Evening star., 1905-11-03
Readings Sensational Ad-
vance Demoralized Market.
NEUTRALITY-SUSPICIOUS.
EUROPEAN MARKETS AGAIN UN-
FAVoRABLY INFLUENCED.
Estimates on Currency Movements
Point to a Loss-Many Extensive
Advances in Stocks Scored.

Special Dispatch to The Star
NEW YORK, November 3.-Today's fur
ther sensational advance in Reading stock
was unquestionably an influence unfavor-
able to the stability of the market at large
The stock was again dealt in upon an en-
ormous scale and 1t is open to doubt
whether recent daily dealings in Reading
have not been actually in excess Of the out
standing floating supply. No more definite
explanations of the striking rise in the
stocks. aside from the technical reasons
were to be obtained than was the case yes
terday.
That a large but scattering short interest
has existed in Reading is beyond question:
but IT is difficult to see how such a specu-
lative interest could have withstood the
recent course OF the stock. 1t was again
asserted by persons in a position to speak
with authority that there was not the re-
motest probability that a corner would be
allowed to develop in Reading and broadly
speaking. the stocks advance today had a
less injurious effect upon the general mar
ket than it did yesterday afternoon.
The market at large showed such highly
irregular conditions that 1t was practically
impossible to assign any definite tone to
the dealings as a whole.
Foreign Houses Were Sellers.
The European markets were again un-
favorably Influenced by the serious political
disturbances in Russia and elsewhere, and
foreign houses were sellers In this market
on balance to a small extent There were,
however, observed very heavy purchases
of the Erie stocks for foreign account, and
those issues, notably the common, showed
a great deal more animation than they
have displayed for many weeks.
In general way prices in the market at
large moved counter to those in Reading.
When Reading was advancing the most
rapidly prices elsewhere were disposed to
recede. Upon any signs of a reaction in
Reading the market in general became
firmer. There was little news over night.
few developments with the course of the
day relating to the stock market. Both
sterling exchange and the money market
remained firm.
Currency Estimates.
Preliminary estimates OF the principal
movements in currency during the week
pointed to loss in cash by the banks of
s6,SOO,OOO. or more than 100000 In excess
of their direct loss to the subtreasury.
II seemed hardly reasonable to suppose
that tomorrows bank statement can show
any such reduction in the loan account as
would offset this loss in cash
As might be expected, the approaching
municipal elections occupied large snare
in the days discussion, although there
were no significant changes in the betting
ODDS. and naturally no more direct inror-
nation regarding the result than there has
been previously.
At the same time, consolidated gas issues
and the local traction stocks showed de-
gree of strength. which presumably reflect
ed greater confidence in some quarters IN
the victory or the conservative ticket.
While the movement in Reading was the
overshadowing feature of the market, there
were many extensive advances scored else
where. In the Industrial quarter note
worthy features were American Smelling
and the American Tobacco issues. The
United States Steel stocks and Tennessee
Coal and Iron were relatively heavy as
was Amalgamated Copper.