New-York tribune., 1903-07-22
WALL STREET. AND EXCHANGES,

FOREIGN
terdays stock market amounted to 25OOO shares, OF
which 5000 shares were sales. In the London mar
ket there was practically business accomplished
in American issues. while there were only few
transactions in English securities Consos were
lower, while in the Paris market government securl-
ties were also heavy.
STOCK LOAN QUOTATIONs.-Loa quotations
yesterday Amalgamated Copper. Anaconda.
American Ice, Atchlson common and preferred
Brooklyn Rapid Transit. Baltimore and Ohio COM
mon Colorado Fuel, Delaware and Hudson, Erie
common, first and second preferred. Louisville and
Nashville Manhattan Missouri Pacific Peoples
Gas. Reading first preferred. Rock Island st.
Paul Southern Railway preferred Southern Pacific,
Sugar, Tennessee Coal and Iron. Union Pacific COM
mon and preferred. United States Steel common and
preferred United States Leather preferred, Wabash
preferred and Western Union. 212 to per cent;
Canadian Pacific, one-half Of per cent; NewYork
Central. / per cent; Norfolk and Western and
Metropolitan Street Railway 213 to per cent and
Pennsylvania, 219 per cent
SHRINKAGE IN STOCK Misunderstanding
TO compilations made by The Tribune, the decline
in stock values in the last nine months represents
a decrease in the worth of securities based
par values of nearly S2.OOO.O0o0O0. For instance.
comparing the low price of Atchson made in yes
terday's market with the high price Of year ago,
a shrtnkage of $S3. 600 would be shown.
Similar comparisons will show shrinkage of $f7,-
100000 in Baltimore and Ohio, S23 100000 in Canadian
Pacific nearly s35 900 in St. Paul $S4OOOGOO in
Northwestern $I7OOOOOO in Erie $45,OO0O0O IN Illi
nois Central So 10000 in Louisville and Nashville,
$40 100000 in Metropolitan. so 100000 in Missouri Pa
clhc S74O00O0 in New-York Central S1O6OOO,O0O In
Pennsylvania S3O00000 i'm Southern Pacific, SAL,
100000 in Union Pacific $47,OOOO00 in Amagamated
Copper and sos 100000 IN United States Steel.
ATCHISON.-In the early dealings there
good demand for AtchisOn stock buying coming
from interests well Informed regarding the affairs
of the company The condition of the crops in
the Atchson territory warrants the expectations Of
another year Of heavy traffic over this company's
lines Atchison common is now selling at a rIdlcu-
lousy low price, assuming that the company will
be able to maintain dividends. There is no reason
to suppose that Atchison will not be able to pay
dividends even in years of business depression. The
country through which this road IS most
productive, and it is rapidly growing UP TO the
mileage of the railroad. The Atchison system is
one of the largest in the world and it is the only
railroad in this country which has a direct line
from Chicago to San Francisco. Every inch of
trackage over which the Atchson trains run Is
owned by the Atchson company. Professional
spectators have been attacking the Atchison
stocks for many months but the railroad has con-
tinued TO show splendid results in earnings. and.
according the officers of the property traffic re-
in the next twelve months viii equal the
record ever made by the company.
MARKET GOSSIP.-It is said in we'll informed
quarters that considerable amounts of American
securities are being shipped abroad. In the last
hour there a resumption OF bear selling all
around. with particular pressure on United States
played at these points did not. however. have any
great effect the railroad list. and the com
parative strength displayed bv a number of leading
railroad stocks is attracting considerable attention
The decline In Tennessee Coal and Iron has not
been unlocked for, since, compared with United
States Steel 1t has been considered unduly high
There is expectation, however. of very favora BILE
statement of earnings in the next day or two One
of the unfavorable rumors of the afternoon was to
the effect that the holdings of a number of syndi-
heir
that these represented largely securities entov
ing only very limited market. those committed to
them were forced to hquidate more salable stocks
The break in Clover Leaf was regarded as a re
sumption Of liquidation from the same source as
was seen in the stock last week
AMERICAN SUGAR REFINING. - American
Sugar Refining stock sold at 112 on Monday the
lowest price IT has touched since October 1901
when sold 103 yet this year is believed to he
the best in the company's history The American
Sugar Refining Company is paying Sc 300 900 a wear
in dividends vet is known to be earng double this
amount and the surplus earnings are going back
into the business. 1t is understood that between
s. 100000 and $l00O00OO has been invested in beet
sugar plants by the American company which
gives control Of about fifteen plants in the United
States out of fifty. representing total investment
Of about $50. 100000.
ST. PAUL CROPs.-St. Paul crop reports from
all divisions Indicate that the wheat crop is pros
pering favorably and that weather conditions for
the last week have been excellent. The detailed
reports show that about six stations on an aver
age report wheat and corn good 10 two that report
fair and poor. Southern Minnesota reports
some slight damage from hail and heavy rains
Iowa and Dakota farmers expect twelve to eighteen
bushels of wheat per and an average crop
Flax win be good crop.
LACKAWANNA STEEL COMPANY.-The report
that the United States Steel Corporation has ar
ranged with the Lackawanna Steel Company for
IT'S output OF rails in order to maintain the
existing p1ice OF SOS a ton is authoritatvely de-
clared 10 be incorrect. The Lackawanna Steel
Company will not begin making steel rails until
October, and for the three months OF the present
year its output is not expected to exceed 70 900 or
100 900 tons.
BLUE AT NEWPoRT.-A Boston banker lust