New-York tribune., 1909-05-02
TOPICS OF THE STREET

Of Canadian fsAC-AlS AoA
sIonev at the British capital was 1n s ar cent
Moii. -, loans were made as low as = OF PEI 80
rsrounts were somewhat hrlner @ ID. t;Ii SoItS
- the forthcoming issue OF treasuLS .II D - a,.oiI
10 tH old 10 the amount Of 100000 viii be aVall-
~ an the open London marker lo-nioIIo" loniD anu
80 blv will be taken by the Bank OF Fialio0'
P---cr~Ess CONDTTIONs--Ffsk & Robinson IN
D., y. -rontbIv bulletin say: Railroad earnings are
tc-sssing steadily high state OF eHlclency IT,
ihSIes1 aonr employees: economies of operation
presAI.ss ,5spe-urated successfully. and in spite
hs losses of ss3000lo00 gross and SlSOVvOV"o net
O. - - financial stress and wild legislation the
e.eTican roads have been able TO command nan d
-, % credit since January I. Again we are
- 4,fsi,,ess with the rest Of thes world IN q
oo1e@ons Nay-thr imports OF March being the
ss--s~t in over two years The immigrant that
Iees -.neitive barometer OF conditions, is once
- ancting to our shores. Domestic commerce.
vcent IN steel and iron. is normal There IS Fea-
enable demand for all commodities essential ~
- daily needs Building operations Throughout
tSa country are going forward on an unprecedented
-, II Is this demand for structural material
- has made possible she maintenance or the
toe rlsnts' working organizations In spite or the
gtbbolding Of orders on the pare or the ralreaas'
.be o,tpUt OF the steel producers has grown
rrs5ualy 70 approximately 40 per cent OF thelr
SSansci+v some companies claim to be in normal
condition and refuse to book orders for more 1han
Two months ahead at present rates WIN ',T
ss-5FF out OF the way. the railroads, being well
t----1fed with funds viii begin competing for pre-
ference In ;he execution Of their borders. and the
one weak spot IN our present industrial and COM
,,ercisl situation viii be eliminated It must be
,srarpI,erei however, that the mere overcoming OF
S-o.7 tie fscts' and factors they stand.
q IS our belief that midsummer should see long
strides made toward the complete restoration OF
rpsineys, and that by early autumn we shan be
fully launched upon another era OF "unprece-
denied" prosperity This. however does not mean
- eIDIaftinc OF new and urtried ventures. but the
5a,eIoprent Of those legitimate enterprises whose
curtaIlrnent made necessary by the unusual
conditions prevailing during the last two years
COPPER TRADE CONDITIONS.-Walkers Cop
-e- Letter says: Copper is steady at unchanged
prices Lake IS 13d13lsc-, and elecuolytic ES4a
1gisc per pound I am aware that the daily
nrsss ana trade publications quoting copper
slightly lower, but these the prices which con-
sguers who are buying have to pay. There have
beea increased deliveries of copper recently from
those smelling ana refining plants which have q
e1rpius on hand. This and other things lead me
70 believe that consumption Is increasing steadily,
and that the surplus supplies are gradually being
absorbed. Within q short time a very general buy
ing movement should begin which viii 50 reduce
ths uascld surplus as 10 Drlng ABOUT d general
advance in prices. I feel confident that returning
prosperity will show itself In the metal market very
soon The prospect Is even more favorable now
that copper will again sell at 26c per pound than
II vas in 1eG2. when it sold around 12c At that
tine vas predicting that copper would 60 10 15c.
and two brokerage firms discontinued buying and
circulating my letters on the ground that was
too sanguiHe. II afterwards advanced 10 Sc per
pound.
NEW NEWS sERvICE-A new service devoted
10 the development OF American industries made
its appearance in Wall Street yesterday Il IS
the intention Of the new company to devote its
energies toward the procurement or news or N
terest 10 the American merchants, bankers hnan-
cfers etc. The name Of the new company is the
Combined News Service, Inc. and it's first issue
consisted Of comprehensive siZ-counn iolGeTr IN
cluding articles by specialists covering cotton and
woolen trades iron. steel and copper. the rail-
roads insurance, coffee and DEVELOPMENTS in fin
snce and banking The editor and general man
seer Of the service Is John r. Burton, who
vas an assistant secretary OF the Democratic
National Committee in the campapign Of 1905.
COTTON MOvEMENT.-'Th Financial Chron-
irlaT ~ total receipts cotton the
week ended April 80 l99 as 1856 bales against 49,
or bales in the preceding week, making the total
receipts since the first OF September, 1908. 90S3l3
bales, against 7si5.930 bales for the period n
1875, showing increase since September J. 1905
Of l,4sslS bales. Rain has been general and heavy
IN the gulf states and Tennessee Texas has had
light rain or been dry. Farm work has been In
terfe7ed with. and The Alabama lowlands flooded
BANK CLEARINGS.-The total bank cIearIngs
of the United States. for the week ended May J.
1893 Zone day estnateiJD, according TO The Finan-
cal Chronicle" were s2.l$S.257s2S. against BIZ
So92fZ the preceding week and S26S,114316 for the
corresponding week of 1913 Compared with last
year. the total weeks clearings have increased
ll3 Per cent New York City shows an increase OF
s45 per cent, Boston 230 per cent, St Louis. PSI
per cent. and Chicago 80 pc! cent
DIVIDENDS Observation-Disclosures have beer
declared as follows: Pennsylvania Railroad regular
seuli-annUal per cent payable MAY %: American
Radiator Company regular quarterly L. per cent on
the preferred, payable May j., and regular quar-
terry u per cent on the common. payable June 80:
International Harvester Company regular quarterly
u per cent the preferred. payable June l: War
hICs iron ana steel Company regular Seni-snuusl
per cent payable May Is, and General Chemical
company : per cent on the common, payable
June !.
COLLATERAL LOAN sPECIALIsTs-I,uIse
Banks Weeks, Stock Exchange firm which
opened Offices April No. 13 Wall street, New
York, and No % Congress street, Boston are max
ing specially OF collateral loans. addition to
cong A banking and general brokerage business
TIE 1rn IS composed Of Arthur I. Luke. Henry
W Banks, jr, member OF the New York Stock Ex-
caanse; John L Weeks and Charles A Price
member Of the Boston Stock Exchange.
NEW STOCK EXCHANGE HOUSE-Anong the
hew Stock Exchange firms beginning business yes
terday was that Of Taylor, Auchincloss K Joost
composed Of Henry +. Taylor, Samuel Sloan
Auchincloss and Sherman Z. Joost Alexander II.
Iiera being special partner, with Offices at No. 60
Broadway
NEW FIRM MEMBER-Fredericz Hill Meserve,
Seth Il Millikeu in the management Of large cot
ton and woollen interests in the South, has been
admitted TO membership in the Stock Exchange
hrm Of Charles ". Turner & Co. No "A Broad
way.
HEAVY INCREASE N DEPOSITS.-The de-
posts Of eleven trust companies Of this city showed
On March "a. when the latest reports were made TO
me State Superintendent Of Banks increases OF
more than JOG per cent over the figures shown on
december ia 1907 the date Of the first reports fol-
loTing the panic; and Of these much the largest
Trust Company. Its deposits on December I9, 1897,
we're Sz.5ss.O00; November p. 1905 SII 241 900,
and on March "a 1909. S14.647 600.
LARGER OFFICES FOR ADVERTISING;
AGENCY--Rudolph Guenther, whose advertising
agency makes a specially OF the accounts of Wall
street institutions, will move this week from his