New-York tribune., 1906-07-04
WALL STREET AND EXCHANGES.

FOREIGN TRADING. - Foreign houses sold
stocks in the local market 90 moderately heavy
extent In London cOnsOls were steady and the
general market was quiet In Paris the settlement
developed no disturbing features. Discount rates
were firm and IN London il not thought prob
able that there will be further reduction In the
Bank Of England rate. with exchange at Paris and
New York against the British capital
SHOWS CROP REPORT-SnOw's crop report
for July shows estimated condition OF winter
wheat at harvest OF SZ2 against Ss1 per cent last
year Upon this basis the crop should make 4iO-
Ocoooo bushels, compared with his estimate OF ST.
OooOoo bushels last year Thrashing returns so far
available. fully justify preharvest expectations
The condition Of spring wheat declined nearly six
points in june and now stands at sS.4. against
SOS last year. Excessive rainfall and some appear
OF red rust In the Northwest accounts for the
decline. If the condition Is maintained until the
harvest. crop Of 2s5O0G00 bushels Is reasonable
expectation. making the total wheat crop promised
practically the as In 1905
UNITED STATES STEEL EARNINGS.-The
June returns OF the United States Steel Corporation
indicate that the earnings for the second quar-
ter will run In excess OF SSOooco The net earn
inss In the month OF June in the neishbOr-
hood OF s13o0o1o Al the plants OF the corporation
In operation. and specifications coming IN indi-
that July earnings will be propOrtiOnately as
large June earnings
NO FURTHER UNION PACIFIC BOND CON
VERSIoN.-The management Of the Union Pacific
Railroad Company has decided 60 make no further
extension OF time NOE tne conversion or Its
cent bonds into common stock The time limit
expired May /. leaving $500 bonds stin un-
converted. and was extended 70 July l. when there
was still outstanding about $4,000 OF the bonds
CURRENCY MOVEMENTS.-LOca banks trans
ferred yesterday through the Sub-Treasurr $4,000
20 New Orleans. while the Sub-Treasury paid 20
the city institutions $4,000 representing transfers
from San Francisco. The total return movement
date from the stricken city amounts 70 S1 7sAOo
against shipments Immediately following the earth
quake aggFegating $iSOoOca
CHEAP PRICED IssUEs-The minor lndustriaIs
and the low priced nOn-dividend paying railroads
have been less under pressure than The standard
stocks. They are generally the last 90 show the
effect OF liquidation. the pools prefer 90 sell
stocks that have better market. Traders are
watching closely for any sign OF weakness in such
stocks.
NEW YORK AND NEW JERSEY TELEPHONE.
New York and New Jersey Telephone rights"
are now quoted az 2ssGa and several sales have
and ls9 asked. and tho rights az the bid prices
che stock took place IN May 14S. while the next
sale will probably 30 az some concession from that
figure following che Decline in the whole market.
PIG IRON CERTIFICATEs.-Pi iron certificates
az the New York Produce Exchange were hrmer
ana more active. The sales included 100 tons OF
standard foundry October at sI7. and 100 tons OF
standard foundry October at SIC IS. Quotations for
REGULAR follow: Cash. SIS 90 bid: July. N6QN6 %:
october SIS l5QSl6 %; November SIC lOG$lS 90 Prices
for standard foundry follow: July. SlT lOGSl5 50:
Oe,ober. s6Sn9S7; November. SIC eedSl7 10
THIRD AVENUE DIVIDEND.-UndeF the con-