New-York tribune., 1903-03-19
WALL STREET AND EXCHANGES.

FOREIGN TRADINCI.-ForeGn houses 'ie1i' ~
Il oo shares IN the local market mostly purchases
- ordon the conner stocks showed considerable
strength but the general market was heaVS' anu
consols were weak at 911s. Money was In gooo W.
mand in London and continued TO harden IN berh''
Paris and Berlin exchange rates were STEADY
PENNSYLVANIA CONVERTIBLE BONDS.-lh
commenting on the advantage to be derived from
exchanging the convertible bonds an oIricer oi tno
PENNSYLVANIA company SAYS thaf among 'ne -
stockholders Of the Pennsylvania Railroad 'oH-
many there is large class Of persons or H1odera'e
-.oo,r particularly women. who, having conn
dence in the management Of the company give out
little attention their investment IN hs stocK'
MANY Of this class subscribed and palo Tot ue
Pennsylvania Railroad Company ten year S1s per
cent convertible gold bonds. which oonds are no"
and until April 4 will he susceptible OF conversion
into CAPITAL stock of the company The hoider OF
a bond for 500 receives thererrom an annual III
come of g. per cent. ST 80 He detaches the semi
annual interest coupon maturing May l. 1903. col
1ectinq the same in cash that date, and converts
his bond into capital stock Of the company re-
cciving therefor seven shares OF stock ana q nom
dividend bearing fractional receipt emitting him ~
one-seventh Of i share His income therefrom VIII
no as follows; If dividends continue to be paid as
in the last three years the annual income from the
seven shares Of stock will be S2l. an increase OF
$3 So and In addition he will receive the proceeds
sale Of the one-seventh Of a share The bond
holder who into stock also acquires on the
latter any privilege accorded to shareholders Of
subscription to new stock.
STOCK LOAN QUOTATTONS.-Lo 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
cific. Metropolitan Street Railway. Norfolk and
Western Northern Pacific preferred. Peoples Gas.
Reading first preferred. Republic Steel common and
preferred Rock Island. St Paul. Southern Railway
preferred. Sugar Tennessee coal and IRON MON
Pacific common and preferred. United States Steel
common and preferred. United States Leather pre-
ferred Wabash preferred. Western Union. South
ern Pacific. per cent. with = Of per cent pre-
MUM for the last named.
CORN PRODUCTS EARNINGS The Per cent
dividend Just declared on the common stock Of the
Corn Products Company will be paid ont OF last
wears surplus in quarterly instaments In 1909
Earnings of the company equivalent to much
more than per cent on the common, after I per
cent on the preferred. but the directors followed
conservative course and decided to pay out only a
small proportion of surplus income to the stock
holders. The Glucose Sugar Refining Company,
which is an integral part of the products COM
pany, paid dividends at the rate Of I per cent on
the preferred and per cent on the common for a
considerab BILE time and it is maintained that the
present company occupies a stronger position than
the Glucose Sugar Refining company ever did. be-
cause through the consolidation OF the various
concerns engaged in this line of Hapufacture. COM
petition has been practically elimsnated
BANKS AND SCB-TREASUR1.-Ihe hanks
gained OH Tuesday from the Sub-Treasury $4,000
and since Friday to close OF business Tuesday
they lost $50 00o. Customs collections were heavy,
as seems to be usual Tuesdays The amount
taken in was $943. .43e The Sub-Treasury yesterday
had debit at the Clearing House OF sS29,l17. The
hanks I'D to the close Of business on Tuesday a
week ago had lost to the Sub-Treasury $,1470OO.
TACKAWANNA STEEL BONDS--Speyer &
Co and Kean Van Cortlandt & Co state that the
advance applications for the new Iackawanna
Steel bonds largely exceeded the amount OF the
bonds not subscribed for by the stockholders.
UNITED STATES LIGHT AND HEATING
cOMPANY.-The stock OF the United States Light
and Heating Company was dealt In for the hrst
time in Yesterdays curb market, 200 shares selling
at ~ This company has on its board Of directors
r n Beach Of the General Electric Company;
Chauncey NJ. Depew. c. $. Gleed and Leroy ".
Baldwin.
CONSOLIDATED EXCHANGE SEAT.-At auc-
tion Yesterday membership of the New-York
Consolidated Stock and Petroleum Exchange sold
$,70o
SOUTHERN PACIFIC.-Southern Pacific in
demand all day in the loan crowd Some twenty
thousand shares loaned IN the morning "ex Clear
ing House." and consequently had TO be borrowed
again In the evening. This either done fiat
or else al a small premium. For the OF
lot as much as Is per cent given. Van En-
burgh & Atterbury and A A Housman were In
trusted with the buying orders In Southern Pa
cifc. These probably came from the pool and 1t
was noticeable that the same brokers were sellers
OF Union Pacific.