New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-07
nur WEEK IN WALL STREET.

81
..-..,ence among people who have been hold
,r securities for many long. weary months IN
-, bone OF being able 20 sell al least al the
.-,-,nsl purchase price, which was well above
=. ,-evsilirg level Wall Street brokerage
-. are not making their expenses. and as
.,,seguence al atmosphere Of gloom pervades
.,-,--fssior house circles. Despite the inactiv-
49,. ~ dealings n the last week quotations
-. generally hrm. with net gains In the
Tor number Of issues at the close as com
90 With the preceding week There were va
- developments that ordinarily would teno
- v-eaken values but the fact that there was
81 ,ublc liquidation created feeling OF eau
- among the professional element. especially
:, ,be short interest Is large. Traders appear
n. bearish FOR the long pull They are wise.
,.-..vs-. not 10 Increase their commitments In
~, direction. os there Is 5ust enough short IN
80. outstanding 70 make a sudden advance
.-.sshe in the event OF some particularly reas-
.-.,sr DEVELOPMENT. one o. these days the de-
,,us for stocks from the outside VIII Increase
,-.Do-tant market operators win not always re-
r,sn inactive and conditions that now serve 20
r-ouote guinness viii pass away. one must as
fume this unless Il is argued that the enc OF
mod things n this country is fast approaching
eo-,e reople choose 10 believe that panic and
famine are about 10 overwhelm the world but
the wise man who is able 20 look beyond the
four walls Of the stock Exchange Is holding MS
stocks and keeping money IN reserve Tor use
An the market Y prices should be forced lower.
Il is wei to bear IN mind that stock markets IN
40 mast generally have turned at about the
,ue when pessimism has become rampant
raaing has been so quiet recently that Il is
,,ssil,le a period OF activity is nearer than most
people believe.
The course OF the war IN the Far East con-
shines 10 be watched with absorbing interest In
the local and foreign markets. owing. IN great
mart 10 the fear that other nations VIII become
involved which. Of course. would mean serious
upheavals IN the foreign markets. The effect
On the local market. IN this event unless The
United States should take a hand IN the fray
would doubtless depend entirely on the amount
Of American securities that Europe would have
10 throw overheard. and the influence on the
money market In this country Of the demand
sor funds for war purposes. While there ap-
pears 20 be little chance OF a Widespread call
70 srrns. the possibility OF such q development
causes food FOR talk in these dull days In the
financial community but Il fails 20 excite IN
vesto-s or large speculative holders OF securi-
ties 10 the selling point. There was a slightly
easier feeling on the foreign bourses IN the week
nut cable dispatches reported q tendency among
81 classes OF operators 10 reduce their holdings.
careful investors however. showing some dis
position to pick Up good issues at the cheap
prices prevailing Holders OF the Russian bonds
IN Frnce are numerous enough 70 cause good
eized panic II they should all take Il into their
heads 10 sell. but. according 10 good opinion
there win be no sensational liquidation unless
Russia finds Il necessary TO go into the market
for more money. Russia's current financial con
clifton together with the enormous cost OF even
,4-rf~ 4F,c@ - 80
conflict continues Tor many months Il VIII be
necessary 20 float new Russian loan, and the
same thing applies to japan II cost England
over $1,000 100000 10 subdue the Beers What
VIII & cost Japan. which is fighting for national
preservation. and Russia, which. while fighting
for territory, announces that Il viii never sur
render 10 its foes? The financial possibilities OF
the struggle are most interesting.
General conditions in this country governing
the actual value OF our stocks and bonds rest
IN most instances on SOLID ground. but there are
certain factors in the situation that cause IN
essness IN Wan Street. Failing railroad earn
:ngs ana rite cutting n the East and West
among roads shat are supposed 20 be advocates
Of the community OF interest and harmony idea
ere not encouraging 10 the advocates OF higher
prices Earnings have. Of course been al
versely affected BY the particularly severe and
long winter IN many sections OF the country but
4 Is well 10 note that IN the South and South
west whore normal weather has prevailed IN
Che greater part Of the season, returns as COM
pared with the corresponding time last year are
most satisfactory. Indeed. 81 many cases earn
sugs are wei ahead OF 1903. Southern Railway.
for Instance shows for the month OF January
ar Increase in gross q S2140S6 and in net an
shcreose % SIS. Isl. Pennsylvania mace most
uniovoyable showing both gross and net de-
crsaclg over 81 100000 Il the results IN the
rest o. the year are no better than in January
holders % Pennsylvania stock may well worry
ever the ability OF the company 10 maintain
eivideads 70 the present rate. but Il would BE-
absurd 10 argue that the January earnings are
az Indication o. what may be expected IN the
balance o. the year. T1afac was most seriously
i1pedea .r January ty the storms. and opera /
NlS expcHses were correspondingly Increased ]
-elFh Valley also showed q big drop IN earn /
- January its loss IN net amounting 20 I
~ AioOVoO February returns and possibly /
Nose This month VIII make unfavorable COM I
p~r4sons with the year before. but thereafter ]
ne ought 70 be Improvement. as there is no 4
"iliosuon that general business ~ this country (
W. nor be good this year. No one looks for 1
re ieferisA activity of the last few years. e. /
pecla-y es the Presidential campaign VIII tend /
|" eheok new business ventures but merchants \
eA1 manufacturers throughout the country are /
.'o1ef"te,y bullish over the outlook Predic- /
No's however 90 not make business. and IL /
may pe safer 70 wait a while before operating /
y stocks on the theory that all viii so well /
IN 1905
-le local money market situation presents at \
~ moment no feature OF striking interest. but 1
= INC course OF few weeks its position may 4
---eiso change. owing 70 the call on the /
---"N tor Panama Canal payments TO The
-p'"S demand for currency from the interior
elu 70 corporation borrov-l-e II IS not ex-