New-York tribune., 1906-10-07

tory and calls for caution on the part OF their man
United States little more than three billions
on on, September D. 1906 they nearly touched four
years With such conditions prevailing in the
IN IN SPecuiatlve operations. The position of our
local banks is being improved by gold imports and
not yet by any means been safely passed. Another
taken place In real estate. collapse of which
would undoubtedly be unfavorably felt in the fnan-
FOREIGN EXCHANGE CONDITIONS. - c..
Schumacher & Co say:
since the issuance of our last market report
caused an advance in cotton of fully 1c pound
only for immediate but for future delivery. and
dwndied down to very small proportions for this
time time OF year with me likelihood of decreased
our cotton friends that Europe is not buying cot
month as absolute requirements compel The
decreased supply OF cotton bills has caused an
made london and Paris Pss annebe m eur9 nf mas
have declined materially at these points that
cded to leave their official discount rate un-
changed, and It looks at the present time, with
imports are about over. We have no apprehension
nous imports Of gold Which @ have aiready s taken
place and with the assistance of the Treasury
solved and that we can now expect reasonable
too broad speculation in our stock market This
we think. would be very ntudicous and. although
kets for the lmmeiate future we do not think
1t Will be allowed to go beyond reasonable bounds
STOCK EXCHANGE RULING-The Stock Ex-
change has ruled follows:
All contracts in United Railways Investment
company common and preferred stocks may be
settled until further notice, by the delivery Of
eitner the od certificates bearing the title United
Railways Investment Company of San Francisco
,I IIle nJed RauIWays investment Company. Also
all contracts in North American Company capital
deivery of either certificates issued in New York
heretofore or the new interchangeable certificates
transferable in New York or st. Louis
BANKS DECREASE IN CASH-The decrease in
the cash holdings of the Associated Banks. as
against reported increase of over 100000 doubt
less represents the correction by averages of the
discrepancy in the preceding week. when a gain
was shown in cash, as against large estimated
loss
GENERAL ELECTRIC.-General Electric stock
was scarce IN the market and advanced easily on
what the traders called good buying. There is
satisfactory authority for saying that the gross
business this will be least one-thrd larger
than that of last year. People who know the nat
ure of the business say that there is no need to
invent rumors of pending developments" to ac-
count for strength which is justified on merits
COPPER PRICES.-The average price of electro
lytic copper in the month of September is esti-
mated by The Engineering and Mining Journal"
at 1903 cents a pound. against 1880 August and
1856 a year ago. Average lake 1925 against
1S706 in August and 1878 last year The Journal"
says that the price will be determined by the ex-
tent to which the consumers continue to bid 1t up
against each other
COTTON MOVEMENT.-According 10 The
Financial Chronicle the total receipts of cotton
for the week ended October amounted TO 312 437
bales, against 275.lf9 bales in the preceding week
Total receipts since September l are 9S7Ol3 bales
against 126S,5i9 bales last year. a decrease of
28l5S6 bales The speculation in cotton for future
delivery has been the largest for a long period at
rapidly rising prices. This is due to reports of
damage by the recent tropical storm
BANK CL.EARINGS.-Th total bank cIearinos
OF the United States for the week ended October
l Zone day estimated) were s.. 1850 against
$3.50 4Sloo6 In the preceding and s. 169 800 SIS
for the corresponding week last year