New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-26
ENLISTED.
Closing prices yesterday of active bonds dealt
in with net changes follow:
STOCK MARKET OPERATIONS.

Advances made in the forenoon trading in yes
terday's stock market were offset by dechn-
ing tendency that developed in the last two
liquidation prices declined throughout the list
of active issues At the close there was some
support from the covering of short contracts,
but there were, nevertheless, signs of good selling
in many of the leading shares. Heavy selling in
Rock Island had unfavorable effect on the
railway stocks while the weakness in Metro
poIitan also created bearishness in speculative
quarters on the theory that some of the larger
interests had been compelled to part with their
holdings. Features of this kind nullified the ad-
vance in Reading an influence on the general
list but it noticed that on the decline for
eisn houses bought stocks. although earlier in
the dav they were sellers. Reading. after
maximum advance of points, closed at a net
gain of ~. and Delaware and Hudson. after ad-
vancing over points ended the day at gain
Of over 4 points The anthracite shares, Aneri-
can Locomotive Canadian Pacific Norfolk and
Western. Union Pacific and United States Steel
common were strong features that maintained
part of their early gains, but IN most parts of
the list morning advances turned into net losses
at the close. Trading heavy in volume, with
the largest operations in Analgamated Copper,
American Sn1eters American Locomotive, Bal
tiInore and Ohio. St. Paul, Louisville and Nash
Vile Metropolitan, Norfolk and Western-the
last named being bought on the increase in the
Misunderstanding Union Pacific and the United
States Steel shares In London the feature of
the day was the development of acute stringency
in money at the fortnightly settlement On
American stocks contango rates reached 61a per
cent
Cotton is not moving to market fast enough
to supply the exchange market with a large sup
ply of bills. 1t is estimated that since Septem-
Der the falling off in cotton exports represents
q decreas Sc in the offerings of bills amounting to
over S2OOOOOOO as compared with the same
time d year ago, and it is therefore easy to see
why sterling rates are moving toward the sold
export point. Exchange was strong yesterday.
1t has been strong for the last few weeks ana
unless the falling off in the supply of cotton
bills should be met by heavy sales of securities TO
European buyers gold, doubtless, will leave these
shores in volume. At the moment there appears TO
be no great desire on the part of the foreigners to
take American stocks, although the demand for
bonds is fairly large. Indeed there is a better
class of bond buying abroad at present than
among our own investors and it is to be hoped
that this situation will remain in force for long
time to come. as it may have an important in
fuence on the sterling exchange market in favor
of this country. Money ruled at relatively
easy level yesterday Rates for domestic ex-
change on New-York indicate that the larger
part of the interior demand for currency in
nection with financing the crops has been salts
fed and even the demand from New Orleans.
which was such a prominent factor last week.
Is not at the moment urgent There appears
to be no possibility of disturbance in the local
money market at present-that is, if bull specu-
lators in securities check their desire to manip-
uate prices to a higher level-but the chances
are that rates for loans in the closing months of
the year will rule at a stiff figure,
Railroad earnings received yesterday showed
for roads in most parts of the United States and
Canada Improvement the corresponding
period q year ago. the only important excep-
lions being supplied by the Gould companies
and Missouri, Kansas and Texas Missouri
Pacific showed a loss for the third week in
October of S130000 Wabash loss OF So. 907
and Missouri, Kansas and Texas a loss of
S46.74T. The largest gain was made by the
Canadian Pacific. which presented an increase
of S17S000. The last named company has re-
ported heavy gains in traffic receipts for the
last three years and the earnings present
compare with the enormous receipts of a year
ago the splendid showing being responsible for
the increase in the price of the company's shares
and for the prediction that the stock will some
day sell as high as Great Northern preferred
The property undoubtedly is one of rare merit
The decline in the earnings of the Gould roads
naturally has caused some bearishness on the
that comparison is made with a period year