New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-16
WALL STREET AND EXCHANGES.

FOREIGN TRADING-Foreign houses dealt in
eco shares in the local market. buying @ooc on
balance In London consols were heavy, and in
the general market except in the American de-
nartment the movement OF values reflected in ir-
regularity considerable uncertainty regarding the
probable effect of the possible refusal of French
bankers to advance further sums to Russia on the
stock and money markets at the foreign capitals
Money was frner in the London market.
MARKET CONSULTATIVE buying at advancing
prices of the railway equipment shares. such as
the American Car and Foundry Issues American
Locomotive and the Pressed Steel Car shares was
a feature that attracted considerable attention.
American Car and Foundry preferred is slated for
higher prices 1t is also said that among the rail-
road shares 500 preferred will work 10 a much
higher level The movement in National Biscuit
had its origin in Chicago The Western houses had
simultaneous buying orders and the common stock
was advanced without much difficulty. The idea
seems TO be that it is relatively low as per cent
industrial even if the outlook for an increase IN
the dividend rate is not specially bright The rally
in Consolidated Gas showed some little short in
terest. It was argued that an inquiry would bring
out bullish features the stock, but there mas
been some conservative selling the idea that
the better showing is the more certain will be
the agitation TO restrict the companys pronts ST.
Paul was checked in the afternoon by some heavy
realizing through Flower & Co, who have been
conspicuous among the buyers OF Standard Oh
stocks the recent past. In this connection the
heavy tone of Amalgamated Copper and the hesita-
ton shown in New-York Central naturally in
fuenced professional sentiment. Southern Pacific
did altogether respond to an organized attempt
to bid it up. The bull point came from the same
quarters as that in Union Pacific, but there was a
surprising quantity of long stock for sale on ad-
vances-
NEW IRON RULES-The following official no.
tice has been issued by the pig iron committee or
the Produce Exchange:
The attention of the trade is called to the amend
nfo sct mo 90 eS March 20 No
change is made in the present pig iron warrant
In the future as the regular pig iron warrant
and Trust Company under the rules of the pig iron
trade exactly as in the past. For the purposes
in Bessemer and basic pig iron separately there
Mn tP be T1s rn0aa TO he kno 6
foundry pig iron warrant certificate, and the
pig iron warrant certificate Foundry certificates
@ be e Te Of 1P bTans Of and
the rules OF the pig pig, iron trade .Bessemer and
of Bessemer and basic pig iron as provided in the
r5snge At eaGh P"0S G9 Of pig pig iron on the e
basic certificates will be called separately.
UNITED STATES sTEEI1-The United States
Steel Corporation has established a new depart
ment to be known the bureau of construction
John Refs of Newcastle Penn. who has been
appointed assistant to President w E. Corev will
be In charge. All matters relating to construction
must he referred to the bureau. 1t will be one of
the most important departments of the S+aeI Cor
poration. work representing expenditnra- -
millions of dollars year will be under tts snner
vision Mr.. Refs is one of the oldest and r,o.+
experienced steel manufacturers in Western penn,
sylvania.
ERIE'S NEW EQUIPMENT-Erie is inst bez;,
ming to receive its equipment the money for
the purchase of which cost it upon car trust bor
rowing per cent. 1t is figured that If the eouin
ment order were given to-day the price would be
higher by a,5OOO00. II is believed the coronarv
obtained the equipment which II is to receive this
year at about the lowest possible cost for money
and materials The Erie treasury has now about
100000 in cash. or more money in hand than for
many years.
GREAT NORTHERN.-The 5000 900 of ST Paul
Minneapolis and Manitoba Pacific extension as
sold by Great Northern. are a part OF S45S 454
held in the Great Northern treasury They were
issued IN 1880 secured S1s miles of railroad from
Pacific Junction Mont. due west On 2So miles
they are a second mortgage When the Great
Northern made its loan of IL 10000 in December
1863 100000 of these bonds was pledged as col
lateral The total issue is $4,000 Of which
fi00ooOo will be outstanding when these bonds v
Gently sold. delivered
AMERICAN SMELLING AND REFINING
The report that AmaIgamated Conner interas,s
have purchased the control OF the American Smelt-
ing ard Refining Company according TO an off,
ciai of the American Smelling and Refining Com
pany. IS absurd He points out that the control -
Smelling is safely lodged In the hands of the Cur-
genheim Brothers and their friends and that n
would be impossible TO secure control in the mar
ket
COPPER ExPoRTs.-The total official exports
| Of copper from all sources for the month of Feb
runry are 1865 tons. against l7Ofs year ago