The daily morning journal and courier., 1905-05-29
STOCK MARKET FEATURES
INTENSE DULLNEsS AND 4 WATT .... ING MOOD.

Speculation as to What Will Happen
 To-day Over the War News-some
 General Prognostieations.
 Saturdays stock market was one of the dullest in many moons.
 There was intense dullness but stocks were firm. '.E. '~
 The old adage was trotted out, don't 20 short of a dull but strong market. Nevertheless, there are few rules with out exceptions. ..
 There is bull talk and there is bear talk. .#
 Bull talk is that the iron business, despite the little lull, is too good to help the bears; also that the outlook IS good for better winter wheat crop than last year; also that railroad earn ings are big; also that corn though backward will flourish rapidly with a good spell of hot weather. The bears argue that prices are still too high to bring out investors in troops to buy; that the big men still have stocks they want to sell, and when they have sold they will get from un- der; that the corn crop is backward, and there is something in the talk about the danger to spring wheat. They argue also that the supply of bonds all the time being ground out is too much for the absorbers to absorb.
 Aside from the above pros and cons much new speculation arises as to how the market will be affected by the news of yesterday from the Russian and Japanese fleets. Some argue one way and some another. With an over whelming Russian naval defeat some argue that French and other investors in Russian securities will have a bad fright; others argue that with a sweep ing Japanese victory on the sea war will be practically over and peace in sight with the attendant joy for the said holders of Russian securities.
 If precedent is followed, the present waiting period in the market may cas- fly extend through the first few weeks in June. By the end of that time it will be possible to obtain a more accur- ate line on the harvest prospects.
 Concerning the foreign exchange movements c. Schumacher & Co. say: .'The fact that exchange continues to advance in the face of very little in- quiry for bills conclusively shows that we are approaching a period of gold exforts." ---
 The following interesting statement appears in the weekly market letter is- sued by Atwood Violett & O.: "We are told that there is an unlimited order on the floor to take all the Steel common that is offered at 25, without regard to the amount. We belief this stock can be bought profitably every half point down. ..
 The copper report of James Lewis & Son, of Liverpool, under date of May 16, says that as the actual consumption of copper in Europe during the past -four months must have bean fully equal to that of the same period of last year, and imports were 16,000 tons less, while the public stocks have increased 4,600 tons, it is evident that the invisible stocks must have been reduced in that period to the extent of some 10000 tons. The demand from China and Ja- pan still continues, and since January l, 22,722 tons have been shipped thence from the United States alone, besides a considerable quantity from Australia and England.
 The trade outlook is, granted a suc- cessful summer on the farms, that what we are now seeing will prove only halt preparatory to fresh advance
 There is evidentl considerable disap- pointment over the failure of the bond morkst to respond to the very easy money conditions and the outlook for record amount of July disbursements. So far there have been only fitful ad- yances, poorly held and no large in- quiry for bonds.
 Henry Clews, in closing his Satur- day's market letter says: "Neverthe- less, these two merchandising the rate and revising the tariff-threaten to cause more or less uneasirless in finan- cial circles during the next four or five months, and in connection with the backward condition of the crops may defer any important renewal of bullish operations in the stock market. As al- ready said, however, conditions outside of Wall street are generally sound, af- fording the market ready recuperative powers from any sharp decline. There is now a bear party of growing strength, whose purchases to cover on every sharp recession are also a basis for occasional rallies. Added to these facts is the one that the big leadsrs still have stocks, to sell and find it to their interest to come to the support of the market whenever the decline be- comes too rapid. This,, of course, will encourage the trading element and aid in the wider distribution of securities. Later on conditions may favor the pur- chase of securities for permanent holdings. For the present, however,