New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-02
BONDS.

tn, ..o-t- ,,svlrot'q r,eri0d Of acute dulness
,-.s.,.es ,o indication IN yesterdays trading
of reaching an immediate end. Indeed, tralsao-
sious were so light and so uninterestins mat
many people predicted a stl further loss IN
activity IA al departments. II is wen 10 pear ID
mind however. that stock markets EelleIA''S
hegfn 10 show signs OF life at the very moment
when they have apparently passed INTO STATE
OF coma AND Il may prove profitable 10 reca4I
the fact that the experience Of the past III 'lle
matter OF speculation has always shown the
folly OF believing that a tendency OF prices IN
one direction foreshadows a permanent move
rnent OF that character Ia the last two weeks
an fact. since the elimination OF the January
-5se. quotations have. as a rule, exhibited a oe-
cided inclination toward lower values, and as a
consequence the idea that the market is In for
long hear campaign has grown popular ia many
circles with the result Of a large increase IN
tl,e short interest and a determination on The
.,,s-t Of she room traders TO work for decline.
3rrespective OF the factors governing the actual
worth OF securities. There is too much company
on the short side 10 make fl attractive TO eN-
1erienced operators especially as there is no IN
dication in the developments I'm the financial ana
industrial situation that we are 10 have serious
disturbance IN business this year. Il is true
that the public is not buying stocks but IN
Nestors are not selling. and until they do throw
their securities on the market there VIII be little
danger Of a collapse In values. Is there any
thing in the general situation as affecting Amer
ican stocks and bonds that warrants sales Of
well protected accounts At current prices? Bear
traders answer that business reaction. the pos
sibility OF more wars and Tho approach Of q
Presidential campaign are sufficient reasons for
the liquidation Of stocks, bat holders who stop
20 redecl on the financial and commercial
strength OF the United States naturally reach
the conclusion that the country win not go out
Of business. aid that whatever may happen as
a result CT -ze war IN the Far East our rail
roads and varied industrial organizations viii
not go into bankruptcy. When pesslraism is
rampant IL is 2 good idea TO buy securities.
Despite yesterdays duIness in the stock mar
ket prices We're firm IN the greater part Of the
CAY. with small net gains in most issues al the
close. There were efforts at times TO weaken
values. but there was no active selling pressure
and complete Indifference among Investment
Interests 10 the course OF trading. 7 was only
"a small traders market. Activity. so called. was
confined 10 Brooklyn Rapid Transit Sugar Re- /
filming, St. Paul Mexican Central Pennsylvania,
Rock Island. Southern Pacific. J-ite5 states
steel preferred and AmaIgamate1 copper There
appeared to be a fair demand Tor Peunsylvaria
stock; also for American Sugar Refining and
Mexican Central Buying OF the last named and
the first income BONDS was thought 10 represent
accumulation for the account OF inside interests.
Sugar had some support or the declaration Of
The regular dividends for the quarter and on the
runor that 2 stock dividend would DE made this
year. Foreign operations in The local market
were urinportart. arhitTorc houses buying
about 5000 shares on balance. ia t3e European
markets prices showed few important changes.
The Berlin settlement was couCGcteG without
disturbance, but London houses moved with OK
IRENE caution, owing 10 the uncerta lutv over The
results En- the pay day. settlement on the Paris
Bourse tomorrow. This Us the day when both
the brokers and the customers have 10 settle
accounts and as there have been many failures
and rumors OF trouble En- the Paris market IN
the last two weeks pay day Is awaited with
great anxiety
There were no striking changes ln money o~
exchange in the local or foreign markets. Both
time and call money demands are light AID
brokers expect n0 activity Cor some time 10
come. Railroad earnings received I'm the dav
were generally Uufavorab!o.