Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-11
New Life Infused Into the
Stock Market.
JUSTIFIED OPINIONS
EFFECT OF EQUITABLE SETTLE
MENT AND PEACE OUTLOOK.
Prices Had Not Lost Much Ground
Sale Of Seat at Advanced
Price q Reflex.

NEW YORK, June 1O.-The sudden life
Infused into the stock market today justi-
fed the opinion of those who have COM
planned that much of the repression on
activity has been due to the open dispute
over the affairs of the Equitable Life As
surance Society. The steps achieved at
yesterdays meeting toward effecting set
Element of the affairs of the society were
accepted as a promise that the violent
phases at least of the trouble have passed
and that the uneasy attention which has
been attracted throughout the financial
world Will now loose its absorption and
its effect on sentiment. This Is the end
most desired with regard to the whole In
cident on the part of market operators.
The encouragement felt was substantially
manifested in the large buying orders which
at the opening. Very large blocks of all
the important stocks were taken at a SUBJ
stantial advance In price over last night.
This lifting Of the price level attracted
some profit-taking, but the effect was slight
and the advance was strongly resumed
after the appearance Of the bank state
ment.
The large loan contraction amounting to
I'll, I62, 200 was attributed to the prepara-
ton for the redistribution of the Japanese
loan deposits. These deposits remain avail
able for the call loan market. The effect
OF the weeks operations on the cash item
was small Increase in spite of the sup
posed large transfers to trust companies
reserves
Expansion in the Surplus.
The net effect expansion of 49,
77I,225 in the surplus, which regarded
with satisfaction. Operators were inclined
also to anticipate a favorable government
crop report to be given out later in the
day and which might help the market on
Monday.
The wheat market itself showed some I'M
settlement from the disagreeable surprise
afforded by the Kansas state report on the
June condition of wheat. The market
closed strong and active, with prices up
from l to over points on the day. The
pond market was firm in sympathy. Total
sales of bonds. par value, s2.630,O00.
Prices of stocks have lost no ground dur
ing the week, but the market has been
lifeless and of only negative significance as
a reflection of prevailing uncertainty over
the future conditions affecting values Tba
usual operations by professional room
traders. which relied upon to keep up
business in periods while large opera lions of
banking interests and general speculation
are suspended have been curtailed by the
stock transfer tax
Proceedings have been commenced to test
the validity of the new law and pending
the decision the traders are disposed tn re-
IRAN from operations.
Baroness of the Market.
The baroness of the actual market ia
thus fully disclosed. Business also 10 con-
nned to few prominent stocks for which
the market Is the broadcast A large pro-
portion of each days meager business is
thus found in a half dozen or less of the
leading speculative favorites. Attempts
10 market any less active stocks find no
oid In the market. and a concession of
many points In the price Is found neces-
sary to effect,the sales. The market is al
most equally narrow on the selling side
SO that wide advances are recorded from
time TO time on an order to buy small
amounts OF stocks which are sometimes
active In the market. but are at present
In the list of dormant securities
sale of seat on the stock exchange
Tor si25oo, as against a price of $S1 900 a
month ago and a high record of $4,000
within the year Is reported as result of
these conditions. Discussion of the mar
ket about the stock exchange is confined
to topics of technical character, such as
the supply of holdings in commission
houses which possible contingencies may
bring upon the market for sale, or the ex-
tent to which short interest in the mar
ket may have been built upon in this or
that stock and be made vulnerable to en-
forced buying by any bold bidding up of
the market prices. The small dealings
from day to day are based almost wholly
on such considerations, and the small fuc-
tuations which result are constant and ir-
regular.
Deeper Seated Conditions.
AS to the deeper seated conditions which
are responsible for the neglect Of the mar
ket, various opinions are held The out
come or the countrys crops is a prime con-
sideration. The conditions during the
week are considered to have improved in
this respect.
Favorable weather reports have been re-
ceived from the grain and cotton regions
The harvest Of winter wheat in the south
ern portions of the belt has begun and
warmer weather has favored the delayed
corn and spring wheat crops while prog
ress is making in the cultivation of the
cotton crop. The weather bureaus weekly
bulletin was definitely reassuring regard
ing all the great staple crops. The more
detailed estimates of the monthly report
of the Agricultural Department was
awaited with more interest. But the crit
ical period of the making of the definite
crop is regarded several weeks in the
future, and there is a growing impression
that until that is passed no important gen
eral activity Is to be looked for in the
stock market
Vital interest is attached also to the def
trade The market for pig iron apparently
continues in a state Of deadlock, and soft
ness in the market for various lines of I'm
ished product is pronounced to exist By the
recognized organ OF the trade.
Revival Of Strength.
A revival of strength for one day in the
United States Steel shares was of marked
sympathetic effect on the whole list of Sc
curities, and demonstrated the Importance
attached to this subject influence on
the whole speculative outlook. Their sub
sequent heaviness was OF equal effect.
A supplementary influence was the move
ment of Amalgamated Copper. The publ
cation of a condensed balance sheet and a
financial report by the company was favor
ably commented upon as step in desir
able policy of publicity. But the report
itself came In for q share of criticism, and
the stock suffered some from attack and
from profit-takng.
Very favorable conditions were reported
In the copper trade itself.
There is no mistaking the repressive eff
on the market the Eoutable Life