New-York tribune., 1905-08-25
WALL STREET AND EXCHANGES

FOREIGN TRADING-Foreign houses dealt in
4o,Odo shares in the local market, buying S0o
shares In London consols were firm az s0at d 1ur-
ther advance Of 1-lo per cent, and both Russian
and japanese issues showed strength The rainrry
department was steady and featureIess bur conner
stocks were noticeably strong London is sin
confident OF peaceful result from the conference
a. Portsmouth. The Bank OF ENGLAND did nor
change It's rate and made stronger return than
last week. showing higher proportion of reserve
TO liabilities and fair gain in bullion on the week
MARKET GOSSIP-The buying OF Southern
Railway by A A HOusman & Co. VINO took OO
shares. attracted some following. They were no
ticeahly active in the buying or the first move
ment Of the stock some weeks ago and havs
been important factor in it since that time
Traders liked the buying OF Pennsylvania and wers
inclined 70 follow it. Edward Sweet & Co. wao
took 1oooo shares and seemed TO want more. prob
ably induced number OF floor traders 20 cover
shorts put early. Philadelphia houses are stu
buyers. The Morgan following in London is bullsh
on the general list but more so On United States
Steel common than on Erie or Southern Railway Il
IS very doubtful II the Morgan interest has really
bought any Erie common since the stock was sell
ing nearly 10 points lower One OF the most in
portant bull points Pennsylvania is the excel
lent market for the S1z per cent convertible bonds
Large sales are now being made at 1M and inter
est and there is a good demand for all the bonds
in the market at that figure. Such an investmea
demand naturally reflects itself in the stock n
view OF the value OF the convertible privilege
Houses Win pOIUlcal connexions nave OCel OAg-
ing Metropolitan for the first tine in a consider
able period They have hitherto held of on ac-
count OF the coming municipal election, but there
are indications that the Ryan interest has made
some sort OF an arrangement with Tamrany Hall
sufficient to make politicians more confident on
the immediate future OF the stock IN the market
NORFOLK AND WESTERN--The neglect o.
Norfolk and Western in The present market re-
fleets a fear that the road may suffer considerably
from competition OF the TIdewater Railroad. now
H. Sc
Rogers. while not openly admitting that this eap-
talist is identified with the T1dewater road make
the important admission that the people who arc
putting up the money are substantially the same
who formed syndicate and bought the Pocahort3s
Coal and Coke Company when II vas IN weak
hands and afrerward sold 1t TO the Norfolk and
Western. Norfolk refused TO have anything 70 do
with the property until It fell into the hands OF
rich syndicate. but was then obliged TO buy as 4
measure Of self-protection-
TO LIST PENNSYLVANIA IN GERMANY
Philadelphia report says that the sudden revival
Of activity in Pennsylvania Railroad stock and rs
accession OF strength believed IN well informed
circles here 20 be due the steps taken by Kuhn,
Loeb & Co. and other banking interests affiliated
with the Pennsylvania Railroad system. to broaden
the market IN Germany for the coInpanys securt-
ties. For some time negotiations have been under
way to secure the listing Of Pennsylvania Railroad
securities the Berlin. Frankfort and other m
portant German boerSeS- II IS understood tnat
these negotiations are practically concluded and
that formal announcement Of the hstngs VIII soon
be made.
ASSOCIATED MERCHANTS COMPANY-rhe
directors Of the Associated Merchants Company
have declared the regular quarterly dividend OF
IL. per cent the common and extra dividend
OF n OF ! per cent This IS increase Of =
OF l per cent over the preceding quarter The
serni-annual statement of the company which viii
be made public soon. will be OF the most
favorable ever issued by the company. Ths IN
crease in the common dividend reflects prosperous
mercantile conditions.
LOUISVILLE AND NASHVILLE PENSACOLA
DIVISION BONDS-BIodgett. Merritt & Co say
Under the terms of the Louisville and Nashville Pen
sacola division mortgage the Louisville and NASH
Vile Railroad Company obligated. beginning
with the year 1885, TO buy draw annually eonHs
for the sinking fund in such amount as would reurs
bonds BY the time OF maturiay. in 1870. Cndsr
these provisions only four lots OF bonds were re-
tired Recently the company has issued call for
the payment Of Sl750lO bonds covering the period
from 1883 70 1905. inclusive. l05 and interest. whicn
was about 10 per cent under the market value o.
the bonds at the time the drawing was MADE
Holders OF called bonds have been advised that the
terms of the mortgage do not warrant calling the
bonds for the years 1889 to 1904. inclusive anu
holders OF the called bonds invited 20 CO.
operate in protecting their interests.
READING CALLS PROFITABLE.-Ths dealnss
in Reading from 12lis 70 122ss amounted TO Saw
shares. The rise has been gratefully received "
the New Street crowd for there were about slN
thousand shares OF calls outstanding most OF WHICH
expired yesterday. and in all OF which there Was .
proht ten times or more greater than their cost
MOVEMENT OF MONEY.-The Treasury DO
partment authorized the New-YOrk SuO-rreasofy
70 send 10 Chicago SOc.0Oo making &oooOoO sihe'
August l. The Sub-Treasury transferred for oanA'
yesterday 100000 to New-Orleaas.
COPPER PRICES ADVANCED-For the sseoia
time in two days. all copper prices have been s