New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-30
BONDS.
STOCK MARKET OPERATIONS.

Stock market movements on the London and
local exchanges reflected belief in financial
circles that the crushing defeat OF Russia's navy
IN the Far East would be followed by diplomatic
negotiations that would result in bringing the
war between Russia and Japan TO an end. TO
most minds IT appears unlikely that the St Pc
tersburg government will make further efforts
to defeat the Japanese on land. now that the
Russians have lost their recently remaining
hone namely their Baltic feet. and as & con-
sequence financial interests at the world chleL
centres are much more hullish over the inter
national financial situation than they were a
few days ago, when there was the possibility
Of a long continuation of the war through
Russian victory the sea. II is, OF course TOO
early 10 say that the Japanese victory means an
immediate end of fighting, but according to the
belief Of the best informed men in the banking
community there need be no further fear over
the possibility of disturbance in the financial
markets; that is, as far as the Far Eastern
situation is concerned. There was some at
tempt IN yesterdays market to create alarm
among holders of stocks over the reported sink
ing Of an American vessel by Russian war
ship but naturally, under the present clTcum-
stances affecting Russia. there was no uneasl-
ness in quarters where common sense rather
than weak imagination prevails Some OF the
wits Of the Street even went so far as to say
that the report Of the sinking Of an American
merchantmen could not possibly be true, as
snv old or new tub of the ocean, except q North
Sea fishing smack, could pass through Russian
shot and shell uninjured.
Although the Franchise Tax case was decided
by the United States Supreme Court against the
corporations. there was no selling on the StocN
Exchange following the announcement of thu
courts action. Indeed, the local traction share:
were stronger after the decision had been pub
lshed than in the earlier trading, Brooklyn
Rapid Transit advancing over point, while
Metropolitan. which at the start a weak
feature ended IL per cent above its closing in
Saturdays market. While stocks, a rule
were strong, there was no great activity in any
part Of the list, buying being confined TO the
professional element, and a few commission
house interests who believed that although
speculation might remain dull for some time 70
come here would be no further important de-
cnes in values. There IS at the moment moth
ing that warrants operations for lower prices
and there is nothing in the current situation
that encourages the belief that there will be
any change IN the position Of affairs affecting
the investment value Of securities that will
present an opportunity for successful bear ac-
tivity in the course Of the present year. If the
crops turn OUT poorly. Of which there is not the
slightest sign at the present time, the United
States viii not go into bankruptcy. The coun-
try has progressed SO rapidly in its general in
dustriss in the last few years that crop failures
no IoI -sF mean the general losses hat they en-
tailed Gscade ago.
Enormous dealings in the Japanese bonds were
recorded in the day the total amounting TO
about one-half OF the operations in all issues.
These securities naturally wore in demand, both
in the local and London markets while in the
latter market there was a disposition to sell
Russian issues. II the defeat of the Russians
by Admiral Togo means the end Of the war,
Russian bonds ought to prove good purchases
al the current level, for the very good reason
that the Russian nation will grow richer and
stronger with the Far Eastern question settled.
although the settlement may involve a heavy
war indemnity and the issue of more bonds TO
pay for the after results of the great conflict.
The entire market for stocks was extremely
strong in the last hour. advances being made
in the active issues that carried prices for the
leading shares from l to . per cent above the
last quotations in Saturdays dealings. Cana
dian Pacific. which the feature at the close
Of the last week, made a further advance IN
yesterdays trading, ending at a net gain Of .
per cent at price nearly points above the
lowest figure touched in the recent bear cam
paign- There appears TO be no doubr thar The
stock is in the hands Of powerful financial in
terests' and that its price will be advanced 10
materially higher level. OF course the IN
trnsic merit Of this security is the chief factor
~ iOs accumulation by substantial investment
interests Union Pacific was in active demand
closing at net gain OF "a points. There wa
no change in money market rates. but near the
close Of business ii was announced thar 81
100000 had been deposited at the Sub-Treasurv
fer transfer TO San Francisco. presumably for
transhipment TO Japan.