The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-01-30

Henry CIews' View on the Wall Street
Prospect-c. G. Gates & Co.'S View
b. and o. and w. MS Peace Treaty
Fries strength-steeI Statement To-
morrow-Cheap Money.
A London dispatch last night says:
The tone of the stock market was weak
in the early days of last week, conse-
quent on the bad news from Russia,
which, although to some extent dis
counted, nevertheless brought rush of
selling by timid holders. The Paris
Bourse took the situation calmly, how
ever, and bought well, especially of
Russian securities, which instilled con-
fdence here and induced early sellers
to cover. The market in mid-week was
we'll recovered and continued to i'm
prove under good support.
The treaty of peace established be-
tween the Baltimore and Ohio and the
Western Maryland Railroad companies
has been definitely confirmed by legal
authority. Judge Martin l. Keedy, of
Cumberland, Md. has signed a decree
in the old Chesapeake and Ohio Canal
case, at Hagerstown, which concludes
in legal form the final settlement of all
controversies between the Baltimore
and Ohio Railroad company, the canal
trustees and the Western Maryland
Railroad company, in regard to the ca
nal lands wanted by the Western Mary
land for its right of way between Cher
ry Run and Cumberland. ~zs
The Boston bear crowd retired dis
comfited after the punishment received
Friday afternoon.
The unsettled condition Of affairs in
Russia seemed to whet the appetite of
Paris for gold, and she continues to
draw on London and New York for ad-
ditiohal supplies Of yellow metal.
Erie common got as high as 45 in the
great bull market Of 1901, and much
stock was distributed at that point. But
this time, Wall street says, Erie has
better prospects than in 1901
The bull movement in Steel preferred
last year eliminated on the level of 95.
The high point was 955s in the first
week Of December. On January 16, this
year, it sold at 951s, and Saturday again
has invariably met with a great deal Of
long stock around 95. The Steel state
ment will be out tomorrow.
Wall street thinks that, with money
at 2 or 8 per cent, stocks paying from
to 5 per cent. look cheap, and that
holders are, therefore, disposed to hold.
C. G.. Gates & Co. think that the I'M
wieldy short interest covered on Satur-
day freely, but that the shorts are still
numerous. They think the market
ought to go higher under the present
favorable conditions.
Henry Clews thinks that now there is
a strong probability of the Russo-Jap-
anese war coming to a speedy close,
Russia being evidently unable to carry
the conflict to successful issue, her
credit being threatened and her troops
being needed at home to prevent disso-
luton Of the empire. This crisis per-
mits an honorable retreat. The stops
page of the enormous waste Of life and
capital which the war involves would
be an immediate relief to the interna-
tional money market, while the subse-
quent restoration of vast territory and
immense populations to the more benef-
1cent 1nIlueHceS OF commerce VIII Tdptu-
~ restore confidence and stimulate in
dustry in all parts of the world. Mr..
CIews reports the local situation good,
the only drawbacks being that good
dividend-paying stocks seem exceeding
ly high and the investment demand is
ahating, although desirable bonds still
find ready buyers. Money rates con-
tinue easy and gold shipments had lit
tile. or no influence Bankers look for
easy rates right along, this being one Of
the strongest inducements for the hold
ing of stocks.