New-York tribune., 1905-06-12
THE FINANCIAL MARKETS.
SECURITIES TRADING SH OWS LITTLE LIFE.
Money Exchange Conditions WH Probably Lead Gold Erpos
Railroad Earnings Reflect Good Trade
THE WEEK IN WALL STREET.

IOUln2SS
not accompanied by important declines IN val
ues prices as a rule remaining hrm' without
large changes at the close as compared with lhe
final figures of the preceding week. There were
various factors that accounted for the quiet ZONE
NJ trading chief among them being the up-
willingness of spectators to make large COM
mitments on either side, pending more oehhite
information on the condition OF 'he sro"s
CROPS Then the stock transfer TAX ooup'ies'
noe . factor in restricting speculative activity.
Weather conditions in the agricultural part VI
tbe country improved in the week, ana the posi-
tion both of winter and spring wheat oououess
e. now better than shown In the government
-, ,a,o-+ which gave conditions of June
/. and unless there should be some MUS. vi
fovorable climatic developments in the balance
- A. oror season the yield Of wheat ought to
be up to tho normal at least OF course II Is
+oo .ar1v to saw much about corn. as planting is
..,u under vav In the general position OF tne
,o,ntrv,s business there is nothing on "iiion
ons may legitimately predict depressing oeVeiop
rnents In certain lines, as for instance 'iie -
and steel trade, healthful reaction Is repoi iteo'
but in the greater number of industries ao''-''
..-4;,,es 70 nrevaiI a reflection of which Is pre-
.r+e5 in large gains in railroad earnings hoaos
renortinr for the last week In May sho" oi
average gross gain Of IL per cent following ah
increase Of over 13 per cent in the tniro "oeA
- o,,.r IA ner cent In the two weeks before
These roads represent all parts Oh inc
an that industrial activity is confined 10 ho oi'e
section
r-,e -eaction In the iron and steel trade Is hoe
creat in extent so far. and, accoruihS ~ ~
,,iev-s of men who are actively ldehllheu "t'..
ths industry, there will be a resumption oi ioi
t,,-,a ,vort in all departments before the END OF
oopS Sha
r,and NAV be Judged by the statistics OF the pig
:,o,, ,,,orlet for the month Of May, which sho"
~, ircraose in production as compared with the
,-acadin, month of over 49, 600 tons. but an IN
crease in the surplus stock of pig iron OF oo'Oo
tons making the total surplus on June oSS''os
tons The production at the moment 10 t03e.
than the demand for consumption, but thls lso'
does NOT foreshadow acute depression in the
+r.sa nor does it influence the sale Of we'll held
holdings of United States Steel preferred vi
the industriaIs this issue appeals most TO the
more important interests, although AInaisa-
mated and Anaconda are beginning to be better
l;ted Now that the Analgamated directors
have taken the public into their confidence by
+ba publication of a report of the condition of
the property there undoubtedly will be more
conservative interest IN the stock. despite the
fact that bear traders profess to be disappointed
over the showing of the company's earning
power as presented in the statement In study
ing the report the fact should not be overlooked
that the large assets of the Boston and Mon
tana and the Anaconda properties, amounting
to many millions of dollars. are not shown. 1t
is understood that Mr.. Lawson and his friends
are making every effort to bring about lower
prices for the copper shares. but there is moth
ing in the copper trade situation in the posi-
ton of the sound copper companies that war
rants bearishness on the copper securities.
AS securities in general are In the hands of
strong men, and as the conditions governing the
intrinsic value of investments sound, there
is little reason for the belief which is held in
some quarters that quotations for stocks will
move toward a permanently lower level. Set
backs due to bear pressure are probable. just as
advances due to covering of shorts certain
to develop. but at the moment extensive
movement toward cheaper prices is not looked
for by the best market judges. There is nothing
of sufficient influence at present that can force
the big men to get out of their stocks, while, on
the other hand, there are several factors that
ought to encourage the public trader to buy
securities. There is much IN the situation that
warrants the quiet investment buying that is
going on. and if the speculator needs something
in the way of the spectacular to attract him to
the long side of the market he may soon find it
results of the settlement of the Equitable
squabble In Saturdays market there was
marked increase In activity consequence of
the elimination of the Hyde and Alexander ele-
ments from the Equitable Life Assurance So
ciety and of the official announcement of the
efforts of the President of the United States to
bring the Russians and Japanese to peace terms.
In the present market stocks recover easily
after all declines for the good reason that there
is not much Of a floating supply and because Of
the willingness of the trader to change his posi-
ton just as soon he has made a profit on the
short side. Foreign traders were more disposed to
buy stocks in the local market last week. while
In the European markets sentiment toward the
bull side was stronger, owing to the negotiations
that were under way for ending the be-
tween Russia and Japan. That the war will
soon be q thing Of the past is confidently be-
lieved in financial circles. especially Russia
has reached the limit Of her credit with other
nations for loans for war purposes. There will
be plenty of money that may be borrowed for
the purposes Of peace. but apparently not
cent for war If the settlement of the Equi-
table fight and the bright prospects for peace
in the Far East do not bring about activity in
speculation they ought, at least to be effective
influences In maintaining a firm level of values,
In foreign exchange circles 1t is thought that
there will soon be drop in the Paris checks on
London, followed by movement Of gold from
New-YorS to Europe. Although the rate of de-
rnand sterling at Paris has remained more or
less stationary for some time past, it is now be-
ginning to show downward tendency. which
doubtless indicates that arrangements are be-
ing made for increasing the already large sup
ply of gold at the French capital OF course.
the termination of the IN the Far East
will be followed by a Russian loan, and