New-York tribune., 1905-06-04
BONDS.
STOCK MARKET OPERATIONS.

In the two hours Of trading on the SIoch HA
change prices showed great irregulsrity' al
though closing at net gains in the majority oi
,ssues In some quarters of the Street 1t was
thought that the developments in connecuoh
with the Equitable Life muddle would bring
.bout active liquidation throughout the list. but
in .he course of the short session there was no
Indication of sales that might be traced to the
big insurance company scandal. The chahces
are that the Equitable affair has been as
counted in the stock market There is no soou
reason why investors should sell their stocks
fbecause of the unfortunate happenings In one OF
the largest insurance companies in the wofIo
and there is nothing in the general posluon OF
affairs affecting investment values that war
rants g bear campaign in securities espeoiaHy
as stocks have been so heavily sold by over
loaded pools and syndicates in the last month
The bear element is endeavorins TO convince
The world that the situation is extremely dam
.zerous; that the crops cannot possibly reach
Snaturity without widespread destruction that
the iron and steel business is going to the dogs
end that the real worth of American securities
IS depreciating. OF course sensible men are not
upset by such fool talk, but there are a few
7iuid traders who believe everything they hear
fn Wall Street, and as consequence eventually
lose their money
AS to the crops: According to the advices re-
ceived from the best crop experts in the West.
the recent weather conditions have not caused
any important damage, either to winter wheat,
which is far advanced toward maturity, to
spring wheat In the Canadian Northwest the
outlook far large yield of wheat is extremely
promising; indeed, more so than ever before e.
corded at this period of the year. The fact that
agricultural and general business conditions are
favorable IN Canada doubtless soon will at
tract increased attention the securities Of the
Canadian Pacific Railroad and the shares of
other Canadian enterprises. particularly Cana
dian Pacific, which is selling we'll under its in
srinsic worth. The 500 shares also doubtless
viii receive more attention IN the near future
owing TO the large Canadian business handled by
the 500 company and its long, unbroken REQ
ord Of increase in earnings. The copper shares
were in good demand and higher prices were
talked of, both for ArnaIgaInated and Anaconda.
The copper business in the United States is in
splendid condition, and the constantly increas-
ing demand for the metal In the home and for
eign markets ought to encourage greater ac-
tivity in the various copper securities. And the
same thing may be said of almost every stock
dealt in on the local exchange Reading. Anal
ganated Copper. Union Pacific. Brooklyn Rapid
Transit, Southern Pacific and the United States
Steel stocks supplied the greater part of the
days operation, but the total in all issues
amounted to less than two hundred and fifty
thousand shares.
bank statement that showed a loss IN re-
serve above legal requirements of over So 0oo oOO
failed TO have adverse effect on securities
values. and the fact that this poor showing did
not encourage an active selling movement was
most favorably interpreted by the advocates of
higher quotations When market does not de-
cline on unexpected bad news II may be taken
for granted that stocks are in strong hands and
that the bear element has about reached the
limit Of its power. Owing to special operations
the barIIs lost over $4,000 0Oe in cash holdings
but this was Offset in part by reduction in
loans Of nearly the same amount the contrac-
ton In the last named item and the decline In
cash being responsible for falling off in de-
posits Of s1S.e51500, which, of course caused a
decrease OF over s4e0o.Ooo in the cash, required
against deposits and decline of s6415525 in
reserve Total reserve now stands at s605o275
compared with s31760,875 at this time aNyear
ago and s4,775.650 in 1903 Notwithstanding the
low position Of the bank reserve there is an
ample supply Of funds at this centre and II
rates should move to a higher level large ship
mehls from the interior will be made to New,
YORK Payments on Japanese bond account sc
counted Tor much of the cash loss last week