The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-25
GOSSIP or WALL STREET.

Yeadina active stocks are now sellln
about midway between their high prices In
the bull market and their low prices in May.
Tho greatest recovery has been maze IN
Metropolitan. which sold last week seven
point. above the half way price: New iorK
Central Is at the other end Of the list. havln
failed last week by eight points from rcaching
the half way figure Stocks which Tecov-
ered considerably more than half their recent
loss are Brooklyn Rapid Transit. Baltimore
and Ohio, Canadian Pacific ontario ana VEST
ern, Reading and Smelling. Among the rag
CARDS are st. Paul. Atchson. Sugar ana REQ
pies Gas.
The bull crowd In wheat has advanced the
September option cents. ana II oene'ee
the campaign Ia only we'll under way ~
believes that this crop ought to sell around
the dollar level. and II looks to see 10 cent
advance in Chica go during the NEXT few weeks
1t is greatly encouraged by the low estimates
OF the winter wheat yield made by its held
EXPERTS. Railway men and bankers. who
have their own sources OF information as to
the crop prospects. do not credit these low
estima tes and think these figures are pun
out to influence prices. But TINS was their
attitude last year. when the same people In
the grain trade we're predicting snort crop,
When the railway men and bankers disco'-
cred later in the season that the crop was
40 much after all This is probably what
Wall Street people will cay this summer il IT
10 shown later that the crop Is not all that It
10 made out to be now.
One Of the Western houses writes: The
reorganization OF the Equitable will curtaii
for some time to come the investment demand
from that company and. for that matter.
from every other company doing large in
surance business This adverse influence
will be felt moro In the bond market than
elsewhere Bond dealers are not very Inuch
encouraged by the outlook. 1t ia usual TO
expect at this time Of year an Increased de-
mand for bonds In anticipation of the heavy
July disbursements. but the bond market
has been fat for a long time. Last year the
bond market began to pick up soon after the
successful sale OF big block Of bonds by the
city of New York and the strength and ao-
tivity in bonds were very soon reflected in
stocks The market was soon cleaned up OF
its floating supply Of high grade issues and
further purchases could only be made at ad-
vancine pricee. All through the summer
and fall the investment demand Tor honds
was Of a character to give great encourage
ment TO bankers who had new issues to oHer
But several big issues brought out some
time later were left on the hands of the under
writer's The recent naval battle in the Far
East. with it's promise OF a speedy trrmiGation
Of the war enabled the syndicate hung up
with the last issue OF .Iaransse bonds 10 as
pose of them az profit. and those bonds have
since been very active in the marEe AZ prices
considerably HIGHER than those at which the
syndicate sold them. BuI very large share
Of the recent issues Of Pennsylvania and
Southern Pacific bonds is still in first hands
It is believed that not mora than one th'h
NJ 10 Pennsylvania bonds and only about
half tho Southern Pacific bords have been
marketed One comment made on the bond
msrkc, ia that the sale OF low interest bearing
railway bonds has been hurt by the attractive
ness NJ the cheap foreign Government bonds
recently sold in our market, notably those Of
Japan and Cuba