New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-09-16
WALL STREET AND EXCHANGES.

FOREIGN TRADING. - Foreign houses were
active dealers in the local market. trading in up
ward OF 1900 shares, buying on balance. In the
london market British consOls were strong while
japanese bonds were weak The Bank Of Engiand's
weekly return made strong showing. the per-
centage OF reserve 10 liability showing substantial
increase.
STOCK loan oTrOTATIONs-Hoan quotations
were: Amalgamated Copper Anaconda. American
Ice, Brooklyn Rapid Transit. Erie common Peoples
Gas Reading first preferred Rock Island South
ern Pacific, Tennessee Coal and Iron Union Pacific
common and preferred United States Steel common
and preferred United States Leather preferred.
Wabash preferred. Shelters common. Republic
steel common. I per cent; Atchison common and
preferred. Baltimore and Ohio common, Canadian
Pacific. Consolidated Gas. Delaware and Hudson.
Erie first and second preferred. Louisville and
Nashville. Manhattan. Missouri Pacific 4.G1 per
cent: New-York Central Norfolk and Western
Metropolitan Street Railway. Sugar ;. per cent:
Pennsylvania ST. Paul lza9a per cent: Southern
Railway preferred Western Union. SHELTERS COM
mon. Republic Steel preferred, American Locomo-
tive preferred. nat
UNION PACIF1C's DIVIDEND OUTLOOK
The Wall Street Journal" says. The position OF
Union Pacific stock az or near par al the present
time Is OF than usual interest for two reasons
The first is that ~ is the policy Of the Union Pa
chc management 10 pay only per cent dividends
on the common stock for probably another eighteen
months. At least. The management as we have
Bile bonds changed into common stock II more
than per cent were paid the common stock
these bonds would undoubtedly bo converted In
quantity The management desires 20 see the con-
vertible bond issue taken UP with some fixed charge
security. and thus concentrate the equity In the
common stock with not than Sl1OOOOOOO or so
Of this common stock In existence. Tho second
thing IS that certain large capitalists more or
less connected with the Standard Oil interests are
very heavy holders OF Union Pacific stock bought
NJ all nd ~ nrfNc hofo Co
These people do not welcome the idea Of continu-
ance of the per cent dividend rate on Union Pa
cifc stock and want the rate advanced
Mr.. Hartman and his friends disinclned to ad-
vance 1t. Whether the so-called Standard OIL in
terests can force an advance in the dividend rate
previous to. say. May. 1906. when the convertible
bonds become redeemable at 1925. or whether Mr.
Hartman is strong enough 10 enforce IT'S policy.
remains to be seem
A MARKET OP1N1oN.-The head OF well
known banking house said yesterday:
The extent Of the advance In the railway STOCKS
In the last few weeks has been so great that the
leading commission houses in the Street are not
tons and servant su SSt
fhey become scte fetoFs in s TasS1 before
trading. Many people with small margins who
spite the fact that prices are selling from is 10 So
points above the low level OF the year. are en-
a result Of their purchases at the present high
way Of all operators who buy when stocSs az az.
dear: that is. bankrupt.
IRON AND STEEL PRICES.-Steel billets az
Pittsbure officially quoted az $50 a ton
compared with s23 a ton on August II and s27 ON
September Is, 1903. The prices OF finished steel
products are in conformity with the new schedules
CRUCIBLE STEEL BONDS.-The Crucible Steel
Company proposes. 1t is said. 70 issue s4OoaOoo
per cent bonds 10 from ten to twenty years
These are said to have been already over sub
scribed and will be used TO take up the floating
debt. amounting TO about 100000. on which per
cent is being paid. This will leave q good surplus
20 take care of business.
NO NEW PURCHASE OF RAILS BY HARRr-
MAN LINEs.-The Pittsburg report that the Har-
riman lines have placed order for steel rails
TO the amount of 100000 tons is denied by officers
OF the Hartman system. The only order for steel
rails that has been made for this account Is the
6o.ooO tons placed month so ago.