New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-14
wATL, STREET AND EXCHANGES.

FOREIGN TRADING.-Foreign houses dealt In
600 shares in the local market selling on balance
In London Consols were steady and foreign bonds
rather heavy The mining department was firm
and copper stocks quotably higher in places The
general market was rather inactive. The fort
nightly settlement is proceeding satisfactorily as
it is understood that any weak accounts were ad-
iusted on Tuesday. Money in fair demand for
settlement purposes and may easily work higher
if the Bank of England finds it necessary to pro
tect itself further against the demand for gold here
and elsewhere. Tt is possible that the bank
rate may be advanced again. the per cent
minimum hardly seems to have been effective.
MARKET GOssIP.-London had bull point on
Atchison and picked up little stock the open
ing. After the first few minutes there little
a aggressive pressure in Reading, which not
without influence the rest of the list Specialists
find that there is long stock coming out rallies
like that of Tuesday and some of the most bearish
of the traders are operating the assumption
that the pool has TO some extent overstayed its
market The active Newest. clique, which is hostile
to the market at present, seems to be putting
stock again after covering a little on Monday and
early Tuesday. Some of that following
talking Of another Boston raid. and it is perhaps
significant that they had early information OF
such events on former occasions Charles G. Gates
& Co. were heavy buyers of stock in the forenoon.
They took part in the advance in Southern Pacific
and were prominent in Steel and other market
leaders. It is said that the Gates following has
bought something like 10000 shares of stock in the
last few days doubling up their short position
This is about the third change Of position in three
weeks The movement in Southern Pacific, which
showed some strength in the first hour was directly
attributable to a few active traders, of whom
Jacob Field W. B. Oliver and a. A Housman were
about the most conspicuous There nothing
in the buying to make the old dividend story worth
reviving. The best information is that there will
be nothing doing until E. H. Hartman comes back
Inquiry among fifty representative commits
sion houses SHOWS that very little stock is being
carried for customers. There has. however been
a return to this market of stock which was bought
in the spring and financed at other centres mostly
in the Middle West. There do not seem to be many
stop loss orders in sight at the level The
best of the afternoon buying in United States Steel
by c. B. Macdonald and other active traders
H 2. Eckstein the specialist. the principal
seller of the Erie preferred stocks, and also a
seller Tuesday. The selling of Shelters came
from houses which have been kept pretty well In
formed. 1t seems to indicate opinion that all
the good news was with the publication OF the
report Moore & Scblevs selling was the most sig
nihcant feature in Tennessee Coal and Iron. where
they have been the leaders Of the bull pool.
INTERNATIONAL POWER COMPANY.-At a
meeting OF the board of directors of the Interna-
tional Power Company. held yesterday, a regular
quarterly dividend of | per cent was declared on
the common stock and the regular semi-annual
dividend the preferred stock of 8 per cent; also
additional dividend of per cent on the preferred
stock. This latter dividend was declared because
the charter of the company provides that the pre-
ferred stockholders entitled. in addition the
regular dividends of per cent a year. par
ticipate equally with the common stockholders in
all other dividends
GOVERNMENT DEPOSITS.-A Washington dis
patch that there is truth in the rumor THAI
United States deposits in NewYork banks are to be
increased at once. 1t stated in Washington
the time Of the last recall United States deposits
from banks that IL revenues increased the Secre-
tary of the Treasury might return some Of the
money TO banks if needed in the fall
NEW HIGH RECORD FOR STOCK EN-
CHANGE MEMBERSHIP New-York Stock
Exchange membership sold yesterday afternoon at
S4,o00 new high record price. The last preceding
price was SIS 600
THE IRON AND METAL TRADES. The Iron
Age says:
review of the whole iron industry justihes the
general statement that IL is enjoying great activity
and brilliant promise for the future. The usual
DOUBTS as 10 adequate amount of work for the
winter months have not arisen this year, and
the outlook is for work at high pressure well into
next spring Added to this come reports OF a dis
Shct improvement in England. whose business has
oeeh Tagging until lately, the Continent having sent
cheertul reports since the early summer There
nave neen fuTther heavy purchases OF steel rails,
tue pennsylvania Company leading wife more than