The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1907-02-12
THE MARKETS


rally that has taken place in the past |
week and inasmuch as the large In
terests do not favor rapid recovery
1t is generally assumed that prices will |
recede somewhat this week on further
profit taking and short selling. 1t Is
believed, however, that any aggressive
operations of the latter character will
meet with considerable oppo3ition.
The pessimism that has been notice
able for some weeks is gradually dis
appearing, and there is a greater dis
position to buy standard stocks than
there has been for a month or two.
The buying is apparently of much
better and more conservative charac
ter than has characterized the upward
movement during the past year. There
is little or no disposition on the part
of operators, both large and small, to
pluI ge, but there seems, to be stead
| lily increasing disposition to buy
! stocks moderately on the basis of
earnings, values and dividend returns.
| A man thoroughly familiar with the
earning power of the Missouri Pacific
recently made statement that few
years ago, when the company was
obliged to contend with the heaviest
floods in it's history, ten per cent on
the stock was actually earned. At
that time unusually heavy eXpendi-
lures were being made out Of earnings
for improvements, he says that now
with aggressive management there is
no reason why the company should
not be earning much more than ten
lper cent.
According to the Oil City Derrick
there were completed during the
month of January in the Penna oil
fields AGO new wells. At the close Of
the month there were 552 rigs and
drilling wells under way. This was
decrease of 153 wells and of 70 in
New York and a decrease in produc-
ton of 1149 barrels.
GRAIN MARKETS.
New York, Feb. 10.-Grain markets
have attracted more attention during
the past week than at any time in
months. With a broadening specu-
lative trade /came pronounced ad-
vances, carrying wheat, corn and oats
to new high ground for the season
Wheat prices gained nearly 8 cents
a bushel during the week, making
practically cents this year. Reports
that Russia was a heavy buyer of
grain for the famine districts, meaning
virtually prohibition of export busi-
ness in that country, was q leading
factor In this weeks upturn, as 1t
threw Europe into a fever of excite
ment and led to hasty purchases OF
every available cargo in sight for the
other side. AS domestic conditions,
owing to the car situation and heavy
SHOWS in the northwest, were already
responsible for a strong bull senti-
ment, In markets on this side the ad-
ded force of decidedly higher cables
and prospective shortage of supplies
IN importing countries, proved disas-
trous to shorts. The corn market, up
to Friday was generally strong and
active also, creating much nervous
ness among shorts, but not having the
advantage of foreign complications
and being already pretty high, the
market on Friday, lost about a cent
per bushel from the top. The move
ment at interior points, while fairly
liberal, showed the effects of railroad
conditions and widespread feeling to
high price holdings. Argentine news
continued bullish, the latest reports
claiming less than 46,000,000 export
surplus from the present crop. Oats
shared the early strength of other
markets, but also reacted on Friday
The eastern cash demand and light
interior receipts furnished the CHIEF
bull factors, as before.
III