New-York tribune., 1906-05-13

tO&S1AeT0N 4EAD1NG--EOreign houses vsra ne
active factors IN the local market their or7a-, ~
ing made up chiefly OF sales In Iondor tl..-
eral market was arm, with the exception - -,
mining department. which vas inclined "a s.T' -
Money was easy.
FOREIGN EXCHANGE CONDTTIoNs
Schumacher Co. say:
FIlme demand sterling during the vsss a.
gay Lhis advance was entirely due 20 fhs ees-
panyng sharp recovery IN our staef Isrs I1S sseo-
stoEIns general confidence. In the cioq1Ss 81
1ir1s o. our previous letter pointed ont tst +.
We needed more gold there would Be- no froThis
cIS5ISneea IN securing IT, for the reason that ths
80 4 LdIAet IN such a case would work down
% 20 Ine level necessary for such Importation h
during the Wee ls tbst eogrIe ~ s o. the money m
Are not in need Of additional gold fron s5roSS
higher rates. and this was very natural Un5s- 80
circumstance The sharp recovery, both n e.
sents no more than a reaction from a I91v is-CI
T 4 my De t4HoWed later on by declining prices
money question which have bee1 e. az s-'3,tS ~ Sle
N ~ u Snelt manifestations from time 70 time? We
oeem It prudent to disregard the view OF ssusui.s
people who cherish the belief that evsryfhiSr "a
sspt 70 De brought face 70 face. sooner OF later.
our currency. The horizon. It Is true NAV ciss-
f-Gy,bI y IIuLDe5 @ 4L gmes but We hardly think thai
Glsease must be cured by so D actual practical
teIoTln or the evil viii one OF these DAYS rssuIs
In very serious consequences The receSsarS
elasticity must be injected into our currency To-
fore we can look forward into the future vfth
any any degree Of perfect security. At this time q
fact' the months OF May and June are the strong
i @ II gr Ine year toE Ioreign exchange. and there
ing this tendency into consideration Ne nav -
higher rates OF exchange. but. on the other ha1d
We would not be surprised II the market would
turn toward lower level
CURRENCY FROM SAN FRANCIsCo-Ths
banks received $4,000 BY telegraph nom San Fran-
cisco yesterday for the account Of a Pacific Coast
iV1cff ffTrf4O
ond transfer Of currency received from San Fran
cisco by banks here since the earthQuaks. Money
sent to San Francisco Immediately after the disas-
ter is being returned to Chicago. Banks IN that
centre estimate that one-third OF the eurrsncv
they shipped IS on its way back, or soon wiu be.
and that not more than one-third VIII be retained
a long period.
PENNSYLVANIA NOTE ISsUE-It was rep0rt-
ed yesterday that arrangements had been made to
float a S5OOOo,OOO note issue by the PennsylvauiR
railroad. It is understood that IN the event Of
such an issue it viii be put out by the Pennsyl-
vania Company rather than the railroad company
and financed by New York bankers The rumoF IN
the Street that the rate OF interest on this Issue
would be per cent was not seriously taken. vel
Informed bankers stating that the PennsyIvanis
Company would be able to secure much better
terms
CANADIAN PACIFIC'S BIG EARNINGS.-
Earnings OF the Canadian Pacific for the frst week
In May amounted to 81 269 900. compared with So1Q
IN the same week a year ago. From July ]. earn
ings Of the property have increased S.laSo1
Earnings OF the Minneapolis, ST. Paul & Saulr
Ste. Marie for the first week in May amounted %
$212437 compared with $lST4Ss IN the corresponding
time last year. The 500 company is CONTROLLED
through stock ownership by the Canadian Pacific
COTTON MOVEMEST-AccOrding TO The II
nancial Chronicle the total receipts OF cotton 1Or
the week ended May II. 1905 were Ss 4is bales. IS
against SS.45S bales in the preceding week Ihs
total receipts since September 7.15152s asass
S6sO,SS2 for the same period last year, decrease
Of 14S5.440 The weather in the week has been gen
orally less favorable. The rainfall has been light
but the temperature has been low for the season
Killing frost in some sections is reported
COPPER MARKET-The best Lake Sule7ilf
copper IS selling for September delivery as 81
cents, and the sellers have longer any Iuns c.
livery to OfIer. July Is for the most part solG ae
most OF the sales this month must Be for Aug--ss
and September delivery.
MERCANTILE NIARINE-Nercantiio 1laEi1s So
cur1ties have been receiving increased es,s1tia1
since the publication OF the earnings Of the La st
line for the year 1895. The gFOSs earnings q no
latter showed appreciable Increase IN Saa-
they nearly doubled.
ADMITTED TO QUOTATION-Ou0tati q
Missouri. Kansas and Texas Railway Co1szy
subscription receipts. first instalment so pan.
have been discontinued on the stock Exchanse, ar
subscription receipts for second instalmene s0
paid. admitted TO quotation. Atlantic Coast RAD
road COmpany's subscription receipts. first ins,2-
ment $50 paid for stock. have also ben a.
mitted 20 quotation.
BANK CLEARINGS.-Th0 total bank cleSl-Hss
Of the United States for the week ended Hay =
were SsSs 1S04A against S37O0sl5. .l59 In the lIsS
ing week. and S25f7 SlT.623 last year.
MEXICAN CENTRALA-Mexican Central "a
sharply advanced. rising over two poinaE 10
chief buyers OF this stock were Gates Cenp ~.
ONTARIO WESTERN DTVIDEND.-As - -
ported IN well Informed circles that the mex, -
den0 on the Ontario & Western stock VIII % . -
cent. placing the issue on q per cent ocslS -
ADVANCE IN I1EAD.-The American Sl-s..-s
& Refining Company has advanced the DEics q 's
lead Is points nom SEQ g GTG