New-York tribune., 1909-10-19
TOPICS OF THE STREET.

FOREIGN TRADING-Foreign houses dealt on
both sides OF The local market. buying upward Of
$1,000 shares on balance In the London market
American stocks were strong. while the general
market was irregular, with a heavy tendency In
c1ns0ls and foreign bonds. The copper shares
were higher call money at the British capital
vas IL good demand and high per cent
paid with the final rate al = per cent Dis
counts were firm. The Bank OF England secured
sll of the South African gold offered in the open
London market. Continental exchange on London
was unchanged.
STRENGTH II STERLING EXCHANGE
Sterling exchange rates advanced y c in yester-
dav market. and as the movement followed a
somewhat rapid advance in the closing days OF
ss- week. in spite OF easier tendency in money.
the rise attracted attention. especially high
eIcLanEe rates AT this period of the year most
unusual j is understood that large amount of
american finance bills maturing this month
p London and on the Continent. and that payment
on some Of these bills has been requested, which.
q course would tend 10 create active demand
iar exchange, while in many cases, though the
loans could be renewed. local bankers are making
TEiitsuces 20 meet she maturity Of the paper.
nay stltuoe being Influenced by the strength OF
f1rsa discounts, which in the London market
s2oHA further advance yesterday. It is be
isrs5 that within the last feu weeks our tndebt-
e1ness 10 Europe has been increased 10 the extent
q more than slo0.00o0OO. the movement forcing
i1slgn discounts 10 a higher range and making
lprohtable further recourse by local borrowers to
- -1O-4,4on 4lafAei cotton exports from here are
havy, but notwithstanding the large shipments
nigh prices sterling exchange quotations are
learer the level at which gold could be sent from
here 10 Europe than the import figure In local
fsclal circles II is thought that the shifting OF
spec-lstlVe loans by city banks interior insti-
tllons mas reached the limit the operation has
reduced interior bank balances here to an extent
ual practically demands q cessation their part
q further lending at this centre.
ST LOUIS & SAN FRANCISCO-It was learned
yesterday al the office OF Speyer & Co that negO-
lstions had been concluded with Lazard Speyer-
Lllsser, Of Frankfo-t-on-Mai and the Deutsche
BANK covering 100000 ST. Louis & San Francisco
Railroad Company general lien 1870 year per
cent gold bonds Il is understood that these bonds
are 20 be introduced in the Frankfort market in
sue course by the above mentioned concerns.
UNITED STATES STEERS EARNINGS-It is
estimated that The net earnings Of the United
States Steel Corporation for the current month viii
AsloSlebl a year II the corporation could main
tam th!s for twelve months. the balance for
ihe wear would be more than 20 per cent on the
common stock.
GRAIN TRAFFIC AT NEW YORK.-Grain
helght from the West by trunk lines and receipts
reached the proportions Of 1908 Septembers ar
rVas Uy rail and wafer were 6.7l2.232 bushels com
pared with s225 s43 bushels last year. Among rail-
Foads The Lehigh Valley this year took the lead
followed uy The New York Central and the Erie In
eTueT ueuIi0ned
LANsTON MONOTYPE COMPANY.-A special
meeting of the stockholders OF the Lanston Mono
Npe Company win be held on October = FOR the
purpose % authorizing an increase IN the capltal
t0cE OF the company from $5,090OD 70 SlO,vVVvo.
lhe pa value OF the shares viii be Increased from
q % 500
ROCK ISLAND COMPANY DIRECTORS RE-
ELECTED.-At the annual meeting OF the stock
holders O. the Rock Island Company in Jersey Nlty
Yesterday. The retiring directors were reelected
CHICAGO EXCHANGE SEATS HiGHER-A
test o. me Chicago Stock Exchange has been soio
.o sf1 an advance Of $50 over the last preceding