The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-07-02
BEARISH SPIRIT
IN WALL Street,
Market Nervous on Account of the
Campaign and Apprehen-
sion Over Wheat.
EFFORT TO CAUSE A RALLY.
Leading Traders Waiting for OPP
portunity To Strike Bull
Blow - Manipulation of
Specialiies Continues.

| New York. July Moderate recoveries
have followed the recent sharp declines in
| security marke; values. Acute apprehen-
| sion over the wheat crop outlook has. in n
| large measure, been supplanted by uncer-
| tainty as to other matters, particularly the
| outcome OF the Democratic convention at
| Kansas City and the possibilities of the
| presidential campaign. Sentiment in Wall
| street il st!ll overwhelmingly bearish al
| though not few of the lending; traders are
| working to bring about 4 further general
| rally in prices. and the shor; interest in the
| more conspicuous shares is still extended.
! although much less than at the begin
| nir,- OF the week just closed. AT the mo-
| ment the market IS In a nervous. hes.tatinS
| condition and its immediate future is ex-
| pected by conservative interests 10 depend
largely if not entirely. upon such news
| developments as may furnish the profes-
| sional traders with an excuse and basis
for aggressive operations.
Wall street during the last week has
heard much Of buying by ]. Pierpont Nor
| gan. the STANDARD oil Company contingent.
| Vanderbilt interests, the First National
! Bank party. Z. II. Hartman and his
| friends. the Speyers and half score Of
| other important financial factors. Stories
making use of these names have been free
| ly circulated. but except where Vanderbilt
| brokers have been quiet purchasers of the
| Reading preferred shares there has been no
| real indication of any such buying. ON
the contrary there have been many EVIL
| dences that the larger interests are stiII
| inactive and that there L. no absorption
| OF securities at the moment that can be
| properly cons !dered important.
| The NormS.rs and their friends have
| made themselves conspicuous on the buy
| ing side Of the market, ana Louis V. Bell
| has been active in some OF the seel stocks.
| Leading floor traders like Walsh Blanch
| q Wordsworth have also appeared at in
| teryaIs as buyers. But with these the
| much, talked Of buying by big people
! stops. Scattered short covering by both
| local and out Of town spectators has COM
posed the balance of the buying power.
There Is ample reason TO believe that the
| possibilities OF the coming Kansas City
convention are just now playing a very
| important part I'm the calculations of the
| larger financial interests. Obviously much
| OF the Democratic party's chances of sue
| cess at the polls in November depend upon
| its selection of words and planks for its
| platform and Of candidates. The result of
the convention will necessarily give a
clearer idea Of what may be expected in
the campaign. and therefore the develop
merits at Kansas City during the coming
Week VIII mean much TO wall street, Tor
upon them may depend the attitude OF the
financial powers toward the market.
In the standard railroad stocks particu-
larry there Is noteworthy lack OF sup
port to offset the pressure of what appears
10 be steady. though quiet. liquidation. The
high priced Granger stocks. the Vanderbilt
issues. Pennsylvania Railroad and others of
that class have recovered only slightly
from their sharp declines. In all of these
there IL liquidation, due to the prevailing
pessimism among SPECTATORS and investors.
and in some OF them special factors are
influencing sales of long stock.
steadily supplied 10 the market by hereto
fore confident stockholders who have been
much displeased by the recent performances
OF the companys mana IneDt. Some Wall
street interests. which used TO be Pennsyl-
vania's st3nchest friends. are so no longer
Ihey are pointing out that when a corpora
ton which has been noted for Its conser-
vaiism purchases $i0.vvocco of stocks OF
railroads which few years ago had lit
tie standing, borrows from Sl5voJ.UV 10 $50
eot.o from banks and disI.oses of 10000
newly issued shares OF its stock under cover
In the Stock Exchange It loses the conf
dence Of investors and makes Itself yunera-
bic 10 the attacks of Spectators.
Manipulation OF the speciaities continues
and these stocks hold their places lead
ers OF the market. The Wormser contingent
has selected Sugar trust its trump card
and Is evidently intent upon making that
stock strong. with the hope OF having the
rest Of the market follow I, In an advance.
current prices III the sugar trade show that,
beyond doubt, the trust is pilng up profits
y.
however, are frank enough To state that
they are simply making hay while the sun
shines. and that they do not expect the
present activity to continue always
other industrial shares ar. receiving at
tention from bullish traders. Tobacco
shares. Leather. common, and all the steel
stocks are. ii Is promised, to be pushed up.
The pushing operations. however, will be
continued only 50 long as the general mar
ket holds strong.
Interest ia the crop situation Is not as
active as IL was Mt the beginning Of last
week. There seems To be Il general feel
Ing that the wOTSt-anJ probably more than
that-c.nC-rning wheat l. known. and has
been discounted In the stock market. But
the crop scare VIII have the effect of keep
lug tn" attention OF the Stock Exchange
upon earnings, and from now weekly
and monthly statements may reasonably
BE- expected to exert more influence than
OF late. The Western rate situation Will
also come in for a good share of Wall
Street watching. Various bull pools In
railroad shares are endeavOring TO make
use Of the present period OF hrmness to adj
vance the prices OF those stocks OF which
they have been caught long This Is par
tcularIy true Of Atchison. where the COM
pany's continued heavy earnings and divi-
dendS record are favorable factors. and OF
Baltimore and Ohio common. where an ex-
tended short interest has given much at
tention to revived dividend rIimors There
are also signs OF activity on the part OF
the Missouri Pacific clique. The Wormsers
have Identified themselves with Reading
first preferred. where buying of much bet
ter character than theirs has been seen
advanced dividend rate on this stock makes
il easy to manipulate.
Bull tips on these and other specialties
were spread about literally during the last
few days, but they did not induce much
general buying. The talent" of the Stock
Exchange. as stated before. was the real
source of last weeks recovery in prices.
Pathetic Scenes Among the BOers.
While in Pretoria, writes Webster Davis
in the July Success. 1 saw a Boer who
had been wounded eleven times with "A Brit
ish lance that awful weapon Ct the horse
said he was only anxious to get out ard
fight again.
ON my way tn the Transyaal capital |
saw white-haired man of -. his son of
lS and his grandson Of IA, side by side In a
trench; and such scenes were not uncom-
mon.
At the battle Of Colenso and The '-ugeIa
L passed an old Boer and his wife behind
a fence firing at the English. AT rail-
road station i saw an old man pacing the
platform with rifle on his arm aud a
wore a SLOUGH hat bound with Grape I sp-
preached him. He said: MY son Jan,
was killed al Modder River and am going
TO take his place.
On another occasion / met an aged Boer
riding toward the Tugela with a barefooted
boy.
Can You shoot my sony" I asked.
He replied: IF father is killed 1 get his
gun and place.
SECRET SOCIETIES.
~-'~~~S~>~~-~-