New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-15
WALL STREET AND EXCHANGES.

5000 shares in the local market, mostly purchases
in London consos were steady and the Bank OF
England did not change its rate. The weekly re-
turn showed abnormally low proportion of reserve
to liabilities which, of course. was natural con-
sequence of the Transvaal loan operations. The
bank not able to release subscriptions in time
to reduce the discount rate. but money was easier
in the open market IN London. There was no
change in exchange quotations in any Of the
European centres Bar silver showed some
strength.
STOCK LOAN QUoTATIoNs.-Loan quotations
Amalgamated Copper. Anaconda. American
Ice. Atchison common and preferred. Brooklyn
Rapid Transit, Baltimore and Ohio common. Colo
RADIO 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, Re
public Steel preferred, Rock Island, st. Paul
Southern Railway preferred. Southern Pacific.
Sugar, Tennessee Coal and Iron, Union Pacific
common and preferred. United States Steel COM
mon and preferred. United States Leather pre-
ferred Wabash preferred, Western Union. Cana
dian Pacific and Pennsylvania, 2g212 per cent
STEEL sITUATION-A director of the United
States Steel Corporation is quoted follows:
The true situation is this: The United States
Steel Corporation and the principal iron and
their orders. They can't catch up this year. They
are sold to their entire capacity in some lines TO
the end of the year. and in others will have to run
to the extreme limit of output to avoid being
demand for steel billets that the Youngstown plant
is being utilized for their manufacture instead of
instance now under consideration. Through its
system of keeping in constant touch with the
heads Of subsidiary companies the Steel Corpora
ton keeps absolutely Informed as to the market
no ehange can occur IN any ne %l IN us R9oWl
any product it knows at once. The managers of
cation with President Schwab or Chairman Gary
and at monthly meetings all are brought together
for consultation Therefore. when any one in au-
thority in the Steel Corporation gives statement
and not heareav or belief The situation is good
The price schedule is going TO be maintained There
but steel rails and standard products not going
lower AS Tor me IoTelsh imports tey 0ny snow
in their orders. When they able to fill orders
the question of imports viii be settled. The Steel
Corporation and its principal competitors expect to
do larger business than last year
FOREIGN VIEW OF THE SITUATION-''The
London Statist'' says:
It must be borne in MID that the prosperity Of
the mted states Is u i 20 suTer ny chech
remain large. and that the fall in prices in the
g G sBa The CRISIS Wss the may
suit of a combination Of circumstances which will
protected from foreign competition by a tariff
iron and steel will be maintained in the United
which win give arg profits to the Steel G2rP9Ta
employed by developing foreign business
AMERICAN ACKNOWLEDGEMENTS have
been completed for providing the Marcon Wireless
Telegraph Company of America with considerable
amount of working capital. not less than guar
anteed amount of $4,000, and, In some contin-
gences $4,000 The plan includes a privilege to
stockholders exchange their shares OF stock for
certificates of deposit, of the par value of s. each
which certificates of deposit will be placed upon
the market in lieu of the shares of the company
MEXICAN NATIONAL.-Mexican National pre-
ferred held we'll anything the list and
gave evidence of continued accumulation The
special strength of the issue makes the report that
tho Mexican government desires to retain a
substantial holding-a reasonable solution of the
recent buying.
SUGAR PRICES HIGHER.-Refned sugar has
been advanced 5 points. The advance is said by
authorities in the trade 10 be simply reflection
of the active demand for the product at the pres
ent time. The business yesterday and Tuesday is
reported in trade circles to have been the heaviest
for any days within year.
FURTHER REDUCTION IN PIG IRON-There
was further reduction in pig iron yesterday No.
northern is down % cents in the bid price and
81 in the offering price. No is down % cents
No. plain is down 5od75 cents Southern pig iron
was reduced SOC a ton. 1t is believed that the
lower prices will help the trade rather than in
lure il, as buyers who have been holding off will
re-enter the market. The reduction will also serve
- check imports. the benefit of the home market
CANADIAN PACIFIC To ISSUE NEW STOCK
A Toronto report says that it was definitely de-
cded by the directors of the Canadian Pacific Rail
road Company, at their last regular monthly meet
ing to issue from s150o0.0N TO 100000 new stock
The new issue. however, will be postponed for A
few weeks: at any rate. pending Improvement
in stock market conditions.
MAY PAY DIVIDENDS.-Spec dispatches from
Chicago received yesterday in Wall Street an
nounced that Judge GTosscup had granted permis-
sion to the receivers of the Union Traction Com
pany to pay the dividend West Chicago Street
Railway stock. which is payable to-day The
money will be borrowed at a rate not exceeding 6
per cent Similar permission given to pay