New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-13
WATT. STREET AND EXCHANGES.


FOREIGN TRADING-Foreign houses dean II ~. ~,
a. ooo chores in the local market, buying 2''V''
shares In London Consols were steaoE go -
triAe hrmer and the general market aN'ee
without any very important movement p
r.a, u,ero all Armer This being the first DAY
Of the fortnightly settlement transactioi
,zs. -rera for the new account and advances
therefore lust about represented the contahsV' -
interest for the next fourteen days Inc
roent began we'll although money Is hhelS - "
little sitter than It was at the end Oh la''
Most of the bull talk in London is on the morgan
oro,,r of stocks in which there is an active mar
ket there. ,,o,t. on
tbe general market exercising some influence on q
our,ber of active houses is the prosperity IN tne
.r,,de nil business The Standard oil advance IS
the first in a year. and the disturbances IN the
Caucasus have opened up market wnlch was mo-
heretofore available. Canadian Pac1nc was helpeU
nv the fact that bear of that stock IN LONDON
had been forced to cover his shorts Aitnousn
BROOKLYN Rapid Transit improved with the rest OF
the list the politicians not bullish. one OF 1he
reports current in the street is that the import OIL
gold was expected and that block or z9uvV shaio
of Erie was bought in the early trading on MOI
day and distributed at two-point proht on the
general rally in the market. The activity IN the
minor steel stocks accompanied by good
deal of bull talk on trade conditions Inere Is no
disguise about the attitude of the Woodward party
on any advance in Tennessee Coal and Iron They
would have stock for sale higher up but would
probably not sell much below par. In spite OF the
advance in Union Pacific traders on the floor do
not believe very much in stories OF Kuhn' Loep
buying They are inclined to think that the Gates
following was responsible for most of the rise,
covering shorts and doubling UP on their previous
position. Ladenburg. Thalmann & Co.'S buying OF
ss-Shefleld the feature on the scrip divi-
dend AmaIgamated Copper was helped by the
advance in the price of the metal in London and
some fairly aggressive buying by Flower & Co,
who still the leaders of the bull party. There
is much public following but traders are be-
ginning to demand something material for the re-
cent bear talk A story which should not have
been published if it were true was circulated to
the effect that arbitrage house in London
was in trouble The arbitrage houses here ridicule
the tale and naturally resent it. They say the
London market has never been in healthier con-
dton than it is and report it almost sold out
ON American stocks.
PETROLEUM PRICES HIGHER,-The Standard
Oil Company has advanced refined petroleum for
export 10 cents barrel This is about the first adj
vance in year. all changes within that time hav-
ing been toward a lower level 1t has been claimed
that foreign competition has had considerable to
do with the downward tendency of oil in this
country. The Russo-Japanese War. however. has
given the Standard Oil Company stronger foot
hold in Russia. and this may have Influenced the
advance Producers are naturally elated the
rise. it indicate the turning point for
the better.
JAPAN's BALANCE To REMAIN.-'"The Lon
sterling in London, 100000 sterling in New-York
and 100000 sterling in Germany, making al
together 35O00.oOO sterling We understand that
there is an agreement with the American bankers
that they not to he called upon for large sums
any time. and that the bulk of the money
is to be withdrawn until the moving of the
crops is Therefore. ii seems to follow that
the money in America will be touched or at
all events will not be touched to any considerable
extent before November or December. II that be
H.
medately are those in London and Berlin making
together 25.00OOO0 sterling
SLOSS-SH EFFTELD INCREASES COMMON
STOCK.-The directors of the Sloss- Sheffield Steel
and Iron Company have voted to increase the COM
stock s25OoOOO from S7.500O0 10 the authorized
issue of sO.OOO,OeO. President Maben of the sloss-
Sheffield Steel and Iron Company says that the
$3.50 600 of stock will be paid to common
stock holders In the form of scrip divided in
consideration of the fact that upward OF 100000
has been appropriated out of earnings since the
formation o. the company for acquisitions and
hetternents which amount rightfullv belonged Ia
the common stock holders. The increase In the
companys products. viz. iron. coal and coke has
been large as the result OF these expenditures
!. y. Wallace. president of the Central Trust
Company. was elected member OF the executive
committee. to I'll the vacancy caused by the death
of William f. Strong
CANADIAN PACIFtC.-The annual report or the
Canadian Pacific improves analysis The report
'F'''iN'i''''N
OF the income account being the fact that the com
pany increased its gross transportation receipts
over A~o,o0o. with added EXPENSE for conduct
ing transportation OF only SI65,o0N The expansion
IN eNrense was nearly all in maintenance. An
aiysed by itself. the report shows that the Cana
dian Pacfc earned in 1894 Isl per cent its COM
mon capital stock now issued SiQI. 10000 out OF
this 1t paid dividends the Of per cent for
the first half year on ssi5O00o0 OF stock and per
cont for the second hair s1o 100000 There
remained as5bCl9 including $4,000 for steamships.
etc
IRON PRICE Prices of foundry iron being
advanced all along the line While many furnaces
have taken no action in respect To change in
prices, they expected to place their products
on higher level within the next week two.
Several Southern furnaces have advanced so cents
a ton within the last day two. which is In line
with the advance in Northern foundry iron
WESTERN UNIoN,-The executive committee
OF the Western Union company has recommended
the declaration OF the regular quarterly dividend
az Ia per cent.
COTTON EXCHANGE MEMBERSHIP TRANS
tERRED.-Fha New-YsDrk Cotton Exchange men