The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-09-23
Business interests Inspired by
President Roosevelt's Utter
ances at Buffalo.
A STRINGENT MONEY MARKET.
Investors Have Grown Suspicious
of Industrial Groups and
Are Turning to Rail
way Lists.

New YORK, Sept. 2o.-Stocks in the weel
Just closed. despite obvious manipulation
nave SHOWN wonderful power of recupera
'ioh' winch wall street naturally attribute!
manly. to confidence inspired by President
f'ooseFeit. Ife new executive lost no un.
necessary moment in giving force to his
pieuee TO carry out unaltered the policy OF
MS predecessor. No step that he could
nave taken was calculated to win greater
popularity among financial men or set mis-.
elVlhgs at rest more speedily than the re-
tention of President McKinley's Cabinet.
Financial and commercial interests saw in
this a happy augury for the future, and
not unnaturally made the most of the IA
Vorable impression created, which found an
immediate reflection in the price of securi-
ties.
The recovery in the market has indeed
been remarkable, carrying many issues to
Il point above that which prevailed before
the preparation of the dastardly outrage
at Buffalo. In not a few quarters the fact
IS recalled that stocks had developed a sag
elng tendency before the tragedy. In con-
sequence of this. and the weeks sharp ad-
Vahces. 1t Is not strange that the opinion
Is frequently expressed that the unhappy
act OF the assassin. in bringing forth timely
money market ~relief-which was not a con-
tingency entering into bankers calculations
Checked a reactionary movement which
must have ensued at about this time from
purely natural causes connected with money
market considerations.
Bond Purchases an Expedient.
Whether or not the relief afforded by the
Treasury Departments bond purchases and
the increase of public deposits in the banks
have been sufficient to entirely prevent a re-
currence of the decline. which was undoubt-
eaiy stayed, and converted from a falling
into an advancing market. is the question
which chiefly concerns Wall street at the
present time. 1t was, at best. an eXpedient,
and one which,, while alternating, has not
necessarily cured a condition.
Judged by experience the acute period re-
sultfng from crop demands and the employ
ment OF money. in the various channels OF
business has not passed. There is little rea-
son. to hope that general conditions have
undergone any change sufficient to alter
the situation this year. either az to the
amount of money required or the duration
OF It's employment in the interior. In time
1t will flow back as it has ever done in the
past. but until the funds are well in hand
the money market of the near future, even
with the expedients noted, contains many
uncertainties and does not yet afford assur-
ance sufficient to lead to the unqualified be-
ilet that IL could long stand an active spec
uiative movement for the advance without
showing tension.
swayed by Opposing Forces.
On several occasions during the week
wall street presented all the characteristics
OF q market swayed by opposing forces or
rejecting divergent opinions. This mani
Tested itself more distinctly in the later
change. and when not at all in evidence on
Monday. when. after CLOSING the doors on
the shorts" as the suspension Of business
on Saturday week Is described by the brOk-
ers. important interests were busily en-
gagged faying traders who had sold for a
decline. The short interests suffered cruel
~ in the market Monday. when the general
list was run uD from . to 10 DOintS and
many of them rounded out the interval
with another loss on Saturday, sustained
Of the A~malgamatcd Copper directors.
whose omission of the usual extra payment,
while thoroughly anticipated In well-in-
formed quarters, was not believed as pos
sible by the traders.
Opposition to = bull Movement.
Many traders construed the passing of
the extra Amalgamated dividend. following
board to increase its dividend rate as an
evidence Of opposition to a bull movement
by the Standard on party at this present
however. leads to the conclusion that the
suspension of the extra dividend on Anal
gamated was due. as was stated BY the d.
~rectors, solely to conservatism. What the
actual condition Of the copper company Is
one outside the company knows. for 1t
has never, from first to last. either when
shares or when these were listed on the
Stock Exchange. filed any report of assets
and liabilities. submitted any balance sheet,
or made any public statement OF IT'S earh-
ings and operations. |
Wholly aside from the A~malgamated Cop, |
per episode. the recent course OF industriai
properties. as represented by such state-
has not been reassuring to the public. In
rapid succession have come forth a state
ment of the Republic Iron and steel Somo
pany, showing a loss of more than .S.0oO.0O
and the payment Of unearned dividends on
the preferred: Of the Standard Rope and
Company. showing a loss 81 about
$4,000; and nc 8 a d KeneEal saha,' Of this Ms' eno p ?
In addition TO these. the American Llnseed
OIL Company reported a loss OF sl;4O.oW'
while the statement of the American Smeit-
Ing and Refining Company revealed the
fact that its condition before the. acquisf-
ton OF the new property was FAR from sat
lsfactory. -
As near as can be the Industrial corpora
lion stands as representative Of the business
interests and enterprises of the country.
Perhaps no company mentioned is the nigh
est type of Industrial corporation and there
may be some special reason In trade con-
iitions or management to account for the
unsatisfactory showing. The exhibits are
corporations and to reveal their
In an unfavorable light. 1t Is
not strange. therefore. that the stock mar
he industrial group and confne it's at
to the railway list. As far as the
public is concerned. II Is needless
o say that the necessity exists now. as y
las from the first for a very careful and
investigation of industrtals be-
any money is invested In their securi-
les.
o Federal control. and compelling some ra-
ional and uniform statements Of their con-
litions. is steadily gaining In popularity.
lividends. 1t would provide a much needed
;afeHuard.