New-York tribune., 1903-07-17
WALL STREET AND EXCHANGES

WALL STREET AND EXCHANGES.
FOREIGN TRADING-Foreign houses dealt in
5000 shares in the local market mostly purchases.
In London the general market was steady, with
out special feature, except for the strength in
Americans on small transactions. Continental
bourses were irregular, with net much feature,
and consols were rather heavy but inactive with
no special feature. There. considerable dis
cussion of the American situation. but in good
quarters # thought that the uneasiness mani
tested in New-York recently was hardly war
ranted by the real conditions this side.
STOCK LOAN QUOTATIONS-Loan quotations
were: Amalganated Copper. AnaccLda, American
Ice. Atchison common and preferred Brooklyn
Rapid Transit, Baltimore and Ohio common. Colo
rado Fuel. Delaware and Hudson, Erie common
first and second preferred Louisville and Nash
Vile. Manhattan Missouri Pacific. New. York Cen
trail Norfolk and Western. Metropolitan Street
Railway. Peoples Gas. Reading first preferred
Rock Island ST. Paul. Southern Railway pre-
ferred. Southern Pacific, Sugar. Tennessee Coal
and Iron, Union Pacific common and preferred,
United States Steel common and preferred United
States Leather preferred Wabash preferred. West
ern Union 3 per cent; Canadian Pacific fat; Penn
sylvania. 2la per cent
MARKET GOSSIP.-In the first hour there was
RESUMPTION of bear pressure aided by a variety OF
stale rumors Steel and Rock Island bonds seemed
to be the centre of attack, but there was rather
more confident feeling In we'll informed quarters
and opinions were expressed that the market was
getting ripe for a substantial advance. Missouri
Pacific was taken by Butler Bros, but there was
quite little selling on the theory that the wheat
crop in the roads territory was by no means so
good as in adjoining sections. The Erie issues
were under some pressure and II was argued that
the failure of the executive committee to take
action on the first preferred dividend Indicated
that there would be no increase This opinion
was not, however, entertained in usually well in
formed quarters. The Well crowd worked for
lower prices in the last hour, and under the lead
Amalgamated Copper declines were recorded all
through the active list Recent rumors were re-
vived with some little variation. and 1T was notice
able that timidity seemed to have Increased.
FOREIGN EXCHANGE BREAKs.-One Of the
most favorable developments yesterday in the mon
etarv situation was the violent and sensational
break in the foreign exchange market which car
ried the rates for demand sterling down to the
loves. point reached this year, the fall being from
4S66O at the close Wednesday to 4S5S0d4. $3.50
about noon yesterday. The loss sustained was
about a of a cent the pound While perhaps
actual conditions of the foreign exchange market
are not such to warrant such heavy and alb
rupt slump, the signs clearly indicate that the
New-York money market will not be again called
upon in the future to supply foreign countries
for time money have for several days exerted a
depressing influence upon the foreign exchange
market. Money market conditions have enabled
foreign bankers to negotiate loans abroad very
from that source has been of material assistance
to the local situation. Sterling loan bills were yes
terday offered freely by international bankers. but
these were perhaps not the cause Of the creation
of the greatest amount of exchange
FOREIGN BUYING OF AMERICANS The
foreign buying of American securities this week
has been in large volume the purchases for
London account yesterday in the local market be-
ing estimated at 5000 shares For the week the
amount of stocks purchased for foreign account
bas hal tDIIT in ha Of
shares, which, Of course. is sufficient have Gre
ated large volume of exchange. But aside from
the open market purchases of securities by foreign
interests, they have taken considerable quantities
in other form About half of the 100000 Union
Pacific loan has been placed abroad. 1t IS be-
Heved that the local situation will find material
relief from its present tension through the acuuisi-
ton of foreign funds.
ILLINOIS CENTRAL-The preliminary state
ment of the Illinois Central Railroad for the wear
ended June 80 shows that the company earned +,
the year nearly II per cent on It's stock The best
results in net earnings made in the last
month Of the fiscal year. but throughout the wear
the company handled a large traffic business as
reflected in the increase of $324 so in gross earn
fnes as compared with the preceding wear The
management of the company has, as usual
handled the affairs of the property in a most ex-
Ceeut manner. Large amounts Of money have
been devoted TO betterments and improvements
an illustration Of which is seen in the increase in
operating expenses for the year of over p per
cent The companys liberal policy in the matter
OF expenditures is clearly shown in the roads
great earning power and It's generally increased
efficiency.
GENERAL ELECTRICIAN official of the Gem
er.ll Electric Company says that the fifteen point
break in the price Of the companys stock on
Wednesday not due TO any falling of in busI-
ness The volume of business handled was never
larger than at the present time The orders on the
books IN excess of those of a year ago and
the outlook is that next years earnings will be
larger than those of any previous year. The break
I'm the stock, he says, duo entirely to stock
market conditions.
AMERICAN LINSEED.-The price of linseed oil
continues 10 show downward tendency Fra-
cueut reductions have been made in the price b,-
the American Linseed Company and other producers
in the last few weeks. The cause for the Ueas,ess
is largely due 10 the that large crop of aav
seems assured, and buyers are holding or making
purchases until the fax crop can be more defnitaI
determined An officer Of the American Iinsaed
Oil Company says the last reduction was made the
last week. quotations being 81 to 80 cents nar
gallon for out Of town grades. which compare with
AZ cents for the grades six week ago
APPLICATIONS TO LIST.-The ST Louis ana
san Francisco Railroad Company has applied to
the NewTork Stock Exchange 10 list 81 52l 600 ad
ditional per cent refunding mortgage bonds The
Kansas City, Fort Scott and Mernnbis Eat,,.