The daily silver state. [volume] (Winnemucca, Nev.) 1903-1907, 1904-02-08
THE TREND OF THE
MARKET
Last Week 1t Was Sluggish
and Irregular, and SusCep-
tible to War Influences

New York. Feb. THE course of last
weeks stock market seems to be ac-
cepted by operators as a satisfactory
demonstration that the attempt to
bring about a speculative revival of
the advance had proved abortive. The
market has declined in activity and
no organized efforts have been any
longer apparent to lift the prices or to
attract general demand The market
has moved sluggishIy and irregularly.
but the average tendency has been
downward. The approach of the crisis
in the question of war or peace between
Russia and Japan has overhung all
the speculative markets with growing
Influence. Foreign securities have
been almost stagnant on the eve of
the momentous possibility of war. Be-
sides reflected war influence on COM
modoties the stability of values had
it's own direct influence in exciting
uneasiness in financial quarters and
in begetting a conservative spirit
there.
The volatile uprush Of cotton prices
bespoke a elimination of wild specula-
ton there and the collapse during the
week gave warning of extensive spec
1lative losses such as are bound to
nave some effect in the Wall street
market for quick liquidation from
whatever quarter they may come Tie
Office market was another though a
ess important security for this kind
II influence. Traffic and Industrial re-
ports have not been of a kind to help
n sustaining values. The returns of
abroad net earnings for December
ompare unfavorable with the precd-
ng year. showing the effects of the
sfowth of operating expenses in near
all cases. The Southern Pacific
statement was notable exception. ow-
ng to the approach TO completion of
IS extensive outlays for Improvements
which have been coming out of net
srnlngs for a long time past. This
Exception did not benefit the stock of
hat company, while the Pennsylvania
howing from the falling off in iron
and steel traffic was used with effect
o depress that stock. RumoIs of ad-
litional new capital issue by the Penn
ylvania< which was at first denied
were also a factor in causing the de-
line on that stock. The returns of
gross earnings for the fourth week in
January so far as reported, show
lecided falling off from the corre-
iponding week of last year, the aver
lge decrease running to over IL per
cent. Snow obstruction and bad wealth
ar conditions are given as the causes
cause a rise in the unfavorable net
eturns to come.
The price of copper has yielded in
spite of January exports in excess Of
all previous records. The announce
ment of a decision by the Montana SUI
preme court favorable to the right of
he Amalgamated Copper company to
aold stocks of other corporations re-
suited in a circulation of a speculative
movement in that stock. Currency has
moved freely to New Orleans during
the week and interior exchange has
moved again to New York. This de-
yelopment has had added influence by
.eason of the notice by the secretary
If the treasury of a call In ten days
for payment of 20 per cent of govern
men. deposits In national banks to
provide for the Panama canal pay
ment. The extraordinary figure at
which New York bank loans now stand
and the promise of additional requi e.
ments for railroad and corporation
purposes prompt a conservative use
Of credits COR speculative uses.
Bonds have tui ned heavy on a di-
m nished volume of business. u. S
2s. Ss coupon and the old As have
declined IA per cent on the call dur
ing the week.