Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-07
SP|R|7LESS MARKET
Yet Prices Were Firm With
out EXPLANATION.
PEACE INFLU EN- CES
FOREIGN ADVICES FAILED TO
SUPPORT STOCK RATINGS.
Affairs of the Equitable Company Pro-
voked Interest and Discussion
Traction Dividend Feature.


Special Dispatch to The Star
NEW YORK, June $50 far as it was
possible to assign any particular explana-
ton to the firmness of today's dull stock
market. there might be named the spread
of the conviction that serious efforts look
ing to the termination of the Russo-Japa-
nese war are under way. with fair prospects
of success. Today's advices both from
Washington and from European capitals,
contained many evidences In this respect,
although it should be added that the Euro
pean stock markets gave no pronounced re-
Election of this phase of the situation The
London market, in fact was as duh as that
In New York. and on balance foreign houses
were sellers here, albeit upon an extremely
limited scale. The days circumstances
comprised, in other respects. reactionary
commodity markets. particularly for the
wheat options, and weather advices from
the grain belt were generally favorable.
During the greater part of the day the
money market gave no reflection at all of
the low bank reserves set forth in Satur-
days bank statement which have since
been heavily drawn upon through the fur
Their transfers of funds to the Pacific s ope.
The affairs of the Equitable Life Society
occupied fully prominent a position In
interest and discussion they have here
tofore. but no further liquidation seemed to
be provoked in consequence.
Earnings, statements and dividend decla-
rations furnished the only news relating to
special securities. At todays meeting Of
the directors OF the 1nterboroUgh Rapid
Transit Company the dividend on that stock
was advanced from per cent to an per
cent annual basis All the local traction
stocks were again active and generally
steady. AS illustrating the confusion or
speculative opinion with regard to this
group of stocks. directly contradictory ex
plantations were advanced as explaining
their recent strength
One set of theorists hold TO the view
that their course indicates that the new
subway lines will be constructed under
amici BILE agreement between the Metropoli-
tan and the 1nterborough interests, while
another view is that the attitude of che
board of aldermen indicates that there will
be no new subway construction at all for
a protracted period
AMalgamated Copper was gain among
the most active features of the market,
and that stock covered the widest range
OF fluctuations recorded. There vas how
ever, nothing that was new and definite
to be advanced in connection with its
rattle course. and for that matter the price
movements in general seemed 10 be caused
mainly by internal market conditions rather
than by any specific developments.
1t appears to be the case that the Gull
mination of the protracted speculative
liquidation has been reached. with a really
large short interest outstanding in many
stocks. circumstances which enable traders
with bullish prOClivlties TO bid up prices
very easily. The business of commission
houses in general was virtually nil.
The railway share list furnished its full
quota to the days total transactions, and
also some of the most extensive gross
advances. Notably firm features there
were Southern Railroad. St. Paul. Union
Pacific. Norfolk and Western and Read
ing No news or gossip of novelty attended
toned
The exceptional strength and unusual
activity in Southern Railway have been
attracting attention for the past few days,
but there seems to be no particular ex-
PLANTATION Of the stocks tendency other
than the very large gains in earnings
which the Southern Railway Company is
showing, in common with the other lines
in its section of the country.