The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-09-01
PUBLIC HOLDS AL00F
FROM THE MARKET
Artificiality Which Has Character.
lied Wall Street Trading
Dampens Enthusiasm.
SPECIAL.

SPECIAL
New York. Aug. sL-Events in the stock
market during the week just ended indi-
Gated little. IL anything, OF its future ten
dency. The course of prices did serve. how
ever. to demonstrate that the market had
no public support. both by its lack OF stay
ing powers and its complete irregularity.
Prices remained firm. in spite OF anxiety
REGARDING the immediate future of the
| money market and the daily drains upon
the banks for crop-movement purposes
Good judges OF market movements agree
that the oUtburst Of speculative activity in
the first half Of the week kas a plan skill
! fully conceived for the purpose OF selling
a line of stocks. The situation was ripe
for such an effort from a speculative point
OF view. and the success OF the venture de-
pended in a great measure upon the atti-
tude Of the general investor. the backbone
OF the stock market
The results of the week show that IN a
limited number OF the ruling speculative
favorites prices are from / to 2 points high
er. but In the issues for which an effort was
made to find a market, there Is absolutely
no change. In fact had not supper been
extended toward the close of the week
these issues would have closed for substan-
tiai declines. The public, apparently. VIII
not be tempted TO take part, no matter
what enticements are held out 10 them.
Business men are naturally distrustful OF
paying high-record prices for any comuodi-
ty. and yet day by day one learns that a
score of issues have made a new high
record. This distrust necessarily would not
arise IL there was any substantial basis for
the advances. but the recent artifciality
which has characterized stock-market trad
ing, dampens the enthusiasm Of the pros
pective purchaser.
II must be granted that the condition OF
the money market was such during the
week as 10 prevent any extended ctnpaiSu
along the lines laid down and adopted by
the leading speculative interests Tile OBJ
stacles which had to be met here were such
as to account for a sporadic and insnectual
EFFORT TO arouse public interest Toward
tended that the Treasury Department would
cooperate with the national banks In Iu.-
nlshing additional circulation. providing
that the regulations OF the Treasury De-
partment were followed by the depos.ting
OF Government funds.
The mere fact that Secretary Shaw was
considering some plans for assisting the
movement OF crop moneys In conjunction
with principal bankers IN this and other
text for the belief that there will be no
monetary stringencies during the crucial
period this autumn The belief IL now en-
tertained that bankers will he able 10 OBJ
tain from various sources about S0Nc,co
Government bonds against which new cir
cuiatIon win be issued IN case necessity
arises. Sub-Treasury officials in this city
have stated, however. that never in the his
tory OF the department has there been such
ready as there Is at the present, and In this
respect never IA the banks throughout
the country been in better position TO as
eist in moving the crops.