The daily morning journal and courier., 1905-11-02
STOCK MARKET FEATURES
QUITE 4 LITTLE BOOM; MANY
 PRICES HIGHER.

CheerfuIness and Optimism Get Hold
 Agaln-smeIters' Boom, Also Read-
 ing, Lead and A. L. 0, Reach Record
 Prices-M. K. T.'s Activity.
 Stocks were lively yesterday and many had decided rise, and smelt- CTS, Reading, Lead and Locomotive reached top notch prices for their se- curities.
 The U. s. Steel stocks were strong, but there wals disappointment because they did not boom upon the big state ment of the company's earnings.
 The sceptical tone of the London and Paris press on the value of the Russian reforms and the outbreak among the revolutionists that followed the czar's s manifesto, would probably have made for @ reaction abroad had business gone on as usual, but the European holidays yesterday gave the foreign markets rest.
 All Saints day is the closest autumn holiday on the European stock ex- changes, and Wall street was left to do its own guessing yesterday.
 Call loans were made on a 12 per cent. basis. The passing of the first of the month without any stringency was a salutary effect. Sterling declined again, and the gold export point is now some distance off.
 The late break in St. Paul from 1S1 IA to 180 3-8 was partly due to the some what disappointing September net earn ings. They increased only 79,OO0, against $571,000 increase in gross.
 With the postponement of the Rus sian loan there has been some lending of foreign money here, where the best rates obtainable in all of the great markets of the world are obe had.
 The Steel corporations figures for the September quarter show three things first, that pressure for orders from the trade has reached the highest point in the company's history; second, that al- though the margin of profit in manu- fracture is seemingly narrower than three years ago, nevertheless net earn ings are highly satisfactory; third, that the management is now pursuing the proper policy in it's depreciation &C., count.
 A further violent rise in American Smelling shares directed attention to the fact thatthe drive" against the shorts was not yet over. Smelling com mon, which Tuesday was selling at 136 1-2, reached Al by. midday, while the preferred, which was around 122 1-2 Tuesday, sold at 127 1-2 yesterday morning. Smelling common on October was around 127. The trading in these issues was again on a large scale, and showed unusual confidence that at a higher level somebody would be found to take them at a substantial profit to the buyer.
 The Iron Age says that the orders on the books of the Steel corporation Oc- tober 31 were over 6,300000 tons.
 NJ, K. and T. were strong yesterday ever rumor that MT. Hill was going to buy the road for C., B. and 0. for a gulf outlet-.an old, old story, which may come true some time. All the same 1t helped some folks to market a batch of the stock.
 The regular dividend of per cent. | on Pennsylvania was declared payable 1 November 29 Books close Saturday. ES oo1t0lel I1iSC|AiS "eto ScdICely SlIeCleu by the announcement that a stockhold- 1 CTS meeting has been called for De- cember 5. to vote upon proposition to l increase the stock by $11,67S, 800 to $6O- 1 eee,00O for the purpose of increasing it's oyertaxed facilities. Its business is now the largest on record. Louisville and Nashville earnings of | September shows large operating cost compared with gross. The latter in- creased $215,75S, and the former $2S2,- 6s9, leaving net decrease of $67,O00.