New-York tribune., 1906-11-03
unlisted
Closing prices of active bonds dealt in. with
net changes. follow:
STOCK MARKET OPERATIONS.


Until the last hour of trading the stock mar
ket showed decided strength throughout the list.
pronounced Improvement being recorded in many
of the leading issues notably in the Hill shares.
Brooklyn Rapid Transit Reading. Southern Pa
cifc Union Pacific, New York Central. Missouri
Pacific and st. Paul, maximum advances in
these issues amounting to more than 1 per cent
In Great Northern and Northern Pacific there
were gains Of S24 and 51., respectively. but part
of this improvement was lost before the close.
while in the majority of shares final prices were
we'll under the best of the day While there
were few specific news developments affecting In
trinsic values. Wall Street sentiment was much
more cheerful over the political situation. willis
the willingness of large lenders to put out round
amounts of money at per cent. compared
with the high rate of per cent In the preced-
ing day, also served to create better feeling
I'm speculative circles. The action OF the Penn
sylvania directors in placing the stock on a Z
per cent basis on Thursday continued to act as
a bull argument on railway issues IN general.
and PENNSYLVANIA stock also helped by the
company's report of earnings for September.
which showed increase IN gross on the lines
west of Pittsburg Of 81 .2SI 100 and an increase
in net of S175,2OO. On the lines east OF Pitts
burg the increase in net was only 1920. the
greater part of the gain in gross being offset oy
a large increase in operating expenses Read
ing's report for September. which was also re-
ceived yesterday. less favorable. exhibiting
a falling off In net earnings of S427.16O and a
loss in surplus of $4I97IS comparison being
made with the same period year ago. Total
transactions amounted to more than 100000
shares. the heaviest dealings being supplied by
Pennsylvania Reading. Union Pacific and
United States Steel
All indications point toward a long period OF
firm rates for loans in Wall Street. while the
same thing may be said of conditions at all other
financial centres. 1t is not improbable that The
Bank of England Will advance it's minimum rate
of discount again. cable dispatches indicating
such development if the Institution is unable to
secure gold either from the Continent or from
this country With high money here and large
volume Of cotton bills coming into the exchange
market the prospects Of gold shipments from
New York TO London are not at all promising:
indeed there is practically chance Of local
exports owing to the fact that we cannot at
present spare the metal, while London IS not In
q position TO take Il from us Our bank reserves
are low and unless there has been big reduc-
ton in loans this week. OF which there is no in
dication in the movement Of lending rates. the
reserve above legal requirements will show a
reduction in to-day's Clearing House statement.
as on the weeks movement of money the banks
have suffered an estimated loss OF more than
$4,000 600. Domestic exchange on New York
favors further large shipments Of currency from
here to interior points The demand for money
in the South in connection with the marketing
of the cotton crop is urgent. exports OF tho
product being made in large volume. involv-
ing the immediate payment on cotton bills sold
here and the transfer OF the proceeds of the
sale to New Orleans The monetary situation.
however. is being ably handled by local bankers,
and disturbance in the market Is not expected.
especially as the Secretary of the Treasury Will
be on hand TO prevent monetary conditions
reaching position that might impose a serious
burden on mercantile borrowers. Time money
for from sixty TO ninety days ruled yesterday az
per cent and a commission. the latter prac-
tically placing the market on a 6ie to per cent
basis These rates suggest sales OF stocks
rather than purchases. but Wall Street yesterday
disregarded money. pinning its faith TO sound
business conditions and a Hughes victory next.
Tuesday to Offset as a market influence high
quotations for loan accommodation.
The able and eloquent appeal of the Secretary
Of State in his great speech at Utica Thursday
night was a potent factor in influencing specu-
Iative sentiment reflection of which was pre-
sented in the lengthening of betting odds, ootn
on the Exchange and on the curb. and In the
general tone OF confidence expressed In financial
circles over the results Of Tuesdays voting
Fearing early IN the week that Hearst might be
successful Wall Street sold stocks; believing
Yesterday that the Republican candidate would
be elected by an overwhelming majority, tho
room, traders and the substantial market inter
ests bought and bid up prices. and IL this condi-
tion of speculative temperament continues Mon
DAVIS closing quotations may show some strfk-
ing changes as compared with the low figures
recorded in the first part OF the current week.
Wall street always places It's trust In the odds