "The Com
merca1 and Financial Chronicle" estimates total
acreage for 1908 of 33512,l12. showing net
increase of L31 per cent as compared with 1907.
An increased acreage is shown in nine states and
decrease in one. while the acreage OF two states
is unchanged. AS to maturity, the crop In It's
start The Chronicle says, may be said to be wen
up TO the average of recent years and more ad-
vanced than that of last year. Since the middle
of May conditions have been normal in the NAM
fostering satisfactory growth of the plant: with
average seasons from the crop should give
a fairly full yield the area planted.
BANK CLEARINGs IN MAY.-Greater activity
in the New York stock and other financial markets
occasoned slightly larger settlements through the
banks of this city and of other leading centres IN
May, and total bank exchanges for the month, as
reported by R. e. Dun & Co. at all cities in the
United States are Sl0S56 So, ,s3s loss of 124 per
cent compared with a year ago and rs per cent
compared with Nav 1906. This is d smaller per-
centa ge Of loss, compared with both years, than
appears in any monthly report since October. main
ly due to the overshadowing Importance OF the New
York City figures in the total and the small lose
at that city Outside of New York City little I'M
provement is noted.
DIVIDENDS Observation-Disclosures have been
declared as follows: American Beet Sugar COM
pany regular quarterly IL per cent on the pre-
ferred, payable on July /. Pittsburg, Fort wayne
& Chicago regular quarterly IA per cent on tile
special Improvement stock payable July l, ana the
regular quarterly la per the general stock
payable July I. CRANKY Consolidated Mining Conn- :
pany per cent, payable on June 81. Celluloia
Company regular quarterly IA per cent. payaple
July l.
AMERICAN SMELLING DIVIDEND.~The d.
rectors of the American Smelling and Rehnns
Company will meet to-day to take action on ehe
dividends on the common and preferred STOCKS III
Wall Street the general impression is that the reg
ular quarterly l per cent will be declared on the
common.
ADMITTED TO oUoTAT1oN-The American
Te1enhone and Telesraph Company's convertible
per cent bonds of 1886 have been admitted to quota
ton in the unlisted department Of the New York
Stock Exchange.
MEXICAN TELEGRAPH DIRECTORS RE-
ELECTED-The stockholders of the Mexican Iele-
graph Company at their annual meeting in TINS
city yesterday, reelected the retiring directors.
w Enlen Roosevelt elected vce-president OF
the company, to succeed Charles Lanier, who re
signed several months ago Mr.. Lanier continues
as director.
TERMINAL SECOND MORTGAGE COMMIT
TEEN view of the default in the payment OF
the June / interest on the first mortgage bonds OF
the Wabash Pittsburg Terminal Railway Company
q protective committee in behalf of the second
mortgage bondholders of that company has been
organized. with John W. Castles, Henry s. Red
mond and Andrew j. Miller as members Alex
ander ]. Hemphill, No 2s Nassau street, is the
secretary and Hornblower. Miller & Potter act as
counsel The Guaranty Trust Company ot New
York No 2S Nassau street, New York City, and
No. SO Lombard street, London, will act as the
depositary of the committee. and Adolph Boisse
vain & Co., OF Amsterdam Holland, are agents OF
the depostary.