New-York tribune., 1906-05-20
WALL STREET AND EXCHANGES

WALL STREET AND EXCHANGES. 2
FOREIGN TRADING.-Forsisn houses were ra
active factors IN the local market their tzansao.
tions amounting to only few thousand shsrezs
generally purchases. In London the general r1a,
ket was steady, without important feature. GTonss
was easy in the foreign capitals. and &c was bs.
ieved that 1t would continue Throughout th4
present week
FOREIGN EXCHANGE CoNSDTTIONSs-C soha
macher Co. say:
Demand sterling sold last Friday at s. ST.. Senc.
tren,a 'e ctTst, w nave had AT % oIH IaEzst WIN s
we believe the easier condition In the money
ket is the sole influence that keeps exchanges az
Of gold to San Francisco and other part1 of ~
country It is quite likely that temporarily we VII
exchange to decline to the gold import point. THs
P5S Fra5se are o soHg 70 reopen @ for bushes n Sag
that they will try TO have large supply Of golt
are no paniel1y conditions we believe That bS ~
middle Of June good part OF these funds win bss
conditions here. 1t is our opinion that q grsas
oeal OF the money will be held in New YORK ult1i
after San Francisco is nearly rebuilt Although
exchange might weaken from the present figures,
we believe that such reaction will only bG tens
porary, and that some time In June our banks
ana si oanKers VIII have an opportunity o draw
t Ihe only oilcuty we see in regard 70 this potuc
companies and the San Francisco banks viii have
large amounts OF funds on deposit IN New York,
money conditions here that our bankers vii have
little use for their money at any tempting rates
STOCK MARKET PREDICTIONS Edward
Wassermann. who predicted years ago that Lackas
wanna would sell at some price which was cOnslds
cred unheard of that time. desires to go on rec.
ord with the following: Lackawanna is to sen ae
1000. Delaware & Hudson is TO sell at 800 Reading
will reach 200. and Erie common 20 at least Mr.
Wassermann does not put any time limit on thesa
predictions. adding that has no interest in Erie
except in the second preferred which he bOuahe
somewhere around 20 He says he also holds few
Lackawanna. bought years ago. Reading. he says.
should not have sold at 1O before coal strike was
threatened. at 115 after the settlement Those
who are talking about stocks that are selling in the
hundreds. but not wanted below par appar-
emily forget that there few stocks that sold az
very high prices. which they have never reached
since-MetrOpoltan. Consolidated Gas. Cordage or
its successors Bay State Gas to say nothing OF the
many railroad stocks that were assessed in reor-
ganizatiOn-
COTTON MOVEMENT-According to ''The EI,
nancial Chronicle the total receipts Of cotton for
the week ended May 1s 1906 were 1886 bales. "a
against 69.446 bales in the preceding week Tha
total receipts since September are 72T040s bales
against ss21S bales for the same period last year
a decrease Of 1.55S.500 bales. The weather in the
week has been more favorable The rainfall has
been light over much OF the area. but in portions
Of Northern Texas heavy precipitation is claimed
to have done damage.
APPLICATIONS TO LIST-City Of New York.
SD 100000 corporate per cent stock; Chicago Grsae
Western Railway Company. S4OOOOOO additioraI
preferred "B'' stock; United States Rubber Com
pany 100000 additional first preferred stock: Cfis
cago Western Indiana Railroad Company. Sn,-
$4,000 consolidated mortgage per cent bonds Os
1882 louisiana & Arkansas Railway Company.
$500 additional first mortgage per cent bonds q
1877.
ANACONDA MINORITY STOCK. Some Iurga
holders OF Anaconda Copper Mining stock have been
sounded regarding the terms upon which they vouIss
surrender their holdings TO the AmaIgamated Cop
per Company. The latter company is said to have
increased its ownership IN the Anaconda since Sc
became demonstrated that the lower levels OF ths
Anaconda mines were as rich and IN some instances
richer IN ore than the higher drifts. The MANAGE
ment has. 1t Is said. secured sufficiently laRga
majority Of the Anaconda stock to make It desIr-
able. if possible. to clean up the minority stock
from the market Authorities that have frequently
had advance information intimate that the Anal
gamated company is considering the definite urou-
osition Offering to exchange one share OF Anal
gamated for one share Of Anaconda. The pa-s
value of Amalgamated is 500. while that Of Ana
cOnda is So so that this offer would be equivalent
10 percentage price OF 800 on the New York Stock
Exchange. 1t is pointed out 20 those who are ac-
custOmed to speaking Of the price Of Anaconda as
being high go that the stock OF the Parrot SI-
Yer and Copper Mining Company. on which the div
idend recently cut into. is still selling az about
81 per share OF par value OF SO or equivalent 20
go on the percentage OF quotations Parrots new
dividend basis is 10 per cent while the Anaconda
company is paying dividends at the rate OF IS rer
cent. with strong prospect OF an increase before
long In the rate. Many Copper men who have dis
cussed this suggested basis Of exchange OF Ana
cOnGa for Amalgamated express doubt as 70
whether the large minority interests wOulI acceDs
even price Of 400.
PACIFIC COAST.-An offer OF 80 has been made
20 large holder OF Pacific Coast stock for IIO00
shares OF the issue There is little OF the stock
in the market. and the only possibility OF getting
it in large blocks IS at private sale AT price wen
above the market
ERIE'S NEW LOCOMOTIVE VES.-DeIvery OF tho
last OF its order for seventy-fve new locomotives
was made 20 the Erie Railroad in the last week
OF this number twenty-five are or the huge Pa
c6c type. which the Erie has made its standard
for passenger service The Erie now has forty
four engines of this type on It's lines. Fifty new
Baldwin locomotives OF the consolidation type have
also been delivered to the Erie at its Bergen N I
yards. These will be put into fast freight serVica
These complete the Erie's immediate additions 20
motive power. and with those purchased in tho
last eighteen months make the road better
equipped for handling heavy trains than at any
time In the dftyhve years Of its operative history
LOUISIANA s. ARGANSAS-Ths Louisiana g.
Arkansas Railway announces definitely that ft win
connect with the Texas & Pacific through th,
opening Of its extension from Packton 10 Alex
andTia June I. This viii complete q throrql.
route from the lumber belt OF Arkansas and Ior-
tsiana 20 export points the Gulf OF Mexico
BANK CLEARINGS.-Tho total bank clearing,