The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1904-03-22
STOCKS

probably dominate the speculative
markets with their effects for at least
months to come-and In one case for
very much longer than that-occurred
during the past week, namely, the de-
cision in the Northern Securities case
and the assignment of Daniel ]. Sully
& Co. The immediate effect of the
one had been discounted to great ex-
tent on Wall street 80 that its infiu-
ence on security prices in general did
not become particularly evident. The
Sully failure. however, while not al
together beyond prediction by some
few operators with close and accurate
information to their hands, was total
ly unlocked for by the majority. ltsi
effect was in the nature OF bear
hammer and prices were beaten down
without mercy and almost without So
lection, following the announcement
Of the firms going to the wall
OF course, 1t Ia almost too early to
forecast, with any degree Of accuracy
the result of the Suily crash within
the next fortnight or less The chief
weight of adverse influence naturally
falls directly Upon the cotton market.
Much irregularity is to be expected
while an adjustment Is being made,
but ultimately, 1t is probable that the
boom which Sully, as a pioneer whose
undertaking was too great for his
strength gave to cotton prices will in
the end have redounded to the bene-
At of general conditions.
The effect Of the Northern Securi-
ties decision, will, in all probability
be less than was at any time expect
ed. Attorney General Knox's reassur-
ing statement following the announce
ment of the decision that the govern
ment was not going to run amuck"
bereft the decision of most, If not all,
its dire possibilities as an unknown
quantity In causing a panic OF senti-
ment on the street
The gradual but steady rise in the
exchange market for the past few
weeks has brought 1t to a point
where the question of gold exports to
Europe has come in for much discus.
sion as a possibility in the not dis
tant future. There is much in the
situation which warrants the opinion
that an outflow OF the yellow metal
to Paris Is by no means an i'm
probability little later in the sea
son. Developments on both sides ol
the Atlantic are tending in that di
rection, though as yet the margin be
tween the present exchange rate ant
that which would be necessary in or
der to make a gold export movemen,
feasible is wide enough to indicate
that engagements are likely to bt
undertaken In the immediate future
The exchange situation at the pres
ent time is complicated to an unus
ual degree by influences in the cot
ton and grain markets, and the devei
opments in the near future will be ;
subject Of much interest.
Nothing In the way of war news ha
developed to aid the bulls In the whea
market. Nor have foreign crop situa
tions, aside from little cold weathe
In Germany and complaints of ad
verse conditions in southern Russia
been particularly bullish, The countr,
still continues very much out OF lin
on the export question, and now tina
the strike In Argentina has been end
ed, II Is feared that increased shir
ments from that quarter will still fuI
ther widen the gap between -buye
and seller in American markets.
Sentiment may be said to lean tc
wards the bear side, although tn
more conservative element is II
clined to be cautious about sellin
the short around SO cents for Jul
wheat.
Corn, while receiving more or les
support from prominent interests |
Chicago, has, owing to the wheat hea'
iness, failed to make much bull heat
way. There is a big consumptive d.
mand for corn but the public seem
afraid to buy 1t SO long as whea
shows dropping tendency.
or course any theory as to the IL
side history Of this sensational brea
In cotton must be largely matter {
guess work. In a general way, hoy
ever, 1t seems thatift was struggl
for existence II Is understood thu
the Sully people, who 1t will be recal
Cd have been heavy buyers since th
Ia cent break during the first pa
Of February. had accumulated an In
mense line Of May contracts. 1t ha
been noted recently that transaction
in May were not being "rupg out
promptly. Some men In the street, e
timated that there was concentrate
long interest In that position, standiI
pat to the extent of no less than 800
600 bales. This interest was credlte
10 Mr.. Sully. The bears had the he
of temporary as some believe, tul
IN legitimate trade conditions Sp
domand was said to be Indifferent. r
ceipts suddenly increased material
and outside longs becoming nervou
began selling out. Prices yieldt
gradually at first, with the local bu
Iaadar attQmptinR t0 suDDOrt at tim,