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

FOREIGN TRADING-Foreign houses sold 49,
600 shares in the local market the heaviest deaf
ings being in United States Steel and Union
Pacific. In London the general market was strong
and American issues closed higher on the curb
Consols were up, but foreign bonds were HeaNS'
Call money at the British capital was easy at un-
changed quotations, while discounts were ulie
higher. the latter being affected by the continued
weakness in Paris exchange on London
CITY OF SEATTLE BONDS-Spencer Trask &
Co. Of this city are Offering 1000 city of
Seattle Cedar River water supply fund (series
No - 5 per cent bonds, due serially from January
/. 1910, to January !, 1926, inclusive. spencer
Trask & Co state that they have already soId a
large portion of these bonds, and are oHerlns tne
remainder subject to sale, at price 10 net 4'a
per cent. The city of Seattle owns its own
water system. The demand for larger supply
of has been insistent for several years. anu
in 1908 the city deemed it imperative to extend
the present system In order TO provide IuhdS
for this extension the above bonds have oeen Is
sued by the city. The new construction lncluoeS
several auxiliary storage reservoirs large udlii
and also a pipe line somewhat larger iHdll lIi0
present one. The pipe line Will paraHel the
present one which extends from the intake on
the Cedar River to the Volunteer PARK reservoir
az Seattle about tventv-eight and one-half miles.
The CITY of Seattle has created special fund for
the psvuent of the principal and interest OF these
bonds the ordinance confirming this FUND proVlu-
ing that the city treasurer SHAH set aslde INTO
the fund out of so per cent OF the gross feVehue
of the waterworks system now belonging TO, or
which may hereafter belong to. the city OF Seatte
an amount sufficient pay the principal and IN
terest of these bonds at such times as the same
become due and payable. Moreover, the city Oh
Seattle irrevocably binds itself not TO reduce the
of charges for water so that sucn oe revenue
shall amount to less than the amount receiver
during the year 1907. The gross revenue for 1917
was s64S.O67 S. and so per cent of this amount
IS S324O33 IS, which is largely In excess OF tue
annual interest and the serial payments COM
bned
FAILURES IN APRIL-CommerciaI failures
in the United States in April, according 10 soalls
tics compiled by r. G. Dun q Co. YER Se',ytad A..
n
liabilities compared with 1903 defaults lnNolS
ing s2O,31646S, in April 1908. I9e various VaFSth ou
divisions compare as follows win tne a53 IN
last wear: Manufacturing defaults were 100 90
number and s5,245,9S4 in amount asaInse So 90
failures for s. 7O5.119. in the year Isoo, t
failures were 7O6 in numoer and s2'S4o'cos1 -
ao,ir4 AGAINST s6s defaults. for s6,l-5.6Sl,
year ago; other commercial. including otokee
insurance etc. were 81 in number aSa sol- @ 80. -
in amount against II failures, for iasI
,,aar or banks and other fiduciary institutions
there were s suspensions for $6'Oso's4z' asalits1
/ similar failures last year, when the amount ~ ~
yoIyed was 81 637, Sal. A large mining ColOe -
was forced into the hands Of a receiver Ipr .H9
second time in a brief period and is not lnciuueo
with the other failures reported for that FeaSoi'
wISCONsII. .CENTRALA-The New York Stock
Exchange has been informed by Newman ED vice.
chairman of the Wisconsin Central preferred Stock
holders committee. that the close or business
Ma, / 12O sol shares of preferred stock had been
deposited in exchange for Minneapolis. St PAU q
Sault Ste. Marie Railway leased line ceruncdtes'
leaving only 41l9 shares of preferred STOCK out
standing. winch Is not I4helN ~ CO Oh
the stock list by the exchange. penalty OF 81
share IS being imposed on preferred STOCK Ho"
being deposited, which Will soon be increased
THE COPPER MARKET.-Electrolyti copper
sold Yesterday at a shade over 1224c. pound inc
slightly drrner tone Of the market IS Que 10 ld'be
sales that have been made over the last seEeraI
davs 1t is understood that the United Metals Sell
ing Company has disposed OF more than htty
million pounds of copper over the last Two "eeNS'
-rbe mass couDanies show an increase in produc-
ton and this has led 10 better demand for 40
mestic consumption.
WANT EXTRA COTTON EXCHANGE HOLI-
DAY-The members of the New York Cotton t.x-
change are signing a petition asking for a ballot
on A proposition 20 make May % an extra holiday
DIVIDEND DECLARED.-The directors OF the
American Cotton Oil Company Aave declared the
regular semi-annual dividend Of per cent on the
preferred stock. payable June /
MONEY FOR SAN FPANCISCO.-The Sub
Treasury transferred yesterday for local banks
soc 90 to San Francisco.