New-York tribune., 1905-08-24
WALL STREET AND EXCHANGES

FOREIGN TRADING-Foreign houses bought
4ooo shares balance in the local market In Lon
don consols advanced Il per to S0ss There
was no feature in the copper stocks or the mining
market The dominant factor in the London market
was the improving outlook for peace as indicated
by newspaper comment and number Of public and
private dispatches from Portsmouth and ST. Peters
burg. Money in moderate demand and NAV
harden later in view of the commencement OF the
fortnightly settlement next Tuesday and the con-
tinued French demand for gold
MARKET GOSSIP.-After any number Of false
starts the real advance in Amalgamated Copper is
said TO be on at last The idea present Is a re-
spectacle and stately movement to par with an in
cid 4ntal per dividend basis 1t seems 10 be
felt at No S Broadway that something more than
the advance in copper is necessary abIish the
property as a popular public investment. The most
popular Dull point at present Is Union Pacific, and II
Is also the which appeals most readily 70 the
traders. They report active ard natural market
which is not allowed to get out Of hand. They say
there has been suspension Of distribution for ac-
count Of Kuhn, Loeb Co. since the price crossed
1S- Specialists all round reported that there was
very little long stock in sight. and traders who
bought said that they had generally bid up Com
mission house business quiet but on the dav
should make very good showing The activity or
the Philadelphia houses one OF the features Of
the forenoon trading Wolf Brothers were credited
with the purchase OF 10000 Steel common besides
being prominent in Wisconsin Central; and Iipper
q Co bought 15,G' Pennsylvania and number Of
other stocks round the room There seems to be
Gould movement in Colorado Southern or at least
an attempt to make 1t appear that the Goulds would
like TO take the road There could be no bet-
ter time than the present the old bull pool in thA
stock TO make an effort 20 distribute its holdings.
The strength in the Steel issues was one Of the best
features of the days trading. The names OF the
largest financial houses have been banded about
rather freely at present but there seems 10 be
decidedly bullish feeling among what may be fairly
called Morgan houses They talk of steady in
1-aStr
cient magnitude to make the common the only ac
tive speculative issue There is good deal of talk
about bear account in the market but very little
good evidence
CHICAGO GREAT wESTERN-Proxies for the
special meeting OF stockholders ami the annual
meeting Of the Chicago Great Western Railway 70
be held in Chicago, September T. run to Secretary
r. c. Wright, ST. Paul, Mimi The purpose Of the
special meeting, already announced, increase the
company's B" stock from 100000 10 S240ooOoO
no doubt will be carried by majority vote of the
"a stock, which controls the property 1t appears
that the increase will cause the resumption OF in
terest in the A stock at early date following
its ratification The situation Is substantially this
The Great Western will issue S4OO0 600 preferred
''B non-curnulative per cent stock which IL
been agreed TO exchange for a like amount Of Fort
Dodge and Mason City Railway shares. The latter
company has the right 10 issue S7.S40o0 per cent
bonds which would be put out TO raise the money
needed if the plan for exchanging securities was not
bonds Of the Fort Dodge and Mason City, a waiver
of right issue the bonds will prove saving OF
S13.SO0 year. which may virtually be applied to
Great Western "A stock.
ONTARIO AND wESTERN-At the annual
meeting of the New-York. Ontario and Western on
September u the stockholders will approve the
plans of the management 10 leases of subsidiary
lines and will indorse the projects for new i'm
provements. There seems to be complete accord
between management and shareholders and the
latter look for bigger gross and net returns next
year. The fact that the work OF double tracking
the remaining portion of 107 miles of main line de-
termined upon in 1901 is be paid out OF sur
plus encourages stockholders to believe that per-
manency of dividends upon the common stock will
soon be assured Many of the stockholders feel
that they would prefer to take chances upon
dividends without guarantee
STEEL RAILS-AH the rail mills of the United
States have sold up their entire output OF steel
rails for this year. and now taking orders for
delivery in 1906. According TO manufacturers the
railroads show disposition 10 hold back orders
in anticipation of lower prices The fact that pro-
ducers have opened their books is an indi-
cation that there will be no change in the price
of s2S for standard sections next year.
UNITED STATES sTEEIA-The United States Steel
Corporation is closing $4,000 tons Besse
pig at Sl45O at the furnace. advance to SIS a
is considered probable