New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-11
WALL STREET AND EXCHANGES.

FOREIGN TRADING-Foreign houses dealt In
10000 in the local market. selling about 1900
shares on balance Consols were steady and Rus
sian IS were strong. Japanese issues also were
firm. The settlement in London proceeded without
any unfavorable Developments London reports
that the bull clique which made much money in
Canadian Pacific last summer is again active In
that issue More confidence was expressed to
the money situation. Paris is lending in London
and 100000 gold is announced on the way from
India Very general confidence is displayed in Lon
don as TO the future of all markets except that for
American stocks. On that point there Is some doubt
MARKET GOSSIP.-Mfssouri, Kansas and Texas
issues responded the advance in the price OF both
common and preferred in London. The new fnanc-
ing is expected to get the equipment trust notes
out of the way and to clear the way for dividend
on the preferred. which is being earned and might
be conservativeIy paid. The buying looked good.
The bull argument Republic Steel is, of course,
the payment of the back dividends the preferred
stock before the property goes Into the Southern
steel merger The most remarkable movement OF
the forenoon in 500 common. The buying Is
directly based upon the remarkable earnings and
originated with people close to Canadian Pacific,
which 81 per cent of both common and pre-
ferred At the present of earnings II seems
not too much say that the common is earning 20
per cent. after allowing the per to which the
preferred is entitled. One for the strength
in Southern Pacific is the purchase of a large
number Of calls on that stock in London some of
them maturing as late as the end of May. The
London option dealers, a usual, have protected
themselves by buying half the stock against the
call. The reports current on Union Pacific are a
good deal better than the buying. The selling at
tracted the most attention. c. G. Gates & Co.
might have been selling for effect, but there was
some distribution by Standard Oil houses which
exercised good deal of influence over the traders
A. Upper & Co. who sellers of Republic Steel
and other stocks Tuesday, were buyers of that
issue and number of other stocks round the room.
The Hoffman House contingent, has been taking
profits on the long side and be putting out
a little short stock rallies. American Sugar sold
off early In anticipation that the meeting would
disclose none of the special developments rumored
different times In the recent past. 1t note
worthy however that the price of the stock began
deliver his address to his stockholders. The wire
houses report a decided falling off in the orders
from the South. and particularly from Washington.
While the market was hardened up any appear
of real pressure. the selling still looked good
Edward Sweet g. Co. sold good deal of stock
during the day. and were noticeabIy active in
United States Steel and Atchison This house has
been quite prominent among the buyers during the
recent advance
WHY THE 800" SHARES ADvANCE-For
some time past the stocks of the Minneapolis ST.
Paul and Sault Ste Marie 0he "Soo'O Railway have
been tending upward In yesterdays market the
| advances were unusually sharp. amounting to 9 for
the common and per cent for the preferred Both
stocks are closely held and moderate purchases
for investment speculative account easily raise
the quotations. The Canadian Pacific Railway
Company owns S}53S 400 the 100000 preferred
stock outstanding and S7.066600 of the $4Oo0.G00
common stock The stock outside of the Canadian
Pacific treasury Is in a few hands. In the
of the preferred. of less than sS5o0oo0 In the
hands Of the public. much as S2,o0eeee is held