New-York tribune., 1906-11-18
MINING STOCKS.
rsrL STREET AND EXCHANGES

-o7EIGN TRADING.-Foreign houses We're not
.--4 factors IN the local market. buying a few
a,.ssud shares. In London the general mar
:. vas strong British consols advancing S-i6
- corresponding strength IN foreign issues.
-. rss no change IN European discount rates.
- ubs dispatches suggested the probability OF
,la7sy easy rates for loans until December.
-osEGN EXCHANGE CoNDITToNs.-schu-
-ssEt CO. say:
-ssE7ply Of commercial exchange has decreased
-swIly tbs ast week IN spite OF this fact.
S-zr~ demand sterling has not filctuared more
+sirg al the eXa,t figure Of just one week ago
n ss.. Our explanation Of the present condi-
N Of the exchange market is that the banks
sssd through their high discount rates, have not
rB been able 10 retain their reserve but have
ERASED their supply OF funds materially result
M our Ioreisn money markets being placed
: 3 very much better position and we therefore
enc thsi discount rates are liable TO decline mate
-5ly within months time. It would naturally
.E ta ,- I ,o7 money r es aoToaG as should drop
bsaksFs 10 again place finance bills, thus relieving
= noasy @ H1a-kets OF OF This country. We under
sani that Europe has been a heavy purchaser Of
s stocks the latter part Of this week. thereby fur
aslag exchange with which We are able TO pay
Il Our foreign loans coming due from day 70 day.
Tt would not. therefore. he ar all surprised If
IndOn especially should continue 10 be q heavy
purchaser OF our secuTlueS and again carry
ETsat MANY loans for Is on call in that market
MI monetary condi-ions here have rfghted them
MS week which changed our opinion IN regard to
5r local stock market and IL now appears TO US
Is though E-eTe gradually entering upon one
9. TIE old fashioned bull campaigns. We believe
suTevs- that past experience in regard TO over
,5zn not stand the strain VIII cause our bankers
q Be very conservative IN their accommodations 10
rrT entering upon viii be governed by prudence
&C sound monetary conditions.
St PACL-More than one broker warned his
sF0ners last week against expecting TOO much of
s Paul Why should that stock with s10o.0oo.0Jo
tnanctng tor q t-anscontinental extension still
ews the company. have any other experience
81 New York Central. Pennsylvania and other
ENzs which have been knocked down twenty or
tz-T points by tremendous expenditures on new
ztgtzkings7" This has been the burden Of the
rE1nent 70 which has been added the further
He2 that the St Paul's operating costs are higher
tla those of the roads with which II proposes TO
m1psie and that in the construction and develop
ns,i period the company will be called upon TO
NF per cent dividends upon q great quantity OF
GpiA which is earning little or nothing.
rNIoN PACIFIc--There was further heavy in
fas buying o. Union Pacific in yesterdays stock
aaEket, and the Street was again filed with
l-no-s intnating favorable developments affecting
a' property. including the possibility of a securi-
~ holding company. Union Pacific, however, on
= 1eIits Is considered attractive purchase as
:" PER cent issue IN the current week the com
Nnys annual report probably will be published
-l NE Showing VIII be the best ever made by the
speF1y Il the present bull market continues as
Elrooaoy VII, Union Pacific doubtless will be one
!. tas leaders. The stock Is strongly held and the
-.-f!inan .an interests are active buyers
Aol ENENTs OF COTTON.-'The Financial
-'ohc-e" reports the total receipts OF cotton for
= NeeK ended October 19 at z16.473 bales against
~ Da!es in the preceding week, making the
- receipts since September !. 1906. S4ss 7s6 bales
sE-sl S5-s,54s bales for the same period OF 1906
rs bales
saANK CLEARINGs-The total hank cJear,nes
= ls United States for the week ended November
s Gay estiuated) were S3.403, ,sls.71s, against
a. s.'Ts' IN The preceding week and s3a2 6sS, ,l58
: NJ l's corresponding week last year.
:. - -t.oA CERTIFTCATES-Pig iron certificates
:. ~.s D New York Produce Exchange were steady
- --'l-hged There were no sales. Prices for
~ ~ closed as follows: Cash, November and
s-s s-sesls Co. Final prices for new stand
EeEz. S---'i1 y 'eofuaFy and March.