The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-06-11
WATCHING DEALS
ON WALL! !. ! STREET.
Many Underwriting Schemes
Pending, Involving Millions
FL of5Dollars.
TRADE CONDITIONS NO j \ ACTIVE j Y z
TRADE CONDITIONS Al

fspecial to The Times. Dispatch.)
NEW york, June OTTO the bullishly
inclined traders In the stock market, ono
OF the reasons why the market. despite
its extremely high-price level. should
do better, is the knowledge that many
underwriting schemes are impending In.
volving millions OF dollars. One such
came to light the past week, the Sea-
board Air Line interests planning a $c0,-
10000 flotation IN connection with thor
coal lands. Run1ors have also been rifo
OF early announcements BY the New York
Central and the st. Paul along the same
lines, these being made the basis OF
stories Of large rights to shareholders.
which were reflected In sharp advances
In tho stocks. "A 535
The settlement Of the long standing
twabast, debenture fight, which inspired
a more favorable feeling toward Gould
stocks also means new financing, which
Will probably take the shape OF large
blanket mortgage. From the standpoint
OF the bond business. which has shown
some signs OF Improvement, the prospects
OF further additions to the glut OF undl-
gested securities Is not pleasant, but,
neverthSsss, must be taken as one OF
the inevitable results OF record breaking
prosperity. ,g
Money Situation.
The main factor In stemming q slow.
but steady advance Of the stock market
was the unfavorable reports from the,
wheat growing sections. 8
N Wall Streets attention Is directed to
the possibility OF gold exports by the
sharp advance IN sterling. Incidental to
the heavy advance Of matul.ylg finance
bills. This Is. In IL way, due to the,
caster money conditions. which renders
1t less profitable for Europe to lend
money here The return flow OF funds
from San Francisco, already about s16,-i
900, 900, may cause money rates to de-
cline to q point where exports OF the
metal will result. IS Much, OF course, de-
ponds upon whether or not bankers are
successful n placing further loans
abroad. no definite announcement hav.5
ing as yet been made Of the Fennsyl-I
vania flotation- in Paris. London authori-58
ties disagree Jas TO the amount OF our.
finance bills held abroad. the more optXn-
istic claiming that $500, 600 900 Is the
maximum. With a trade balance 81 some
600,000,0 900 In our favor the liquidation
OF this Indebtedness should cause little
trouble.
s It is doubtful II the gold export move
ment, should 1t take place, assumes large
pTOpOEtIOns, SINCE ~ lHe{RllnHleQla.o Il result
would be to rai1e%smoney rates here,
which, In turn. br,.gng European funds
into the market would thus cause a.
speedy read justnent.
General Conditions Good.
From all appearanees.ss stock market
champaign. this summer must be ca rried
on with comparatively high money. max
Ing against any large measure OF success.
Competent observers are Of the opinion;
that a further advance would be taken
advantage OF ty, the larger Interests ito.
distribute stocns In anticipation OF UNI
Settled conditions Incidental to the fall
elections.
General trade conditions continue most
active. as is suggested by the bank clear
5ings for May. which We're the largest
on record for any month except January,
1906. and December, 1905. ~.
Railroad earnings, another criterion,
are showing up splendiGy, the gross for
May beingS over it per cent. higher. II
Accounts from the iron and steel In
'dustry, which is usually regarded as
barometer, indicate little let-upa in new
orders, the capacity OF the plants being
taken we'll into 1907 Is
There was q sharp recovery In the
foreign exchange market the past week.
sight sterling selling UP to so points
closing with o net gain OF 70 points,
The advance was due to the heavy cov-
lering OF maturing BILLS. which. because
of the lower money rates. were not re-
newed. The supply of bills. moreover
was comparatively light.
I, Bank Statement.
4. The bank statement Saturday was in
part satisfactory, cash increasing
1892, COO, as compared with an estimated
loss OF 100000. This was In the nature
of a rectIfcation Of the discrepancy OF
the previous week, when an Indicated
increase In cash Of $8,000000 resolved
itself Into an actual gain OF only
81, l26, 100. The indicated showing. more
over, took no account OF q 8Sub-Treasury
debit at the clearing house OF sl.24s.Oo0
Loans continue to mount, q further In
crease OF s7,81s,4oo being reported. pre-
sun1ably due to syndicate operations,
though the maturing foreign loans We're
also factor Surplus gained in conse-
5quence only ss46,o being now $7.162. $50.
comparing with 1882. 800 for the same
week last year. si5 ~