New-York tribune., 1909-04-01
TOPICS OF THE STREET

voREIGN TRADINC;.-Foreign houses bought
I'd Of c5.0e0 shares balance in the local
bLr,e. the business being entirely for arbitrage
l.,,nt In I.ondon the general market was firm
- : more active volume of Investment bnving
S-eols and foreign bonds were fractionslly higher
,.,,ay At the British capital was in good demand
= ernoer tendency was reported for call funds.
- fnoliry for bills active. An Austrian de-
5 - Tor gold has developed. and s4OO 600 OF rhe
----b African gold taken by the Bank of England
.fondsy has been sent 20 Vienna
po>lD AND MORTGAGE GUARANTEE COM
paNY.-The executive committee of the Bond and
1to-+gaee guarantee Company has recommended to
- iirectors for action at its meeting in MAY
80 tire cspital stock of the company be increa ed
20 o0 600 TO S5O00o00 by the issue of 10000 shares
ds,+ional stock TO be offered 10 shareholders uro
80 81 par and that should the recommendation
= ssopre1 by the board meeting of the
.,.lnojders he called for June Il TO vote on the
proposition Books for the meeting will close June
~ eud reopen June il. The committee has also
.cormended TO the directors that. in case its plan
A. srnroved, extra dividend OF 30 per cent be
d.clsred on the present capital stock, payable Au-
&C is 10 holders Of record June 80.
METAL, IMPORTS AND EyPORTS-The De
ns-tnent Of Commerce and Labor reports that for
fhe month Of February Imports of iron and
..aeI amounted in value TO S1.79S.675. against
q co. so5 in February. 1903. Exports were $40
ca 15e against Sl4063.559 a year ago. Exports Of
on,er amounted in value to S4913, $50. against SS-
o2i enq in February. 1905 and imports amounted to
,ps7ig6o against s1.4O1771 in The year before.
NEW CONSOLIDATED MEMBERS.-Igouis W
rogr7ont Frank n Bush. Theodore Oferman and
,be CONSOLIDATED Stock Exchange.
WILL Do AN INVESTMENT BUSINESS
Emile &c Planque. formerly paying teller OF the
r-pst Company Of America. has opened an Office at
10 81 Wall street, where he win do a general In
vestment business.
DIVIDENDS Observation-Disclosures have been
declared as follows International Paper Company
regular quarterly onehalf of per cent on the pre-
tsTred, payable April 10: GaIlatin National Bank
regular semi-annual per cent. payable April s
COLD TO ARGENTTNA-GoIdman Sachs & Co
viii ship s5ooo00 gold coin to-day 10 Argentina and
$4,000 next week
ADMFIEP r5 S.s TO .d5;I PARINERsHPm a. A
stock Exchange house Of Schmidt & GaIIatfn.
BANKERS on THE TARIFF-Fisl < Robin
son. IN their April bulletin. say: The real sig
-ifcsnce Of the tariff revision movement seems for
ths moment TO have been lost in a labvrinth Of
rate schedules Even the hriefest ANALYSIS of this
movement will reveal greater progress in the ad-
-eneement Of this important matter along sound
1n6 enduring lines than made in the previous
half century This progress is due TO two facts:
A fundamental principle. previously ignored. has
been accepted and incorporated in the movement.
snd for the first time in history data essential
70 rs right application available. The prin-
ciple referred 10 is that the duty proposed by a
protective tariff should he the difference in the cost
of producttl at home and abroad. plus the rate OF
transformation II follows as a corollary that TO
eppiy this law intelliEently. domestic and foreign
costs Of production must be ascertained- Il Is
recognized in this discussion that revenue a
necessity and protection polics, but both the col
lection Of the former and the application Of the
latter would be greatly aided by a carefully pre-
pared annual budget Income for the support OF
governments is imperative and I'm contributing 70
1t through import duties there can be no valid
objection 10 giving reasonable announcement to
the industrial life Of a nation. but without
grave danger artificial stimulation the
hand and restricted foreign markets on the other
can ve disregard the principle just cited. which
than forty years ago was enunciated and dis
ClsSeo in Congress but unfortunately there was
little data TO costs 10 give its application force
ana potency. Recently IT brought the at
tention of Afr. Roosevelt Who was so impressed
" p In Gra nf
his messages. II next made its appearance with
slight modification, the Republican national plat
form ard in the Ohio Republican platform 1t
appealed strongly 70 President Taft's logical mind
and result forms part OF his inaugural ad-
dress Standing alone as II did for many years. |
Il practically valueleSs, but armed with ade-
Quate information IL is a thing of power, |
against which assaults viii be made in vain. By !
the magic Of common sense IL became in q moment
fixed policy of the United States as the Mon
roe Doctrine and IL viii be light guiding
Alright future protective tariff legislation. Con
versey il will aid greatly in guarding and extend
Ing the mechanism provided for securing costs
Of production. Il left President Roosevelt |
30 stimulate the OF legislation insuring
the collection Of such information This was ac-
conplished through the creation Of the Bureau Of
Corporations The popular idea OF this bureau is
iet IL was devised solely Tor me purpose or dis
cipining refractory corporations AS a matter Of
fact. this in 2 only incidental. its true
function being the continuous collection OF accurate
knowledge concerning industries. When this
Is understood the importance Of the bureau be
cones al once apparent. II is in reality power
WITH which they without hesitation and to their
cEn advantage cooperate freely Of ali the wit
hesses who appeared at the tariff hearings held by
congress the contributing the most unbiased |
instructive and reliable evidence was the Bureau
.ol Corporations. II furnished among other things
the most complete information the of steel
ana iron. being able to do so largely through the
nearly aid given under the guidance Of Judge
Gary, by The United States Steel Corporation at
Inc cost Of thousands of dollars Many other cor
poratons gave valuable data as the articles they
manufactured. The helpfulness and value Of the |
bureau have been admitted frankly by the Ways |
and Means Committee. i there could be |
created in the House and Senate permanent com
itees on the tariff. aided by trained experts. thus
lnslT1rg continuity Of consideration and intelligent
Ntization in 2 legislative way of the results OF
rendered the manufacturing well the general
interests OF the country. Failure TO provide not |
ohi5 ioF a continuance but for enlargement of |
tae capacity Of the bureau for this kind Of work /
would be step backward"
4RoA PRICES WEAKER.-The tendency Of iron /
p'ces continues downward Sales Of Southern iron /
were reported yesterday SO so ton. Producers
4-sNe Deen uysag tn obtain 81 a ton ha |
unsuccessful A large number OF furnaces through |
o1s ne country closing a result the fall
Ge on IN the demand for material
NAIlONAL RAILWAYS OF MEXICO.-There |
ing been considerable trading in the new prior |
Th ~ per cent bonds. general lien 1 per cent /
Dohus ana second preferred stock OF the National |
1'au"ass OF Mexico. "a the form Of when issued
to,laacts II has been agreed among many of the |
efs ol these contracts, in view Of the approach
issue oi the new securities to make April : \
general settlement day. Interest on contracts |
VIII cease on April 6
COLLATERAL TRUST NOTES