Los Angeles herald., 1905-11-03
BY Associated Press.

NEW YORK, NOV. 2.-TodayS s STOCK
market, after active trading throughout
the session, was subjected to a shock in
the later afternoon when a bear panic
developed In Reading and that stock was
rushed up to 1856. This movement in
duced a slump in prices elsewhere, but
when Reading yielded to below 1872 the
general market rallied. The general clos
ing, however, was irregular and highly
The market was gathering strength in
the afternoon when the violent advance
in Reading set in on paroxysm Of buy
ing in lots of many thousand shares
The feeling of panic among. uncovered
bears was a clear enough motive for this
movement. and the fears of losses to be
involved induced a general throwing over
of stocks in other directions. Gains were
pretty generally wiped out in few. min
utes and number of important losses
established.
The movements in the market were spe-
cial throughout and scrutiny of the
whole list discloses that the general
movement in the usual leaders was mar
row. There were some stocks In this
class that moved upwards during the
day, but they were greatly outnumbered
by the similar movements In the indus
trial list. The upward movement was
not simultaneous but was effected by
a transition from one stock or group of
stocks to another, some item of news
agreeable to the movement being brought
forward in each case to account for 1t,
markets after yesterdays holiday re-
vealed some renewed depression on ac-
count of the continued disorders and
the doubtful outlook in Russia. There
were sharp reactions in the price Of Rus
sian bonds and London was an active
seller of stocks in this market during
influence was contested from the outset
by the sudden upward movements In In
dustrial stocks. This was only partly
successful in overcoming the heaviness
orders
TO be received in the market from for
eign stock markets.
After the hour when trading abroad was
over the market here made better gen.
eral progress upward.
The coalers continued to hold the con-
spicuous place in trading which had dis
tinguished them for q long time past:
The supposed new factor today In the
awakened demand for them was the re-
ported opinion of the head of mine work.
ers that a strike of coal miners was un-
likely for the coming spring The slim
ulation thus given. sent Reading to a
new high level and was of influence in
condition. Pennsylvania was affected 10
some extent by the same influence
coupled with the extraordinary activity
reported In the iron and steel trade.
The group of smelling and metal stocks
continued to be influenced by the ru-
mors of an intended merger; The electric
stocks and Locomotive, were affected by
surmises Of the use of the new stock is
sue authorized by General Electric to
form a combination.
Railway. Steel Spring responded to re-
ports of large orders for the equipment
of freight, cars, the placing of which has
already played Its part in the movement
of the car company's stocks.
The Duluth. South Shore g. Atlantic
stocks were brought into sudden proml-
nence as a side issue to the long con-
tinued speculation in Canadian Pacific
This movement also was a supplement
to yesterdays speculative demonstration
in Missouri, Kansas & Texas. These
were designed as a diversion from the
persistent speculation in some Of the very
high priced stocks which is looked upon
terests owing to the large increase OF
this class OF stocks in the collateral for
loans at the high prices to which they
have been rushed lately.
Time money continued very firm In this
market. The Bank of England made
very weak return with it's proportion OF
reserve to liability down to the extraordi-
nary low proportion of $3.50 per cent.
Open market discounts hardened in Lon
don, call money rose sharply and ster-
ling exchange at Paris declined frac-
tion.
New Orleans took another 100000 from
here by transfer throubh the sub-treas-
ury.
Some of the southern and southwestern
systems reported decreases In net earn
ings for September, some of them show
ing decreases in gross earnings, with an
increase In operating expenses to magnify
the effect of net earnings.
Bonds We're irregular. Total sales par
value $3.325000.
United States rs declined % per cent