New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-14
Financial.
The Financial Wo,rd

-o' 'Ne past week They began with ~.
y '"e 4OHs expected Eastern War 80
80 Va subordinate as a factor In -. -,
'"Ote "Ie experimenting these tbera -
sauOf'al breaks IN the cotton and co,v..
4".iOns' "hlie We have also had unfa,o~.s1N
suns as 70 railroad earnings and cor.,,,....
,-,. -, ''liOus companies Conternnl,..,-
coming INTO the market for new capita1 -
-,e ''ie marked disfavor with which a..
creation or fresh stock ana bops =
- issSrued Furthermore. Il was a b-,n..
-, "'s 70 fridays holiday. and the 49,,
Hss' after again touching the r,i1,io- -
mark. felI or to such small r-oro-.S- '.a<e
wan street has ample cause for the ,sai,,- !.
encouragement which always shows ,,.o,, = %
It's expenses. as Is the case at thu roc,,..r.
Ceed It's revenue. Sentiment il certainlv -
sun the fact that money remains easy n, =
POINTED out IN this column two week.. .,
'nousn IL cannot stimulate the market 4. -
'Aeless a check TO bearish activity and NOR. =
less OF a deterring influence as far "a rouia,,..
is concerned
Inc way the market behaved last Monday az
tuesday, on the double announcement tba, "a
eastern War had begun and that the bus,,.--
section OF Baltimore had been wiped out sasr,.s
10 shoW that there was IN fact little material -.
HQuiGsuon LETT The selling that dav was, =.
scattered kind, and was largely based on N.
idea that Insurance losses at Baltimore. Whit
according 20 the varying estimates. amount .,
between S6O.OOOOOO and s1OOOOOOOO viii r.nss-
necessary sales OF securities by the companies
which held the risks. Partly az a result o. tsa
markets becoming oversOld and partly becaus.
some pretty effective support was given in vart
Gus directions. fair rally made its appearances
on Tuesday, but there was no real buying power
| in sight. and the trading degenerated into a
mere exchange Of contracts between the board
room element, with even less public particIpa-
| ton than has been seen for some time past
The actual commencement OF war betw,er
Russia and Japan has not been as much % a
factor as might have been expected. II was ~
course overshadowed 10 some extent by the FIRE
and It also would seem that the long drawn de-
lag in getting down 10 hostillties enabled the
foreign markets TO liquidate rather thoroughly.
In fact London, though 1t was mainly a seller.
has also bought at times. another circumstanc.
/ IN connection with this being that the Japanese
| cause IS the favorite one. both at the British
capital and here and the success OF that country
| IN the initial operations had at least ssnti-
/ mentally good effect. The movement set on fooe
/ by our government 70 have Chinas neutrality
/ preserved by the other Powers. may not amouns
/ 70 much when the time comes for any division
OF spells. but u at least gives some reassursncs
to the securities market regarding the possibility
that the disturbance may spread. stn. the war
/ IS necessarily a factor and an unssttlins ons.
/ Japan's naval victories viii not end Il IN short
| order as some people hope. and the danger of
further compiled tions will be kept steadily b..
fore the foreign financial public. II Is raths'
/ significant 10 learn that the market FOR Amer
can bonds in Europe. which up to now had bee
a fair one. has entirely dried I'D.
h-s fha. - IN.
Their creations Of capital by railroad compsnir.
/ While the events OF the week caused the Per,
sylvania's last exploit IN this lire 20 10 part
/ forgotten. the price o. Pennsylvania stock rot-
| tinued to show that investors are impressed
I the idea that the margin between the grows
interest charges and the total net revenues IS g.
ting To be less satisfactory from a dividend pof
l OF view. one OF the comments which is h"a,s
B on all sides Is that the Pennsylvania uanas
ment has had the benefit OF extraordinarily glot
4 advice from It's banking friends. Mr.. Cass7,t
/ having apparently learned good deal about ih'
/ danger OF being too independent from hts
I pcrienrs Of last spring with the new stock issuf
I The New York Central is now the concern abour
/ which interest Is expressed IN the above connec-
I ton and In spite Of denials the street viii har7
ia that 40 Is coming into the market with a tresh
I batch OF bonds. The probability Is that there -
l no Immediate necessity for doing so. and the
/ way the stock sold down this week IS sufficient
| warning that though bankers would take ana
I MACE a Central bond issue readily, II would
knock the stock still lower MOmeutarily how
/ ever the short interest I'm New-fork Centra4'
/ created by these suspicious about It's manase-
/ rrsut.s intentions and by the remarkable ralins
/ OF OF over $4,000 IN the last monthly gross
| earnings report, IS q little TOO extended "heu y
"a considered that this stock Is rather haT0
/ one TO depress By ordinary bear manipuiation-
/ The buving Of the Steel stocks, which oes'l1
I about a fortnight ago. has not been as mueh L1
/ evidence. though Jhe way those issues oenals1
| when the market seemed on the point OF oieaS \.
/ ing at the beginning OF the week, looked y 7.
[ they had good support Inc lateSl ue'slO - -.
I IN relation To- this is that the deadlock IN th-
steel rail situation has been broken. ana u va
considered particularly important tnat me n -
riman interests have placed portion o. nc.
/ orders There is however. skepticlsm as 20 ~
substautfalfty OF the assertions that the Ies lle
tion price OF SIS per ton was 9aLelsU =. ..-sDs
general impression being that there - $3.50
OF some kind tied 10 the price. MonsIl1a -.
the Steel stocks We're helped by the l9ea 80
the rebuilding OF Baltimore. which us DusihsS =
men have undertaken with commencing
promptitude. win call for enormous amounts -. =.
structural steel. though eminent au'aoIii.-.
have sounded a note OF warning about Jhe - n.
aggeratiOn involved In this theory sun 80 - I.
admitted that BaltimOre's calamity viii sum- -
late the building trade 20 some extent aTl1. -
the allied industries. even II the actual e lte-.
IN surb lines are too slow to justify Wall Strss.
Iu concluding that they offset sucn a terI, 80,
loss Of property and capital or N tryhs u ~
count them forthwith 80, a..
CIsive break IN cotton prices was un-.Ll-li0s a.
dlsaEreeabe consequences IN the evl'ot - ~
I In spite Of the heavy losses incurred WHO'LL =
| course fell I'm part upon Wall street me- 80
1 and made the movement q dangerous 80 ,,-.,
| the stock market there have been no IaHuirr :.
and no particular talk OF embarr''ssI lelts-
| fact cotton prices Steadied on the apteai,ss-r.J
/ - - UttIa buvfng by consumers at the loNe.
| IaveI and ON the prompt realization OF tns -.
mat the very bearish ginning report OF e.
| census Bureau. which was lsaIing AUS ~.
| 49,, ST. Ne probably an eNaEgeration or -
| gorts In short. the cotton market oen@.s -,
| N around 10 cents was a fair price ter the 49,
| in a short crop year Inete L. -, r-,icsz1