New-York tribune., 1903-03-10


declining tendency The selling was SUPPOSED :"
he realizing for New-York although there "aS ~ .
dence of American support IN union rd0 ~
Southern Pacific The general market was ne"'',
without feature Of interest. Copper stochS Sno -,
some strength on the advance IN Ine pl''e VI '
metal Bar silver noticeably strong
STOCK LOAN QUOTATIONS-Loan quotations
were: AmaIgamated Copper. Anaconoa, america"
1ca Atchjson common and preferred, Brooki9 u
Rapid Transit Baltimore and Ohio common. Cana-
dian Pacific Colorado Fuel, Delaware ana huo-
son Erie common, first and second pfeletL|eu' |
louisville and Nashville. Manhattan. missouri fa-
ciic New-York Central Metropoh1ah 0t'c- @ -
vay Norfolk and Western. Peoples Gas heao"s
Arst nreferred Republic Steel common ana pre-
ferred Rock Island. St. Paul. Southern FailTaE
nreferred Southern Pacific, Sugar tennessee Ioal
and ITon Union Pacific common~an ana preIeIteu, ,',
United States Steel common and preferred uhlteo
Ctate. Leather preferred. Wabash preferred and
Western Union per cent.
MARKET GossIP.-Union Pacific interests In
creased their holdings of Southern Pacific. ana
Keene brokers were active the rally. The ad-
vance in Southern Pacific turned the whole market,
and shorts were forced to cover throughout the
list Wabash preferred did not recover with the
rest of the market. Traders thought there was
weak bull account in it which did not sell out
when the buying by the controlling interests was
concluded United States Steel issues rallied easily
and nroba bly benefited by the evidence of good sup
port for the bonds on the curb. At present prices
the bonds are regarded an attractive Investment
COnEeSte1
and authorities on the Steel stocks say that the
riet+s will have a substantial value before they
come off the preferred stock on March is. There
was pIenty of stock offered the advance but
buyng was better than the selling. American
Smelling showed some strength on the advance in
the price of silver. Improvement IN copper was
also a. bull argument the stock The good sup
port given to the Mexican stocks was materially
aided by the strength in bar silver. There was
good supply of Western selling orders in Rock
ooffoPj PjfocyS Of
stock were made In the early loan crowd. which
was not unnatural view of the higher call money
rate, and really represented the borrowing OF
money. The return of the big men to the street
was regarded as a favorable feature. Commission
houses reported that the banks had called loans
rather freely, and marked the rate up TO per cent
In most cases. ST. Louis and San Francisco was
weak on the expected serious delay in the neso'id-
tfons with Rock Island. Early selling IN Kansas
and Texas represented bear pressure on the silly
theory of important damage to the ROAD py nooos
along the Mississippi River
STERLING EXCHANGE BREAk.-The most
sensational break that tho sterling exchange mar
ket has experienced in a single day for long
time occurred yesterday. The slump since satur-
day amounted to fully 12c the pound from Sat
urdav's closing rates and than that from the
ruling rates of Saturday. After the publication Oh
the bank statement the sterling market lmmeoi-
ately fell about 10 points to 1855. The opening
Yesterday morning was unsettled with rates for
demand sterling quoted at 4S6.25G4 86l9. AS the
dav advanced. however rates melted away under
the pressure OF loan bills. and the market became
actually demoralized. Demand sterling sold at
4S615 and sixty day bills at 48. Francs and
reichsmarks suffered also in the general depres-
sion. experiencing substantial losses
BANKS CALLING LOANS.-The banks called
loans yesterday to strengthen their position The
higher rates for call funds obviously operate against
the time borrower. and at the moment there is no
news Of any steps in the direction OF monetary
relief measures either the part of local capital
lists or financial institutions. or from Washington,
although assistance is expected II the situation
should become acute.
FORT WORTH AND DENVER CITY DIVI-
DEND.-The Fort Worth and Denver city Rail
road Company has declared a dividend OF per
cent on It's preferred stamped" stock. payable out
of the surplus earnings of the year 1902 This is
the full rate which the stock Is entitled Last
wear the company paid dividend of per cent out
of the accumulated surplus earnings of the years
1899 1900 and 1901. The last dividend previous TO
that was in March. 1899. At the recent annual
meeting Of the stockholders the retiring board OF
directors reelected.
NO STEEI, CAR PURCHASE MADE.-It is dc
MED that any foundation exists for the report that
the American Car and Foundry Company has pur-
chased the Standard Steel Car Company that
negotiations looking that end in progress.
COPPER 144 CENTS A POUND.-Copper sold
yesterday at 1914 cents a pound Authorities
copper affairs say that the demand s greater than
the supply the present time and that the posi-
ton of copper seems to be assured for SIX months
at least. If present conditions continue still higher
prices may be looked for.