New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-08
BONDS.
STOCK MARKET OPERATIONS


ouInsss IN the stock market appears to be
chronic Appearance. however, especially IN
wal Street are not 20 be rolled or. and Il may
therefore come 20 pass that IN short time
activity VIII Develop 70 degree that VIII bring
about a period OF cheerfulness In the present
-1oo-nv commission house circles. The health
- ~. Street would certainly be improved by
.,-,. ,o-t o. tonic cf this character. but there
n. number OF pessimistically inclined people
An The financial community who believe that a
tuoyant market is thing Of the past ana
that gradual Improvement In values Is some
sb,nr that imagination cannot conceive Never
.,.lsss p-toee advance with greater ease than
,n.z, decline. and IN yesterdays market the
,s,6ercv IN the best part OF the day was IN the
s,rec.ion II higher quotation level Despite
-be fact that there are certain number Of ad-
,,.-.. ,rauenoes IN The general situation stocks
m. NOT pressed Tor SALE and the only thing that
,,reverts a moderate upward movement III
rrices is the refusal 81 the more important
yns-ket interests and the so-cailed public TO
enter actively into stock market operations
There are various good reasons FOR caution al
this period but there is nothing n the general
orff
outlook abroad that warrants the sale OF IN
vestulert holdings or The sale ~ Wen protected
speculative accounts at loss
arter fbe announcements that there would be
M decision in the Northern Securities case AZ
yesterdays meeting Of the Supreme Court ne
inquiry FOR stocks from the shorts Increased, but
rbera WAS no outside following OF Importance.
Prices moved slowly upward, With the heaviest
advances ar the close among the active issues ~
kmalcamated Copper ST Paul, Missouri IA
ci0c Peunsvlvania. Atchson Brooklyn Rapid
Transit and Southern Pacific IN the early deal
fnre The Pacific railroad shares were weak on
the theory that a decision against the Northern
Securities Company would be handed down
while on the curb the same argument was re-
sspouslle for heaviness IN Northern Securities.
which lost over ] per cent Foreign houses sold
stocks in the local market, and on the London
exchange and European bourses prices were
generally weak and lower. There was another
failure I'm Berlin. The situation abroad Is SIN
unsettled and u win doubtless remain so until
II has been determined 20 what extent the war
ring powers in the Far East VIII be borrowers
IN the money markets % the world. Talk OF
v-idegrread war II stnl heard iu many circles
but people who have an intelligent understand
ing OF the relations between the various powers
OF the world and the disastrous influence on
trade q q general war are confident that the
disturbance viu he confined 20 the countries
now engaged IN the conflict. II ono stops TO
consider the financial end OF g worldwide war
one will be appalled, with the possibilities IN
volved and doubtless reach the conclusion that
the banking interests OF the world win make
disturbance Of this character impossible.
There was no change OF importance 50 the
money or foreign exchange markets. call money
was easy and time funds Tor Wall Street Dor
--ovvers we're well under the rate which the rail
roads are forced 20 pay for loans which they are
now putting out on their notes. II Is wei 70 bear
.n mind THAI the sound Industrial companies
are not IN The market 1or loans. Much has been
said about the Door management Of Industrial
companies and. OF course. there have been many
poorly handled concerns but IN view OF the
number OF industrial companies IN this ooUn-
Try as compared with the number Of railroad
companies the business mortality ard dividend
reductions have been much smaller IN proper
zion among the Industrial companies than among
1.-Two industrial concerns in years Of prosperity
20 use up an their surplus earnings on their
properties and then put out loan notes % raise
working capital. thus creating n floating debt
that generally develops into a stock OF bond Is
sue vet such well known railroads as the Penn
,vlvsria New-York Central. Burlington and
7Iev-Yorls Nevv-lHaven and Hartford have been
few years to reedle their notes az per cent;
ard IL may be said OF authority that other roads
will soon be seeking loans.