The St. Louis Republic., 1902-08-18
New York Remembers Two Other
Years When 1t Was Assured
No Help Would Be Needed.
USUAL CALLS WERE RECEIVED.
Therefore. Wall Street Is Taking
Little Stock in Statement That
West VIII Supply Money
To Move Crops Now.
REPUBLIC SPECIAL.

REPt BLIC SPECIAL
New York, Aug. T.-Wall street heard
again during the week the report that the
West would provide the means TO move the
glorious harvest with which the country
seems likely to be blessed. II is to be
hoped that such is the case for the chances
are that the East will need plenty OF as
sistance in getting the crops from the
farms to the distributing points.
The report has familiar sound. To go
no further back than one year ago. and
just prior to the din urbance of May 3.
1901, when certain banking institutions IN
New York began to grow a trihe weary
over the speculative eXceSses OF the period
a special car was hitched on Lake Shore
train out of Chicago and a large party of
nnanciers was conveyed 10 this city. They
swarmed the uptown hotels and button
holed bank officials and bankers in the
downtown district.
They would supply all the money neces-
sary. they said. to provide for commercial
requirements stock market commitments
and later on to meet the crop movement,
but when the time came for moving the
crops-even the impaired crops OF 1SoI-lt
was the East that was called on TO furnish
the funds.
Street May Deiude Itself.
Turning back 10 1899 when the industrial
equaled up to that. time. the same promise
was made BY the interior institutions
They were rich and would NOW their crops
Yet when September came they had not
only withdrawn their own funds, but were
appealing to New York.
Admitting that the interior institutions
We're sincere in their promises on both these
occasions, the fact remains the same-that
they were unable TO fulfill these pledges
From past performances, naught of the
future can be gauged. and the inability to
live up to a promise in two conspicuous
years argues not in the slightest that one
may not eventually be fulfilled. 1t only re-
mains to be said. however. judging the
present by the past. that If Wall street
thinks that the West will not call heavily
for funds this year to NOW the great crops
that it is leaning upon n reed.
StiII no Public Support for Market.
Monetary considerati tions We're a dominant
influence in Wall street during the week
but. all things considered. they had little
effect upon security prices. The sharp de-
we'll recovered in subsequen: operations The
change from a 294 to per cent call loan
rate OF week ago to one of per cent on
Friday last was rapid, but in no wise alarm
ing. Ii simply marked an adjustment of the
call rate to existing conditions. The public
very. wisely withdrew from the field. to
await Developments and the FOOLS and
cliques had matters all their own way.
How long market can continue without
buying and selling OF securities on the floor
is diverting, and gives a counterfeit present
ment of a market. 1t has never however
bee1 considered a very profitable undertake
ing when one trader sells out upon another.
Such appears TO be the character of the
present dealings.
Speculative sentiment during the week in
Wall street was Influenced by conflicting
forces. On the one hand. came the Govern
ment crop report. giving full confirmation
of the marvellous harvest prospects. One
may grow enthusiastic over harvest condi-
tions, which, If all goes well. foreshadows
a corn crop of 1000 900 bushels in excess
of that OF year ago, with total of 256D-
10000 bushels. and a crop of $4,000 600 bush
els OF wheat. to say nothing of the other
cereals and miscellaneous products
Limit Must BE Somewhere.
The great benefits arising from such an
increase Of natural wealth as is represent
ed in the crop prospects. are incalculabIe
In their influence on the future business and
industrial situation. One may admit all this
and see in the crop prospects the assurances
Of continuance of the country's great
prosperity. In it also there is much which
iuStifies much higher prices for securities.
than the community has been accustomed
to see in the past.
Yet, with 1t all. there Is assuredly a limit
and somewhere a check must be applied or
disaster Is inevitable.
All the traders. big and little, in Wall
street at the close Of the week. looked to
the homecoming of Mr.. Morgan and Mr.
Keene TO start the speculative game anew.