New-York tribune., 1903-03-20
46. 900. Total sales.
WALL STREET AND EXCHANGES.

Is 600 shares the local market. evenly diVlden-
American stocks in London were irregular. and In
terest centred mainly in Southern Pacific. which
was more than two points below parity. showing
plainly that the policy Of buying stock here for
voting purposes and selling it abroad, where IL
could be registered before the books close was
being continued. The copper stocks were firm and
consoIs were unchanged. The Bank of England did
not change its rate but showed high proportion
of to liabilities IN the return, and made
heavy gain In bullion the week. Money was
IN good demand In all the European centres. Far1s
exchange continued strong.
STOCK LOAN QUOTATIONS-Loan quotations
were: Amalgamated Copper, Anaconda, American
Ice, Atchison common and preferred Brooklyn
Rapid Transit, Baltimore and Ohio common, cana
dian Pacific, Colorado Fuel. Delaware and Hud-
son, Erie common, first and second preferred
Louisville and Nashville. Manhattan, Missouri Pa
cifc New-York Central Metropolitan Street Rail-
way, Norfolk and Western. Peoples Gas, Reading
first preferred. Republic Steel common and pre-
ferred, Rock Island, ST. Paul. Southern Railway
preferred Sugar. Tennessee Coal and Iron, Union
Pacific common and preferred, United States Steel
common and preferred. United States Leather pre-
ferred. Wabash preferred. Western Union, 51s per
cent; Southern Pacific fiat to 1-S2.
MARKET GOS5IP.-In the early dealings South
ern Pacific loaned fiat, and then 1-22 was paid for
its USE the premium subsequently, disappearing.
Louisville was advanced by the brokers trading for
the small pool in it. The rise received some en-
couragement from the Western crowd, that has a
for desiring higher prices There was little of the
stock in the street. The Waldorf crowd bought
stocks. Houses with Montreal connections were
buyers of Canadian Pacific and 500" The talk
Of an early distribution of the latter stock was
somewhat confident and seemed to come from
rather we'll informed quarters. Amalgamated Cop
per acted little better. and seemed to have ben
Gifted by the shaking out OF some weak bulls. Noys
was the principal buyer Of Southern Railway
wasserman was conspicuous in the advance of Bal
tfmore and Ohio. T. 7. Taylor & Co. were repre-
sented in the Southern Pacific crowd, and took ad-
vantage of opportunities to advance the stock but
did not seem to be accommodating much Corn Prod
ucts was in demand. and good buying developed in
all the GouId shares 1t was reported that Man
haitian would be advanced to ITO Brokers who
usually represent Rock Island bought the common
stock Activity in Southern Pacific helped Pacific
Mail. The advance of call money to per cent
checked the advance in stocks. but final prices
showed net gains.
BALTIMORE AND OHO.-The improvement OF
the physical and financial condition Of the Balu-
more and Ohio Railroad system proceeds unnter-
rupted1y. The expenditures on the property have
been large but they have at the same time been
judicious. The improvements include the elimination
of curves and grades. reballasting, additional
tracks, heavier rails, stronger bridges and exten-
sive additions to rolling stock Vast as has been
the increase in the facilities Of the Baltimore and
Ohio, the company is overwhelmed with traffic.
Night and day its whole equipment is in operation
in the effort to prevent congestion, and there Is no
decrease IN the volume OF business in sight In the
rehabilitation of the Baltimore and Ohio particular
attention has been paid to the passenger service
which has been made superior in all respects, and
the company, IN all its departments, has been
brought to foremost position among the railroad
aysterns Of America
LACkAWANNA STELLA director Of the
IAckawanna Steel and Iron Company states that
stockholders Of the company took practically all of
the issue of 100000 first mortgage per cent
vertible twenty year gold bonds, underwritten by
From the same source 1t is ascertained that SUBJ
scrtbers outside OF the stockholders got less than
900 of the issue although the advance applica-
tions for these bonds were in excess of 100000.
The bonds which were readily taken by stock
holders dated April l. 1903. and are subject to
call on or before April l. 1905. at 1914 and interest.
II not called they become convertible into the capt.
tai stock at par up to April /. 1915 Stockholders
had the privilege Of subscribing for the bonds
below par. The readiness with which they availed
themselves Of the opportunity shows their faith in
the future Of the company.
AMERICAN GRASS TWINE-The affairs Of
the American Grass Twine Company are improv-
ing owing to the increased demand for the COM
pany's products. since the change In the COM
pany's management the financial condition Of the
concern has grown stronger, and holders OF tho
stocks are feeling greatly encouraged over the
prospects for an advance. In answer to inquiries
regarding the company, 1t may be oh!ctally stated
that there is no prospect of adverse Developments
and that IN the opinion of the management the
decline in the price OF the stock has much more
than discounted the recent reduction In the divi-
dend. In the last few Weeks q marked gain has
been reported in contracts for new business
PRESSED STEEL CAR REPORT.-The report
Of the Pressed Steel Car Company for the year
ended December 81 last, Q synopsis OF which was
recently published by The Tribune. has como from
the printer, and will be studied with interest by
all the investors in that property It ia, In fact
worthy OF even more general attention. 1t Is the
most complete and comprehensive report that has
yet bsen given out by any industrial corporation.
Not only are the particulars given os charges to
depreciation. improvements and additions to the