Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-02-13
The Situation In Wall Street
Regarded as Somewhat Re
markable at Present
STRONG AND CONSERVATIVE
Exports Admit That Prices Are as
High as Intrinsic Value of the shar-
es Warrants, But There Appears to
Be No Tendency Towards Bearing
The Market.

New York, Feb 13.-Hcpry clews In
his weekly financial letter says:
AS anticipated we have had an &C
tive and strong stock market Il num-
levels. Abundant money and better
dividend prospects We're the CHIEF in
fuencesi affecting speculation altho the
usual crop Of rumors regarding impor-
tant deals were again put into circula-
ton with stimulating effect.
All things considered, the stock
market situation is remarkable. Con-
servatiSe bankers and shrewd inNes-
tors are quite agreed that values are
as high as intrinsic conditions warrant
and that there are no bargains left in
stocks. 1t is we'll understood also in
we'll informed circles, that the present
rise in the market lacks the active
support of big banking interests, altho
it may have their approval since it
very materially facilitates the plac-
ing of the large bond issues which
have recently been noated. In spite of
high prices there is an almost extra
ordinary absence Of bearish tendencies
which is readily accounted for by the
satisfactory condition of business in
all parts of the country. AS a result
capital is steadily flowing into Wall
street and there seeking employment
Good bonds generally receive the pref
erence among investing classes; and
stocks, Of which there is no increase
in the supply and which are firmly
held, are readily manipulated by pro-
fessional operators aided of course by
the influences named above. In case of
the coalers' activity was legitimately
stimulated by the unusual prosperity
of these companies arising from the
heavy demand for coal at profitable
prices. The promptness with which
new bond issues have been taken is
very striking, and is due to the large
amount of capital seeking a sure, il
low, return. Most of these new issues
have been for the purpose of taking
up notes issued year or two ago,
when the market Would not take any
more new flotations, while portion
have been for refunding maturing
loans; these developments proving
very fortunate for the railroad COM
panies. Meanwhile the eagerness of
investors for bonds to the neglect of
stocks is almost running into a fad,
especially as the lack of attention to
some of the older low interest bear
Ing issues shows the need of closer
discrimination among bond buyers
About $70,000,000 of gold have been
shipped from this country within the
last five months without exerting any
detrimental effect on this market. In
fact, as it has gone largely to streng-
then weak spots abroad, the effIux has
been an indirect benefit. More than
half of this amount has gone to Paris.
presumably to fortify French banks in
financing the new Russian loan of 900
100000 roubles, for which plans have
already been completed. Hopes for
peace are running very low just now,
Notwithstanding various rumors to the
contrary. Russia, tho sorely tried, is
by no means near the point of ex-
haustion. Tho driven back ignomini-
ously. she is not vanquished, and the
task will become more difficult for
Japan as Russia withdraws and in
creases the strain upon Japan Rus
sian pride and prestige are too much
at stake to indulge in over-sanguine
hopes of an early peace. The begin
ming of spring promises to see the
campaign opened on still more Wig
orousi scale in spite of the fact that
destiny promises ultimate Japanese
success.