New-York tribune., 1905-07-02
uATJ. STREET AND EXCHANGES.

,zopE1c,>r Observation-Disclosures houses dealt In
only a few shares in the local market mostly pui
cbases In London the rally OF 9-lo per cen. -
conso1s which closed at SOS. was the best feature
- +ba market indicating clearer internationai
noIitical outlook. The general market was H'''
without important feature. The Lohuoh 0
rnent has passed off without further disturbance
and that in Paris seems be adjusting itself satis
factorily. All things considered the money mo- %
has been extraordinarily easy, and seems hAely
to remain so for the coming month at least.
FOREIGN EXCHANGE CONDITIONS.-C. Schu-
rnacher & Co. say: THE principal feature OF tne
exchange market during the week was the shSArp
decline of sterling in Paris to 251S1a ana IT'S SUI
seouent recovery to about 2516. This resulted IN
corresponding advance in the rate Tor freilch Ifc9
In our market In consequence thereon gold 10 Iie
amount of So S2S 600 exported to Europe Since
higher money has special significance at TINS
time and can only be looked upon as temporary. ana
commercial bills still remain scarce, 1t is more tha
likely that higher exchange has only been delayed
This will resumption OF soio shlpHlehtS ~
France. although the next movement the price
of cheoues Paris must go about 1-32 higher than
before in order overcome an increased charge OF
insurance and transportation we pointed out
some weeks ago, however, that an export movement
of gold is not liable to assume great proportions
between now and the time when cotton bills viii
begin to come on the market, or when such a
movement is at least anticipated by our bankers
We do not think gold exports will be factor OF
Importance in shaping money market for this
very strong owing to the that there is still
very brisk inquiry from bankers who are making
time loans for the accommodation OF STOCK EX-
change houses and importers
CHICAGO TERMINAL TRANSFERRING Chi
cago Terminal Transfer per cent bonds were six
months in default yesterday Coupons presented
for the July interest met with the no funds
reply usual such cases. Under the mortgage
the holders of so per cent of the bonds may now
foreclose on account of the January default. The
of IS
hands subject to a plan to sell the road to another
railroad The Guaranty Trust Company. which
bought up the January coupons has as yet made
no offer for July coupons. and is not. OF course,
paying these coupons.
THE COTTON MOyEMENT-According to
."The Financial Chronicle the total receipts of
cotton for the week ending June 30 reached 1854
bales against 6s274 last week, and 1856 the pre-
vous week. making the total receipts since Septem-
Der l. 1904 9427254 bales, against 7o5SsS7 for the
same period of 1s03-'04 showing increase on Sep
tember l. 1904, of 2S73.267 bales Reports from tho
South indicate that the weather has been salts
factory during the week quite generally, and that
cotton is doing well rule There has been
rain in almost all localities. excessive at some
points but on the whole 1t is stated to have been
beneficial In few districts along the Atlantic
moisture is claimed to be needed Many reports
indicate an Improvement in the crop. and reports
from Texas state that complaints of boil weevil
have been less than usual thus far.
PIG IRON CERTIFICATESS.-Pg iron certf-
Gates at the New-York Produce Exchange opened
steady for both grades. but there sales.
Final prices for regular follow: Cash. s14 80 bid
July $14 SOdn4 CO., August. October and November,
s14 80 bid December s14 50 bid. and February S4 50
s4 70. Final prices for foundry follow: July Au-
gust and October s14 75Qsl5 10: November and De-
cember s14 75asl5 %. and February. s15qN5 IS
GREEN BAY AND WESTERN "B" DE-
BENTURES-It is expected that movement will
soon shape itself looking to organization for the
protection of the interests of holders OF the b.
debentures of the Green Bay and Western Rail
road Company. The payments TO the 'B' bonds
are accumulating and trusteeship exists
for the protection of holders. 1t is claimed that
the net earnings of the railroad are sufficient to
make a substantial payment the ''B'' debentures
after full settlement all prior claims. II is
understood that the movement looking 10 a pro-
tective committee of nature has the support
of numerous prominent Wall Street men.
LOCOMOTIVE EXPORTS. = For the eleven
moths ended May 81, 1906. 404 locomotives were
shipped TO foreign countries. against 455 in the
game period In 1904 and 2IS in 1903 The value placed
upon these exports this year is sS21s.296 against
81 73S Oi3 in and SsO95o17 in 1908. The number
exported in May was 7s against 50 IN May 1894
valued at sSs2, ,l66 and sso,slS respectively Quite
number of locomotives for foreign shipments are
now In process OF building In this country
REPUBLIC IRON AND sTEEL-It is under
stood that the Republic Iron and Steel Company
has received orders for between $500 and 10000
tons of steel rails. which viii assure steady opera
fions for time after the rail mill starts In
July. The relations between the Republic Iron
and Steel Company and the United States Steel
Corporation are harmonious in every respect and
there will be dispute over the price of rails
The Republic is now making contracts basis
of SIS ton for standard section. and this will
also be the price In 1906.
BANK cLEARINGS.-The total bank clearings
Of all tho clearing houses of United States for
the week ended July g. 65.7soS4. against