New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-26

WALL SihEEI AMI tAChhNuEo
FOREIGN TRADING.-Foreign houses dealt in
$1,000 shares in the local market. selling on bal
snce In London consols were steady and foreign
bonds featureless Copper stocks were easier, but
The mining market showed better support The
fortnightly settlement began yesterday. and was
noteworthy for stiff rate of 4A per cent charged
by the banks on Stock Exchange loans and the
heavy tonnage of per cent on American stocks.
IN view of the requirements of the settlement and
the ordinary demand for money at the end OF the
month, rates are likely to continue stiff until the
end Of next week.
MARKET GOSSIP.-American Locomotive showed
some strength and was helped by buying by c. 2.
Barney & Co, who have been prominent in that
connection for some time past. All the talk now
IL of 8 per cent dividend basis in January. There
are however, some bears. noticeably among people
handling railroad equipment. They declare that
the alliance with General Electric will help the
latter company chiefly. IL has long needed a
railroad connection. Reading was the early sensa-
ton, advancing quickly under the influence OF
scramble to cover shorts. The stock was heavily
manipulated and matched orders were plentiful but
there is very little of it in the Street according to
SPECIALISTS selling is considered danger
OILS The selling of Rock Island common is unde-
niably good One of the best Informed houses in
the Street has disposed Of something like 30, 900
shares in the last two days. People who have been
trying to bull IT on its apparent cheapness have
had a very plain ntiraton that the road is not
being for the benefit of the stock market oper-
eiers. The common has no vote and the real Rock
Island control is at pains to conceal its indfer-
to its market position. Il. n. Sheftel, of
]. g. Bache & Co.. advised his firms customers
from the floor that nobody had any Reading and
that the advance in the stock should be followed.
C. B. Macdonald who buyer Of other stocks
besides. bid up Union Pacific with fair success be-
fore midday He has a certain floor following,
mainly his supposed connection with the Harri-
man interest, and is in any active trader
VINO sometimes takes big position in the market
Currie Brothers were among the best buyers Of
Pennsylvania, and were employed 10 buy other
stocks well. The combination of the liquidation
Of an account in Rock Island understood to have
amounted TO at least IS, 900 shares and real
nervousness among the political houses leading to
the heavy realizing which was the feature in Met
ropolitan. Influenced the whole market Arbtrage
houses bought stocks the break. believing that
with a nineteen day account in prospect the lower
prices would tempt London operators to buy, where
they would not have been willing to follow such
advances that in Reading.
CAR BUILDING sITUATION.-Frederick H
Eaton. president of the American Car and Foundry
Company. who is in a good position to judge the
situation, in regard to present conditions in
the business says
The statements that have been made in regard to
the year 1906 are not only misleading 10 proposed
buyers of equipment but are likely to encourage
siruction of rolling stock. which would seriously
the large companies including the steel Inanufact-
prers has been 70 hold prices within conservative
limits, 10 avoid any senblance of booms and
place purchasers in a position to secure material
a pa % at e ehesd 0f me e ca ba
ness is a strongly competitive one. and the produc-
demand being limited only by the supply of ma
tsrlsl. There are seven distinct companies en-
gagged in the manufacture Of steel cars. only one
q which is filed up for the year 1906 Our com,
o na five two P Of In allen 0P for
s sa as d ca make If our @ S to a
commencing in February. for completion by Sep
AN pes nex inc siiuaon tooay d IL no. Phi Pie
peence of old car builders. with the exception that
further in ADVANCE than usual It is not the inten-
on Of 9Ir to ASK res f95
encourage the continual placing OF orders SO tnat
prevent soesiled Sooms that are SO disastrous to
good business conditions
PENNSYLVANIA CAR TRUST CERT1FI-
cATES.-The Pennsylvania directors have author
Ted the issue Of 100000 3h per cent car trust
certificates and also the sale OF $4,000 35s per
cent car trust certificates. which had previously
osen authorized. The certificates are to be reured
ar the rate of ID per cent a year. and are guar
anieed principal and interest by the Pennsylvania
Company The directors also authorized the COM
piet'on Of improvements at the Holdaysburg west
bound yard at a cost OF $4,000. and ordered minor
improvements which VIII cost 100000
PRODUCE EXCHANGE MEMBERSHIPS.-
There is quite good demand for New-York Prod
uee Exchange memberships. and they are now
AEW-YORK AND NEW-JEhSEY TILE
PHONE STOCK APPRovED.-The stockholders
o. the New-York and New-Jersey Telephone Com
pany at their special meeting yesterday approved
ne proposition OF the directors to increase the
eapiial of the company TO 100000 from 3d.
ts0a
AMERICAN TYPE FOUNDERS ELECTION
Al the annual meeting OF the stockholders OF the
american Type Founders Company held at Jersey
a'y' n j., yesterday the retiring board OF di-
ieciors was reelected The reelected directors
ne company subsequently met and organized
" 'he Te-clection Of all the retiring officers.
NORFOLK AND WESTERN INCREASES
SoMMo& DIvIDEND-Norfolk and Western d.
.eeeoss have declared a semi-annual dividend of
Per cent tho common stock This is an ad-
eAee the rate since 1862 having been ~ per cent
ihi-annuGl. or per cent year
,oHokADO FUEL AND IRON--George j.
aio VIII be elected chairman of the executive
:. hhttee OF the Colorado Fuel and Iron Company
,s "oays meeting Of the board IT is expected
PRESIDENT Frank J. Hearne Will be rejected
p aaat there will be no changes OF Importance.
osfFALo AND CsoUEHANNA.-Frank H.
sess' OF Buffalo. heretofore first vice-presi-