The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-12
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vleW ihHg iha niaftet Fts 1ufftsief ai
prses,ienss w efssiaa ~ rarf " least
temporarily btf ~ ihe majority nfnfefatrfs
n thie sofs tsclafef that = fail N ohiy one
~ two prints In prices Would satisfy the,r
aru@r n psopfiety " sef~ser'f w - doub,fui
Whesh~f u eHuti ~ Wiue for tlven, To- make
ventures ior ~ small = prpht - would "
involved In speculation fpf The decllrr, evru
n srccgssfut. TN tho cthef hfhd then vas
unuurs,ipnabiy y lnrae poftiun N ~" pr.
fsssiolai oienent that continued w. hnlN
the aivancg IN pricps and orr wason Tor
thn e,tffpnt strength ~ tho mefhet 10 prob
ably the enforced retirement ~ q small
Ices n contracts for the d~cline that have
continually heen put oft tn gencral
market derived con-idemhl" h"lp to-day
from tho tact that n notable Improvement
occurred Nv all thu for'ign financial eN-
changes. In London. WHORE No ht'l" do
preston haa existed owing rs NJ" largo
ioeacs sustained by bank ra'rvcs therc by
-. = ~. .f..la Il sYgII % THE country
srntimsnt waa encouraged by indubitanlr
signs that the export " gold from mat
cent ~ had cra acd and that everything was
making there for casicr money Tho price
of gold wa reduced Nv London to-day
money held there for JaTancsc account
and the Indian treasury was released ana
there was no little buying 81 stocks Tor the
account of French interests. 4 favorable
impression seemed to be- made everywhere
i'm Europe by the successful Opening OF the
new Russian Parliament, tbs market value
of national securities rose la all markets. and
in some instancss the European bourses
were fairly buoyant. II was conceded that
n largo amount Of new gold that would he
laid down in London next week VIII raSS
into the hands Of English houses. and feeling
was altogether so hopeful in London to-day
that there was talk there Of m early reduc-
ton in the Bank OF England discount rate.
J There were no influences to-day exerted
Upon sour W stock market other than a
strong speculative and investment support
extended to values on account OF purely
general reasons that are now pretty well
appreciated by all students of the financial
situation. Onc after another the arguments
that have been adduced as j%ustifying a fall
in prices have disappeared, and the ammu-
milton chest Of spectators for the decline
il reduced to the single plea that the re-
coyery in quotations has been too rapid.
Yet il the sentiment as it was expressed in
the large commission houses and banking
institutions in Wall street to-day should be
trusted. it pointed to the probability that
any moderate reaction in the market would
only be regarded az a favorable opportunity
on the part OF possessors OF idle funds TO
accumulate stocks, There were few, II
any, features OF the stock market today,
and few developments in the news. Inc
splendid Government crop report yesterday
afternoon was rightly considered as being
more of an important factor than was yes
terday thought, and a fall Ia sterling ex-
change indicated that there was no lkeli-
hood that the money situation would DE
materially less favorable in the near future
than it had been in the past. Cheerful
views az to this last named matter also
found confederation in tho forecasts OF
to-morrow's bank return. which pointed to
a het cash gain by the banks during the
week of in the neighborhood of $4,000, 900.
It was generally understood that last weeks
bank return. which attested u large net loss
in cash by tho banks when 1t was known
that a gain had actually occurred, repre-
sented in many ways the condition of the
banks as being weaker than it really was,
and this affords q basis for tho belief that
to-morrow's statement will be in the nature
of repair of last weeks inadequate exhibit,
and will therefore be of pleasing character.
One thing that was very evident in the pre-
liminary statistics as TO the cash movement
furnished by the leading banks to-day was
that money is returning here from all quar-
tiers Of the country. shipments Of money to
San Francisco during the week have eeon
very small, and while the movement of gold
from this city to Europe appears to be over,
it was to-day announced that $40 90, 900 in
gold was shipped from Australia to the
Pacific Coast.