New-York tribune., 1905-01-30

STOCK VALUES CONTINUE TO MOVE TOWARD BET
TER FIGURES.
Foreign Developments Fail to affect FORKS Big Sup
pig of Money.

According 70 the opinion OF careful observers
the stock market has now reached point where
operations on both the long and short side will
be profitahle-that is, 81 traders take advantage
Of the advances TO sell and of the declines 10 buy
or course the idea that the general tendency
viii be in the direction OF higher quotations is
popularity entertained in the Street. and doubt
less much better prices viii be recorded by many
OF the active issues ia the next few months. but
there are TWO sides to the market. nevertheless.
and there ought, therefore, to be many oppor-
tunities 10 make money on the short side Of
speculation. A hsaltLfui bull market is always
accompanied by declines and the course OF val
ues in the last week presented this feature. al
though the general tendency was in favor OF the
bulls. The interests who have the markets
future in mind are not anxious to see a run
away speculation at the present time, and it is
known that these interests. who represent the
most powerful aggregation Of capital in the
country have no Intention OF permitting the
Western crowd Of spectators TO carry the mar
ket off its feet as it has done at various times
IN the past. In the early part OF the last week
some OF the more important financial interests
were heavy sellers Of securities for the purpose
OF checking the operations of the so-called Gates
element and a consequence the market pre-
sented a much more healthful appearance at
the close. Stocks a rule are in good hands.
actual value Of securities warrant higher prices,
bUt they 90 not believe that manipulation and
other tactics should be used TO advance quota
lions. Prices viii advance on the merits Of the
stocks and bonds represented. and from present
information 81 is likely that any attempt TO
bring about speculative boom viii be vigor-
ously contested by the substantial capitalists.
That there is great inherent strength in the
current market and in the position of money
and business IS reflected in the absence of I'M
portant weakness panicky sentiment over
developments that few years ago would have
caused extreme apprehension in the Wall Street
community. For instance. there no liquida-
ton Of consequence in the local market as
result OF the disturbance In the Russian capital
and, after unimportant declines. which were due
entirely 70 traders operations prices recovered
easily and proceeded 10 move in the direction
Of higher quotations. For a time affairs looked
dark for the Russian government. with the pos
sibility Of acute disturbance in the foreign mar
kets. but local bankers were thoroughly at ease
over the outlook, advancing the theory that,
matter what happened abroad the strength of
financial conditions in this country would offset
any demand that Paris or London might make
on this centre for gold. There were heavy gold
exports IN the week, exchange rates advancing
20 a point that permitted OF shipments Of coin,
but the local money market not affected
in the least, quotations for loans ruling at the
lowest figures of the season, call money at one
time being quoted low q per cent. II
there should be uprising in Russia that
would end in a change in the Russian govern
rnent the bonds of that country might for a time
be heavily sold by foreign holders. and foreign
bankers in order to protect their position, might
be forced 10 sell American stocks and call on
this country for larger sums Of gold than yet
announced. The United States however, would
be able 10 take care of all the securities that
foreign countries might offer, while, for gold.
the nation could spare a vast amount of the
precious metal without disturbance in the
money market There now appears to be little
chance Of an immediate overturn of the auto
cratic Russian government, but many people
believe that the first step in a march toward
liberty has been taken by the Russian people.
Many issues enjoyed marked appreciation in
last weeks market on a class of buying that
represented an investment demand and pur-
chases for the account Of people well Informed
regarding the affairs Of the various properties.
Bond brokers reported an excellent inquiry for
all first class issues but the supply lighter
than the demand. This feature of the invest
nent situation is likely to become more pro-
nounced. owing to the large supply Of idle
money seeking investment and to the conf
dence Of investors over the outlook for a long
in the United States. There are few poorly
Informed people who apparently believe that the
offerings that viii be made by a number Of
railroads in the course Of the next few months
viii not be successful. but from all indications
no solid railroad or industrial concern will have
any difficulty IN placing bonds and stocks
at attractive prices. There viii soon be some
new Atchison, Pennsylvania and Missouri Pa
cihc issues on the market; also a large issue
- Il
mand doubtless viii be heavy. A feature Of the
financial situation to which adequate attention
has not been given is the increase In the divi-
dends previously paid, the declaration OF extra
dividends on various stocks and the placing OF
some non-dividend paying issues on the divi-
dend list The directors Of the companies which
have made these additional disbursements have
been compelled to take such action, not alone
by the existing prosperous condition Of the com
panies. but by the highly favorable outlook for
the next year at least and it is probable that an
example has been set that Will be followed by
many other corporations. The dividend ten
dency reflects the Improvement that has taken
place in the country's industrial position and
the extremely promising prospects IN tAe IN
dustriai world IL the current year.
Erie was accumulated by good class OF
traders in the last week. and the movement Of
the stock indicated TO many minds that impor-
tant developments are penolhS aHecl!hs 1ile
Erie company. There is excellent reason for
the statement that ia the course of the current
year there viii be announcements Of most IA
vorable character involving the Erie. the New
York Central the Union Pacific, Chicago and
Northwestern. ST. Paul. Minneapolis, St Paul
and Saulte Ste. Marie and several other compa-
nies and il is therefore quite likely that the
market quotations Of the securities Of the diff
ferent roads viii move toward higher level in
af rfe has b1ap forM Mar