The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-03-20

is no question that new Offering at fair
price Of any high grade investment se-
curity, provided ia amount were not TOO
large, would be snapped up at present
with as great rapldity A. ct any time In the
last ak months.
By the concentration Of Stock Exchange
business IL meant the fact that dispro-
portionate amount Of the dealings on the
floor Of the Stock Exchange has been re-
Gently for the account OF relatively small
number Of firms, which would indicate
either that tire market was one In which
great capitalists and corporation plans
were outworking or that speculation had
become Of unusually professional and dar-
ing character. 1t Ia fair 10 cay that accord
ing to common observation general com
mission house business last week decreased
and that the public attitude toward the
market seemed to be one Of growing in
difference Few people expressed hostility
TO the market or declared that they thought
a fall in prices was near, or averred that
their minds were possessed Of substantial
reasons why prices should fail at all. In
deed the most frequent comment heard
was that prices seemed likely to hold their
present level for an indefinite period.
Nevertheless buying orders from out
siders fell OF and the stock market tended
to become narrow There were critics
who maintained that such movements
as took place in the Ontario and Western,
Chesapeake and Ohio and American Smelt-
ing and Refining shares, and to certain
extent in the Vanderbilt and other stocks,
exercised an adverse influence upon the
market az a whole. They pointed out
that the ordinary operator in the market
was utterly at loss to understand why
these stocks should sell as high as they
did, and that his conclusion would be
apt TO be. not that the rise in the stocks was
unwarranted, but that he had better keep
out Of a market he did not understand.
It should he said that the best opinion in
Wall Street IL that there IL some other rea-
son than that Of mere speculation for the
rise in the Vanderbilt issues, and that 1t is
not unlikely that the long talked Of hold
ing company" for the Vanderbilt properties
is in process Of creation. There are obviously
at the present time stronger reasons than
ever before personal to the Vanderbilt in
tercsts, why some such arrangement as this
should be contaminated. At the same time
the story is an old one, and at least twice
before speculation in Wall Street has COM
mtted itself to it with disastrous results.
The formation Of such a holding company
could hardly be made without emphasiz-
ing the new alliances and communities OF
interest that the Vanderbilt system has
made; and common sense would indicate
that such development should be post
poned until after Mr.. Rooevelts's extra
session Of Congress in the fall called to
consider the railroad freight rate situation,
winds up it's business. Finally, as a gen.
eral proposition, there Is no doubt that
there has been more talk in Wall Street in
the last two months Of deals, mergers and
similar operations than has been justified
by the facts.
There has been a great deal Of talk also. Of
course. about the Russian situation, but so
far as can be seen il has influenced our mar !
ket but little. The only way in which this
matter affects us at present is as IL provokes
buying or selling for Paris account in Lon
don, and so, by stimulating or depressing |
the London market, is felt here in pur-
chases OF sales Of our stocks. There is inn |
mense disgust the world over at the sui !
cidal obstinacy Of the Russian Government |
in continuing the struggle with japan |
when the struggle has become hopeless, |
and the Gar has morally at least merited |
the punishment, according to the rules Of |
warfare, Of the commander who holds /
unduly an indefensible fortress. The feel |
ing OF this sort is naturally strongest in |
Paris, where so much money has been !
sunk in Russian enterprises. The Euro |
pean nations, even including England, !
would probably still he willing 10 lend |
Russia large sums for the purpose Of in
ternal improvements and for restoring her |
army and navy in time Of peace, but |
none OF them, not even France, is will |
ing 10 lend Russia any more money TO be |
thrown away in useless war. From |
what we now read, Russia seems deter |
mined 20 go on destroying her wealth /
and the lives Of her people, raising funds |
by internal loans and otherwise drawing .
upon her reserves Of every form Of capital. |
One view taken Of this Ia that il such a
programme is adopted it will mean eK-
ports Of gold from Russia and hence cheaper
money in Europe. as well as a stimulus TO
certain forms Of European business. But
Russia hardly seems in a position to eK-
port gold without injuring her credit and
her financial disorders. II is a
confused and tragic situation, Of whose
ending, except in regard 10 the contest with
Japan, no man can foresee more than was
said Of conflict Of like character twenty
FIVE hundred years ago;
The soul OF Greece conquer the bulk OF Persia.