The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-30
BIG DEMAND FOR
! JAPANESE STOCKS
! AII Financial Markets Are Hop
ing for Peace
APATHY IS STILL APPARENT
Supreme Court Decision In Favor of
New York State Franchise Tax
Had Been Foreseen and
Discounted.
APATHY IS STILL APPARENT

New York, May 29.-The market for
utoek in New York today was made al
most wholly from London. THE amount
of business originating on this side was
Insignifcant. The dealings for London ae-
Mount were of an arbitrage character ex-
rept for some apparent demand for Eu-
ropean account for the Japanese bonds.
Advance in prices in London afforded OPP
portunty for selling Americans in that
department and repurchasing in New York
at a profit, advanced to a parity here.
London took a very hopeful view OF the
result to follow the decisive defeat of the
Russian fleet and prospects for peace were
believed to be brighter. All financial mar
kets are agreed as to the benefits to their
own affairs for the termination of the
war.
The issue of the enormous war credits
Rnd their disbursements has a certain ef-
feet of stimulation. on the industries az
fected, but war is destruction of capital
and the unproductive expenditure In
volved must be paid for at the time. The
advantage to financial affairs of an early
peace, therefore, does not admit of ques-
tion,
There was a momentary hope that the
Improvement of prices would prove the
needed factor to stir the securities mar
kets out of their apathy, but the hope was
short Rived 50 far as the New York mar
ket was ycA4srned. The great naval event
failed - ss.ag back to town the large
representation amongst the brokers who
had lefe On Friday night with the deter
animation 10 remain over the decc .tion
holiday. The higher level of prices estab-
nished in sympathy with London failed
Entirely to attract any demand, andthere
was a languid pressure or long stocks at
a few points, which served as an add
kional encouragement. The United States
Steel stocks were heavy at the advance,
and there was realizing in Ontario and
Western on last weeks large gain.
The decision of the supreme court in IA
Hor of the New York state franchise tax
had quite positively forseen, and the
fonly apparent effect was to drive a few
uncovered shorts In the public franchise
stocks to cover While this decision has
been largely discounted in the market, it
has played a considerable part in the re-
hcent tone of depression, ana IS cited as
one of the instances indicating a prevail
nng current against the interests of cor
porations and of capital Railroad traffic
Officials reported some tendency to the
customary mid-season dullness, but ex-
pressed themselves on the whole as well
satisfied with the volume Of traffic Of
dering The April net earnings of the
wabash, ehowing a decrease of upwards
of so per cent from those Of the preeed-
ang April, were disappointing and rather
emphasized the effect of the poor show
ing made by the Atchison. The result in
both cases was due largely to the enhance
ment of operating cost. News of the
weather conditions from the grain crops
twas more favorable. Prices dropped from
neglect during the midday period, but
rose to the best in the final dealings, max
ing the closing strong.
Dealings in the Japanese bonds dealth in
on the New York exchange we're on a
large SCALE. and the three issues show
gains ranging from 3ss to points.
The bond market generally was dull