The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1904-02-23
STOCKS

New York, Feb. 21.--The fact that
the stock market has moved practical
ly not SO much as a point either up or
down In the past 2 weeks, with such
factors bearing upon the situation rs
the outbreak of war almost unfimit-
cd In Its speculative possibilities add
ed to the occurrence Of one of the
greatest fires in the country's history,
proves conclusively, It would seem,
the narrow and professional scnti-
ment that rules the course of prices.
Besides these two primal factors in
the financial situation there are nu-
merous others OF commanding import
ance, such as the heavy winter-the
severest in many years, the conse-
Quent effect upon railway earnings
and hampering of trade conditions to-
gether with renewal Of more or less
threatening clouds on the labor hori-
zon. Yet all these things, which
would. 1t might be reasonably thought,
have natural and legitimate effect
upon prices and actual values, appar.
emily count for nothing In WaS
III Cot&thatSy Va ~ Rtottt Akb dItOu
upon Its estimate.
Values on the stock market in the
past two weeks have not faiien as
might have been the expectation in the
face OF the depressing influences At
work. Yet, on the otner hand, when
the influences brought to bear were Of
contrary sort, calculated to give the
upturn to prices, the market likewise
changed little or was OF downward
tendency when It did change. The
deduction from these observations Ii
plain. The market Is still, IL would ap-
pear, under the same artificial stress
that has been the case since the begin
ming of the new year. 1t is thought
that securities on the market are
cheaper today than they have been for
many months and II would seem that
there was sufficient inducement to at
tract the outside public In the role Of
investor. This, however, has so far
proved not to be the case. The public
appears to be as far from venturing
into Wall Street as ever. With the
market thrc subject to artificial iuflu-
ences, 1t may now be expected how
ever, that a change in operators
equanimity is to be looked for, and
that at no distant day. Indeed there
are already signs that cannot be ne
elected. The war in the far east has
begun to cause such conditions on the
foreign exchanges as cannot fail to
react on the American market shortly
almost with the force Of blow. These
conditions will, perforce, grow worse
abroad and are certain to reach their
ultimate effect here.
For some time past the exchange
market also has been drifting along In
an apathetic manner but during the
past week, several factors began to To-
Gus the influence and in combination
impaired rather frmer tendency.
Perhaps the chief causes of the ad-
vances was the increasing gravity of
the foreign political situation, and the
preparations for the Panama canal
payment. These considerations with
out doubt have induced directly or in
directly the greater part of the pur-
chases of exchange.
The attitude of the New York op-
orators in the wheat market has been
one of extreme caution--whether of
bullish' or bearish proclivities. The
high record reached by the price
schedule in every market naturally de-
ters confidence on the long side of the
account; yet 1t is admitted that the
more recent phases of the war situa-
ton suggest all sorts of possibilities
In the way of sensational prices, to
say nothing of the pressure and power
of bull party, already able to die
tate the course OF prices to an extent.
Wheat at a dollar bushel and over,
on the other hand, looks high and
serves as a green flag to speculative
buyers
Corn has advanced chiefly as an af-
fair of sympathy with wheat. The
quality of corn arrivals has continued
poor with receipts, however, light,
partly for the want of cars There
has been a good export demand for
corn. taking one day with another.
The main menace to the cotton mar
ket Is to be found, 1t would seem in
the possibility Of complications in the
ar east and in the event Of any Eu-
ropean power becoming involved
prices would respond providing this
takes place before visible supplies
have been reduced to point sufficient
to discount probable reduction in de-
msnd likely to arise from such a cir
cumstance.
Taking 1t altogether. the situation
has very bullish look on the rela-
t.onship Of supply to demand but the
market is still very nervous and It is
evident that the timidity Of outside
buyers renders the market very sus-
ceptible to sentimental Influences SO
that an uninterrupted advance seems
exceedingly doubtful.
It's the duty Of every member Of the
Board of Trade to attend the banquet