New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-28
WALL STREET AND EXCHANGES


FOREIGN TRADING.-Foreign houses dealt IN
5000 shares In the local market mostly prIr-
chases In London consols were heavy, while the
general market irregular. closing at unin7por-
tant price changes Money was IN moderate de-
mand. but there not so good an inquiry as at
the end Of last month. The arrival of gold in Lon
don from St Petersburg and elsewhere has ma
tertally helped the money market and strength
ened the position OF the Bank Of England With
political prospects assured. It seems likely that
there would be a general easing off Of money rates
MARKET GOSSIP.-AI the Western houses are
receiving favorable reports the condition of
winter wheat. From Butte comes the news that
the continued strength in the copper market and
the advance in the price OF the metal have az -
stimulated speculative sentiment there Not only
is there bulsh talk the copper stocks but there
is great activity reported in development work
Some selling by the Gates firm was reported from
the floor, but the buying is by houses which often
act with the Gates interest. and therefore too
much Importance is not attached to the sales
the Gates account. The Gould stocks attracted
considerable attention. II is said that Wabash
preferred has been accumulated for some time IN
anticipation OF the announcement Of the conpanys
refunding plan II IS understood that these
10 a large extent the replacing Of the de-
benture BIS by per cent bond. II Is said that
the holders Of the debenture BIS have had confer
enCes with Mr.. Gould which have resulted IN
satisfactory arrangement The opinion prevails in
II
develop a number OF advances viii be engineered
IN Of the specislties in which bull campaign
in full swing when the break came few
weeks go. The pools IN Railway Steel Springs
and Ice Securities talking higher prices for
their specialtes The break in Metropolitan Street
Railway and Metropolitan Securities caused lttls
uneasiness coming II did close on the decline
IN Consolidated Gas The heaviest seller Of the
Metropolitan stocks Thomas Denny & Co.
This firm is not usually very active on the floor,
and consequently its selling attracted sons at
tention. The fact that the new Interborough-Net-
ropolitan stocks the curb were well supported
created the belief with a good many suspicious
persons that an attempt was being made 10 pound
the holders OF Metropolitan stocks and force them
to come into the combination. The selling
which put Union Pacific below 153 was said TO
come from the Gates people. Traders who had
taken profits the rally turned round and sold a
few stocks short The general weakness IN the last
hour was brought about by the decline in Metro
politan Street Railway. When that stock reached
1927 it uncovered a number OF stop loss orders
the execution Of which brought the price down to
III. Between these two figures there bid
and the IL point break occurred a one hundred
share lot. 1t reported from Albany that after
the gas bill had been disposed Of the Interborough-
Metropolitan merger was 10 be investigated The
belief prevails that legislative attack Metro
politan Street Railway would not be opposed by
powerful political interests whose enmty Mr.. Ryan
incurred some time ago.
INTERNATIONAL. SALT.-The chief feature OF
the outside market yesterday was International
Salt stock which enjoyed marked Improvement on
a moderately large volume OF business. 1t IS IN
derstood that the earnings are considerably in ex
cess OF the dividend requirements. and that il the
present plans Of the management are carried out.
the earning power OF the company Will be greatly
increased. The buying is said have been almost
entirely by inside interests
STEEL PLATE PRICES UNCHANGED--The
Steel Plate Association has decided to rearm the
old price schedule OF 81 so 100 pounds P1ttsburg
This is in line with the policy of the United states
Steel Corporation and other steel concerns to keep
steel prices at a reasonable level One Eastern
concern is sti1 asking So a ton above the assoCia-
tons price. All the companies have booked sum
cent business TO keep their plants in operation for
months. The structural steel manufacturers have |
also reafirmed the old price schedule.
STEEL EXPORTS.-The profits OF the United |
States Steel Products Export Company. a suhsidi- |
airy Company OF the United States Steel CORPORA /
ton. are running higher than at time since the
organization OF the company. The Export COM |
pany is receiving domestic prices for large amount
OF the steel IL shipping foreign countries This
is due largely 10 the upward tendency Of steel in /
foreign markets. and the success of American /
manufacturers in keeping prices AT reasonable /
level
MAY EXTEND TIME FOR DEPOSIT OF /
TRACTION STOCKS The time for the deposit or /
stocks Of the Interboroueb Rapid Transit com
pany, the Metropolitan street Railway Company 1
ana the metropolitan securities company "I-eI I
he plan OF merger expires Tomorrow How large /
proportion of the securities has been deposited I
under the agreement cannot be learned, bur 70 IS .
believed in banking quarters that extension OF !
time for the deposit of stocks beyond the original .
late fixed will be granted
WABASH DEBENTURE BS--The activity IN |
he Wabash debenture Rs was accompanied nv
'ircumstantial statements current In the bond
houses that members Of the so-called pTOtsctt7s
committee of holders OF these debentures have
ately been IN conference With George J. Gould
cooking TO the formulation of plan 10 retire the
lebentures
COLORADO AND SOUTHERN.-A mortgage Of
NJ eco has been fled In New Orleans by the
colorado Southern Railroad. running TO the Cen
raj Trust Company 81 New-York. and ths road
Mil issue that amount Of hrst mortgage gold bonds
~ AZ per The plan contCmplates taking ~