New-York tribune., 1905-11-03
Closing prices yesterday Of active bonds deal
in. with net chankes follow,
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
heavy In volume on movement OF values that
showed great irregularty, with more net gains
than losses at the close. Many Of the specialties
again were taken In hand by the interests who
behind the current bull operations, and as
consequence OF these dealings number OF
the doubtful securities were advanced to a
higher level. despite the fact that there was no
legitimate reason for Improvement in their mar
ket quotations. The question OF intrinsic worth
longer governs market operations. Stocks
are being advanced regardless OF their real value
because large number OF rich speculators arc
overloaded with securities which they wish to
sell to the public. The high grade shares arc
now quoted at level that more than measures
their investment value, while the low grade
tissues being pcgged to better figures. al
though there has not been proporttonate in
crease in their true worth. the improvement that
already has taken place in their actual value
through the march Of prosperity in this country
having been fully discounted by recent advances
in quotations on the Stock Exchange. At present
this aspect OF the situation does not appeal to
the speculative community. but later on In the
year there may be dear reckoning for the cur
rent enthusiastic bulls. It Is. no doubt. rank
heresy, according to the point OF view OF the
bull operators, to suggest the possibility Of
bear market. but there are some people. never-
ticular time may prevent future disturbance in
tho stock market
The furious pace set by Reading in the after
noon dealings was responsible Tor considerable
irregularity in various parts OF the list and in
many cases the buying of the stock was accom-
panied by liquidation in other securities. Read
ing gained for the day more than per cent,
against maximum advance Of more than per
cent. It sold at its best price on record Trad
10 jy, thn
greater part of the day and there were many
Instances where there was evidence OF frightened
lioui6ation, especially in the last hour Of busi-
ness in the manipulated industrial shares, such
as American Locomotive, which lost l per cent
for the day. National Lead and American Smelt-
ing All shares declined with considerable
rapidity In the final dealings. and at the close
conditions in the market were not liked by con-
servative observers Of the Wall Street situation:
Although the Bank Of England made no change
in It's minimum rate of discount yesterday. the
weekly return of the institution presented
extremely unfavorable showing, the percentage
of reserve to liability declining to $3.50 from
4O17 In the preceding week and 52.36 In the
same week last year. Such a low percentage
does not encourage the idea that there will not
be an active demand in London for gold this
year The chances that despite the current
fairly stiff rates for money at this centre there
VIII DS shipments OF tlo yeliO" metal lioHi
this side of tho Atlantic. Money was quoted on
an average for call loans in yesterdays mar
ket at per cent, while sterling exchange was
strong.
Evidence Of the material prosperity that the
United States is enjoying Is reflected In tho
earnings OF the Pennsylvania Railroad for the
month of September. figures Of which were re-
ceived yesterday. This company derives Its
traffic from a widely scattered territory. In
which there are diversified industries. and as
a consequence the roads earnings Indicate quite
clearly the position Of business throughout the
country In the month under review the traffic
receipts of the property the lines east OF
Pttsburg showed gain in gross OF 81 .9S8.300
and IN net a gain of S924s 800. while the lines
west OF Pfttsburg there was increase In gross
Of S619OOO and increase in net OF 500 600
Gross earnings of the company since January
/ have Increased the lines east and west Of
pittsburg SIC III 500. and In the time net
earnings have Increased So 957 500, comparison
being made with the corresponding period in
the year before. In most sections OF the United
States railway returns continue 20 make favors-
BILE comparisons with the records of 1904. and at
the moment there Is no reason to believe that
there will be any important change in the situa-
zion unless speculation in securities and in
Inodittes should be carried to point that would
cause disturbance in the speculative and money
markets Discrimination in business and over
specuIation In stocks are strong posi- Utilities, and
DEVELOPMENT ought 10 be carefully considered.
while the business situation Is strong there arc
various factors which do not favor the pres
ent mad speculation that 10 going on In Wnii
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