New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-09
MINING STOCKS.
WALL STREET AND EXCHANGES.

FOREIGN TRADING.-Foreign houses sold 5000
shares in the local market In London consols lost
ground and Japanese bonds were much depressed.
The comments of the London papers. and Darticu-
larly THE Times" the assistance given 10 the
Russian feet at Saigon and other ports in French
China, had great influence sentiment Paris
was weak early, but hardened a little later Money
in fairly plentiful supply. and is not likely to
he in any special demand for the settlement, begin
ming tomorrow. The weakness in bar gold and
the strength in Paris exchange on London, conse-
quent upon the decline the most encouraging
features. indicating a suspension Of the French
demand for gold
PENNSYLVANIA 81 PER CENT CONVERTI-
BLES.-A Philadelphia dispatch says that the
Pennsylvania Railroads $lOO0000O5 convertible 312
per cent bonds so to the underwriting syndicate
instead of the stockholders who. as matter Of
right. and in accordance with the policy of the
management. accorded the first chance Of TAX
ing the bonds. The conditions did not favor large
subscriptions by the stockholders from the first,
and it has been well understood that most of the
bonds would go to the syndicate of bankers who
contracted 10 take all the issue which the stock
holders did not want. AS matter of fact. the
and more than 100000 bonds will go the bank
ers. The underwriting syndicate is headed by
Kuhn Loeb & Co and J. P. Morgan & Co.
NORFOLK AND WESTERN.-A director Of the
Pennsylvania Railroad Company is reported as say
ing:
looking for an increase in the Norfolk and Western
dividend IT would have undoubtedly been raised at
earning more than twice the dividend it is paying
and was the full intention of the majority of the
board when the meeting assembled to raise the
from to per cent, but President Johnson asked
that the advance in the rate De deferred until he
could complete some improvements which he wished
to make out Of the surplus earnings. and we, of
raise the Norfolk aud Western dividend was be-
cause Of bad business or bad outlook either in the
foundation.
LONDON OPERATOR LIQUIDATES.-At least
part of the weakness in the United States Steel
issues due to liquidation of the account OF a
LCndCu operator who had some l9o2o shares open,
mostly steeIs, but including also southern Pacific.
Union Pacific and Ontario and Western. The oper-
ator i'm question able TO finance the last fort
nightly settlement in London, but unable to
meet that commencing on Wednesday. and was
obliged 10 sell out A good deal of the stock so
realized resold n this market through prom-
nent foreign banking house.
STOCK EXCHANGE ELECTION.-The annual
election of the New-York Stock Exchange took
place yesterday. the polls closing at . o. m, and
resulted In the regular and only ticket being
elected: President, H. h Pomroy; treasurer F.
W. Gilley; members Of govern ng committee, to
serve for four years ]. T. Atterbury. f. V d. Cox.
w w Heaton, William H. HOLSTER. W. Strother
Jones' Austin 2. Kelly, ]. B. Mabon, William Rob
ison, II. c. Swords and Blair S. Williams; trustee
of gratuity fund. to serve hve years s. H Nissan;
Kip, jr: II. T. b. Jacqueln. r. NJ. Stuart-Wortley,
James b. Taller and c. w. Turner
At special meeting to-day of the governing
committee the vce-president for the coming year
will be appointed and standing committees ar
ranged. At that time, at the regular meeting
tomorrow. It is reported. the governing committee
may FIJI the office of secretary Of the exchange.
MONEY AND STOCKS.-A large brokerage
house that two weeks ago carrying stocks
valued at SIS 100000 has reduced its holdings to
Sc 100000 as a result of selling the part of Gus
toners 1t is stated that this be taken
indication Of the position of the majority of com
mission houses and serves to show the shrinkage
of obligations assumed by banks and trust com
panies and other lenders of money.
AMERICAN CAR AND FOUNDRY.-The orders
ON the books Of the American Car and Foundry
NOW aggregate approximately $1,000 cars. being the
largest bookings at any time in the companys his
tory.
ANTHRACITE COAL SHIPMENTS.-The an
thracite coal shipments for the month OF April
we're 527SOn tons, as compared with 5,40l.i76 tons
IN AnriI last year a decrease Of 129.735 tons. The
tonnage ,lp to April 80 the year 1895 1887.
7s7 AGAINST 1928 1913 tons in the same period last
year. an increase of 624,i54.
J. n WALLACE DIRECTOR.-J. n. Wallace
was Yesterday elected n director Of the Colorado
and Southern Railway Company in place Of r. p
OIcott resigned. Mr.. Wallace is fourth vice
president of the Central Trust Company, of which
Mr. Olcott is president