New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-10
STOCK MARKET OPERATIONS.

Transactions n yesterdays stock market were
moderately active Oh a generally advancing
level OF values the upward movement being due
90 covering OF short contracts and 10 Ouylns
by brokers who are supposed to represent prom
snenf market interests. Opening prices were, as
q rule. at advances as compared with the hhai
figures OF the preceding DAY. despite the lower
range IN London for American issues and al
other securities. while throughout the day the
movement OF quotations presented none OF the
uncertainty and weakness that characterized
the dealings IN Mondays speculation. The fact
| that there was no outpouring OF long stock IN
d the initial trading created favorable impress
sion and the reports from the insurance com
panies that the Baltimore fire losses would be
met without causing financial disturbance in
IRE Insurance circles also inspired greater con-
fdence n the market The first act OF actual
war In the Far East did not upset the local mar
lrets. and even in the European financial cen
tres. except in St Petersburg. the outbreak OF
hostflities was attended with comparative calm
ness on the speculative bourses and in money
circles. War is generally discounted in the
securities markets. and many spectators follow
the theory that stocks good purchase after
the FIRST battle. or course. IN the present case
many possibilities are involved in the outlook
that the usual rule OF buying when war is de-
turns
Heavy selling IN the cotton market. accom-
panied by a sharp break in prices, was not
considered an adverse factor IN the stock mar
lzet; indeed. the collapse induced bull sentiment
In many circles on the theory that the danger
Gus speculation IN the Cotton exchanges in this
city and in New-Orleans had run its course,
and that the general situation would be helped
thereby. The direct cause Of the break in cot
ton was the publication Of the Census Bureaus
report on the amount OF cotton ginned TO Janu-
airy 1G Of the current year. showing $3.50 900
bales compared with sS4S.747 20 December 13.
1903 These figures certainly do not support the
contentious OF the bull leaders in the cotton
market that the crop has been small or that
there is any scarcity OF the product The bull
headers continue to assert, however. that cotton
viii move 20 20 cents a pound 1t is impossible
TO predict that this win not come 10 pass. be-
cause these men have a remarkable grip Of the
market despite the tremendous fall in prices in
the last few days. Wheat was not materially
affected by the war. advancing about cent
Wheat is already selling at high price. and
as Japan is not a wheat eating nation while Rus
Eia is wheat growing country, there is no
reason why quotations for the cereal should
reach a better level just because OF the war in
the Eastern countries.
Trading IN stocks became dun IN The after
noon. but prices held firm until the close, with
the best gains IN the active issues IN ATnalga-
mated Copper, brooklyn Rapid Transit. ST. Paul.
4Sew-Eork Central Union Pacific. Missouri Pa
cifc. Southern Pacific and ktchison- At the top
prices OF the day there appeared 10 be many
offerings without bids. Commission houses were
not active factors In the days dealings. Final
quotations IN the greater lumber Of stocks were
generally near the best OF the day. There was
no change OF importance in the money OF for
siGn exchange markets.