New-York tribune., 1905-06-11
BONDS.
STOCK MARKET OPERATIONS.


Official announcement that the United States
through its President, had taken steps to orlne
about peace in the Far East and the an
nouncement that the long fight in the Equitable
Life Assurance Society had been brought to an
end by the elimination of the leaders III 'he
ccntending factions and by the selectloh ol
Paul Morton to fill the new office of chairman
naturally served to create bull sentiment in
Wall Street. While the volume of outside ousl-
ness was not particularly large. it was thought
that In to-morrows market there would be
much greater response from commission houses
TO the two important developments just named
In the last few weeks the course of affa1rs IN
the Equitable has been so serious that at times
fear has been felt in banking circles for the
future solvency of the concern, but in a minute
uneasiness has disappeared, confidence in the
big company has returned and Wall Street is
free to go ahead without the uncomfortaple
feeling that mighty black cloud still hangs
over the financial situation. In banking parlors
the deep concern that has been felt on the
EQUITABLE affair has never been fully ventilated
in the public prints. for the reason that known
pessimism on the part of substantial interests
would serve to exert disastrous effect on the
investment markets. Now there is no reason to
conceal the sentiment that recently prevailed in
the higher banking circles, and the fact that the
situation has been considered serious ought
TO make the clearing of the Equitable skies all
the more impressive as argument on the bull
side OF speculation.
In addition to the favorable factors named
the stock market was helped by the expectations
of a good bank statement and by the beiief that
the government crop report would make an en-
couraging showing. Bank statement figures
even were better than looked for, as, in place Of
Fridays estimated loss in cash holdings. there
IF h la
owing to large contraction in loans which
brought about a substantial decrease in de-
posits reserve above legal requirements in
creased nearly 100000, bringing that item to
SO So, $780, as compared with $355624 400 in the
same week year ago and $9,4II,115 in 1903.
While the is much lower than it was
last year, there is at the moment little prospect
Of a material advance in lending rates, although
later in the season preparations for the
heavy July disbursements and probable gold
exports doubtless will bring about firmer level
for loans. The heaviest transactions were in
Amalgamated Copper American Smelling At
lantic Coast Line, Canadian Pacific, St Paul,
Erie. Louisville and Nashville. Metropolitan,
Reading, Union Pacific and United States Steel
preferred. Union Pacific advanced over per
cent. while gains of l per cent were common
throughout the list. American Smelling was
again in demand from good class of traders;
also Arnalgamated, Reading and Canadin Pa
cific Reports from the grain fields in the Cana
dian Pacific territory received yesterday show
marked improvement in the growing wheat and
the prospect of an unusually large harvest. The
Washington crop report was not received until
after the close Of business. In studying the
figures Of this statement it should be remem
bered that conditions shown are of June 1, since
which time there has been great improvement
in weather in the agricultural community.
The settlement of the Equitable trouble natu-
rally had a sentimental effect on metropolitan
stocks on the theory that closer relations would
develop between the Ryan and the Belmont in
terests, while the general market naturally was
Influenced by the growing impression that the
end of the insurance muddle means closer rela-
tions between many Wall Street interests that
recently have not been exhibiting any great
amount of the friendly feeling which is so neces-
sary for the success of great undertakings in
which many men are either directly or indirectly
involved. Many people often have joked about
high finance" in Wall Street but in the Equi-
table settlement real stroke of the highest kind
of great finance has been accomplished. Total
dealings were nearly twice as heavy in the two
hours Of trading they were in the five hours
of business in Fridays market, prices at the
close being at about the best of the day, with
the chief gains in the active list in Amalga-
Pacific St Paul. Erie. Louisville and Nashville,
Metropolitan. Pennsylvania. Reading, Southern
Pacific Union Pacific and the United States
Steel issues. At the close sentiment was bulsh
and higher prices predicted in this weeks
market.
Some traders point to the light dealings in
stocks last week, the smallest for any week in
the current year, as an argument proving that
the stock transfer tax has driven business
s4nl- pSrhn nrCf
the stock transfer tax has been factor in the
dulness, but It should be borne in mind that
trading has been quieting down for number of
weeks. and that dulness in speculation at this
time of the year is not unusual development.
Indeed, comparing last weeks transactions with
those Of the corresponding period in the last few
years it will be found that sales have been larger
than in the same time in 1904, also larger than
in 1902. 1900 and 1897. while. taking the aver
age from 1897 to 1904, it is seen that sales were