New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-08
MINING STOCKS.
WALL STREET AND EXCHANGES

WALL STREET AND EXCHANGES
FOREIGN TRADING-Foreign houses dealt in
5000 shares in the local market mostly sales. In
London consols were a shade lower, at 90is and
foreign bonds weaker than they have been
for days past. The whole market was un-
favoraby influenced BY the advance in the Bank
OF England rate. AS confirming the general
pectation of dearer money, the advance in the bank
rate influenced European markets all around The
bank return was the weakest in a considerable
period, showing comparatively low proportion
of la biites and heavy loss in bullion
the week.
MARKET GOSSIP-One important banking in
stitution least called loans its customers in
quantity. The stocks OF the various roads in
which the banking house in question is interested
simultaneously showed considerable support. 1t is
perhaps not surprising that OF the houses
whose loans were called Interpreted this action
a bull argument. The bull pool IN Tennessee
Coal and Iron is allowed to take care OF itself.
which 1t does rather badly. It's operations. how
ever being interfered with by the Wood
ward interests, and there is for say
ing that none of the so-caed inside" stock would
be forthcoming much under par. Baltimore and
Ohio was one Of the weakest stocks at the opening
1t has been a popular bull point among the con-
servative commission houses, and there seems TO
be rather extended bull account to judge by the
stop loss orders caught. One or the Factors or the
situation is the SuiiyHoadly- Hawley bull pool in
cotton. The pool is understood to be carrying up
ward of 300 bales with a probable so point loss
supposed to have sold stocks in order TO support
their position in cotton. When ANA samated cop
per selling at SOS, Jacob Field bid 81 for 1900
shares but refused to divide his order. He was
reported q seller of 900 shares. and the operation
therefore did not strike the traders the floor
as particularly impressive. There are, however,
already indications that the amount OF the bid
and the quantity OF stock have both been exag-
gerated III popular rumOr. On the rally in United
States Steel preferred houses, which are sup
posed to trade for Lawson and his following in
Newest, seemed TO be putting out shorts The
point was passed around that this was to be the
next stock violently attacked. Several banking IN
terests whose position is important at times like
the present when the market has to absorb liqui-
dating sales, quoted during the day con-
servatively bullish. Stocks with which they are
most associated to be regarded by them as
every cheap at from four to five points below
the present market level. Traders say this means
that they will sell there. Arbitrage houses TOOK
very little position in the market overnight They
we're not much inclined to buy stocks in soite OF
the rally believing that the net decline on 'he day
would check the London market
PIG IRON CERTIFICATES.-Quot on the
first call were as follows: Regular-Cash and Sep
tember s15ds15 50; October $5 30Qsi5 50: November
and December SIS 80 bid; January, SO 15sl0 co. FEB
ruary SIS 25Gs16; March. s16 asked. Foundry-Sep-
TENDER and October. Sl5d$15 70; November and De
y.
s15 SOdsl6: March, s15gs5 80. Bids for both regular
and foundry iron certificates were advanced little
the second CALL but without resulting In further
Quotations on the second call were as
follows: Regular-Cash and September. $l5asl5 90;
October s5 4O@$15 50; November, SO 4OQs15 60: De-
cember SIS 30 bid February and March. So S0Q$s.
S15 i58s5 IS: October. SO 20g
SO IS; November December and January. SIS 3ogs1s;
February. SO 50asl6; March. $40 Soasl6.
CANADIAN PACIFIC.-The Canadian Pacific has
H., Great nv nd
Ing contract for three years with the lie Ro
Mining Company by which all the comPanys ores
will be treated at the Canadian Pacific Railroad
smelter. at Trail b. c. BY this contract the Cana
dian Pacific Railroad the entire traffic from
the lie Roi mines. Up to the present all the ores
treated the Hin sInelter. Northport,
the traffic handled by the Great Northern
FINANCIAL CHRONICLES COTTON RE-
PORT.-'The Financial .'kronicle'' las Issued its
yearly cotton report for the year ended September
l. 1865 II shows that the total crop for the year
amounted to 13556.Si1 bales against lO12s6oo In
10000 and O75S326 in 1920. The exports OF cot
ton for the last year sS77.4O0 bales and the
spinners' takings 4.50.O6S bales leaving a
stock on hand at the close of the year OF 800 So
bales.
GREAT NORTHERN.-The Great Northern Rail-
way has informed the trustees OF the stock Of the
Union Terminal Railway Company of Sioux City.
Iowa, that it will exercise its option to buy the
entire capital stock Of that company 1t is under
stood that the purchase price OF 81 2 eco will re-
turn 10 the original investors about what they nut
into the property. The purchaser is to make nav
ment by October l, 1866. This ends an uphill fight
To protect the interests OF the investors dating
back nearly ten years and involving litigation In
both the State and federal courts
BANK CLEARTNGS-Bank clearinGs at ninety
four cities for the month OF August as reported TO
Bradstreet'-, aggregate SIC SIS 9Ss. 100 a total
slightly larger than that recorded in july So per
cent heavier than that reported In August year
ago ard u Fer cent larger than the heretofore
record August total OF leC2 CIearings at New York
City foot IN S6sSo5iS19, total 50 per cent larger
'han was recorded year ago and 10 per cent
larger than the August. 1906. record.
MEXICAN CFNTEAL-An OF the 100000 : per
cent three year notes sold recently by the Next
can Central 10 a syndicate headed by I.ldenburg
haimann q Co. and including several foreign
hanks and bankers, have been sold. They ara
selling at the present time 80 and interest.
ALLlS-CHALMERS COMPANY.-At the annual
meeting or the Allis-Chalmers Company +. c. Con-
verse and Joseph Neave were elected directors
EDWARD ID. Adams Mark +. Cox and Edwin Reyn-
olds We're reelected W. r. Whitesde was elected
president TO succeed Benjamin II. Warren. Henry
Woodland. OF Milwaukee. elected treasurer 10
succeed William j. Chalmers. OF Chicago.
AMERICAN STEEI. FOUNDRIES-The direc-
ors or the American Steel Foundries have elected
Robert Z. Lamont first vce-president succeed
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