New-York tribune., 1904-09-13
WALL STREET AND EXCHANGES.

FOREIGN TRADING.-Fureign houses were act
I've dealers I'm the local market, trading in upward
of 7OO0o shares. selling heavily balance large
amount Of Southern Railway stock was bought for
foreign account. but elsewhere In the international
list sales predominated. In the London market
the general movement OF values without con-
spicuous feature. Foreign discount rates showed
material change
MARKET GOSSIP.-Reading weak and
traders tested the strength OF the bull account.
They believe that the pool had been getting stock
it did not expect from First National Bank sources
in the last few days. and doubted its capacity 10
take It, Other stocks where the same interests
were believed be long. like Chesapeake and Ohio
were under pressure early. There vigorous
frost scare in the second hour. which. combined
with heavy realizing and particularly the char
Of the profit taking, gave the first real check
10 the market In some days. 1t was said that a
Western house. with large Pittsburg connections
had bought I'm the last three days 5000 shares OF
steel preferred. covering shorts Traders thought
the market was weakened by the elimination of
this short interest. Some of the selling orders
locked as If they came from Nc. % Broadway.
There was early profit taking in Atchison and Mis-
souri, Pacific the good showing for in the
government crop report. Traders as usual argued
that the good news out. and that later Stats-
tics would necessarily not be favorable. The
buying of Southern Railway by f. Meyer. 1r. at
tracted some attention. as the house is credited
with a good deal OF Morgan business. The best Of
the selling came from J. W. Davis & Co. Wolf
Brothers who have been very active in the ad-
vance in Reading by the Philadelphia houses, sold
something like 5000 shares. Charles q. Gates &
Co were heavy sellers OF stocks all round the room.
This was taken realizing for Western bulls with
stop orders All Western houses sold.
RAILROAD EARNINGS.-Railroad earnings re-
ceived yesterday for the first week in September
and for the month of July showed considerable
irregular1ty In changes compared with the same
time year ago. Denver and Rio Grande for the
first week presented loss in gross income OF
S265OO making from July loss of $4,000.
Missouri Pacific for the first week showed an In
crease OF S27 900. Wabash increase of s29i9 and
Detroit Southern a loss OF $5.007 The Hartman
roads for the month OF July showed for Union
Pacific an increase in gross OF $77.4i5 and in
crease in net OF SSS947. Kansas City Southern for
July showed decrease in net of SITS. and Chi
cago and Alton a decrease for the month in
gross OF $576T and In net a decrease of as Chi
cago Great Western for July showed decrease In
gross earnings of S61.16S and decrease in net
earnings OF s4s,14O Missouri Kansas and Texas
for the first week in September showed a gain
in gross of S0.274
AMERICAN CAR AND FOUNDRY-Csood buy
Ing was reported IN the American Car and Foun-
dry issues. both the common and preferred enjoy
Ing marked maximum gains. In the later dealings
the common sold off profit taking sales but the
preferred closed at net gain of nearly / point
The directors of the company will declare the
regular quarterly dividend OF ia per cent on the
preferred stock in October. The outlook for in
creased earnings Is promising, owing to the in
provement In the demand from the railroad com
panies for new equipment
THE ELK1NS ESTATE STOCK PURCHASERS
The syndicate which purchased from Huhn g.
Sons the 5000 shares of Philadelphia Rapid Tran
sit stock. the holdings of the Elkins estate was
composed or George ID. Widener. John B. Parsons
George A Huhn, J. j. Sullivan and Michael Muir
ply. OF Philadelphia, and Thomas F. Ryan and
another New-Yorker whose name has not been
learned 1t is the intention said. to list the
stock on the New-York Stock Exchange as soon
s possible.
BANKS LOSING MoNEY-The banks ON satnr-
day lost SSos.ooo and since Friday lost s21s1OOo
against loss In the preceding week In the same
time OF $ss2ooo The credit of the sub-Treasury at
the Clearing House yesterday morning. amounting