The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-20
STOCKS ARE EASY
Both Bulls and Bears Learned a Les
son, According to the Finan-
cial Age.
Big Interests in the Street Won't
Permit Unwarranted Attacks
on the Market.

New York, June 20.-The Financial Age in
its weekly review says: There is no longer any
market, and while genuine strength is .still
lacking, there is, nevertheless, degree of re-
not
cent developments in the stock market are APP
plicable to bulls and bears alike, and both Will
as ontS fire sau rsae
depreciation Of values which eliminated a week
ate and maintain fictitious values while the
shorts have been convinced Of the readiness OF
the larger interests in the street to protect
are likely to injure the position of our secur-
ties In the eyes Of European investors.
European Investors.
Unusual interest has been manifested in the
attitude Of this class toward market, the
question of chief interest being how long Europe
will retain the stocks purchased during the re-
tors at panic prices in 1893 and 1895 We're re-
sold to us on the basis of from to 20 points
to buy mas since nee the Of
boom movement In 1893, and Its own money
arks asd are condition Of pthss
stances, resumption of investment IN our shares
by Wholesale .H
Some Of the stocks recently purchased will
undoubtedly stay abroad long time. as for
example the best dividend paying securities
speculation, while some may be retained indef-
nitely. On the other hand, those that We're
aken for the rise that was looked for after the
to us very
The monetary situation remains unchanged
the annual summer lethargy in country trade
has brought to New York large amount of the
surplus funds Of interior banks. There is but
little significance in this movement, however,
as the funds will be withdrawn as soon as crop
moving period arrives, and when they might be
of use to the local institutions.
Gold shipments are again threatened, but
there is no reason to presume that the move
ment, even If it is resumed will be as heavy
the recent ones. With hardening tendency
in call money currency would be in too great
demand at home to permit of Its being sent
to Europe and the next thirty days will I'M
doubtedly witness frmer tone In the local
money market.
The Crop Situation. -. Ill.
The weekly government crop report showed no
great change for the better In the condition OF
cotton. nor was It favorable as regards corn
and winter wheat The Illinois report for the
ment. but attention is no longer paid to the
estimates of the crop bureaus of individual
states The severest complaint now heard
from the agricultural section is that Of cold
weather in the western corn belt. The sea
son there is very backward, but experts appear
to be agreed that whatever damage has yet
been done to the crop can be repaired later on
by warm weather. The failure Of the warm
weather to come, however is more or less dis
couraging. .. 80 .'..z
Railroad Earnings. o -.
Of 90 railways whose full gross and net earn.
in net of s4,555, 500. nearly IA per cent. This
is entirely due, however to an increase In
gross of 12,7sO.1s6 slightly over IL pei
cent. The ratio Of operating expenses to gross
able turning point in net earnings is attributed
by railroad authorities to an increase In gross
rather than to any contraction In the cost OF
operating expenses. -::-z..