New-York tribune., 1905-08-03
ENLISTED.
Closing prices yesterday of active bonds dealt
in, with net changes, follow:
STOCK MARKET OPERATIONS.

Trading relatively light in volume in
yesterdays stock market, on an Irregular move
ment of values that showed more net losses
than gains at the close among the chief active
issues Commission houses were not active in
the speculation. while the leading Wall Street
interests apparently were not disposed to take
an aggressive attitude on either side of the ac-
count. In the early dealings there were num-
Der Of substantial advances, especially in the
case of American Smelling and Refining COM
mon, Southern Railway and Delaware Lacka-
wanna and Western, while in the afternoon the
irregharity incident to dulness in trading was
the chief feature OF the speculation. The ad-
vance in Lackawanna to a high record
price at 43S was not accompanied by news de-
velopments affecting the property, but, naturally,
the movement suggested the idea that some
thing of importance soon would be announced
regarding the property, and that this something
would be of great advantage to the stock
holders. The company is doing wonderfully
well. and it is estimated that the current earn
ings are at rate that will justify handsome
extra distribution the stock. About every
railroad in the country is handling an enormous
volume of traffic, evidence of which is presented
in the weekly and monthly earnings that are
now coming to hand. The Pennsylvania com
pany does a business that represents nearly.
every industry in the country, and Its earnings.
therefore, may be taken a fair barometer Of
the country's trade In the month of June,
the statement for which was received yesterday
gross earnings Of this company on the lines
east of Pittsburg increased $780, 200 while on
the lines west Of Pittsburg gross earnings in
creased s7755Oo, making for the six months Of
the year total gain for the entire system of
ss,s7O2OO. While in the same month net earn
ings showed a falling off, there was an increase
for the half year of $1,76l,60O.
Regarding the foreign exchange market it is
interesting to note that notwithstanding the
large amount Of finance bills put forth by the
foreign exchange houses to provide for the
wants of borrowers who cannot obtain accom-
mediation in the money market. the require
ments Of remitters so extensive as promptly
TO absorb the bills and sustain the quotations
for them. Borrowers may take the bills and sell
them to secure the necessary money or they may
let the exchange houses dispose Of the bills and
take the money. In either case the increase
in the supply of bills the exchange market
is the same, and likewise by much is
augmented the balance on exchange account
against the United States and In favor of
Europe that later must be covered with COM
mercial bills or else settled by shipments OF gold
A tremendous obligation has been created by the
omission Of finance bills which has continued
without much interruption since last February
Wheat and cotton exports this fall wifi yield
a great volume OF commercial bills. but whether
enough to square up with Europe is doubtful
According to the opinion of the best posted
on the foreign exchange market sterling rates
will rule relatively high in the closing months
of the present year. although generally exchange
in that period is weak. 1t is sail that many
of the finance bills recently issued have been
acquired for use In payment for the Japanese
bonds that we're purchased here.