New-York tribune., 1906-10-02
WALL STREET AND EXCHANGES.

SONo-'N
2OOO0 shares on balance in the local market MOST
os tho pl1rchases were in AtchisOn. Union Paclhc'
Southern Pacific, Baltimore & Ohio and united
States Steel In London the general market was
quiet Money was IN good demand and discounts
closed strong The balance Of gold in the open
market not taken for New 4crk was pou5HI i0i
indian account.
ADVANCE IN COPPER.-Iake copper advanced
&c in the bid and asked prices. at % 70 2cize.
EIectrolytio up 1sc in the asking price at 1873
to 3Dc. and casting up 1sc In the asking price, at
1e1. to 1870 Copper is now selling &c pound
higher than the low level reached in 1902 Theo-
reticalIy this means additional profits of SS0otOo
a year to the copper companies or the Chlteu
States taking the present selling price and the
low price IN 1902 as basis for calculation 1t is
we'll known that the Analganated Copper Com
pany as well many other concerns. through
improvements. additions. etc, have materially cut
down operating costs. which has also wdened the
margin of profit. A representative OF ore or the
largest copper producing concerns IN the country
SAYS that an Increase OF 25o0OoOo0 pounds Of cop
per over last year would not satisfy consumption
at its present rate.
CANADIAN PACIFTC-The statement Of the
Canadian Pacific for the month Of August is as
remarkable as any that have been issued in recent
months. and possibly more 50, because comparison
is made with record earnings in the corresponding
month of last year. The increase in the net earn
ings for the first months OF the current fiscal
year over the same period of last year is large
enough to increase the amount available for divi-
dends to the extent of more than l per cent
A LOW WATER MARK FOR FAILURES
Failure returns 10 ''Bradstreet's point to favor
able conditions in general business, good. in fact
to excite surprise that. Notwithstanding the
steady growth yearly OF the number OF those in
business the casualties are considerably below the
minimum of past years Thus IN the nine months
ended with September the total number OF failures
reported numbered only 6.763, a decrease OF per
cent in number from 1895, 1913 per cent from 1904
and Of nearly per cent from the low water mark
year 1906 In number. therefore. the failures
the fewest reported since 1885, nearly generation
ago. Liabilities make a good showing also. though
here the occurrence Of a few large financial sUs-
pensions responsible for relatively larger total
of failure damage than OF actual suspensions. The
liabilities for nine months aggregate SS9.5221S3.
decrease Of a small fraction OF l per cent from
1895, of % per cent from 1901. but fraction OF
per cent increase over 1903
STEEL Rail, ORDERS-In the current month
some large orders for steel rails anticipated. 1t
Is estimated that inquiries for rails close 70
100000 tons. The Philadelphia & Reading has closed
a contract for 8O 600 tons The United States Steel
Corporation has obtained order for 5000 Of
rails for the Philippine Railway Company.
HEAVY GOLD IA1PORTS.-New York banking
interests secured yesterday IN London the bulk OF
heavy gold arrivals from South Africa The amount
thus secured was approximately 100000 and the
remaining sum. about 100000. purchased for
Indian account Kuhn, Loeb & Co. of New York,
engaged 100000 IN gold coin IN London for export
TO New York. The National City Bank engaged
s. 10000 and Heidelbach Ickelheimer & Co. si500Oo
PIG IRON CERTIFTCATES.-Pig iron certih-
Gates at the New York Produce Exchange were
practically unchanged for regular and shade
lower for standard foundry No sales
ported. Quotations for regular follow Cash. SIS
bid; October SlSQSlS 70: November $1SQS1S So; De-
cenber. S1SQS1S 9O January. February and March.
80 asked. Prices for standard foundry We're:
October. $40 bid: November. Sl9Gs2O: December
sls 256s2O: January SIS 54$20; February and March,
SIS 50QS9J0
WISCONSIN CE%TRAI4-It is said that at the
annual meeting of the Wisconsin Central on Oc-
tober the Canadian Pacific. through ownership
OF the majority Of the preferred stock. will take
control. Under the reorganization plan OF 1889
unless the preferred stock should receive per
cent dividends within years after the expira-
ton OF the five years voting trust the preferred
stockholders have right 10 elect the majority of
the board Of directors.
MANHATTAN TRANSTT-It is understood that
deal is underway which will result In the transfer
of the Manhattan Transit Company 70 new owners
to the advantage OF the present holders of the
stock An interest identified with the company said
yesterday that an announcement Iaight be made
this week. The company Incorporated IN 1892
and is the successor Of the General Carriage Com
pany 1t has valuable franchise affecting trans
portation facilities in this city.
AMERICAN CAR AND FOUNDRY REPORT
Business growth In this country Is reflected IN the
report of the American Car & Foundry COMPANY
for the quarter ended July 81. which shows net
earnings of S657.O5, compared with S625s12 in the
corresponding period in 1905 After preferred divi
dends the surplus for the quarter was S11S2O5S
against 500 312 IN the preceding year.
REDUCED INTEREST ON LAND GRANTS
The directors of the Detroit. Mackinac & Mar
quette have declared per cent on the land srar,
bonds. payable October 10 holders of record
october l. The payment six months ago was n,
per cent. EeGrninSs We're reduced by the falling
in land sales.