New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-13
WALL STREET AND EXCHANGES.

FOREIGN TRADING Foreign houses were not
active factors tn the local market. selling a few
thousand shares In London American ranvay
shares were conspicuous as the weak exception In
the securities markets aside from japanese issues.
which reflect Continental selling. japanese As de-
cincd oue-half Per cent % f2A and the - lost Ia
per cent % "a. Russian imperial Is were I'M
changed ar q2i. showing continued support. Span
i-h 4s ros. Iis rcr cent 20 5sii Cousols advanced
= per cent each S. 1915 and $ I71s and British
Investments were firm. South African mining
stocks were steady on the announcement that
King Edward will not dis1llow the Asiltc labor
importation ordinance although IT'S operation viii
ba delayed.
SOUTHERN RAILWAY. Earnings ~ the South
eru Railway for the FIRST week in March show
increase of Si7.2sl In the first half of the fiscal
wear as reported yesterday. tho company's gross
earnings Increased Sl.ssa"0. and net earnings iu-
creased $1,000. In the balance OF tho year a large
amount OF tranic Of miscellaneous character will
result from the big returns on tho cotton crop.
From present indications. the movement 81 South
Crn iron in the next few months will be consider
ably larger than for some time. The Southern
Railway handles a large amount Of this traffic.
and the business from this source. II present eX-
pcctatons realized. should compensate TO con-
siderable extent for the smaller movement OF cot
ton In cornra rison with the last part OF 1893 An
other factor in the earnings OF the Southern Rail
way for the balance Of the fiscal year. and for
succeeding years for that matter. IS the lower
cost Of operation resulting from the heavy ex-
penditures Tor improvements which President Spen-
cor has made ever since he took hold Of the prop
c-ty The company has been paying per cent
on its preferred stock for several periods. and in
view Of tho bright prospects for the South Gener-
ally and OF the greatly improved condition Of tho
Southern Railway property. there seems no reason
FOR doubling that this rate will be maintained.
COMMITTEES on SECURITIES RULINGS.-The
New-York Stock Exchange committee on securi-
ties rules that sales Of Delaware and Hudson
eR zfralI he rfghfC Mar
Is Deliveries made thereafter on contracts pre-
v!ousiy made must carry due bills. or assignment
Of rights. Transactions in rights must be settled
March 81 The rights expire March -. Referring
to the increase IN the capital stock OF the National
Citizens Bank from S15Jo.O0O to S2.jJo0o0. with
rights 10 subscribe a price which will mako
the banks assets equal those contributed by the
Central National Bank consolidation. tho COM
rDittec rules that due bill representing such
rights must accompany transactions delivered after
March Il. but that the stock will not be quoted
ex rights The committee rules that transactions
I'm the stocks OF the Mechanics National Bank and
tho. Leather Manufacturers Bank shall carry afte-
March Il due bill representing the right to
subscribe.
NEW EXCHANGE FOR CHICAGo-The Ma
tional stock and Bond Exchange has been incor-
poratod in Chicago with capital of 100000. to do
a trading business in unlisted securities Henry
1. Turner president. A. Il. Nettleton vice-presi
dent and il. S Blake manager
=
clearings of ALI the clearing houses of the United
States for the week ended March Il reported
as 81 772 OS7 ST. against 81 937 100 in the preceding
week and s. So2 751 359 I'm the corresponding week
last year.
NEW Rail. INoUIRIES.-It IS said that Penn
syvania Railroad interests want about 5000 tons
more OF steel rails this years delivery. 1t Is not
yet known whether they are wanted for the Penn
svlvania proper for Of its subsidiary lines.
the Inquiries far made being purely tentative.
Another pending order for steel rails IS OF
5000 tons for Western road not heretofore rail
purchaser this year
GOLD FROM JAPAN.-The steamship Siberia
has arrived at san Francisco with $1J00009 Of gold
from Japan.
INDUSTRIAL. COMPANIES.-The point Is made
that the sound industrial companies lenders or
money in many cases. while they well supplied
with cash. on the other hand. many OF the repre-
sentative railroads are borrowing money their
notes. Representative preferred Industrial stocks
are likely TO become popular in the next full move
ment