New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-31
MINING STOCKS.
WALL STREET AND EXCHANGES

FOREIGN TRADlNG.-Forelgn houses bought
aD000 shares in the local market the buying ap-
parently representing the covering Of short con-
tracts In London consols gained Il per cent at
$50 and Russian Is rallied q per cent TO 90 which
is u full point above their low figure Saturday.
The mining department showed more strength.
Copper stocks stronger. Money was in strong
demand in London. can be seen from the -
per cent contango on consoIs which is the high
est contango rate on that security in years The
news fiom Russia was no better, but foreign Ear
kets were all disposed to take more Tranquil
view of it, having apparently overcome their first
nervousness There Is the usual November Stock
Exchange holiday in London on Wednesday. and
this tends to narrow business abroad. possibly
stimulating also the covering of shorts.
MARKET GOSSIP.-Union Pacific recovered With
the rest Of list at the opening. but De came dun
afterwarI There is a feeling that people most
closely connected with the property are not IN
sympathy with a bull movement at present. and
it is even SAID that they have been calling bans
in the Street to substantial amount American
Smelling advanced easily with apparently less
stock than ever in the market 1t is insisted oy
people who have hitherto been right on the mar
ket movement that the concealed earnings ara
large enoughto justify the present price and SONS
further advance Traction stocks and especially
brooklyn Rapid Transit, opened lower. but soon
rallied In spite of this good deal OF Importance
in view of his Wall Street experience, Is attacheu
to w NJ Ivins's statement that the traction stocks
would
deter voters from supporting Hearst Inc trlcA
has been done before. and may explain some OF
the recent weakness in Metropolitan Inere y
good reason for believing that United states Stel
common is very strongly pegged at 81 ana WIZ
has even been passed round that the price VIII
not be allowed TO break below that figure II II
does, it will be good evidence that tne Ioselsh
situation has modified the hitherto builsh atttuoe
of the Morgan interest A. o. Brown q % ~ei'
fairly heavy sellers of Reading and some otle,
stocks. and r. H. Bissel & Co. were the prineipsai
sellers In Ontario and Western These houses nave
hitherto been active on the other side OF the Mar
ke+ There was a resumption of straightforward
nouidation in Rock Island. coming apparently Ironi
the tired Western bull account Ihese speo"
have at last become convinced that the so-e
.inside'' interests are leaving the stock 10 'aA0
care of itself II is believed that they would nahs
considerable sacrifices TO support the pTeterreu,
necessary hut the common is not needed or esle'7
for voting purposes Arbitrage houses sofa soH'
of the stock bought early. Their reports rom 'A'
c,,rf, in London were decidedly bearlsh anu "eo
obviously influenced by the renewed weahhe7s -
t,rssian Is Arbitrage houses sold stock oeie''
So o,osa believing that they would have an OPP
nortrnitv for picking it up in London lower oeie''
our opening ,r.,s
MONEY FOR CHIC GO-The local Suo-Ireas-
urv Yesterday transferred 100000 to chicago. nA
ing transfers of 81 100000 to that centre IN tHe
to- business DAYS and there are some ndieauOls
-. o,a,, may he sent to New-Orleans throusn
+bo Government machinery. Chicago aGVlees IA
dictate the probability of further Withdrawal li
Nepr-York of funds belonging to the hrst meh'ion
centre or fully 81 100000 within few DAYS "niC'
would make 100000 sent there WITHIN -.
Tho loss of 81 2SOGOO by the banks on Saturuas az
was partlv due 10 transfers TO Chicago anu nv
counting the 100000 additional transferred touss'
thu hanks ND to the close of business on satui"Hs
had lost net S.1Si600
MONEY RATES ADVANCED--As aga!hSt ~
IAN money rate of 3 per cent and ruling ngute y
%. per cent last Friday, the opening nStire Ses
dav was per cent. from which the rate aaFan-.-
m 51s per cent and by the early afternoon We"
a. ner cent This hardening OF the market was
attributable TO the calling of loans by some I'M
nortant institutions Time money to-day Vas
hrmer in spots lending for ninety days at - he'
cent as against Az bid. 4s4 asked on Friday
CANADIAN PACIF1C.-It is esimated til"' -
Canadian Pacific will haul at least NVV'CI ousIo
of wheat to the lake front from the Canadiah We
before the close of navigation, thus estaoIsii'e
high record the previous top n2teh nelhs ~ 81
when 1555GOe0 bushels carried Earhiis s,ss
the company for September increased IN s''@'
SIS 699 and in net s5072O2. ?,
BIDS FOR COTTON EXCHANGE Sh- -l "a
was reported Yesterday that $500 had pee" ~
for a New-York Cotton Exchange meinueiS aa.,
with one member saying that ne "o"'u ~ 80
for one If the proposition to estaohsh d
house should be effected