New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-21
BONDS
STOCK MARKET OPERATIONS.

PanicIlv conditions prevailed in the foreign
securities market yesterday. without causing
noteworthy disturbance at this centre. Prices
were heavy throughout the two hours Of trad
Ing. but there was no important liquidation in
any part Of The list while sentiment did not
appear to be specially disturbed by the develop
rnents abroad. More interest was taken in the
commodity markets than in stocks. Wheat
maze new high record on the present move
ment. both in this city and in Chicago while.
despite the war situation, which did not favor
the cotton market. that product was strong and
active. Quotations or all securities were weak
I'm Paris and London with especial pressure in
the Paris market where rentes broke from
S5L TO S3le. making a total loss OF over per
cent in the week and Of 4 per cent since the
outbreak OF the war I'm the Far East This is a
large decline for a government issue and nat
urany ii has caused great uneasiness abroad
Together with the fall in the price Of British
oonsols. which yesterday made new low rec
ord figure al Sc n the regular market and
SOS the curb il has created enough fear
in foreign speculative circles 10 bring about a
demoralized general market. Heavy selling on
the London curb after the close Of the tx
change was due TO the announcement that the
French and Russian Ambassadors had left
their posts FOR their respective homes. London
and Paris doubtless rushed TO the conclusion
Swallowed developments OF grave import as az
fecting the relations between England. the
one side. and France and Russia, on the other,
but in the local market no pessiIusm Of this
character was INDUCED in. Well informed bank
ers who were willing TO express their views of
the situation said that whatever happened in
Europe would not cause financial panic in this
country. especially as the amount OF American
securities held In foreign countries at the pres
ent time Is extremely light.
Declines on the local exchange were generally
confined 10 fractions. with the heaviest net
losses among the active issues I'm Canadian Pa
cfhc. Consolidated Gas, Rock Island and South
em Pacific Amagamated Copper. New-York
Central and Pennsylvania closed at small frac-
tioual gains while ST Paul was unchanged, as
compared with the final quotation Of the preced-
ing day. There has been a good absorption OF
81. Paul En- the last few months. and the fact
that 81 is a stock largely held by the Rockefel-
lC's makes 10 q f8vorte with investors who are
accustomed 20 base their operations on the
holdings ~ Jhe larger interests. 81. Paul how
ever. can stand on its own merits. and the best
market judges believe that when the time comes
for q general appreciation I'm securities this is
sue VIII sell even higher than il did in the bun
market two years ago. II is Wei to note that
The ST. Paul company has not been trying 20
make itself the largest road in the world by
tieng itself 10 other companies. as many Of the
prominent systems have been doing. thereby In
creasinG their interest charges floating debts
dividend requirements and other obligations
in view OF the combinations and heavy stock.
note and bond issues i'm the last few years. St
I'aul's record Is well worth noting. There is 10
probability Of a dividend reduction on ST. Paul
stock. but this cannot Toe said OF some other
leading railroad corporations In the present
market, and b. the market Of the next few
months, there doubtless win be good opportuni-
ties 10 pick UP first-class investment issues.
and IL is well known fact that the conserva-
tive investment interests stand ready to add
10 their holdings.
The weekly statement OF the associated banks,
which made favorable showing. had 40 es-
pec.al effect on stocks. Reserve above legal re-
Cuirements increased s.. 1918 TO So JOG COO
which compares with S9O4l SO at the same
time a year ago and Sl2.45G.6jO in 1902 cash
Increased S7.544 400. while loans decreased
Sol3ilO0. j is estimated that over $4,000 900
is being carried in sterling loans in this city
such strong bank showing al a time when the
foreign markets are disturbed and when the
general situation is filed with many factors that
encourage bear activity in securities is indeed
reassUrinz