New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-04
Closing prices YESTERDAY Of bonds dealt in. with
STOCK MARKET OPERATIONS.

While there was no important outside demand
for securities In yesterdays stock market, prices
were firm IN the greater part of the day on a
volume of business made up chiefly Of the oper-
atoms of the professional traders. American
Smelling, American Locomotive. Brooklyn Rapid
Transit, National Lead, New-York Central,
Southern Pacific, Union Pacific, United Cast
Iron Pipe, Amalgamated Copper, Reading, Rock
Island and United States Steel shares supplied
q large proportion of the days business. but, as
a rule, even these active issues failed to record
extensive gains. American Smelling and United
Cast Iron Pipe being the exceptions, both stocks
advancing over per cent. The general market
was strong without important net Improvement.
There was a we'll defined tendency among
traders to speculate in the Industrial securities
Of the second class doubtless on the theory
that the recent placing of the common stock Of
the Railway Steel Spring Company on per
cent basis would be followed by dividend dec
laratfons on the common shares Of other in
dustriaI concerns. The greater part Of the list
was strong In the last hour. and in most cases
prices were near the best at the close. Impor-
tant developments of the day were the govern
ment's report on cotton, showing a far better
crop situation in the South than generally
pected. which followed by a sharp break
in the price OF the product on the Cotton Elk
change, an advance in the discount rate by the
Imperial Bank Of Germany, and strength in local
exchange on London.
Money rates were firm, and there was nothing
in the monetary situation that foreshadowed an
immediate change in favor Of lower quotations
Despite last Saturdays remarkable bank state
rnent-a statement that showed the earmarks
Of manipulation-there Is little indication in
speculative circles Of any great enthusiasm over
that rates for loans soon will decline to a >
per cent level There IS every reason to believe
that the call money market viii be firm through
out the fall months but there is, however no
reason to expect any disturbance In the financial
markets this year. particularly as the larger
Wall Street interests are connected with the
bull side Of the stock market. Foreign exchange
market conditions are not altogether favorable
at the moment to the Importation Of gold at a
profit, but gold will come In nevertheless and 1t
is not unlikely that in the course OF the next
few weeks as much as S20OO0.O0O of the precious
metal Will be received at this centre from abroad
New-Yor1 needs the metal and It Will get it.
The requirements Of the stock market are such
that money must be kept at a relatively low
level and people who believe that current money
market movements not normal, but repre-
sent manipulation. would better not, according
to the opinion of the best posted men In the
Street back their opinions with their funds
the short side of the stock market. Powerful
interests control the stock and money markets,
and stock values therefore doubtless will not
suffer any material setbacks beyond passing re-
actions until these interests are ready to buy
securities at cheaper quotations.
Earnings of the Pennsylvania Railroad may be
considered a good barometer Of trade for the
reason that the traffic Of the company covers
many varied industries. The Pennsylvania COM
pany draws its traffic from the most populous
sections of the United States, from sections in
which most Of the country's industrial activi-
ties are represented, and 1t therefore ought to be
a matter of satisfaction to business men and
operators in securities to know that the returns
of this great railway corporation for the month
Of August were larger than in any preceding
corresponding month IN the history of the road.
Earnings not only were heavier than in any pre-
ceding August, but for the eight months ended
August 81 gross income was greater than in any
similar period IN the records Of the company.
On the lines and west OF Pittsburg gross
earnings increased in August $2,519. 600 making
for the eight months Of the calendar year an in
crease OF $135106O0, while from January the
gain in net amounted to So, $3.50 600 In recent
years there have been eight month periods cor
responding to the time under review when net
earnings have been heavier but In the last a,eb+
| months the company has been spendipp a largo
amount OF money on its property from earnings
snch expenditures being amply justified bv the
present earning power of the company. Renortx
received from railroads in all parts of The T-nitad
States show most encouraging gains az CON-
pared with preceding years. indicating a most
| healthful growth in all lines OF tra5o 80
fact. Of course. helps to maintain anu TINS
| ket for securities mar