The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1904-03-01
STOCKS

course OF the stock market is down
ward and with the present internal
and external speculative conditions 1t
could not well be otherwise. The
average prices for securities during
the past week reached the lowest
points thus far this year and were
within four points of the lowest mark
reached at any time during the year
previous. Every possible influence
| either already existing or to be fear.
ed, seems of an adverse tendency.
The war in the far east is probably
one of the most important of these
adverse factors in the situation, be
cause of its ever present possibilities
on foreign markets directly, and
consequent reactionary movement here.
The foreign bourses are In state of
constant semi-panic, failures of more
or less importance abroad appear to
be becoming frequent and the opera.
| tors for decline on this side Of the
water are not slow to take advantage
of these facts on Wall street, when.
ever fresh opportunity presents itself
The adverse influences observable
in America are most numerous and
easily make up a formidable list IN
citation. The extraordinarily severe
winter throughout practically the
whole country, the number or dlsas-
tr0us fires, decreased exchanges no
ticeable in the banks almost in every
state in the union, together with ur-
settled conditions in the commodity
markets and smaller volume OF bus.
mess on the railroads-each contri-
butes its quota of pessmistic senti.
ment in the stock market, stimulated,
naturally by the bear operators.
With these influences at work, it
would be fair deduction that prices
as determined by the stock exchange
would reflect actual values. Yet such,
as is well known, is far from the fact.
The truth of the matter is, that al
though the bears are acting on the
conditions in their favor, it is a strict
ly professional market, in which the
bulls are merely making an orderly
retreat, not greatly disturbed by the
drift Of speculative prices and ready
at any moment to make strong sor
tie. The result Is the present price
movement in Wall street, achieved
through action consequent upon spec
ulative sentiment, rather than upon
speculative reason.
Ono effect of the extreme high
prices in wheat has been to make
a good market for the product of 9th.
er countries and it remains to be seen
whether the war will help the amer.
ican holders to get out in good shape.
Many believe that the promise OF
great prices for wheat has kept the
farmers from selling that they hold
an unusually full proportion of their
crops and that this wheat must soon
begin to come out with the advance
of spring and the talk of a new crop
which, it goes without saying, will be
so large as can be planted, in view OF
the highest prices which will natural
ly stimulate the earliest and greatest
activity on the present part of grain
farmers. In any event, however, the
extraordinary price level now current
Is assumed to have discounted good
deal in the way of bulllsh factors
Knowing this, the public operates
with caution.
For corn there has been a fairly
active local and large foreign de,
mand. AS the price of corn is dozen
cents above last years basis, speGula
tive buyer here also act with caution
especially as the interior movement
Is small one and the visible supply
is growing.
Judging from present indications
famine conditions in cotton at the
end of the season are inevitable. OF
course something may intervene to
modify this opinion. There might
for Instance, be general European
war. II might be that interior stocks
are larger than believed and that the
| movement will suddenly increase. II
! may be that prices will be carried to
prohibitative point. But under any
thing like favorable consuming condi
tions, SUCH as nave tnuS Iar existed
there will undoubtedly not only be nc
cotton to carry over, but an absolute
scarcity. This indicates very high
prices for end of the season. Bulls
| of the more enthusiastic sort are pre-
| dieting 20 cents with more vigor thar
| ever. But 1t remains questionable
| whether this advance, to be substan
| TALLY safe, should be led by the
prices spinners are willing to pay fol-
| cotton. From the standpoint of the
outside speculator the market car
hardly be called attractive, notwith
standing the probabilities of yer!
high prices. Reactions promise to b,
frequent and particularly violent
Such public operations as are note(
at the moment appear to be of