New-York tribune., 1906-11-02
WALL STREET AND EXCHANGES.

WALL STREET AND EXCHANGES.
FOREIGN TRADING-The London market was
closed yesterday and foreign houses were there
fore, not factors on the local exchange. Discounts
firm. Bar silver strong speculative
buying, while bar gold declined
TREASURY SILVER PURCHASES.-The Treas
ury Department will buy between 2.5OOO0O and
5000, 900 more ounces of silver for subsidiary COIN
age purposes. II has already purchased 5,O0O.0 900
ounces. There appears TO be a limited supply OF
silver bullion be had. the American Smelling
and Refining Company practically having control
of the market OF the silver bought by the Treas
ury, with the exception of a few hundred thousand
ounces all has been supplied by that concern. The
American Smelling and Refining Company about
three weeks ago sold 100000 of silver to
Mexico, which is being coined at the San Francisco
Mint as fast the company deliver the silver
and the mint coin It. 1t will doubtless take
four to five months to complete this order. and the
company has every reason to believe that the pur-
chase of silver the part of Mexico will be as
regular it doubtless will be the part of the
United States. There is a heavy demand in Mexico
for silver for coinage purposes due both TO the
established value given To the silver dollar by the
adoption of the gold standard and the recent
heavy sales of surplus Mexican suI.y OF the metal
due the advance IN its price. Mexico had large
holdings of silver and sold it rapidly the market
advanced, but Overdid the matter and is COM
PEELED buy it back at higher prices. The Ameri-
can Smelling and Refining Company which has
tom in that country, its employees IN silver 1t
is experiencing great difficulty in securing silver
dollars and fractional currency for this purpose.
OCTOBER FAIIURES.-CommerciaI failures IN
the United States In the month of October ac-
cording to statistics compiled by r. G. Dun & Co,
SSS in number and s1O559.714 in amount OF
defaulted Indebtedness. This Is a slight decrease
in number compared with the So last year.
but there has been large increase in liabilities.
which only 81. .751. .992 in October 1906. Manu-
turing MN re6 aFrS- Loot
year. while liabilities s. 39455o against So
Sl5 There so trading failures. for So $751; SIS
against 592 last year, when the amount Involved
$30S6.631 Other commercial failures including
brokerage real estate, insurance and transporters
other than railways. were IS in number, against
% last year. but there large increase in lia-
bities to 81 7S7.S4S against only s27054s year ago
In addition to the commercial failures there were
four suspensions of banks, involving SsS5.o00
of which was supplied by single large failure,
yet there appears a favorable comparison with
losses in the corresponding month last year when
there occurred seven banking failures. for 50 g74549
With its quarterly settlements, the month of Oc-
tober Is usually productive OF more failures than
other months at this season. and this years losses
have undoubtedly been swelled to some extent by
the storm at the South. but still more by the un-
settled condition Of the money market, which re-
tarded payments and disturbed speculation
THE COPPER MARKET.-The market for cop
per In the last week has been admittedly quiet. but
for all this there has been shading prices and
prominent copper people declare that there is no
abatement of the strength shown for time
past. The oft-repeated report of accumulation OF
the metal is again current in New York. the basis
for this being the fact that the market has been
dull II is figured by certain interests that the
fneries necessarily accommodating copper as a
result, but leading producers deny absolutely that
this could be done under the existing state of af-
fairs. when the copper now being refined was for
the most part contracted for two three months
ago.
BANK OF ENGLAND'S DISCOUNT RATE
While there was no change in the Bank of Eng
lands minimum rate Of discount the weekly
meeting of the bank yesterday q cable dispatcb
from London intimated strong possibility of a I
per cent IN the future unless gold should
be received from New York or from Continental
sources The weekly return of the bank showed a
weaker position than recorded last week or In the
week before. The Bank Of England has not had a
per rate since 1873.
CHESAPEAKE & OHIO DIVIDEND TN
CHANGED.-The directors of the Chesapeake &
Ohio have declared dividend of l per cen, This
action was announced without any intipnation as 20
whether the directors regarded the stock as sin
upon the old per cent basis. or whether there had
been any discussion of the advisability of declaring
another dividend OF per cent six months hence In
every respect the declaration and the manner OF
Its announcement were similar 10 those OF preceding
years
PIG IRON CERTIFICATES.-Pi iron certificates
at the New York Produce Exchange opened steady
a OF
standard foundry December at SCI 10 First prices
for regular follow: Cash. November and December
SIS - hid. Quotations for new standard foundry
started as follows: January. SO 25QS2S; February
So a5d$es; March. 500 2d$22 10 on the second call
business was dun. and prices ended the same as
they opencd
COLONIAL. SILVER MINES Transactions IN
Colonial Silver Mines when issued" But the
actual certificates will be out by Monday. Thousand
share certificates issued yesterday 10 a few
1Pv w buf he xxiI
issued until the hundred share certificates ara
made out and that will be about Monday morning
one for the delay issuing these certificates
Is that the present officers are perhaps only tenn
porary. IL was not intended put the stock ON
the market untu next week but the heavy dealing
in it has compelled the company issue these GER
tihcates To accommodate traders
PROPERTY VALUES SOUTH-'The Manufact
urers' Record estimates that the true value OF
real and personal property in the fourteen South
ern states at present is at least SIS 900 1000 which
is nearly s2o0o,o0oooo more than the true value OF
property In the whole country In 1860, with the