New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-03
WALL STREET AND EXCHANGES


inward of 10000 shares in the local market ot
witch the greater part represented sales In
London the general market was quiet the
chief feature being the copper stocks Whlch were
strong particularly the Rio Tintos There was no
important change in money market rates in the
foreign financial centres 1t IS interesting 10 note
that foreign houses have been sellers of stocks in
the New-York market the last few weeks largely
in excess of purchases.
ATLANTIC COAST LINE.-ACtvity in the
stock Of the Atlantic Coast Line Company in yes
terday's market was accompanied by a report from
Baltimore that a large banking pool had been
formed 10 buy the issue from It's present price up
to a much higher level, with the expectation OF
securing control of the property. 1t does not
appear likely, however, that the control of the
company will be allowed to pass TO new hands.
although It is probable that the interests
gagged In the speculation In the stock Will be able
to carry the quotation to materially higher level
In yesterdays market the Ostensible cause of the
improvement in this issue was the strenth IN
Louisville & Nashville. which is controlled by the
Atlantic Coast Line. The street believes that the
dividend Louisville Nashville will be adj
vanced 8 per cent. which of course, would in
the income of the Atlantic Coast Line
Company
LEHuCIH COAL. AND NAVIGATTON-Rema
able strength was shown by the stock of the Le-
high Coal and Navigation Company IN Philadel-
pha yesterday. which with the advance the two
preceding days amounted to % points. II is evident
anxious to secure control Of the property George
H. Earle jr. who recently expressed his opinion
that Lehigh Coal and Navigation stock Is intrtnsi-
cally worth $500 a share, has addressed letter TO
shareholders inviting them to cooperate with him
in order to secure the full value OF their holdings
Mr.. Earle says he has been prompted to this &C
ton by the suggestions of holders of upward OF
6o.0oo shares of Lehgh Coal and Navigation stock
He suggests that stockholders join with him in a
agreement that for period of, say. thirty days
from December ;, they together and that he
have during that period authority to sell all the
stock so bound together at not less than sla5 q
share. Mr. Earles action is directed against a nos
sible obtaining of control 10 the detrment of
minority interests.
LEHIGH VALLEY sTOCK-Iehfsh Valley
shares were active features I'm the Pbflade,nbtn
market yesterday at advancing prices New-York
operators active buyers and the inward
movement was accompanied by the report that a
stroh5 speculative pool had taken large amount
of the stock TO hold for higher prices The move
ment in this issue Is in line with the activity n,
the other anthracite stocks in the last few weeks
and as the earnings and prospects OF the con,naDv
have improved TO a large degree In the last wear
there is no reason for surprise over the advance in
the price OF the company's stock.
INTERNATIONAL PAPER BOND ISST-E
The directors of the International Paper Coupanv
have passed resolution authorizing an issue of
100000 per cent mortgage bonds. OF which
100000 will be issued at once. The proceeds OF
THESE bonds VIII be used for making
in the plants and creating larger working capital
The bonds will be secured by first mortgage on
the company's properties that are now free from
mortgage and a second mortgage on the properties
that are already covered by first mortgage. 1t
Is understood that a large proportion OF the bonds
will be taken by directors of the company
PENNSYLVANIA EARNINGS INCREASE
Earnings of the Pennsylvania Railroad for the
month Of October show an increase in gross and
net receipts. both on the lines east and west OF
Pittsburg While the gain In gross was small the
company able TO show large increase I'm net
results. owing In an important reduction In oper-
ating expenses. For the ten months of the current
calendar year net earnings on the lines east Of
Pittsburg show decrease OF more than 81 600 O,o
while on the lines west of Pittsburg in the Same
time. net earnings presented a decline OF more
than $1,000
PIG IRON CERTIFICATES MARKET-Fur-
ther declines occurred I'm the market for Mig iron
certificates at the New-York Produce Exchange
except for January, of which 100 tons were sold
at ST, unchanged from the final price OF Thursday