New-York tribune., 1905-11-22
CLOSING prices of active bonds dealt In. viii
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market
were heavy in volume on an irregular move
ment of values that showed about even dis
tribution OF net gains and losses among the
active shares. In the morning the greater num-
ber of securities were strong, while in the af-
ternoon there were recessions in many stocks,
although losses when made unfmportant.
Wide fluctuations were recorded in several is
sues, notably American Smelling. Anaconda,
Brooklyn Rapid Transit and Reading, Ana
conda, for instance, advancing 10 points and
closing at net gain of nearly points, making
a net gain in the last two days Of over 10
points The upward movement in this issue
and in other shares not explained by news
developments affecting the various properties
represented, but in the case of Brooklyn Rapid
Transit, which enjoyed net gain of 2A points
it was thought that the movement both in the
stock and In the convertible As reflected a
ing sale of bonds by the company. The As sold
within a fraction Of par. The Brooklyn Rapid
Transit Company in 1902 authorized a bond
issue Of $150O0oO00 refunding convertible
bonds, Of which S1S0O000O Is now outstanding
and it is not unlikely that the company is think
ing of taking advantage of the present buoyant
some more of the issue, which may be used for
refunding and other purposes. According to
the opinion of people closely identified with the
company. there is no prospect of dividend on
the stock at present, but in some quarters the
suggestion is made that Pennsylvania Railroad
interests are adding to their holdings of the Sc
curity.
Commission houses We're fairly active buyers.
Purchases for this account. however. represented
the operations of traders who jump in the
ket one day and out the next. buying for a long
pull by the public not being recorded. The pub
lie has been fighting shy of the market for
long time, owing to the great advance that has
already taken place in quotations and accord
ing to the opinion Of observing bankers there
is little chance of activity the part of the
outsiders until values have moved to a lower
range. great many people putting their
money in safe places in the hope that before
long there will be large enough decline in the
stock market to make stocks an attractive pur-
chase On the other hand, it should be borne
in mind that the strongest capitalists in the
country behind the current movement. that
they are well supplied with time funds and that,
despite all the many unfavorable passing de-
veopments, they have not been compelled to
part with their holdings. while notwithstanding
the fact that quotations selling at ad-
vanced level the hull interests are confident that
they will be able to carry prices to better figures
In the course of the next few weeks. OF course,
the current market cannot be judged by prece-
dent Conditions are different than they ever
have been before and, luckily for the owners of
American investments and speculative holders,
these conditions are extremely favorable to the
long side OF the market Outside of the Stock
Exchange the chief Interest taken by Wall street
yesterday in market movements was the sharp
advance iu the cotton market, the rise being due
to the publication of the ginners report showing
much less cotton ginned TO date than generally
believed. Money relatively easy, while for
eign exchange closed a number OF points under
the preceding days final quotation.
The equilibrium appears 10 be fairly we'll re-
stored In money and foreign exchange While
The termination of the advance in exchange has
been rather abrupt it is a natural consequences
of the approach Of sterling rates to the gold ex-
port point and of the halt in the drop in money.
If not restrained by considerations in other di-
rections money doubtless would proceed without
much delay to a considerably lower level but for
time at least, probably until after the turn of
the year. loan quotations will rule at or near the
current level, with the chance however of an
advance of some size in December. especially IL
manipulation in securities continues. With mon
etary conditions they in Europe further
would automatically move foreign exchange to
a point which would enable the expectation of
gold from the United States, but 1t should be
borne in mind nevertheless. that pecuniary cir
cuInstances in this country are such that were