New-York tribune., 1909-03-20
TOPICS OF THE STREET.

FOREIGN TRADTNG-Foreign houses dealt in
10000 shares in the local market. selling balance
In London consols were heavy. and the general
market was dull at uuimportant price changes
There was reported change in political coudi-
tOrs. and according TO cable dispatches there vas
disposition the part Of spectators TO make no
commitments for the future. Money vas in good
demand at the British capital. and high as
per cent was paid for call funds. Discounts were
unchanged. and Continental centres no move
monts Of Importance were reported In money or
stocks.
BANKS GAIN CASH.-Ths reported movements
Of currency this week indicate gain IN cash held
by the banks Of S1209. 900. The gains from the in
terror and the SubTreasury operations were large
ly reduced by gold exports The banks received
from the interior 1888 900 and sent the interior
s5.7o7ooo, including s2.993.0OO national bank
sent TO Washington for redemption The gain from
the interior was S1s26.000. Receipts OF new gold
were Sl.S05. O00-namely on New York assay Office
checks. sl19S,000; on San Francisco mint checks,
s5ss.000. and Seattle assay Office checks 50 600
Gold exports amounted TO s3,5O0.Oo0, OF which
S1.0O0.0o0 was shipped TO London and S250OO00
TO Argentina Ordinary disbursements by the
Sub-Treasury were S31. .405, ,000- Payments By the
banks to the sub-Treasury for customs. internal
revenue . per cent redemption fund, etc, we're
S5O,121 900. The gain on Sub-Treasury operations
proper 81 1.27S 600. The total gain from the In
terror, by new gold and on Sub-Treasury opera
tions proper. was s4.70s.000 Deducting therefrom
the loss by gold exports Of $500 COO the gain
is S1.209.000 The interior movement. both IN and
out, vas slightly larger than last week. and the
net gain was some 100000 larger The receipts
were mostly from the Middle West and from the
South, but the latter show some slight falling OF
compared with recent weeks. The shipments we're
largely 10 nearby points and 10 the South The
national bank notes sent 10 Washington for re-
demption were heavy again this week
STEEL PRICES-That there is uttIs hops o.
q recovery in steel prices in the near future
is evident from the fact that certain OF the
Independents. aggravated by the steel corpora
tion's persfstency in undertaking on steel hava
started In 10 cut under the prices OF the big com
pany. Within the last week new low prices
have been made in certain classes OF iron and
steel. and it is expected the price war will carry
prices down TO the low level OF 1898 before there
is turn FOR the better. On basis OF present
prices the steel companies making little money
AS "A matter Of fact, several OF the independent
concerns have not been earning dividends Ger
Of the independent companies have reduced
production. and there may be a general closing
movement as II Is estimated that orders
Ing in at the rate Of less than 20 per cent OF pro
duction, most OF which are going 70 the steel cor
poration.
GRAIN EXPORTS DECLLNE-Bradstreet's r. o.
ports exports of grain for the week. with COM
PARSONS. figures I'm bushels as follows. Wheat
-four included. IsS401S. against 22S9.sf7 last week
and 2,763021 last year; for the fiscal year date.
1A03512. compared with 164 2550Ss last year Corn.
SOC, 49, conrasted with sSoSis last week and $3.50
last year; for the fiscal year 10 date. 2-5S662.
against A. $50. 454 last year.
APPLICATION To INSTRUMENTATION has been
made to the Stock Exchange to list S4ss.Oo7 addi-
tional refunding mortgage per cent bonds. due
1854. OF the Chicago. Rock Island & Pacific Rail
way Company: 10000 additional rer1nding mort
gage per cent bonds. due 1949. OF the Chicago &
Alton Railroad Company, and Sl,9S.lf0 cent
collateral trust first lien sinking fund bonds due
1873. OF the Tri-Ctty Railway and Light Company
DIVIDENDS DECLARED.-Divider1 have been g
declared follows: United States Finishing Com.
pany initial ] cent the common and Jhs
regular quarterly 124 per cent on the preferred
pa ayable April l. Long Island Loan and Trust Com
pany quarterly per cent. payable April I, Ma
toual Surety Company. . per cent. payable April I;
Washington Water Power Company regular quar-
teriy 1sa per cent. payable April J. Tri-City Rail
way and Light Company regular quarterly. II Pe-
cent on the preferred. payable April l. American
ferred.
COBALT CENTRAL DIVIDEND.-The directors
OF the Cobalt Central Mines Company have de-
clared a quarterly dividend Of Per cent. reduc-
ton Of per cent from three months ago. Ina
president OF the company declares that the dividend
has been placed at temporarily lower figure .
on development work of two other mines belong
ing to the company which expected be placed
on productive basis this summer.
COPPER PRICES HIGHER-The local Metal
Exchange quotes copper up Il in the bid price for
ell grades Little actual business is reported Ex-
ports Of copper for the week ended March IS were
last year. Since March exports have been 125I5
1908.
NEW MORGAN REPRESENTATIVE ON EN"
CHANGE-Templs Bovdoin. OF the firm OF J. r
Morgan & Co. has been elected to membership IN
the New York Stock Exchange. The only other
exchange member Of the firm is J. Pierpont SIS-
gan. jr.