The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1904-05-31
STOCKS

New York, May 29.-The stock ex-
change is marking time. The query
still is, which turn will be taken in
values. Speculation will influence some
of these matters but at the end the
value of a property as an investment
will be determined up or down. No
general movement Of capital, however,
may be expected until the June and
July conventions of the great political
parties definitely fix the candidates
and issues to be voted for. Wall
street so far as 1t is interested at ali
is giving more attention to political
news in the papers than to reports of
railroad earnings, the national or
state crop returns, analysis of prop
critics founded upon the latest exhibits
of revenues or balance sheets, euc.
Professional sentiment is still bear
ish on balance, but not so emphati
cally so as it was a week or a fort
night ago. This is not so much due
20 the fact that opinion as to the im-
mediate future has changed or that II
is not believed that for several months,
at least, the weight of development. g
will be unfavorable or adverse to
highed prices. What has caused tn,
lessened bear confluence is the per-
sistent power of resistance shown by
the market. The fact that 1t main
tains about the same general price
level in the face of one happening af-
ter another that plainly makes FOR
weakened confidence and lower prices
is steadfastly apparent. And yet. new
ertheless, there is no important liqui-
dation induced, either from the gener II
public or from big financial interests.
Although gold exports last week
were small compared with previous
that the shipments will continue for
some time to come. Last weeks an
nOuncement that the gold exports In
connection with the Panama canal pay
ment were ended-although the agents
shipped directly only $18,500000 in
gold-removes this special influence in
the seasons record outflow. A porto
Of the s25,000,0O0 Japan loan is stni
due abroad and the continued receipts
of gold from that country on the Pa
cific coast, forshadow further ship
ments, as these arrivals are, it is now
recognized, merely In transit to
Europe. OF more importance, how
ever, is the easing of the money mar
ket, with a firmer tendency In rates
abroad accompanied by an advance in
sterling rates here to level where ex-
ports of gold coin are profitable. With
the bank of Frances gold holdings at
the highest level in its history, and
with the recent rise in the Paris check
on London, the opinion is growing that
gold exports direct to London--instead
of to Paris. as heretofore. for all the
seasons shipments-will shortly be
made. AS for the local money outlook,
banking opinion is that there Is little
prospect of any change Of moment for
at least another month. Gold exports
are not expected to be in such volume
that money rates will be affected, and
in the meantime the seasons busy flow
OF currency from the interior is on q
rising scale-although the total move
ment this year has been swollen by the
government Withdrawals of deposits
and their collection here before being
turned over to the sub treasury
An important, and probably the most
important development In the specula-
| tive markets Is the continued advance
in the progress of the crops, now past
all denial.
This has been reflected In improve
ment in general trade in the sections
affected and has not been without lis
influence In sections and markets not
directly concerned. 1t Is now safe to
assume that the government report
next month as to the condition of the
crops on June will disclose very
marked Improvement as compared
with previous reports. This is an IN
fluential factor making for market sta
bility as the financial industrial Droa-