New-York tribune., 1905-04-18
WALL STREET AND EXCHANGES.

FOREIGN TRADING.-Forefgn houses dealt in
5000 shares in the local market, buying 10000 on
balance. In London consols were steady. but Jap
anese bonds were weak. Money was easy in Lon
don, but may harden, the weakness in Paris ex-
change on London indicates a renewal Of the French
demand for gold In this connection the advance in
bar gold is most important. 1t may affect our ex-
change. as London may try to divert the French
demand for gold to New-York. The principal activ-
ity in American stocks abroad seems TO come from
New-York orders.
BIG WHEAT PROSPECT FOR COTTON
BELT"-The winter wheat crop in the territory
tributary to the ST. Louis and Southwestern Rail-
way is in exceptionally good condition this year.
and the largest yield on record is promised. Con-
tnued large earnings arc assured by this and the
generally prosperous state Of all business The
gains in net in April May and June are expected
IN railroad circles TO be unusually large. and the
surplus Of the company for the fiscal year will prob
ably equal per cent on the preferred stock. The
feeling here on the preferred is bullish 1t is be-
heved that it will soon sell in the 7Os and later
werk UP gradually above So
NORTH AMERICAN-The strength in the stool,
Of the North American Company has no doubt
lent some color 10 the rUTnor of a Morgan-EiI
holding company of this concern but it is stated
by those intimately connected with the North
American and its prospects that the advance in
price of the shares is perfectly natural in view
OF their intrinsic worth The recent acquisition OF
the St Louis street railway system has materially
strengthened its position. as we'll as the fact that
additional strong financial interests have acquired
large holdings of North American COMPANY stock
UNITED STATES STEELA-The United States
Steel Corporation is planning the practical re-
building of the Bessemer plants Of the Carnegie
Steel Company at Duquesne This work will cost
from 100000 TO 100000 or more according 20
the extent of the Improvements. 1t IS understood
that the work will be started this and will
be completed possible The new blast
furnaces to be added will probably be two instead
of four as originally contemplated
AMERICAN STEEL FOUNDRIES-The direc-
tors Of the American Steel Foundries it is re-
ported have decided not to resume dividends on
the preferred stock this month. While the com
Fany is in a strong position and would be war
Ianted in beginning dividends this month it was
deemed prudent TO postpone action until next July
Back dividends the stock amount to something
over per cent.
SUPPLY OF COPPER.-The visible supply OF
copper for the first half OF April is 1719O tons
against 17.1oO for the first half of last month
The copper in stock has increased go tons and
the copper aaoat decreased 200 tons making the
difference of 20 tons.
VULCAN DETINNING.-The strength Of the
Vulcan DEFINING stocks is said to be owing to the
prospective requirement Of the property by one of
the prominent metal interests
Al PLICATION TO LtST.-The Chicago Rock
Island and Pacific Railway Company has applied
to the New-York Stock Exchange to list S7O00OOO
additional first and refJnding mortgage per cent
bonds of 1884
AMERICAN LOCOMOTIVE.-Buying Of Ameri-
Locomotive is based the company's heavy
earnings and the strong financial condition OF the
property Last year the earnings were over "A per
cent on the common stock. and they are now under
stood be much higher basis. Its great ac-
emulation of surplus and large cash working cap
ital are well known TO investors. In addition to
this it is pointed out that study Of the growth Of
railroad traffic and the comparatively small in
crease in railroad equipment particularly the loco
motive department. promises much larger busi-
ness fer the American Locomotive Company in the
near future. Since 1880 there has been an increase
in the volume of freight traffic Of 15S per cent
while the net increase in the number of locomo-
tives is only 40 per cent. In 1890 statistics show
there were SlO62 locomotive engines while in 1904
there were A452a