New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-06-05

THE WEEK IN WALL STREET.

=, .h CARLY mart of the week stock lnaiheI
.,r.s advanced under the influence or GOVERNS 4
y. shorts and buying for the account %
stantial interests, operations Oh inns
he,nv based on the Improvement III Tue
nean markets in which the MAN puii h"
was the great naval victory OF 'he 'aps" -
soue5rons under Admiral Togo NaturaiS -
sq"A"- onS 49, 9TH the utter annihilation'of
.be Russian Baltic fleet negotiations "0"AN
- e. i. eettlernent of the Far Eastern War
80 dosn,te the fact that advices from D.
Petersburg indicated no disposition on tiie Pc
~ the Car to end his hopeless struseie WV"
+be arms Of the Mikado, 1t was oeie'eu ii''A
o,eI ctrces that the close Of the struggle WAS -
sight especially as the great powers practic"hS
announced that the war must stop.
.h., 60 the men who are responsible Tor INC
nresant disastrous oonfict-nay say thAI tio
war must proceed. but the hnanclers VI ~ |
,z,s chief financial centres apparently nave
-,oaa IN their minds that II Russia insists Oh
nroIonging the fight It will have to depeiiu 'ii ~
own resources rather than on money poiio"oN
IN foreign capitals. Russia doubtless S'i,i -
. ;e-re fund from which 1t can draw the siiie"s
80 war. but war eats up money raster imam -
.oes shot and shell, and when the money Is sone
.hora fs nothing left but surrender Russla al
I-' a, ,,.,s1v In debt to other nations, chiefly
. Ira,os and It is not reasonable to suppose
~. che creditors of the Muscovites Will hsleA
- r,,rther appeals for financial assistance 1n,o
view OF the situation is taken by the FespoAS-
banking interests, and as a consequence 80
,.e ding men In the financial community are WI"
,ns N buy securities at current quotatohe'
People who ara taking stocks aepreseli' he
are not operating on the theory ohS1e LIZ
=. an immediate resumption OF the up"aF9
..-,s-, Thev are accommodating first class
.-os-,oar securities on the expectation OF much
,,ha- n-,css later on in the season, although II
u,ouId not surprise many careful narketTolioweFs
,r quotations should make material ilhpro'e7
rnent in the course Of the next rev "eehs' Va
course at this period Of the year tneTe 40 AnAoA
uncertainty over the outcome OF the years hAf
vests but the general condition OF the coahU9s
business is SO promising that the oese nnsi h'S
.pdges are not worrying over crop prospects,
their buIlishness being based on the very soo"
theory that the prosperity of the United states
Ga mn longer dependent OF the crops It should
n. horne In mind that the agricultural section
Of the country has enjoyed several years OF
bouutifuI harvests, and So a consequence Is Ia
position to stand a season or FAMINE "lInou"
going into bankruptcy. There Is. however, niue
in the current condition Of the crops that FORE
shadows a poor year in the great wheat anu
corn belts Of the United States The season at
present is somewhat backward, but rom TINS
fact It: should not be assumed that the weather
throughout the summer Will Nv oSN~~ -
maturing Of the crops at the normal period ID
the general situation affecting the business or
| the country there Is nothing that warrants the
| sale OF American Investment securities Hall
road earnings large. bank cleardngs show
an active volume of trade IN most lines and
even the iron and steel industry, about which
SO many bear reports recently have been cir
/ ouIated, promises to be unusually active IN the
| vacation season There has been healthful re-
| IN, and CTS fa~fo TO
| be q bull argument rather than bear argu-
rnent on the iron and steel shares.
In the week the franchise tax de-
cided by the United States Supreme Court
| against the corporations and the transfer tax on
| stock market operations went into effect
Neither Of these developments hurt the stock
market although traders and heads Of commits
sion houses appeared to believe that the stock
| transfer tex would paralyze speculation on the
New-York Stock Exchange. The new law in.
volving tax of 81 on each 100 shares Of stock
sold WILL It is understood. be tested in the
courts. but IN the mean time the customers of
commission houses and the Individual traders
on the Stock Exchange will pay the tax, and
business will proceed as usual 'Duiness gem
orally develops IN the stock market at this time
of the year, and falling off in transactions in
the next two months should not therefore be
placed to the account of the stock transfer law
{ Inc leading cause or the weakness IN the last
days Of the week the uneasiness that de-
/ veIoped In Wall Street speculative circles over
the Equitable Life muddle, traders taking the
view that the acrimonious relations between the
directors and the scathng report of the Prick
committee would create such discord among the
leading f1nanciers in the country that the prop
critics controlled by the various interests would
become seriously involved Such a conclusion
is unwarranted. The family row in the Equitable
will not extend to the many corporations with
which the warning Equitable interests are iden-
titled and 1t is foolish to assume that American
investment values will be damaged because of
the unfortunate condition of affairs In the big
insurance company.
Money market conditions at this centre and
throughout the United States remain extremely
satisfactory, and at the moment there is moth
ing In the monetary situation that suggests the
development of disturbance Rates for call
money were slightly frmer in the week, owing
to the large transfer of money to San Francisco
| and to shifting Of accounts incident to June l
payments. but there was no material change in
tbs time money market and no indication of an
advance in the near future In the last week
drawing Of finance bills and the negotiation OF
sterling and franc loans reported, while
some selling of ninety-day sterling bills was
noted. In the event Of settlement of the war
in the near future, Russia doubtless will be
called upon to pay large indemnity, and natu-
rally will be forced to go to France and Ger
many for further loans which may be followed
| by demands in this market for gold for foreign
account, but If the United States ships gold as
q result of Russian necessities the loss will be
offset by the expenditures that Japan will make
1 tryi n he purchase