New-York tribune., 1906-11-04
WALL STREET AND EXCHANGES.


FOREIGN TRADING.-Foreign houses not
active factors in the local market. dealing in only
a few thousand shares. In London the general
market was dull and moderately firm. Discounts
strong. and the report that French banks
refusing to discount American bills created
the belief that these bills would como to London
and that an advance In the bank rate would fol-
low. Bar silver in the London market was dull but
the best authorities predicted higher prices, owing
to the American. Mexican and Indian demand.
COPPER TRADE CONDITIONS.-stre in
the copper shares at home and abroad reflects tho
splendid condition OF the copper trade and fore
shadows. It is believed, even higher quotations
for the metal. D. Houston & Co., in their weakly
copper circular, say:
Magnificent trade conditions have provided wide
Set. and the Unprecedented demand is q veriaea
tSn OF the extensive consumption in force at the
past a gigantic movement has been maintained and
period Of expanng se s2ep aas
ket strength and pronounced activity. The out
features Indefinitely. and future developments are
likely TO lead to an Increasing demand for copper
the exceedingly t strong underlying conditions which
InTnlsh me iounoaton Ior one OF the most extraor-
of intrinsic strength resulting from the tremendous
oemntes 9 the IN ereates a
encountered. the market has naturally responded to
year
AMERICAN LOCOMOTIvE-The 4o0Coth loco
motive turned out by the plants now constituting
the American Locomotive Company fully COM
pleted and made ready for service at the Schen-
ectady plant Of that concern yesterday. This
engine, which Is to be used in passenger service on
the Northern Pacific. is No. 2175 and is to go West
within short time. The total number of locomo-
tives OF modern production at present in service on
American railroads is $1,000. The latest finished
product of the company is engine which
bines all Of the best of the old mechanical features
IN locomotive construction with the very latest and
most approved devices. The total weight OF the
engine IN working order is 245O0o pounds or more
than double the weight OF engines built ten year,
ago
READINGS EARNINGS.-It is apparent that
the sluggish movement of anthracite coal to con
sumers. which resulted from the overstocking of
the trade last winter and spring prevented Resd.
ings results in September from equalling those of
the same month the year before although the rail-
road did a little more gross business in September
than in July, and the coal and iron company prao-
tically the same. Why net results should compare
go unfavorably with last year is question Thers
has been no great or general advance in wages in
the last year Materials and supplies somewhat
higher. but not enough to account for the differ
ence It is difficult TO escape the conclusion that
the Readings railroad expenses include more that
is not strictly maintenance than they did wear
ago. and that the coal company's operating ex-
penses also include many expenses directly con-
nected with the current output of coal
BANK CLEAR1NGS.-The total bank cleartngs
OF the United States for the weak ended November
Zone day estmated) 1913. $50 9O7 against s3-
2n 512 in the preceding week. and $336 $50 for
the corresponding week last year. For the month
of October the total bank cearings were S452S 767
2s, compared with sl2624O164OS for October last
year. The total cleartngs for the ten months
ended October. 1906. were $1G eo9 0s4 99s. against
nls306,s s2l.642 for the period in 1906
PIG IRON CERTIFTCATES.-Pig iron certih-
Gates at the New York Produce Exchange were
hada
standard foundry slightly lower. There were no
sales Prices for regular ended follows: Cash
October. November and December. AS 60 bid; jan
uary. February and March. SIS 50 bid Quotations
for new standard foundry ended follows jan
uary. February and March. s220S2S.
MOVEMENT OF COTTON.-"The Financial
Chronicle reports the total receipts of cotton for
the week ended November2 at 4747n bales against
R4.74s bales in the preceding week making the
total receipts since September l. 1906 1888 2S bales
against 2572 1863 bales for the period In 1906
showing increase since September l. 1905. OF co.
$50 bales.
CHESAPEAKE & OHIo-It was said yesterday |
in well Informed quarters the per cent divl-
dend declared by the directors of the Chesapeake
& Ohio last week would he followed by a similar |
declaration six months hence placing the on
per cent basis.
AUSTRALIAN GOLD-Between a,5Oo.Ooo and So
100000 Australian gold is due San Francisco the
first Of this week and the Treasury has authorized |
it's immediate transfer TO New York
FOREIGN EArHANGE CONDITIONS. - c. |
Schumacher G. Co. say:
When We issued our .ast report Friday, Octo- !
ber 26, prime sterling selling at 81 S5.S5. and
bet Teen that date and 1day night exchange de-
clned sharply to 81 $500. owing 20 the enormous
supply of cotton pills from the South, this Office
alone receiving over $l4000.010 worth of CONNER ,
cal bills during six days actual business. 1t is /
surprising therefore. that our market experienced
but comparatively small decline which shows /
that II is in position take. at present rates. /
all the exchange offered. But the latter part of this
week, when the offerings OF commercial bills de- |
creased, the market had sharp advance. and at |
the present writing prices the those
ruling a week ago We understand from our |
Southern friends that, although shipments OF cot
ton very heavy just now. the supply is likely |
TO decrease materially, and for this reason we be-
and that the agitation OF gold exports is only |
question of month at the latest. We took |
occasion to point out that France might come TO |
the assistance OF the Bank of England. and In this |
connection we hear that the Bank of France has |
Disseminated against all finance bills drawn by |
this country. well those from every other |
fnarcial centre OF the world. We believe the |
action taken by both England and France in re- |
fusirg to further extend credits 10 America 10 |
market operations means that the American banks |
viii have 10 bear the entire burden themselves.
It is very doubtful + money market can stand |
this additional strain at present. and think that
shortly after elections are over liquidation Is quite
likely TO again set In in security markets
MONEY IN CIRCULATION.
The Treasury Department reports money IN cir