New-York tribune., 1906-06-06
WALL STREET AND EXCHANGES.

houses dealt
10000 shares In the local market. most OF which
sales In London the general market was
quiet Consols strong According 10 cable
dispatches sentiment cheerful in the British
markets. being influenced by the money market
outlook. which is steadily improving II was
thought that the strength in consols foreshadowed
a reduction in the Bank of Englands minimum
rate of discount.
AN OPINION ON COTTON.-Harvie Jordan
president of the Southern Cotton Association. says:
If the bureau report be fairly accurate state
ns, ment OF actual cotton aereage planted and
likely TO be any great scarcity Of cotton from
pare favorably with those of 1897 sS and 1904 the
supplies of raw cotton will be sufficient from the
Of the miiis another Year We do not wish to
Of American cotton Our Efforts m TO hold the cTe
age In cotton down has been with view to teach
acre II is an economicai and business PROPOSE
ton to plant fewer acres. cultivate better, fer
yield per acre. This system win solve the problem
cr seor Searctty, ~ furnish ample supplies and In
for the raw cotton, and in wise check the pres
heavy and continuous sales of spot cotton through
out the South for September, October and No
yefnber deliveries at prices around 10 cents.
due TO the fact that the great masses of the
sales
UNITED STATES REDUCTION AND REIN
ING.-The sharp advance in the shares of the
was accompanied by rumOr that important
transaction between this company and the Amer
lean Smelling and Refining Company would be
concluded an early date. One story has IL that
the United States Reduction and Refining Com
pany will be absorbed by smelling interests. At
the offices of the American Smelling and Refining
Company no confirmation OF this report could be
obtained Representatives of the Reduction COM
pany were equally reticent
IRON CONDITIONS.-Fresh inquiries for about
nve thousand tons of foundry iron made their ap-
pearance IN the market yesterday. The scarcity OF
Bessemer iron continues One OF the largest steel
mills in the country reports that IL contracted for
OGo0 tons of Bessemer for delivery in April and
that none OF the iron had been received TO date
owing 10 the congested condition of the furnaces
The United States Steel CORPORATION is b,,vins ALI
the Bessemer iron available
FAILURES IN MAY.-CommerciaI failures In
May. reported BY branch offices of r. G. Dun
& Co. $50 in number and N2 9s3 $40 in amount
of defauited Indebtedness This compares with 500
failures in the corresponding month last wear
when the liabilities &.9J7.sOl The very large
increase in aggregate liabilities is provided almost
entirely by a single Insurance suspension. due TO
prospective losses following the San Francisco dis
aster NO actual default occurred. but a receiver
ship was created because of the conditions existing
In other respects last month's insolvences were
about the same as in the corresponding month OF
1895.
MORE COAL LANDS FOR CHESAPEAKE. &
OHlO-it was learned yesterday from a trust
worthy source that negotiations are under way for
the acquisition CT the property OF the Northern
Coal and Coke Company OF Kentucky The prospec-
tive purchaser OF these lands is understood 10 he
the Chesapeake & Ohio Railway COMPANY While
that company does not appear directly in the neco-
tatons. il is said that these who have made over
lures to the controlling interests In the Northern
Coal and Coke Company are acting In behalr of the
Chesapeake & Ohio.
BESSEMER PIG IRON.-A round lot of Resse-
ner pig IRON has been sold in the Shenango Valley