New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-02

change was closed yesterday. and arbitrage houses
were not factors in the local market.
RAILROAD BONDs.-Fisk & Robinson say in
their August bulletin:
In the investment bond market it was expected
would be a considerable Improvement. but. although
Securities, no general advance of prices followed,
and many first mortgage bonds still selling
Az per cent to q > per cent basis sufficiently
secured be attractive the most conserva i've
investors During the month a number OF savings
banks owning securities bought at advanced prices
have increased their holdings the present low
level thus securing an excellent average price for
some of the largest financial institutions. which
until recently have been buying practically nothing
are now in the market for blocks of securities at
P Dab e We knoM vs. ha IN ang ee es
our customers. well other investors. have been
Investing it, because they have felt that the time
would come when they could invest more ad-
time during the last twelve TO eighteen months.
moneV which has thus been awaiting permanent
investment can be wisely used.
THE COTTON NEUTRALITY-SUSPICIOUS. to The
Financial Chronicle" the total receipts Of cotton
for the week ending July 81 reached 154S bales,
against $3.50 last week and 600i the previous week
making the total receipts since the LIST of Septem-
Der 1902 7627047 bales against 7437079 for the
period of 1901'02, showing an increase since Sep
TENDER l. 1902. of 1S996S bales. Reports from the
South indicate that rain has fallen in most locali-
ties during the week, and that in portions of Texas
the rainfall has been rather heavy. Along the At
lantfc, however. there has rule been little
no rain and in districts of the Carolinas moisture
is claimed be badly needed A number of
ports refer to improvement in the crop.
AMERICAN CAR AND FOUNDRY.-The Amer
lean Car and Foundry Company reports an increas-
ing demand for wooden freight cars and a heavy
gain in orders for passenger coaches. The COM
pany's orders large in all departments and
earnings continue heavy. The fact that the com
pany is not overcap itaIized and that it has
muIated a large working capital out Of earnings
has attracted most favorable attention, especially
at this time. when so many industrial concerns are
under critical observation The fact is worth noting
that this concerns securities have held remark
ably firm in the last nine months Of general market
weakness.
STEEL RAIL DEMANDs.-The United States
Steel Corporation and the chief independent pro-
ducers Of steel rails have booked for 1904 delivery
orders calling for nearly 100000 tons of steel rails
This is over onethird OF the total capacity of the
steel rail mills. including the new Lackawanna Iron
and Steel plant Buffalo which will have a maxi
capacity of not less than 10000 tons next
year Its production this year even if the rail
mill is started on time in October, will not be large
enough TO be considered.
MEXICAN CENTRAL.-The strength in the
Mexican Central issues, and especially the common
was in lire with the recent acquisition of stock bv
Speyer & Co and thu inference that the prospects
for reorganization better in their hands than
in those Of the late pool It was believed that the
bankers in question had a good working plan two
terms in view Of the prosperity of the road.
UNION PACIFIC-In the year ended June 80
1902 Union Pacific earned 98 per cent on its com
stock after allowing for the full per cent
required by the preferred. The indications are
that the annual report the year just ended Will
show something over 10 per cent earned on the
common stock. Union Pacific reports for June an
increase Of over 16 per cent in gross and of over
per cent in net For the twelve months the in
crease in gross was ~ per cent and in net about
per cent.
PENNSYLVANIA.-There is no indication of
falling off in traffic the Pennsylvania lines De-
mdlCs for still up the limit Of the com
panys ability 10 supply. and everything indicates
Continuance OF heavy business. At Pittsbure great
activity prevails and the company has as much
business at that point as it handle
bANh CLkARINGS.-1he total bank cleariugs
of all the clearing houses Of the United States for
the week ended August have been s, COZ 40 G41
against $2Gl 49, last week and - 2i3 7gS the
corresponding week last year
CHICAGO. MILWAUKEE AND ST. PAUIA-In
the year ended June 80 1902, St. Paul earned sIS
per cent on both classes of stock. In the wear
ended June 80, 1893, the company has increased It's
net earnings SoiS,3 indicating that the annual re-
port viii probably show at least 10 per cent earned
on both common and preferred
PEOPLES CIAS.-DireCtOrs Of PEOPLES Gas have
declared the regular quarterly dividend of III per
cent, payable August 25.