New-York tribune., 1905-07-25
WALL STREET AND EXCHANGES.

FOREIGN TRADING.--Fore:gn houses bought
20 c0 shares in the local market In London the
market appeared 70 consider the meeting Of the
German Emperor and the Car point in favor
Of peace and consols gained = per cent. while
Russian bonds were higher. There was no feature
in the mining market. With the approach OF the
settlement which begins Wednesday. there il
not much likelihood of broad or active market
in London The special requirements for money
likely TO be easily met and there is no present
probability stiff money rates abroad until early
in September. at least
MARKET GOSSIP.-It was estimated the floor
that Charles G. Gates & Co. bought about 5000
shares OF stock round the room. covering shorts
put out last week. These were largely in Erie and
other coal stocks but fairly we'll distributed
throughout the active list The hruaness I'm United
States Steel was taken as foreshadowing favor
able quarterly statement Some of the Ptrtsburg
houses which bought the stock are expecting not
less than S1 100000 net earnings for the quarter
There is little reason why they should not he night
in their forecasts unless the steel corporation
takes advantage Of prosperity to write of heavily
for depreciation. Baltimore and Ohio acted rather
we'll. A fairly strong bull pool was formed In II
last week and certainly had opportunity to
average some of it's stock bought in the neighbor-
hood of ia. The stock is generally wanted In the
loan crowd and traders cautious about selling
n short Currie Brothers and active traders OF
the same class responsible for the early rally
in Pennsylvania. They found more shorts thah
might have been expected. ana recelNeu SoHro d.
sistance from the Philadelphia houses. who were
very fair buyers. Houses most popularly associ-
oted with Standard Oil operations were consplcu-
Gus in the early rally. There was at least sec
tfon of the traders including part OF the active
Hoffman House contingent, which thought the DEM
onstration Of support little too obvious 10 De
convincing and sold stocks on the advance Trad
ers are always doubtful Of the bear side when the
Gates following Is reported to have taken a snort
position. They argue that whatever the coInrnod-
ity markets may be doirg that following is con-
stitutionaIly bulish. There was therefore no sur
prise when Charles G. Gates & Co. appeared as the
principal early buyers of Erie
AMERICAN LOCOMOTIvE.-Holders OF Ameri-
can Locomotive common stock are not pleased at
the prospect of no dividend In the immediate future
although earnings OF the company have JUSTIFIED
declaration The management OF the company
excuses its policy OF deferring dividends the
common on the ground that large sums OF money
will be needed to meet new manufacturing condl-
tions the general introduction OF electricity as
motive power making plant Improvement neces-
sarv II not imperative Common stock holders. on
the other hand say they are entitled to some return
on their holdings.
ERIE DIRECTORS TO MEET.-It is understood
that .orices have been issued for meeting of the
directors of the Erie Railroad Company, to be held
tomorrow afternoon While it is not certain that
il will be possible obtain a quorum of the
board action can he taken the semi-annusl
dividend on the first preferred stock inasmuch as
the executive committee has full power 70 order
this disbursement, It is not thought any action
will he taken on a dividend the second pre-
ferred at the time
RECEIPTS OF ALASKA C5OLD-ReceIpts ~
Alaskan gold az Seattle from June u 30 July II
amount TO SS.O0UO. The C1eary and Fairbanks win
probably turn cut 100000 TO 100000 this season
The Nome output will be s5Olo00
APPLICATION FOR LISTING IN LONDON
The Canada Atlantic Railway Company has ap-
Piled the London Stock Exchange for special
settling day and quotations for scrip. fully and
partly paid for f1.0GSoo consolidated first mort
gage per cent gold bonds
ORDERS FOB PRESSED STEEL, cARs-rhe
Pressed Steel Car Company last week received
orders for 2.1o0 cars