New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-30
WALL STREET AND EXCHANGES.

500
London the copper stocks we're consplcuously
strong Consols we're unchanged ard steady The
Bank of England did not change It's rate ana mace
exceptionally strong return for the time OF veal
showing d high proportion Of reserve 10 Haoiil'es
and a very substantial gain in bullion on the week
Money was d trife harder in Berlin. and exchange
i'm that centre advanced also.
BIG PURCHASE OF BONDS.-kuhn Loeb & 90
have purchased sl0.o00.0o0 Long Island Railroad
Company forty-six year refundng mortgage per
cent gold bonds. guaranteed by the pennsylvania
Railroad Company. and sloooo.on Philadelphia
Baltimore and Washington Railroad Company forty
year first mortgage per cent gold bonds This Is
the first important bond purchase in considerable
time and may be taken an indication Of I'M
provement in the investment market. In connec-
ton with the sale of sloo0o0 Long Island Is.
antced by Pennsylvania and s1o.Nnalo Philadelphia.
Baltimore and Washington IS. il should b" pointed
that the arrangements made by Pennsylvaa
for financing improvements on its own lines did not
include provision for subsidiary properties such as
these companies y syndicate is being formed for
disposing of the bonds largo proportion Of which.
it is understood. will be placed abroad.
T.ACKAWANNA'S IMPROV EMENTS-Th work
of clevating the tracks of the Iackawanna Rail
road through Newark is rapidly nearing compile
ton The first passenger car. carrying several of
the experimenting engineers ana other officers Of
tho road passed over tho track this week.
The elevated portion in Newark. from the river ~
short distance west of Hgh-st.. will be finished
in a few weeks. including the new passenger sta
tion off Plaue-st. The elevation of the tracks in
Harrison. this side Newark has far pro-
ceeded that a norton of the raised property may
be used for westhound passenger trains within
few days This will mark the first of any part
Of the elevated rails for regular passenger service
After the old tracks removed there will be
spacious approach from BToad-st.. Newark to the
passenger station. and trolley loop will be
run to the broad plaza in front of the waiting
rooms. The main entrance to the station is on the
south side of the elevation. affordng direct
to eastbound trains. Wostbound passengers will
pass through a subway beneath the tracks 10 4
subsidiary station the opposite side. Buildings
almost completed. and the vorkmen are now
putting on tho finishing touches. There will be
three tracks between tho two buildiugs-tvo for
local and ono for express trains The improve
ments will cost more than s4"o.oo" and will enable
the road to handle it's constantly Increasing sub
urban traffic in most satisfactory way.
AMERICAN CAR AND FOUNDRY Friends Of
American Car and Foundry Justly point out that it
Is not fair to Judge their capacity by the Pressed
Steel showing tho latter company is confined 70
one class of work. The Car and Foundry people
undertake passenger cars. seepers dining cars box
cars. and practically all kinds Of rolling stock cx-
cert locomotives and could DO satisfactory bust
ness when the other company was idle.
AMERICAN GRASS TWINE COMPANY.-The
American Grass Irvine COMPANY has IL is said
completed negotiations for the sale Of the Walter
\. Woods Harvester Compauy. If Milwaukee The
price agreed upon is 10000. The Walter 4 Woods
Harvester Company was bought with The idea that
the American Grass Irvine Company would md
an outlet for its product. and that the Harvester
Company could use grass twine for binding It was
soon discovered that grass Irvine was not suitable
for this purpose. This will help the company ma
tcriaiIy.
UNITED STATES LEATHER. activity and
strength displayed by the United States Leather
common stock gave rise 10 much speculation aud
run1ors that some notifications are concentrated
in the plan to readjnst the finances Of the Leather
company. So far can he learned from official
sources. the rumors arc without foundation The
largest buying Of tho stock recently has been done
hv firm which usually acts for inside interests
81 tho Leather company. and consequently tho
purchases of the stock have been attributed to- in
siders
WABASH Wabash reports for Septeriber an in
crease Of y per in gross and Of Il per cont in
not. For the three months the report shows an
Increase If rs nc cent in gross and l. per cent
in not These figures made in comparison
with year that brosc al records on Wabash
Railroad
ATCIiSON. TOPEKA AND SANTA FE.-The
September earnings Of Atchson were larger than
for any corresponding month in the history of u,e
r"ah. Ihere is every indication that October. @-jl
he even better than the month lust heard from, nd
II Is confidently expected that earnings will be I'm
t" high water mark for considerable time to come
APPLICATION To IST.-Tbe Norfolk and
Western Railway ComDanv has r,,1o ,,,.,,,..,-
the stock Exchange to list 81 IN o,o add;,io,,,
first consolidated mortgage per cont bonds Of 19os
NEW MEMBER HAZED-H. Wilbur Pare,
Abraham Y. Rayls and Charles n F,uinpuood
have been elected members Of the Nev-york s,o,,
Exchange. Mr.. Simons making his first an
pearance on tn" trading floor. received a rather
rough hazing al the hands Of the conner ,ro, ..
two members Of which were fined sos Zach nv ~.
chairman for their partcirat ton in the turbuIon,
Initiation"
FOR s5to00.- 4 Stock Exchange seat ,,.,. II,
day or two ago for Si.en and advance Of q ooo
over the last preceding sale.