New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-09
BONDS.
STOCK MARKET OPERATIONS

STOCK MARKET OPERATIONS
Stock market values were weak in the greater
part OF the day on a volume Of business that
amounted to over $4,000 shares. In the early
Dealings losses OF from / to B per cent were
common and while last, quotations were slightly
above the lowest, there q long list OF sub
stsntial net declines with the greatest suffering
"a PENNSYLVANIA, the Gould issues, New 1oIH
Central, Aualgamated Copper. Norfolk ana
Western. Baltimore and Ohio. St. Paul. Ma1ha1-
tan metropolitan Southern and Union Paclhc'
Reading, Gas. Southern Railway and
some OF the specialties. Opening figures We're
OF course, adversely affected by the demoraIlza-
.son in the foreign markets in which declines OF
from TO per cent were recorded IN the hus-
sian and japanese government securities over
. per cent in British consOls, which touched
new low record, ] per cent and above in Amer
toan shares on the London Stock Exchange, ana
from ] to per cent in the general list OF is
sues dealt IN on that market. Liquidation was
heavy in the local market, and-at times specula-
ton showed some evidence Of acute alarm on
the part OF commission house traders, although
the best opinion IN the Street did not indorse the
theory which bear operators endeavored TO pro
inulgate that the serious developments OF the
last twenty-foUr hours would be followed by
manic in the financial community. There is no
the situation. no matter what stock values may
do in the course OF the next few days War
between Russia and Japan viii not put the
United states out OF business. neither will the
fire IN Baltimore. If by any unfortunate cir
cunlstsnce other powers should be drawn into
the trouble in the Far East the effect would be
bad on tho. securities markets OF the world. and
people who wanted 10 sell their stocks and bonds
might secure extremely low prices for them. but
the sound American railroads and the American
Industrial enterprises would continue TO keep
shop open and support dividends. OF course
this supplies little encouragement for specula-
tors who long OF stocks on small margins
The Baltimore fire affected the stock market
on the theory that the losses to the insurance
companies would be SO enormous that they
would be compelled TO sacrifice their gilt edged
investments to raise cash TO pay their policy
holders. Something OF this sort win undOubt-
eddy happen. and liquidation OF this character,
coming at time when the market has other
troubles with which 10 contend. VIII naturally
not be a cheerful development for Wall Street
Then the losses TO merchants, bankers. invest
ors and even the ordinary laboring in
Baltimore suggest possibilities that may have
both direct and indirect bearing the money
and securities markets. The Chicago fire Of
1871 caused mid panic in the stock market.
Baltimore is heavily interested in Wan Street,
both in investments and in speculation. but it
IS too early TO discuss the extent OF the nquida-
ton that may be necessary for both accounts.
While there Was no concerted attempt 10 sup
port prices In yesterdays market, there was
fa1r class Of buying the decline. and interests
identified with various properties stood ready
20 give assistance 70 their stocks II help should
be required The representative bankers view
the situation with the greatest calmness. They
realize that the time Is not encouraging for the
specula5or whose interests are tied 20 market
fluctuations. but they see nothing that suggests
wholesale dividend reductions. industrial panic
or especial disturbance in the money market
Heavy liquidation OF Pennsylvania stock for
home and foreign account was the leading feat
ure OF the day. Much OF this selling repre-
scented stock that would have been thrown on
the market irrespective OF the Eastern war
situation or OF the Baltimore fire, sellers part
sng with their holdings on account OF the COM
pany's borrowing policy. while traders sold the
stock shirt on the confident expectation that
the price viii 60 10 par. Wall Street sentiment
on Pennsylvania is intensely bearish. but it is
doubtful II there VIII be heavy liquidation by
investors There was q good demand for the
Steel stocks the idea that the iron and steel
companies viii be able TO increase their sales
demand for structural material when work in
rebuilding Baltimore begins. This considera-
don was also a factor in maintaining compare
tive nrznness IN the United States Realty issues
until the last hour. when the preferred declined
with the general list The Gould stocks were
influenced by the additional adverse develop
ment OF the passing OF the interest on the Texas
and Pacific second income bonds. TIE general
bond market weak under the same .nfiu-
ences that agitated the railway and industrial
shares with the heaviest operations in the
Wabash cebenture Bs and the United States
Steel Us. Money rates were unchanged from
last weeks closing level. while sterling ouo-
tations were higher. The commodity markets
fuctuated with great irregularity, cotton suffer
ing another extensive break, followed by rally.
ana wheat despite the war news closing at
q loss