New-York tribune., 1906-10-23
WALL STREET AND EXCHANGES.

FOREIGN TRADING.-Foreign houses dealt in
10 900 shares In the local market, selling 10000 on
balance. In London conditions were better than
reported at the close OF the last week. but there
was no general enthusiasm the stock market.
Some Continental selling In London was apparent
early but was absorbed IN the course OF the morn
ing. Strong supporting orders from New YORK
were sent over and materially helped Reading,
among other stocks. Money was IN good demand.
and is likely to be really tight over the settle
ment beginning Wednesday. The rate on
American stocks is certain TO be over per cent
and will probably be per cent This means re-
striction of loans by the joint stock banks.
THE WABASH REIMBURSEMENT PLAN AP-
PROVED.-At the special meeting Of the stock
holders and bondholders OF the Wabash Railroad,
held at Toledo yesterday, the following matters
approved by the largest vote ever cast at any
meeting of the company: The creation OF issue
of 500 100000 per cent ffteen-year refundins
mortgage bonds. reservation TO be made Of suf1-
cient number to refund. retire and effect the
change of the existing mortgage bonds Of the Wa
bash company and Of all its promissory notes and
equipment obigations; the balarce TO be used only
for the betterment, development. extension and
equipment OF the property. The increase OF the
preferred stock by s16.5eo.O0O and OF the common
stock by SS5O0.0O. The issue of preferred and
common stock to such amounts, not exceeding N6.
10000 as may be necessary to exchange the de-
benture bonds. The exchange OF debenture bonds
for the new bonds and preferred and common
stock.
ADVANCE IN IRON.-There was further ad-
vance in foundry iron yesterday. and Southern
producers made sales as high as ST Is for No.
foundry. Birmingham. for delivery IN January OF
next year. Most OF the sales have been a basis
OF 81 ton. Bessener iron for immediate de-
livery has sold high SO ton A week ago
foundry iron for future delivery was selling at
SIC 80. birmingham. that sales yesterday repre-
sented advance OF from so 10 70 cents ton
since then For immediate delivery sales of foun-
dry iron have been made at SIS ton Although
no large individual sales have been made the de-
mand for small lots IS urgent The furnaces
practically bare Of stock
NEW YORK. NEW HAVEN s. HARTFORD
Announcement Is made OF the offer Of the New
York. New Haven & Hartford to exchange
share OF Its capital stock, par value Soo for each
500 face value OF the fifty year per cent debent-
ures Of the Consolidated Railway Company. Of the
issues Of July 1901; January. 1906; April. 1906 and
January, 1896. The exchange may be effected at
any time prior to June 80, 1907. Holders of the
debentures will be credited with accrued interest
at the date OF exchange and debited with the
crued dividend the stock which they receive.
FRICK COMPANY BUYING COKE-One OF the
most unusual conditions that have confronted the
coke industry is reported with the announcement
that the H c. Frick Company is in the market for
coke In other words. the largest producer of coke
in the world is forced to buy coke TO supply its
own requirements The company is not only buy
ing for immediate requirements, but is contracting
for six months and q year ahead. indicating that
the shortage OF coke is likely TO continue for many
months.
BRITISH FOREIGN INVESTMENTS - The
London Economist states that British capitalists
draw an income of SO0OoO.OOo from their foreign
investments. Last fiscal year they paid an income
tax on 1886. 10000, compared with SS5 10000
twenty years ago. The largest amount is derived
from interest foreign and colonial government
securities and the next largest from dividends
and interest from foreign and colonial concerns.
SUSQUEHANNA IRON AND STEEL COM
PANY REORGANIZATION INDORSED.-It IS Of
fcially announced that a large majority OF the
shareholders Of the Susquehanna Iron and Steel
Company has indorsed the reorganization plan
providing for an exchange OF securities for those
of the company known as the Susquehanna
Iron Products Company. In order to give every
stockholder an opportunity TO come in with the
majority however. the time for their acceptance
of the plan has been extended to November
PIG IRON CERTIFICATES.-Pig iron certin-
Gates at the New York Produce Exchange yester-
day started steady and without transactions.
Prices for regular opened as follows: Cash. Octo-
ber November and December, SIS TO SIS 75: January.
February and March. SIS TO So Prices for standard
foundry new contracts. started follows Janu-
ary s2l 25 S23; February, s21 to so 90; March.
$50 10 so 50. Closing prices were unchanged.
LORD s. TAYLOR DIVIDEND UNCHANGED
Directors OF Lord & Taylor Company have declared
the regular quarterly dividend OF 1& per cent on
the common stock. payable November l.