New-York tribune., 1905-06-25
WALL STREET AND EXCHANGES.


FOREIGN TRADING-Foreign houses dealt iu
10000 shares in the local market, mostly sales In
London consols gave the keynote to the market at
that centre At s97s a further decline Of three
sixteenths per cent shown making the serious
loss of one-half per cent Friday and Saturday
The influence was felt throughout the market.
American stocks generally one-Guarter to
three-quarters below parity selling orders large
ly from New-York. The general market was weak.
with some pressure in the mines department and
heavy tone in foreign bonds The question Of
Morocco, and particularly the intentions Of the
German Emperor, which construed by sons
European authorities into picking quarrel with
France while it's ally is helpless. has changed mar
ket conditions throughout Europe. Paris Is now
drawing gold from London, and. with a little fur
ther decline in its sterling rate, might also draw
from New-York. Money may therefore harden next
week with the approach Of the end Of the half
year. London was frmer at the close
BURLINGTON BONDS.-The sale Of s3sssO
Burlington Illinois division As brings the total
Of new capital raised by the Burlington this year
to nearly 100000. exclusive of refunding- When
all the refunding of the year is accomplished ths
total amount OF the Illinois division bonds
outstanding will be sS5.O00OOO, against S6S7.m on
June 90 1904 The difference, SS1730O0. provides for
the payment Of SO 900 consols at par and leaves
IS 474OO0 Cpar) of the bonds issued fer other re-
funding and for A,153.000 of improvements. In tns
year there were paid off s2,32oO0O Chicago and Iowa
division S. leaving free in the treasury slInlar
amount Of Chicago ana iowa anu JOAOI anu AsOSA-
ford and Northern bonds, which were collateral
for the bonds paid off. The retirement OF SS0sS-
900 As due on July l. brings the total up to $AVls"o
bonds paid off at maturity. In addition the reg
ular sinking fund of 600 was invested in Is OF
1921 $50 in the IS OF 1922 per cent Of the issue
in the Nebraska extension As s66,940 IN the Is Oh
1870 and about $4,000 in other sinking funds 1t VIII
be noted that the Burlington has a great nuinoes
of sinking funds in operation. The total amount
of bonds held uncancelled in the various sinking
funds is nearly s15.OOOOG0. or 9 per cent OF .ne
funded debt of the system. Excluding this sinAlns
fund and the s142600OO OF investments in otner Sc
crrities it appears that the net funded dept OF te
Burlington is. in round figures, Sl4HW"oVO Ins
company operates $3.50 miles of railroad Inc list
debt is therefore the rate Of S6666 mie- Gross
earnings are at the rate of 81 43 mle ana net, Al
1904 % IN or 1S6 per cent on the bonded debt Inc
figures indicate the basis Of Burlington creolr-
The price of and interest for the limos DIVISION
4s Is possible only because Of the splenolo seei@i
credit OF the company. "a,
standing that new orders for foundry iron over ths
last six weeks have been unusually Small oenN-
cries have been Iarge-a sure tndicaton thaC con-
sumers are specifying against contracts anu eon-
| vartne the iron into finished material inquiries
continue to come in in fairly large volume put nc"
orders are few and far between One OF the largest
manufacturers in the country says tnat Wneh Gun
srners are convinced that rock bottom prices Hase
been reached they will enter the market as Pui
chaSerS.
any further shrinkage in prices While new oTue's
for certain classes of light finished steel snow a
seasonable shrinkage. deliveries are consloeFaDis
| larger than they were a year ago For eAaihpt0'
the American Steel and Wire Company. III 'H'
month OF Nav shipped an average 4o IONS
dav more wire than in the corresponding period OF
last wear That the United States Steel Corporation
purposes to develop the foreign brancn OF lts JUS
ness for all it is worth cannot now be disputed a
director of the corporation. who IS thoroughly Ia
-{v,ure OH business.
Save he will be surprised If exports Of steel by the
United States steel Corporation this year do not
exceed 100000 tons A prominent CIeveiand MANU-
facturer of finished steel says that the iron anu
| steel market has shown much improved tone oe-
cause of the better feeling which prevails IN wan
| Street Many consumers have been Withholding
their orders, expecting reduction In prices Oh IN
shed steel Mills have been running for some "ees
on old orders. but at the present time orders ar7
being received faster than finished material can D'
| turned out This is especially true in the markss
| for building material.
THE COTTON MOVEMENT-Accordins 70 1nS
Financial Chronicle the total receipts OF COTTON
for the week ended June % reached 6S,214 baIes'
against 1856 in the preceding week and IVI0st in
the week before making the total receipts since
September l. 1904 9354,360 bales. against 'USo'oIo
| for the same period Of 10000, showing an IF
crease on September 1, 1904, OF 2.317,I44 oa4es o
ports from the South indicate that condltons h@'
been satisfactory. Rain has been quite genera
and as a rule very beneficial In a few sections
along the Atlantic. however, moisture Is sala 70 "
needed and from limited districts in the GD4i
States there are complaints Of grass IeAAS aU'
| indicate a material improvement in the crop
CORN PRODUCTS CURRENT LIABlLLT1Ea.-$
The statement is authorized by the directors OF wv
Corn Products Company that reference to curFeh'
liabilities as q floating debt IS misleading IS 80
only debt Of the company consists OF the polio"
of money to pay for the OF the Glucose sugar
Refining Company of America, a Western eorpoaa-
ton acquired some time ago. The amount OF s0V0'-
ooO was borrowed in order to complete the pur.
chase Of this stock, and at the end OF tno -
quarter s4O0 900 remained unpaid the OiE0o
stock being pledged collateral for ti's loan -
the current quarter this debt has been reouoe'
$50 oOO and is now only s350OO0. The Corn - >.
ucts Company could easily pay this amount o
from cash assets on hand but prefers TO reducs
gradually out OK surplus earnings
PIC IRON CERTIFICATES. - Regular -
foundry pig iron certificates were dull ana -
ticalIy unchanged There were no safes 80
prtces for regular or the call follow: Cash. Ns
and June. N4 % bid; July and August St1 St-s., 1SOs
October and November. s4 SeG3Sl4 70; Decein'.
ss soasls 50. February sla 490s5 Final prices iof
toundry follow: July a4 soGA5 IS; October and w.
ruary n5Gsl5 so. ~r-S,.
KLONDIKE GOLD.-The Bank OF BRUSH Nol ~ -
America has already received in Seattle assay o. 49,
checks $4,000 Klondike gold and is advised li>
checks have been mailed for $S25oco more
BANK CLEARINGS.-The total bank cieasis-
of ali the clearing houses OF the United STATES -
the week ended June "a s., f.Ss,Zu' asaii.
2s6s.1n474 In the preceding week. and S'a-A'''''-'
the corresponding week last year.
APPLICATION TO LIsT.-The Cleveland. cin-
cinnati Chicago and ST. Louis Railway Company
has applied to list a.6O0Ooo additional common
CAPITAL stock