The daily morning journal and courier., 1904-02-10
EimaatrfaI.
YEsTERDAY,s STOCK MARKET


 Develops Positive strength In Spite of
 Depressing Factors.
 New York, Feb. 9.--The stock mar ket went beyond the partial resistance to depression which characterized it yesterday and developed positive strength to-day in face of the continu- ance of depressing factors. The lack of news of favorable character to ac- count for the advance in prices drove observers back upon the conclusion that yesterdays fall, comparatively slight as 1t was considered, was greater than was warranted by the concurrence of the Baltimore fire with the rupture between Russia and Japan. The yio- lent break of state funds in foreign markets was again accepted as a dem onstration this morning that there was a considerable element abroad which had still clung to a slender hope of peace, even after the severance of diplomatic relations. and whose hope was blasted with the outbreak of &C., tive hostilities. The effect on our mar ket was scarcely perceptible from the outset of the trading. The conclusion has been reached apparently that no harm to American interests is to be feared directly or indirectly from the war. But more potent influence was the revulsion from the fears caused by the early extreme estimates of the IA loI Jo, ity. The measures taken to postpone Baltimore's settlements and to extend credits promised opportunities for ar- engagements to he made. The likeli- hood of a considerable portion of the insurance risks having passed to great foreign companies was pointed out. There was less apprehension of the ne- cessity of forced liquidation of securi- ties by the insurance companies and a greater confidence that they would be able to secure credits sufficient to avoid the necessity for any sacrifice of their security holdings at unremunerative prices. This view of the situation does not dispose of the large requirements upon credits and the probable effect upon money rates of this process. The same contingency was more or less ig~ nored in the view that Baltimore's mer- cantile world would be able to pro- ceed promptly about the work of re- cuperation by obtaining credits. The special diversion of this reconstructive expenditure likely to flow into the steel trade was the explanation of the spe- cial demand for United States Steel preferred which carried it nearly three points over last night with a notable effect upon the whole market. The stock market seemed equally indiffer- ent to the movements in the cotton markets, thus offering striking evidence of the change in the temper of the speculation. The time money market was appreciably firmer and the an- nouncement was made of an early call on the underwriting syndicate for s5o.- 900, 900 Lake Shore bonds for the final 10 per cent. installment of their sub- scriptions. There was late rumor of the placing of SOO,000,0 ,0O0 Russian loan and foreign money markets showed a rising tendency. Nevertheless, prices of the leading active stocks here made gains of one to two points.
 Bonds were as free from pressure as stocks and were disposed to advance. Total sales par value $2,565, ,00O.
 United States bonds were unchanged on call.