The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-07-15
REPUBLIC SPECIAL.

REPUBLIC SPECIAL.
New York. July H.-Wall street expert
enced a week of almost continuous liquida-
ton resulting in unusually heavy stock de-
clines. which until the closing day of the
interval were unchecked except for such
support as comes to falling market when
operators committed to the short side buy
securities to secure profits. Short covering
was q little more In evidence on Saturday
than on other days of the week, for causes
bearing upon the speculative position. The
recollection OF the developments during the
| recent four days holiday when bankers
worked and brokers enjoyed themselves. is
altogether too keen to encourage the carry
Ing OF the extensive contracts now over an
interval SO brief even as that of Sun
day.
Rally Had No Foundation.
II the opinions Of the banking interests
are borne out. the rally at the end of the
week Is practically without Significance,
emphasizing, perhaps, the presence Of
heavy short interest. but giving little In
dication of any change in conditions or in
sentiment. The Discrimination Of important
| interests to enter the market even at the
| lowest level Of prices thus far recorded was
made thoroughly apparent, and this fea-
ture, which Wall street terms "the ex-
| haustion of the buying power" excited an
influence fully as important In its bearing
upon prices as such disturbing factors as
! crop damage reports. labor difficulties.
| threatened rate wars and uncertainty as to
the monetary position
Labor situation II Disturbing.
Internationally, better complexion has
been given to some of the disturbing news,
while In other directions, that of labor, for
example, the situation has assumed an ex-
ceedingly disturbing aspect. To persons
familiar with crop-damage news. the recent
| reports Of the destruction in the corn belt
come back like the echoes Of other years.
Without doubt, the situation as to rain in
certain areas is threatening: and much
| longer continuance Of the drought will
work serious. If not irreparable injury. to
the harvest in portions Of certain States.
AT all times the reports OF the railroad
companies traversing the crop territory
| give the most nearly accurate representa-
tons and as yet these certainly have NOT
borne out the exaggerated statements upon
| which 1t has been fed.
May Have to Modify Views.
Times have been in the past when writer's
! Of crop disasters in July have been forced
to modify their views over night, and the
conditions for such a revision Of extreme
views now may arise. 1t Is certain that
with promise Of the largest wheat yielG
in the history Of the country the crop sit
uation is not hopeless. There Is no inten.
ton Of belittling the corn crop or making
light of the reported damage, but from
the reports that have come from the Wes
OF the years bumper corn crop. detailing 1T
extensive use for fuel, 1t would seem q.
though at times there might be some short
age without irretrievable loss.
| Liquidation Was Beneficial.
The heavy stock liquidation Of the weel
is, all things considered. distinctly beneficia
| to the money market and business situatio
Of the future. Among bankers 1t allay
some apprehension as to what would hav
followed II Mr.. Morgan's Homecoming ha
been followed by an active market move
| ment for the advance. coincident with tn
demand for the crop movement Accordin
| to It's best-informed banker, Wall stree
need not. however, look to the money maj
ket to influence an immediate improvement
In stocks. The banks can stand the repet
ton Of several such showings az that q
Saturday before the position Is assured. tn
foreign money situation Is still uncertain
and the sharp break in British consols {
91A during the week to the lowest price q
which they have sold since the interest We
marked down to ~ per cent. Is not rea.
surfing. The future gives encouragement
but the present, with its crop scares an
labor troubles and the temper Of the pull
lie mind, Is still uncertain.
Trying to Explain the Reaction.
AT times during the week Wall street he
been puzzled to explain the reason for sue
general and heavy liquidation as has o,
Cured Traders have maintained that Il