New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-15
TEE WEEK IN WALL STREET

Stock market trading. after starting the last
week n an active and excited manner. ended
IN Guinness and at uniuaportant price changes
Ir some circles il was thought that the out
break % war In the Far East and the Baltimore
fire would be followed by paniclzy conditions on
the stock Exchange. but no disturbances deTel-
oped. either in money or stocks. while even or
--e foreign bourses the vvar failed 20 bring
about widespread unsettleuent OF values. In
Mondays market prices declined from 70 ? per
cent. Those losses were recovered the follow
ing day while in the rest OF the week there
was no decided tendency in either direction
Sentiment among the professional element Was
renerarv bssrish. but the refusal Of the public
ana ,r,portant speculative interests to eel Sc
c,,r,t'es made successful bear operations impos-
ssrle The fact that there was no outpoUring
Of stocks As q result OF the serious losses II
Baltimore Gnd the beginning q hostlNties IN
Eastern waters rejects the absence OF "eAk
holdings and the strength Of conditions under
lying he market Liquidation was so tnor0uEA
last year that apparently there Is nothing lsi'
20 Ieuicats a. this period
IN Mondays market traders sod stocks on
"a. ,h.oyv that the Baltimore Gre would cause
NAMES that they would be forced 20 eel much
Of their securities Investments n order 10 Talse
vunss 70 paw their policy holders This idea-
However. VIII nor, & Is learned be borne out ~
ssles Of this character IN the case OF the foT-
str, Commanded the local representa- dives have
D..p ordered 20 draw on the hons once Tor
qbs losses while the domestic companies Win
onfv q few exceptions. announce that Jhey are
vtronr enough n cash resources 20 meet the oe-
rnsndr that VII be made on them without sac
-sncinF their securities. This, 81 course Is
most encourag tng phase OF the situation. as II
indicates great financial strength among GUY
sarge IRE insurance corporations. While II re-
-,o,,.s iron, The stock market source Of pos
.fblv grave dsnger. The Chicago FIRE q 1854
,yn. followed by panic II stocks, az was also
the Boston Gre year later. Il Is interesting 70
oo-nDsre effects now with those OF ever thirty
,-,a-s ago az Il affords an opportunity 10 realize
rhe wonderful strength Of financial conditions IN
-. Tinted efates at the current tine. investors
evidently are not uneasy over the Eastern "aF
situation or results o. the Baltimore nTe' rs
they doubtless appreciate the fact that the
United States VIII not be put out O. business ~
foreign wars or Domestic dres. 7 by any IN
so-tunsts circumstance other powers should be
drawn into the trouble In the Far East the et-
f.-+ v-ould be bad on the securities markets q
- M 2
stocks ana bones might secure extremely loV
rrices for them. but the sound American rail-
roads ana the American Industrial enterprises
would continue 70 keep shop open and support
dividends. OF course this supplies Ette en-
commencement for spectators who are long OF
stocks on small margins.
wall street believes at the moment that the
war win not he followed by disturbance IN the
money markets Of the world. So Tar the effect
has been uu,r1portant. lending rates n the for
eign cs pitfalls showing frmer tendency while IN
this market no change has taken place OF
course n IL TOO early 10 say that the war viii
not cause much higher rates Tor money. AZ fa-
as Russia IS concerned. q Is likely that loan
VIII have 10 be negotiated IN other countries.
an rrobsbIv France VIII he called 70 foat n.
II rapar wants money Il doubtless would have
no trouble in securing accommodation. Rs It's
credit IS good and e IS probable that bankers
"a the United States and England would be will
sng 10 finance r loan Of moderate proportions.
Possibility OF widespread arrangement OF the
money markets lies chiefly IN the chances %
other nations becoming involved in the Eastern
war, but from present Indications The prospects
% such 3 development are extremely poor. Ac-
oording 20 SIS last report. the Imperial Bank %
Russia had cash on hand a s144.250o00, and.
n addition. S29S .2I5Ooo O. gold bars. with
balance OF ss4OS5 900 OF gold abroed-that is.
balances In Paris Berlin. London and elsewhere.
making The total amount 81 gold held by the
hank, ircluElng the gold in the cash balance.
SG5A T35 900. Against this amount, however.
there arc rotes n circulation OF S2s647o0oo
Even a short war IS expensive. and Il VIII take
no great amount Of tirne for the war demands on
F,lssis's money chest 70 cut down the holdings
% the government bank.
The weekly trade reviews report Improvement
n many lines. and a hopeful outlook for the
active business in the year. They look for no
boom, ana they predict smaller railroad earn
fngp ana h,gher bark clea-ings: but the idea
1hs. the country VIII suffer an Industrial col
iupse Is secuted Railroad earnings have been
affected BY adverse weather conditions. and
hank cleariugs show the same influence, the de-
cline both n earnings and clearinRs for January
amounting 70 large figures as compared with
che same month a year ego. Irrespective Of
weather conditions a smaller volume OF traf1c
Is not surprising the volume of general oUsi-
ress throughout the country is enjoying a
hsalthruI reaction. Exports however, continue
heavy Exports % domestic products IN Jan
ua-v the figures Of which were received IN the
week show Improvement IN the total COM
pared with the same month IN the preceding
year. but r material falling or as compared
with the month before the loss being Que 20 the
decline n the exports % cotton. which fn No
veuber amounted in value 70 Sc. 9s2 Cs4 as
against SsG.3S0 So fn December. In January.
1915. the value ~ cotton exports amounted -
$50 CO., 4c2. and 81 january q tho current year
$40 $50 So. bur The actual upward movement -
the product a wear ago ives about ~ heavy Pc
rrfv ver- fhe difference being due 70 +re r7'~5e-
prices p~evauirv fr 1904 Exports Of b-ea 5s.55 r-
IN Tcrua~v this vea- were wen un5c- those ~
f'e correspcuci-T month ia 1903. while .ho total