New-York tribune., 1906-10-03
'Unlisted.
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

In the early operations in yesterdays stock
market transactions were heavy on rising values.
advances IN many Of the active issues amount
ing TO l per cent and more. This strength, how
ever, was not maintained in the afternoon, the
absence of active public support and the appear
ance Of realizing sales encouraging aggressive
operations by the bear element. the result of
which was a reduction in quotations to an extent
that wiped out in the greater number OF leading
securities the entire forenoon improvement.
while in a number OF shares losses as compared
with the closing Of the preceding day were
shown IN the final figures. The initial gains
were due. as rule, to traders transactions. but
operations of this character were not heavy
enough to sustain the Improvement. The un-
certainty over the action of the directors Of the
Atchison on the common dividend was respon-
sible for irregularity in Atchison shares, but Of
ferings Of the issue We're well absorbed. and the
same thing may be said OF other stocks in which
sales were heavy notably st. Paul and Union
Pacific. A slightly easier tendency in the money
market and further announcements Of gold i'm
port arrangements were factors which stimu-
lated bull enthusiasm in the first two hours and
the failure of the public be influenced by these
Developments naturally tended TO attract subse-
quent trading for lower quotations. In the late
trading a few prices improved 10 some extent
but the movement was not accompanied by
LedAg Du44llS, the DeLLer tone apparently being
due entirely 10 covering operations. A report
on the Exchange that announcement of the de-
tails Of the ore deal was about to be made was
an influence which helped the general list for
brief period, but showed little effect on closing
figures. Rock Island attracted attention. owing
to its activity and strength when most other
shares We're declining
The money market position has been consid-
eraoly improved IN the last few weeks through
the importation of gold and the deposits made
by the federal Treasury Of government money
with national banks. but there is no reason to
suppose that rates for loans in the balance Of
the year Will rule at low level If it had not
peen Tor the assistance furnished this market
through extraordinary efforts Of bankers, there
doubtless would have been a money panic this
autumn. and even now there is good reason for
lhe exercise OF extreme caution in all transac-
LohS lhNoIvlng the use of money. inasmuch as
the demands for currency from the South and
west continue heavy, while monetary condf-
lions abroad are not as favorable as they were
When the urgent demand for accommodation IN
this country developed. Naturally the high
quotations for money In New York attract funds
10 this centre. but rates in Europe are advanc-
Ing and indications suggest the improbabiIitv
Of further large Withdrawals Of gold from, for
elgn capitals for American account The spe-
clal United States deposits which SecrAtarv
Shaw is distributing among the banks of the
country do not much more than Offset the sur
plus revenue withdrawn from circulation in
september and the amount paid for Panama
Canal bonds now held by the Treasury as 90
curlty Tor circulation. The increase in circula-
ton adds TO the general volume of money but
II should be borne in mind that national ham,.
notes cannot be counted in the reserve NJ ma
uonal banks. If the Bank of England sbouId
advance its minimum rate Of discount this yveal,
10 . per cent in order 10 check the movement ~
sold 10 New York, money probably would he
hIIner here while sterling exchange might de-
cIlne enough TO make up for the rise I'm the
Bank Of England's rate
wall street interests who are pessimistic o,er
lle future Of the Pennsylvania Railroad Com,
p8hy ought 10 read carefully the report NJ the
system Tor the month OF August and the eight
months from January J. which sboy,s 49,
gains IN earnings. comparison being made with
time when traffic receipts vera ,,,,,sI,
large Gross earnings in August on the limos
east Of Pittsburg amounted 70 go -,
AGAINST SlL14lO6l in the same period IN 1905
"hiie mel earnings were $4579O5l. comnared
with S4'ISl'A5l In the preceding wear and 81
799'ool In lSo4 In the eight months -endad
August 81. gross earnings showed an increase
OF more than $4,000 900. while the pat, g., a.
earnings amounted 10 more than 81 Ooo oon ,r
these figures should be added an jnc-..aea -, ,t
lines west Of Pitts5urg in gross Of 81 7S9 aoo
and an increase in net of S2.G5Sso0 Ae rho
PEI "+- i.--s c' -~r- t-aislc which -.,-,g--
many ciNe-siiied lnduetries. tile r-ceiyt, furnish
5000 indication OF business conditions In the