The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-07-23
STRENGTH OF STOCKS
OCCASIONS SURPRISE.
FINANCIAL MARK EFT BASED
ON SLENDER FOUNDATION.
Chinese War Srd to Boost Stocks
on Two Different Lines
of Argument.
REPUBLIC SPECIAL

EEpUBLIC SPECIAL
New York, July 2c.-Despite 4 variety OF
unfavorabIe developments. stocks showed
strength during the week Just ended. and
with tho strength th@ro came about q fur
Their Increase in Wall streets builish seUt!-
mont. Professional manipulation was very
largely responsible 70: tho markets nd
vance, but it WIS also evident that the
manipulation was 50 successful because IL
induced considerable enthusiastic buying by
the rank and file % Wall streets regular
speculstors. There were no indications OF
revival ot public interest in the
market. AMI in only y few stock, Were
there appearances Of inside buying. None
tho less. many special,!es were buoyaut,
and the general stock list was strong 20 a
degree that was surprising to conservative
financial interests
Free and easy disregard for disquietiug
rows has been shown in many ways ~
late, ard IS indicative Of Wall streets pres
ent temper. II was remarkable last week
that the Stock EXCHANGE should persistent
" refuse 10 consider as important any de-
velOpments of an encouraging character.
Alarming rumors from China. war prepara-
lions IN Europe. the fan % British consols
and the sharp advance in the Bank Of Eng
lands discount rate. gold EXPORTS, tighter
money p-ob3 bilities. decreased railroad earn
inrs-none Of these facts was regarded
seriously, and none OF them was allowed TO
make much impression upon the stock mar
Est.
But when good news came Il was accept
ed without waiting for confirmation, and
bulllsh enthusiasm ran riot among the trad
ers. Moreover, some stocks were pushed
mp because the participation OF the United
States Ia the Chinese trouble would mean
larger earnings for them, while the general
market Wac being advanced because the
United States would not be entansled. Al
,.f this would seem 10 indicate the artificial
character of the upward movement and the
sleufer foundation FOR II.
Although Wall street IN general IS refusing
to consider thu possibilities Of higher money
rates in the near future. consil, raIle con-
Germ on Inis account is manifest in con-
serya:ive quarters. EUrope's need cf gold
has t.sn made imperative by the Chinese
crisis. and II Is not easy TO understand how
New York can escape "A heavy drain ru"n
It's none too plentiful supply without eoirg
through a period Of high money. And, IN
view - the present enormous expansion rt
loans. It IS only reasonable to supp0s" that
such period will mean liquidation Of one
sort or another.
Moreover. the time Is drawing near when
the West will need funds TO move its crops.
The money market and the position of pool
loans Will bear watching during the next
few weeks. True. the receipts OF gold from
Alaska ami Australia promise to be fairly
large. but what Is TO b. chiefly considered
in the money market situation f. the pos
sihlc effect Of efforts by American bankers
to intr.uch themselves strongly Tn case of Z.
war scare abroad. or q political scare over
Il possible dishonest money victory al home.