New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-28


FOREIGN TRADING.-Foreign houses dealt in
5000 shares in the local market. all sales. In Lon
don consols lost e per cent at So. and Russian
bonds were especially weak. The Kaff1r stocks
were under severe pressure. and the copper issues
ground with the rest of the list. The serious
position in Russia was the dominant influence in
the European markets Russian loan negotiations
ere of course tied up, which means that the neces-
sary preparations for the bond issue already made
will hamper the European markets. Liquidation
of weak accounts in the Kafhr stocks and to a
lesser degree in the American market was reported
but so far there have been no failures. Money is
likely to continue very stiff abroad for some time
to come.
MARKET GOSSIP-The buying of Reading was
believed to come from an operator who took the
most important part in a recent advance. Where
his name not mentioned. and one or two active
houses got the cred,t- He understood to have
sold out but the principal buying came from one
of his brokers' While there buying by houses
which usually get the credit of doing the Morgan
business United States Steel common called for a
good support. largely because of the foreign
selling which a considerable factor in the
early trading. There was also some selling from
A. A. Housnlan & Co., c. d. Barney & Co ana
other houses recently active on the Dull sac
American Smelling advanced in the early trading
against the general current OF the market. People
who are buying seem to want the stock even at
the nresent high level, and, while traders suspect
manipulation they are unable to point dennltely
to any matched orders. Canadian PACING was
bee1 hut wa
being the last day of the London settlement, the
hull account there was content to hold the price
until It could be seen whether anybody mad peen
hurt in the unsettled market of the recent past
London is still the best market for the stock The
Wabash issues entirely failed to develop any real
activity on the report The showing there is gen
eraIlv considered to be rather too bad to be true
The unusual heavy allowances for maintenance
are taken answer to the claims or the lhde-
pendent holders of the B debentures. According
font on
there is enough short interest in Union Pacific TO
give substantial support on small declines The
stock was probably sold short in anticipation OF the
friction with Burlington in Nebraska 1t seems
rather inclined rally now that the extent or the
disagreement is known and the foreign selling
which was a factor recently has almost ceased
The selling Of Louisville little disappointing
as better support had been expected in view or the
stimulus given by the Presidents visit and the
practical disappearance of yellow fever with the
cold weather. There is no bear account worth
mentioning. and scattering sales seem to be made
at a concession unless the Western bull contingent
is active in the market.
MOVEMENT OF MONEY.-The reported move
noents Of currency this week indicate nominal
loss of S514,1O0 in cash held by the banks They
received from the interior S,35G0 and sent TO the
interior s618420O including $.5590oo national bank
notes sent to Washington for redemption. The
loss TO the interior was 1891 Receipts OF
gold were 81 625 800 namely, assay office balances
ON imported gold s37S5OO. Now-York assay Office
checks for domestic gold si66.SG0 San Francisco
mint checks and Geographic transfers $3.50. 100,
Seattle assay office checks S12S,9o0 Ordinary
disbursements by the Sub-Treasury SlS240,7 OO.
Payments by banks to the Sub-Treasury for Gus
toms. internal revenue per cent redemption fund
etc. were s2O591. 600 The loss on Sub-Treasury
operations proper 81 $50 300 The total loss to
the interior and Sub-Treasury operations proper
was 49, 1S9 400 Deducting from this the gain by
new gold the net loss s514.1G0. The net loss
to the interior caused by some large ship
ments of currency to Philadelphia and by an I'M
expected demand from the South. One bank re-
ceIyed $500 600 from an Atlanta bank less than two
weeks ago and last week was called upon to ship
$4,000 to the same bank. Receipts from the in
terror however, larger than for week
since the middle of August
INTERESTING RAILROAD STATISTICS. - In
comment the railway figures for 1904. "Poor's
Manual says
Examination Of the figures shows S that gross earn
crease in 1903 the earnings of 1902 $lsS,
er5iS or of Isol are s25 S2s SIS or almost Is
per In of the record for 1902 The great
due mainly TO ii the St Louis Worlds Fair but la
Dor disturbances helped IN negaty5 way by
total mileage for railroads equaled i667oS; in 1871
being 45.6f6 miles. or about q rer cent The fact
that in the years since 1887 the construction of
nrenedin years is freo1enflv mentioned ms be;nS
evidence that the prosecution OF these works has
been in excess Of the requirements OF the country.
and that in consequence railroad building must
be at a standstin practically for years 20
come. until the country shall have grown up
to the capacity of the lines now in existence The
activity in the newly opened sections OF the coun-
try-in Oklahoma, for exanlple-i!nd the compare
tive unmDortance OF the extensions IN the mere
settled sections would seem to support this con-
tention The share capital corresponding To the
mileage completed at the end of 1904 eaualled So
441 0453T4, against S6.35. 207 $50 1903 this in
equallnS sa SSSOC9 the rate of increase be
ing about 11a per cent The funded debt of all
the lines at the close NJ the year aggregated
s475 SO2O3. against &C. 7222l6 in 1906. the in
crease edualling S53 62S.oeo. than II
per cent The other forms of Indebtedness OF the
several companies at the close of the year equaled
S172,5ls,6S7. against 44S for 1908, a de-
crease of $2156I991l. The return invested capt.
tai averaged 3.31 per cent stock and per cent
bonds for the year 1901. against 3tS per cent
On stock and z.17 per cent bonds for the year
1908. This shows increase OF 02S uer cent IN /
the return stock and decrease of OH per cent
in the return bonds.
GOLD EXPORTS LIKELY.-Foreign exchange |
rates at the point at which gold may be |
exported from the United States n profit Ii Is |
quite likely. therefore. that an outward movement
of the metal win begin next week either Tuesday |
or Thursday. There Is a great scarcity of com |
merCial bills. while the demand for remittance is /