The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-05-28
FINANCIAL AND CouMERc IAL.
SArunpAY. May 81

.
SATURDAY. May 81.
The stock market to-day was destitute OF
feature and almost OF movement. presenting
little other aspect, indeed, than that OF
practical llfelessness. Transactions IN the
two hours OF the session were less than looooo
shares. The publication of the bank state
ment did not enlven matters at ALL ana
this weekly return, In view Of the state OF
the money market, is at present "ithonc
influence. In the statement the onesided
character OF last weeks return was partially
repaired, as it was expected It would ne,
loans decreasing 80. 4?3, 500. which, with an
increase in cash running about In line with
vesterday's estimate thereof, resulted In
an increase Of surplus reserve of s3245s25'
The report Of operations OF the, various
Reading companies for the month Of April
announced in the morning newspapers
made perhaps a rather poorer showing
than had been looked for, since. instead OF
an increase in earnings, a net decrease OF
slightly over 5000 coo was exhibited. Right
ut the close Of the market Canadian Pacific
stock was advanced fractionally by means
of buying. as was supposed by the pool
that il still active in the stock. In the bond
market the Chicago, Burlington and Quincy
collateral trust per cents. were again
strong. The general apathy of all the
markets to-day was no doubt accentuated
by the exceptional reasons making for
dulness noticed in this column yesterday
and which haxe reference chiefly to the APP
progchino Stock Exchange holiday on Me-
mortal Day and to what appears to he
the imminence Of tho naval battle in the
Far East.
Dealings on the Stock Exchange in the
early part of the week were practically
demoralzed by continuation OF the heavy
liouitation ard bold speculative operations
for the decline which had attained such
Roadway at the close Of the week Preced-
ing. Thereafter prices steadied, then raj
lied sharply az they have done on so many
occasions recently following the culmina-
tion or an apparent elimination OF the
declining movement. again fell and at the
close of the week were again steady and
dull Most habitual followers of the mar
ket. seem To I've at present in Il state OF de-
cideti uncertainty as to the character Of
the next large movement In values and
to lie tending more and more toward
withdrawal of participation in speculative
affairs. The quetness and dulness OF the
market to-day and the day before may indi-
cate from one point of view that iquida-
ton is over and that stocks for either &C
count no longer press for sale; or II may
mean simrlv halt in a continuing decline.
Weather conditions throughout the week
have hardly been as good as they were
even in the week before and have u:-
doub.edly increased somewhat the damage
done to the crops The best opinion Is,
nevertheless, that no really large crop
deterioration has occurred and that no
r IL. Ia Iowa hat
few days of warm weather cannot repair.
The very high prices in the Chicago market
during the week for the options calling for
the delivery Of corn in the current month
had, CT course, no reference to the general
crop situation and exercised not the slight
est influence, therefore. upon the stock
exchanges. Save for the dissolution OF
the cstea! raj! pool, for which only vague
reasons are yet assigned, there were no
developments of any importance during
the week in the iron and steel business.
1t ia said that e better tone In the pig iron
market Is experienced in cert. in quarters,
but il is gain stated, on the other hand.
that sales OF pig iron were mlde during
the>wee!s II one or NO mills at the lowest
priccs~ en- since the recession Of prices in
tn, com odt tegln. 1he copper market,
contraI iwise, is distinctly stronger. the
large end mysterious purchases Of the metal
for Chinese account still going on. Many
of the large copper producing companies
have now sold their entire product as far
shesd RS September, while the Calumet
and Eech company is making sales for
October deliveries. Reg lrding general
business, hcnk Gle rings and the like show
thst there-i l. hsrdl.- tny slickening Of
activity, although more serson,.hle weather
would Re wc,co med Sy tie me .c,ntiie trade
no le IS tn b. Tie rmers- rae closing
of trc Merchants Trust Company I'd the
allure OF 4 nrmi:e- q: sms II bank, in ' e.! Tia
sections ef the country were regarded by
Wen SreeC rs pp,se'3lng no great siSn.f-
c.nca, Glt louy1 the troubles of the tru,t
comp ly in Que ton layemp5esis, cert inly.
upon tGC D,aetul results of tying up OF
b.ni;irg c n | in se2ur ities for which
there is little ~" r'2rEe'. or one matter
the events of tie week gave assurance,
and that was chat for Tie time being at
le 1t ttc"c i. 70 10 harmony in tie North
weste T,rtilwlv stu tim.
Wit in q few days those who b and sci
stocks in vail Street. viii he face +, face
with thu ncce s;itv of paying the tax upon
the saes and transfers of stocks directed
at the recent session of the legislature
this will tend to make the market narrower
than wolili otherwise have been the case.
While the constitution alty OF this tax may
be tested by a, suit brought at the instance
of the sstec!l- Ex chan sc. no effort worthy
of the name will be made To evade the obi
gatisn IsIi down and the tax VIII be paid
even If not very cheerfully, by those who
find thar they rlust do so in the course Of
business rhe really important question
of the moment Is whether the Stoc, En-
change will 50 mitigate the present rules
as To- allow members Of the exchange to
pay the tax or a portion of it them selves
rather than to charge it to their customers.
The heads of very many Of the large COM
mission house; are Of the opinion that it
will be tho best thing for their bu sine IS
In the long run if they shoulder the tax
themselves
New iOr' S;CCs INc'laHyc Sales, Nsy cy