New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-28
BRIEF NOTES OF FINANCE
p,rauraphS of Current Interest
for the investor.

-. that the currency question has
80 a point when some action is
i''0,.o5 agitators for this move and
pO.'.roye IN connection with pet theories
t'' icing busy. Some of the literature
's nrbllshed recalls the los when the
o'-I. .hsck party was making a strong
tor raper currency. and the theories
Ps.ced AT that time have been brought
dressed up and put forth as live
-.s,lons Of the hour.
Toronto Produce Exchange.
-..on,o. Canada. has a produce eX-
70 inst organized which IS the first in
'l1' r,s,orv of Ontario The name of the
.,,ation is the Toronto Produce Ex-
80. - and it IS composed of a body OF
sn,sssle merchants. representative men
- city. The new organization is dis
= from, the Toronto Board of Trade,
- has been I'm existence for some
W. and the purpose of the Produce Ex-
go is to confne its business to the
ing Of cheese. butter and eggs and
-, nroduce from day 70 day. and the
"a room will be furnished with a call
,..,a upon which will be recorded all
t-snsactions
Bond Market Depressed.
california is experiencing some trouble
a. marketing her state highway bonds. 1t
~ ,snorted that the State Treasurer's
are declares that the banks must buy
~. bonds at a price above the market
y. 90 without state highways. On the
..ssr hand. the Bank superintendent
.aco Il is said, has issued a declaration
sat the banks must not carry on their
h,,Es at cost price deprecated bonds,
rs,cb II Is stated that the state As pur-
,sased around par would be. and I'm addi-
dan n that restraint the banks have 10
,orsider their stockholders and deposit
,,-s' interest. The provision for the sale
=, state bonds Is that they shall not be
,o8 AT less than par value payment to be
ada in gold coin. To get around the diff
seulty plan has been devised by which
,ss purchasing banks may give a check
/, navuent for the bonds, with a verbal
Understanding that the checks shall not
~ deposited for collection for q period OF
sv months This allows the banks to re-
,sv4 six months interest, amounting 70
per cent IN each case. for which they
nav nothing. and in this way the price OF
he bonds IS reduced to 9S. but even at
this price they are not in active demand
and some Of the California banks are re-
,or,ss IN have decided 10 dispose Of them
at a loss.
Canadian Northern Financing.
The Canadian Northern has in readiness
Ills to be presented TO Parliament by the
Minister of Railways within a few days
for needful financing for the Canadian
Northern system. Included in the new
plsn is said 10 be a provision for the
mrchase by the Dominion government
Of the Halifax & Southwestern Rail
gsv which is owned by the Canadian
Northern. The Canadian government
cans the IntercOlonial 10 which the Hall
ex & Southwestern would be an i'm
torsnt feeder. and such a purchase
would be iu line with the policy Of the
eyernmeut 20 buy up the important lines
aaich would make branches TO govern
rnt owned roads Regarding the actual
TENS of the Canadian Northern bill there
nucn speculation. but it is generally
omitted that tine Canadian government
sm provide heavy cash subsidies in eN-
ass OF TIE usual per mile basis. but there
h cons. lerable doubt as to whether the
.5ys,nment will make d loan 20 the road.
Norway's Business Growth.
The business development Of Norway
t-r.ns the last four or five years includ-
hg 1872 was the most satisfactory in the
history Of that country. During that
period there was steady Improvement
md growth not only I'm trade with other
Countries. but in the manufacture Of
many articles which prior 70 that time
2i to be imported.
On the other hand, while agriculture
had a prosperous year with good crop re-
grns. an analysis Of production for the
asst few years shows that 1t Is almost al
standstill This tends 70 prove that the
PRESENT trend Of the country Is toward
manufacturing and that II will ultl-
nately become a manufacturing country.
Heretofore agriculture has produced
more money and has given employment
70 more people than any other occupation
NTH the lumber industry, including the
nsnufacture Of wood pulp and paper
second and the fishing industry third In
Importance While this is also true OF
the last year the value Of the annual
cops Of hay. grain and potatoes. notwith-
Sanding high prices for produce. has re-
NAMED nearly stationary for the last ten
Ysars. having been s56. 796. 1876 I'm 1903 and