New-York tribune., 1905-03-02
S.O16 Total sales.
WALL STREET AND EXCHANGES.

FOREIGN TRADING.-Foreign houses dealt in
10000 shares in the local market buying balance
In London consols shade harder. and there
few features in the foreign bond depart
ment. Russian As were inclined to sell off on the
further reverses in the Far East. Money easy
in London, and is likely to be plentiful enough in
Paris in spite of the settlement in progress.
BOND MARKET IN FEBRUARY.-Fisk 81 Rob
inson, in their monthly bond circular say:
The demand for railroad bonds continues good.
New issues are readily absorbed. and most of the
et and when avaiIabie are eaeaTIy 6nrcbased 1s h
investors. No events have occurred during February
10 disturb the confidence of investors and the fac
these may be mentioned the Increased reserve Of
money in European centres and the consequent
outlook for lower rates abroad. the decline in ster
ling exchange prohibiting further profitable ship
the in the Far East will soon terminate and
the strong showing made by the railroads of the
cifc refundng per cent bonds and $500 oO0 Mis-
fnVesment SITUATION Bea1nes m in 6an5s an an the
New-York Stock Exchange during February show
total Of about $l2OOOOOOO. which is larger than in
any siIliar period in the history of the Exchange
Following the slight advance in prices noted in our
last bulletin. the government bond market for the
last month ruled quiet and firm, and closed, with
Institutions owning bonds released by the re-
turn Of portion Of their public deposits have
are using their bonds as basis for ditiopaT GT ir
cuiation The ABSORPTION of bonds for this nrpose
has been continuous, and the amount of circulation
amounts to $46S. 100000 the largest amount ever
9Mgstandng M dd nd at one time and an advance Of about
a year ago Ii looks now as if the call of the
per cent of their public deposits on the 18th Of
this month would provide the government with suf
hcient working capital for some time to un-
less unforeseen demands made upon it for the
construction OF the Panama Canal
FAILURES IN FEBRUARY.-Conmercia fall
ures in the month of February. reported by r.
G. Dun & Co. lob in number and SO $50 $40
in amount of defaulted Indebtedness, against 10OS
IN the corresponding month last year, when La
bties aggregated $15.S12.553. Failures were more
numerous in the three years preceding and the
average amount involved slightly in excess
of 81, 100000, go that last month makes a very
gratifying exhibit. Manufacturing insolvencies
234 in number and ,SJ4 in amount against
223 IN February, 1904. when the amount involved
was almost exactly the same-s3, ,S2693s Trading
failures numbered 749. with liabilities So
which compared with 734 last year. when the de-
faulted Indebtedness amounted TO So 52S9SOl. The
most striking Improvement appears in the third
class, where 30 failures for $3.50 533 make most
satisfactory comparison with 46 failures and Sc $685.
S7 liabilities year ago. Banking and other fdu-
ciary insolvencies were in number and involved
$3.50 AS against 13 suspensions for 1902 1893 last
year The chief decrease as compared with the
corresponding month last year occurred in the
third division. embracing brokerage and insur-
ance concerns and may be traced to the Balti-
more fire. which forced several large insurance
companies to suspend Aside from this depart
ment the commercial failures make remarkably
close comparison with those OF February, 1901,
which We're neither unusually numerous large
in amount Of defaulted indebtedness. The least
satisfactory feature of the return is found in
large number of general stores failing the
South account of the sharp decline in price of
cotton These all small to liabilities. for
the average for the entire country only S. 77S,
| including several department stores
ATLANTIC COAST LINE.-The movement in
Atlantic Coast has attracted considerable attention
About 10000 shares have been sold in the last few
| DAYS mostly by Gates brokers. These were all
| bought by Moore & Schley houses presumably
purchase is said to be in connection with the
siderable strength.
ONTARIO AND WESTERN.-A theory in regard
! 10 the future of Ontario and Western, which finds
| acceptance in some good quarters. is that New
| Haven will turn yer the railroad lines to ths
| New-York Central. while retaining the coal prop
critics. securing arrangements covering traffic
! rights on coal from the mines to ITS lines
| UNION PACIFIC-The amount OF Union Pacific
convertible bonds exchanged for stock on February
! 2s was ,475,OOO The total amount now outstand-
| ing is s56, $4,000.
ELECTED A DIRECTOR-Dick S. Ramsay.
| president Of the East River Savings Bank and
| vce-presideEt of the Mercantile National Bank,
! has been elected director OF the United States
| Title Guaranty and Indemnity Company. of New
| York City.
| CANADIAN PACIFIC EARNINGS.-Gross earn
| ings of the Canadian Pacific for the month of
January show gain of $3.50 sOS. and net earnings a
gain OF s65Ol7. making from July 1 gain In gross
of s2eh.437. and in net a gaiE of $5f1.r6.