New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-25
BOSTON COM IN ERClAL
WALL STREET AND EXCHANGES.

FOREIGN TRADING.-Foreign houses were not
active factors the local market, their operations
amounting less than 10000 shares. principally
purchases. In London the general market was dull
and firm. While easier money rates are not looked
for. London expects somewhat lighter quotations
toward the end of next week The collapse of the
Moroccan conference would be the most serious
obstacle to generally easier money, as it would
hold up indefinitely the financing urgently needed
for Russia. There have been 10 further disturb
arising out OF the mining settlement i'll Lon
don.
MARKET GossIP-Traders tested American
Smelling and National Lead with few short sales,
but covered on little aggressive bidding II looks
if the Hoffman House contingent had been try
ing the short side in Shelters. TO judge from
character Of the buying the moderate early
London fair buyer of Union Pacific
but did practically nothing elsewhere. Transactions
for foreign account mostly completed in the
first half hour Buying Of this character
probably totaIled 10000 shares A bull point
American Ice. and appeared to have
the Countenance of the old Morse following. The
early trading in the Copper stocks scarcely affect
ed the strength OF those issues in London. Ana
conda was not up 10 the London parity, but
left 10 take OF itself There was, however.
some scattered selling in Amalgamated Copper,
which was Offset by support from Flower & Co.
and other houses credited with the same affiliations.
1t is probable that some of the Northern Pacific
bought for London above go sold in the
action. The recent purchases are thought TO have
X.
Union Pacific was the feature OF the early trading.
The advance in London regarded impor-
tant. The Hartman following the other side
is quite powerful one and has usually been well
informed. The plan to issue the authorized pre-
ferred stock scrip issue is accepted as sub
stentially in London Consolidated Gas
was heavy with scattering sales and influential
buying. 1t is cOntended that the constitutional
right Of the legislature delegate the power TO fix
the price will be fought. but houses with political
0~frrlc rl7rr
by the passage of bill to the effect by the
legislature.
EXCHANGE MARKET CONDITIONs-C. schu-
macher & Co. say:
At the present time it is very hard to prognostl-
1y t y factors In the first place. the banks are
crease IN our loan account, would show reduction
In our surplus reserve which would result IN higher
exports of grain at the present time more than !
supply the demand for reHittances by uptown |
importers However, in opinion. the position |
or the banks is very much better than reflected in
recent bank statements, and we would call atten- |
ton to the fact that the banks in the principal |
tt fnroughout the country are holding about
{ h uines the reserve now held by the NewYork
banks; ms shows that although money condi- |
out the country they are very good II is interest
ing. while there is much talk about our none
!nent In the foreign exchange market. We believe
ter than in @ t@Gues are as good if not bet
the position OF our bankers. which allows them to
draw finance bills on all parts of the globe and in
appear az this centre We believe this to be a /
nuch better way than an increased barknote in
natlon because the strain is taken away from our |
avoided The bankers in position to relieve the
money market are the conservative and
and offer in such times of need are ample 10 1ak
CztG OF any money panic which might develop
Goes not apply TO temporary fluctuations within i
reasonable limits. which are in the greater part
the result of overnhation rather than of absolute
need II Is only natural that the foreign exchange I
goes on '''0'''e more interesting as time
THE COTTON OBSERVATION-DISCLOSURES 10 The
Financial Chronicle. the total receipts of cotton
for the week ended February 90 1906 were 1S6O15 /
bales, against 3255 bales last week 1S1 sos bales
the preceding week and 1898 bales the week be-
fore that The total receipts since September ara
6lSS1. against 6S96497 bales for the same period
last year, decrease of 765 1856 bales The weather
in the week has been more favorable Rain has
fallen in most districts but rule precipita-
ton has been light, and the temperature has been
higher generally.
PIG IRON TIFICATES.-ReguIar and foun-
dry pig iron certificates at the New-York Produce
Exchange were quiet and generally higher There
was a sale of 100 tons of regular June at SIC a.
Closing quotations for regular follow Cash and
February, SIS bid; March, SIC 35aS16 90; April
SIG % bid May and June, $40 35GSs 80 Final quota
tons for foundry follow: Cash and FEBRUARY
SIG 259Sl7; March. SIG IS bid; April SIG 10 bid; Nav
SIC 6GdSl7; June, SIG S5Q$17.
BANK CLEARINGS-The total bank oIeartngs
Of the United States for the week ended February
"A We're SIS 645 1856. against in the pre-
ceding week and s25Os,Sl7634 last year.
ST. PAUL BEARS AT WORKS.. Paul sends
this TO New-York: Railroad men look for a had
break in rates IN the summer Of l90e-a break sucb
as has not been known for eight years The Bur
lington and Chicago Great Western have taken The /
initiative and are looking for traffic at almost any
figure"
RUSSIAN LOAN REPORTED-It is reporte5 in !
ST Petersburg that a loan has been arranged with
French bankers for s225O0O coo at 6 per cent ar q !