The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-06-01
SPECULATION OUTLOOK
REMAINS UNSETTLED
Those Who Brought on Favor
able Business Reports Took
Their Profits.
CROP REPORTS NOT GOOD
While Money Remains Cheap |
is Thought Conditions Arc Not
Yet Entirely Favorable.

NEW YORK, May 31.-1'he spccula-
tive outlook became somewhat unset
tied last week by reason of the con-
fused factors in the sharp reaction
which set In in the securities market.
1t WIS clear that this was due in
large part to selling to take profits by
holders who had bought IN anticipation
of more favorable conditions in affairs.
and vino saw evidence Of Improvement
which they considered made a favor
able opportunity for realizing on their
holdings. The opportunity proved less
favorable than was hoped for, the i'm.
provement In business having failed to
inspire so active a demand for securi-
ties us the previous speculative buyers
had expectet. Some OF the weeks
events We're untoward also. and helped
to hamper the efforts to realize.
Bears Made Raids.
The definite reactionary tendency of
the market stimulated the exertions OF
the bear party, and their attacks on
values were an important factor in
forcing prices downwards, while their
occasional purchases to cover shorts
and take profits served as checks to
the fall from time to time.
me declining tendency OF prices OF
securities had the effect as It unfail-
ingly does, of tincturing the views in
the financial district over the prospect
OF affairs and gave rise to some sur
misses OF fresh coming reaction beyond
the precincts OF Wall Street itself. in
spite OF the evidence OF present bet
terment and revival
The iron market was conspicuous
instance OF the show Of revival Of &C.
tive demand and the large tonnage
booked was accepted as a most i'm.
portant evidence OF returning confi-
dence in pushing industriab operations.
Crop Conditions unfavornb1c.
The organs of trade showed caution
IN the Interpretation Of this movement
pointing out It's probably speculative
element. and the absence OF actual con-
sumntion requirements at present
winch this buying might be designed
TO III. Demand for finished products
IN that trade was not correspondence
expanded. The supplies OF iron thus
taken off the market was effective In
restoring prices and the improved
hcalth of the market on this account
was a concrete accomplishment. The
significance of this demand as a
demonstration of returning confidence
also was recognized
The Influence from the side of the
crops was unfavorable. Technical con-
ditions in the cereal markets added in
tbs result, the operations of a corner
IN both corn and wheat magnifying
the price movement in these commodi.
ties and giving more force to reports
OF crop damage.
Destructive floods in the Southwest
ern States earlier in the week formed
the foundation for some OF these re-
ports and the government weather re-
ports confirmed the apprehension OF
some ground for anxiety. Authorities
in the grain trade. maintained their
confidence In the crop prospect.
Mixed Financial Conditions.
In the financial situation proper Eaere
came into view again the mixed condi-
tions due to the cheapening of money
supplies and the improved facilities for
borrowers. and the obstacles OF i'm
paired credit to the desires OF some
of the borrowers. The causes Of the
continued inflow Of money into bank
Ing reserves and the impaired credit
of inchoate corporation enterprises find
the same course in the contraction and
depression which were the after effects
of the financial crisis. The indications
Of the latter part OF the week that
there remained some wreckage to be
cleared away from the financial fabric
in the adjustment of these balancing
forces to make way for the free re-
sumption of healthful functions was
not relished in the financial district