The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-06-25

condition existed and that any consider
able rise In prices would place an extern
sive short interest in vulnerable posi-
ton. Present conditions In business and
industry are regarded as satisfactory and
1t was argued that the possible nazarus
of the future and the disquiet aroused
by some of the unsavory Incidents IN the
financial world had been allowed 10 IN
duce an unwarranted and unduly pro-
lonsed conservatism in the attitude to-
wards the securities market. Such seems
to be the line of reasoning on the part OF
those who embarked this week in spec
Nation for those who met with ehcoul-
Ss,i,,r aeyree Of success.
a h.,ers of stocks have counted on
So ,-set of demand for investment ana
Size adjustment of semi -annuals. Inc for-
eign markets shows evidence OF extreme
ease. and any apprehension of squeeze
in money to be caused by the arrange
ments for the July disbursements nave
been allayed. There seems no Likelihood Oh
even a temporary arrangement OF the
money market. There is a large accumu-
lation taking place in New YORK IN Whlch
transfers from San Francisco of hundreds
sent there a week ago play part as
well as considerable disbursements by the
sub-treasury on fiscal operations. for-
eign money markets also have been easy
source by New York borrowers as was
shown by the appearance of bankers
finance bills In the exchange market, II
was argued that after the July settle
ments were concluded there would hkeiy
be a pressure of capital for investment
that would take place of securities Tor the
hands of buyers. There has been rather
a conspicuous absence, however, OF any
preliminary investment demand in the
fo
the market where it usually makes itself
felt
The stock market view of the iron and
steel outlook has become more confdent
and a more cheerful tone is reported also
nv trade authorities as to the prospect
for revival in the trade. The immediate
condition, however, is one of continued
deadlock between the buyers ana sellers
of pig iron.
The weeks grain markets have shown
strength. and have had a share OF crop
scares The same is true Of the cotton
market. Opinion in the stock market, now
ever, seems to be content with the dimen-
sions of the crops promised on the OASIS
of conditions now, and the actual DAM
age in the latter have been ignored.
Returns of railroad earnings have made
a good showing. The action or the READ
ing directors in increasing the oiVldeno
rate by raising the semi-annual dividend
on the common stock from 11s TO per
cent has had the effect of enlivening the
hopes of holders of other stocks OF re-
ceiving a larger share of the enhanced
profits being realized by the railroads.
This influence affected the stocks OF other
railroads affiliated with the Reading
through Pennsylvania control Inc sec
ond quarterly dividend of l per cent de-
clared by the Tennessee Iron, Coal and
Railroad company was regarded as fixing
the rate. and was helpful to the steel in
dustrials.
The incubus of the Equitable Life az
fair has not been entirely relieved from
the market The most cheerful view OF the
matter expressed in the current discus
sion was that 1t had already exceeded Its
possibilities OF harm, and that the report
OF the New York superintendent OF in
surance would mark the elimination of
the affair.
Bonds have been rather dull and irregn-
lar.
United States bonds were all unchanged
on call on the week.