New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-16
WALL STREET AND EXCHANGES

FOREIGN TRADING-Foreign houses dealt in
over 10000 shares in the local market, most
OF which were purchases In London the Copper
shares were weak and the general market was I'M
settled One Of the principal declines was recorded
IN Rio Tinto, which was weak on the expected
sharper competition arising out Of the Montana
copper settlement The Bank Of England made no
change in its minimum discount rate. although the
weekly return was poorer than that Of the proceed
ing week. the percentage Of reserve to liza bilites
amounting 10 1882, compared with 46 AZ in the
week before and 1928 in the corresponding week in
1905
MARKET GOSSIP-After various haIf-baarta4
rallies, the market finally closed heavy and unset
tied and for the most part lower on the day II
was asserted that there was d substantial profess
sional short interest. but the other hand
traders who bought 10 even I'D reported that if
anything the market seemed rather full Of stocks
Among the active commission houses Halle K
Steglitz were buyers Of stocks throughout the dav
and paid considerable attention to Amalganated
Copper and Shelters. c c. Gates & Co. were sub
stantal open sellers OF Union Pacific III the after
noon. and there some talk OF Standard Oil SELL
ing also at the same time. The stock sold seemed
however, 70 find u fair market. The Hoffman
House following covered some shorts in the last
half hour. noticeably IN Union Pacific and United
States Steel The Gates party sold all around the
Il sold United States Steel issues in par
ticuar openly and through brokers It's influence
was also felt in Reading and Union Pacific and
some thought in the Copper stocks also There are
been for some little time. One house which does
a good deal Of investment business for the most
important Steel interests has been selling in some
quantity. Their theory is that supply in the steel
trade has at last caught up with the demand This
is. CT course another way OF saying that the steel
trade has passed the crest Of the boom Houses
equally well informed still bulish Baltimore
and Ohio was offered down in the morning by two
small traders but on the first appearance of good
buying rallied easily A bear account on the Con-
gressional investigation would probably help the
stock a good deal more than II would hurt IT.
Profits were taken in the morning on a bull account
of % 600 shares Of Steel common which there
was a substantial profit Practically all the stock
doubts if 10 per of the business originates
side OF the Stock Exchange There was some SELL
ing Of Northern Pacific the idea that London
has somewhat overbought that security and may
be expected sch little before the foruightly
settlement which begins Tuesday. II is
doubtful however If the English buying
entirely foi investment
WESTINGHOUSE ELECTRIC AND MANU-
FACTTTRING-It is officially announced that the
shareholders OF the Westinghouse Electric and
Manufacturing Company have exercised their
rights 10 subscribe 10 the new issue of bonds TO
the aggregate OF S09,s 500 equivalent to $ per cent
~ me amount available, which would have beer
greatly exceeded had important shareholders been
obla TO secure more than their pro rata amount.
IN. remainder purchased by Kuhn. Loeb & Co.
tharefors amounts to about one-eighth Of the ap-
oitcariou for participation py INC Underwriting
syndicate
STANDARD OIL DIVIDEND-The directors OF
"a, standard OH Company have declared quar-
,.,iv dividend OF Sl5. This compares with $40 for
IN. preceding quarter and SIS for the correspond
,rg Quarter last year. The company has paid divi-
n.nds as follows for the last fourteen years 1881
"a ,s5 u per cent year; 1876. 81 per cent; 1897. 81
%, cent: 1889 20 per cent: 1888, 80 per cent; 1900 %
-, cent. 1901 IS per cent; iS9. IS per cent 1909.
4. rs- cent; 1904 Sc per cent and 20 per cent In 1906
aTIANTTc COAST LINE.-Ife stockholders OF
40. Atlantic Coast Line will hold meeting on
usrcb q et Richmond. Va. 10 vote on the propo-
,,,o, ~ increasing the common stock from $50
noo ,oo "a ao 10000. OF the 100000 common now
.r,ho,,z,s there is outstanding approximately As.
GO oso as well as approximately $1,000 OF pre-
f.r..d STOCK Both common and preferred stock
hotse,. viii have the right TO subscribe for new
.,nck % the extent OF 10 per cent OF their present
hoIdI,rs Al mar The amount OF stock 70 be issued
a. ono. Il approximately si.56Sooo The proceeds
fron mis- sale will be used entirely to pay for new
equipment. -,
TO VISIT MITCHELL MINE--A party OF stock
hoIders q, the Mitchell Mining Company left this
civ for Mexico yesterday to inspect the property
and 20 over the route OF the proposed railroad to
.o. puIoo Hs<pos whSoh ths sanoAnHsdsTs nAvs